We at Insider Monkey have gone over 700 13F filings that hedge funds and prominent investors are required to file by the government. The 13F filings show the funds’ and investors’ portfolio positions as of September 30. In this article we look at what those investors think of EXACT Sciences Corporation (NASDAQ:EXAS).
EXACT Sciences Corporation (NASDAQ:EXAS) shares haven’t seen a lot of action during the third quarter. Overall, hedge fund sentiment was unchanged. The stock was in 17 hedge funds’ portfolios at the end of the third quarter of 2015. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as DeVry Inc. (NYSE:DV), Worthington Industries, Inc. (NYSE:WOR), and South Jersey Industries Inc (NYSE:SJI) to gather more data points.
Follow Exact Sciences Corp (NASDAQ:EXAS)
Follow Exact Sciences Corp (NASDAQ:EXAS)
At the moment there are many metrics stock traders put to use to appraise stocks. Some of the less known metrics are hedge fund and insider trading interest. We have shown that, historically, those who follow the top picks of the elite money managers can trounce their index-focused peers by a superb amount (see the details here).
With all of this in mind, let’s take a look at the latest action regarding EXACT Sciences Corporation (NASDAQ:EXAS).
Hedge fund activity in EXACT Sciences Corporation (NASDAQ:EXAS)
When looking at the institutional investors followed by Insider Monkey, OrbiMed Advisors, managed by Samuel Isaly, holds the largest position in EXACT Sciences Corporation (NASDAQ:EXAS). OrbiMed Advisors has a $32 million position in the stock, comprising 0.3% of its 13F portfolio. The second most bullish fund manager is D E Shaw, which holds a $27.9 million position; less than 0.1% of its 13F portfolio is allocated to the company. Some other professional money managers that are bullish encompass Roberto Mignone’s Bridger Management, Columbus Circle Investors and Drew Cupps’ Cupps Capital Management.
At the top of the heap, Hal Mintz’s Sabby Capital dropped the biggest investment of all the hedgies monitored by Insider Monkey, totaling close to $8.9 million in stock. Andrew Sandler’s fund, Sandler Capital Management, also cut its stock, about $1.8 million worth. These bearish behaviors are important to note, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as EXACT Sciences Corporation (NASDAQ:EXAS) but similarly valued. These stocks are DeVry Inc. (NYSE:DV), Worthington Industries, Inc. (NYSE:WOR), South Jersey Industries Inc (NYSE:SJI), and First Busey Corporation (NASDAQ:BUSE). This group of stocks’ market valuations are similar to EXAS’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| DV | 16 | 535765 | 0 |
| WOR | 14 | 75216 | 1 |
| SJI | 10 | 56084 | 2 |
| BUSE | 8 | 7947 | 0 |
As you can see these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $169 million. That figure was $160 million in EXAS’s case. DeVry Inc. (NYSE:DV) is the most popular stock in this table. On the other hand First Busey Corporation (NASDAQ:BUSE) is the least popular one with only 8 bullish hedge fund positions. Compared to these stocks EXACT Sciences Corporation (NASDAQ:EXAS) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.
