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Adeptus Health Inc (ADPT) Declines After Wexford Exits

Adeptus Health Inc (NYSE:ADPT) shares have fallen $0.22 per share, or 15%, on Wednesday morning after Wexford Capital did a 180. Just a few weeks after the fund disclosed a 1.4 million share position (8.4%) stake in Adeptus, SEC filings now show that Wexford has completely exited out of its position and no longer owns any shares in the emergency room operator.

Given that the news Wexford initiated a position likely caused a short squeeze and improved sentiment, some traders are afraid that Wexford completely leaving could hurt sentiment. In terms of bearish sentiment, many smart money funds are rather pessimistic. 83% of the stock’s float is short. Shares of the stock are down 80% year-to-date.

What Does The Smart Money Sentiment Say?

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

Of the 742 elite funds we track, 12 funds owned $49.42 million of Adeptus Health Inc (NYSE:ADPT) and accounted for 30.60% of the float on December 31, versus 13 funds and $183.86 million respectively on September 30.

The Bottom Line

Adeptus Health Inc (NYSE:ADPT) shares are lower after Wexford sold out of its 1.4 million share position. For more reading, check out ‘11 Biggest Hospitals In the World‘.


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