What Do Hedge Funds Think of Greatbatch Inc (GB)?

Interestingly, Steve Cohen’s Point72 Asset Management cut the biggest position of the 700 funds tracked by Insider Monkey, comprising about $8.9 million in stock. Chao Ku’s fund, Nine Chapters Capital Management, also said goodbye to its stock, about $1 million worth. These transactions are intriguing to say the least, 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 Greatbatch Inc (NYSE:GB) but similarly valued. We will take a look at Concordia Healthcare Corp (NASDAQ:CXRX), Fidelity & Guaranty Life (NYSE:FGL), Alder Biopharmaceuticals Inc (NASDAQ:ALDR), and AMN Healthcare Services, Inc. (NYSE:AHS). This group of stocks’ market caps are similar to GB’s market cap.

As you can see these stocks had an average of 18.5 hedge funds with bullish positions and the average amount invested in these stocks was $165 million. That figure was $136 million in GB’s case. Alder Biopharmaceuticals Inc (NASDAQ:ALDR) is the most popular stock in this table. On the other hand Fidelity & Guaranty Life (NYSE:FGL) is the least popular one with only 11 bullish hedge fund positions. Greatbatch Inc (NYSE:GB) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard ALDR might be a better candidate to consider a long position.