Celldex Therapeutics, Inc. (NASDAQ:CLDX) investors should be aware of an increase in hedge fund interest lately.
In the financial world, there are plenty of indicators market participants can use to track publicly traded companies. A couple of the most useful are hedge fund and insider trading sentiment. At Insider Monkey, our studies have shown that, historically, those who follow the best picks of the best fund managers can beat the market by a superb margin (see just how much).
Equally as important, optimistic insider trading sentiment is a second way to break down the marketplace. Just as you’d expect, there are a number of stimuli for an executive to sell shares of his or her company, but only one, very clear reason why they would initiate a purchase. Plenty of empirical studies have demonstrated the useful potential of this method if you know what to do (learn more here).
With these “truths” under our belt, let’s take a look at the key action surrounding Celldex Therapeutics, Inc. (NASDAQ:CLDX).
How are hedge funds trading Celldex Therapeutics, Inc. (NASDAQ:CLDX)?
Heading into Q2, a total of 16 of the hedge funds we track were long in this stock, a change of 33% from one quarter earlier. With hedgies’ capital changing hands, there exists a few key hedge fund managers who were increasing their holdings significantly.
According to our comprehensive database, SAC Capital Advisors, managed by Steven Cohen, holds the biggest position in Celldex Therapeutics, Inc. (NASDAQ:CLDX). SAC Capital Advisors has a $45.5 million position in the stock, comprising 0.2% of its 13F portfolio. On SAC Capital Advisors’s heels is Donald Chiboucis of Columbus Circle Investors, with a $30.6 million position; 0.2% of its 13F portfolio is allocated to the stock. Some other hedgies that are bullish include Arthur B Cohen and Joseph Healey’s Healthcor Management LP, Jean-Marie Eveillard’s First Eagle Investment Management and Israel Englander’s Millennium Management.
As one would reasonably expect, some big names have jumped into Celldex Therapeutics, Inc. (NASDAQ:CLDX) headfirst. Deerfield Management, managed by James E. Flynn, assembled the biggest position in Celldex Therapeutics, Inc. (NASDAQ:CLDX). Deerfield Management had 4 million invested in the company at the end of the quarter. David Costen Haley’s HBK Investments also initiated a $1.4 million position during the quarter. The other funds with brand new CLDX positions are Glenn Russell Dubin’s Highbridge Capital Management and Van Schreiber’s Bennett Lawrence Management.
What do corporate executives and insiders think about Celldex Therapeutics, Inc. (NASDAQ:CLDX)?
Insider buying is most useful when the company we’re looking at has experienced transactions within the past 180 days. Over the last 180-day time period, Celldex Therapeutics, Inc. (NASDAQ:CLDX) has experienced zero unique insiders buying, and zero insider sales (see the details of insider trades here).
Let’s also examine hedge fund and insider activity in other stocks similar to Celldex Therapeutics, Inc. (NASDAQ:CLDX). These stocks are Exelixis, Inc. (NASDAQ:EXEL), PDL BioPharma Inc. (NASDAQ:PDLI), NPS Pharmaceuticals, Inc. (NASDAQ:NPSP), MannKind Corporation (NASDAQ:MNKD), and Puma Biotechnology Inc (NYSE:PBYI). All of these stocks are in the biotechnology industry and their market caps are similar to CLDX’s market cap.