Aclaris Therapeutics Inc (ACRS) Hedge Funds Are Snapping Up

As one would reasonably expect, key money managers were breaking ground themselves. Perceptive Advisors, led by Joseph Edelman, created the biggest position in Aclaris Therapeutics Inc (NASDAQ:ACRS). According to regulatory filings, the fund had $11 million invested in the company at the end of the quarter. Richard Driehaus’s Driehaus Capital also made a $4.7 million investment in the stock during the quarter. The other funds with new positions in the stock are Ken Greenberg and David Kim’s Ghost Tree Capital, Paul Marshall and Ian Wace’s Marshall Wace LLP, and James E. Flynn’s Deerfield Management.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Aclaris Therapeutics Inc (NASDAQ:ACRS) but similarly valued. We will take a look at Otonomy Inc (NASDAQ:OTIC), Titan International Inc (NYSE:TWI), ConnectOne Bancorp Inc (NASDAQ:CNOB), and Ellington Financial LLC (NYSE:EFC). This group of stocks’ market values match ACRS’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
OTIC 11 84280 -1
TWI 15 122943 2
CNOB 7 20010 -1
EFC 3 39557 -2

As you can see these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $67 million. That figure was $119 million in ACRS’s case. Titan International Inc (NYSE:TWI) is the most popular stock in this table. On the other hand Ellington Financial LLC (NYSE:EFC) is the least popular one with only 3 bullish hedge fund positions. Aclaris Therapeutics Inc (NASDAQ:ACRS) 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 TWI might be a better candidate to consider taking a long position in.

Disclosure: none.