Do Hedge Funds Love Celgene Corporation (CELG)?

When looking at the institutional investors followed by Insider Monkey, OrbiMed Advisors, managed by Samuel Isaly, holds the number one position in Celgene Corporation (NASDAQ:CELG). OrbiMed Advisors has a $439 million position in the stock, comprising 4% of its 13F portfolio. Sitting at the No. 2 spot is Alkeon Capital Management, managed by Panayotis Takis Sparaggis, which holds a $157.5 million position; the fund has 4.3% of its 13F portfolio invested in the stock. Some other members of the smart money that are bullish encompass Phill Gross and Robert Atchinson’s Adage Capital Management, Jerome Pfund and Michael Sjostrom’s Sectoral Asset Management and Ken Griffin’s Citadel Investment Group.

Consequently, key money managers have jumped into Celgene Corporation (NASDAQ:CELG) headfirst. Citadel Investment Group established the biggest position in Celgene Corporation (NASDAQ:CELG). Citadel Investment Group had $139.5 million invested in the company at the end of the fourth quarter. Anand Parekh’s Alyeska Investment Group also initiated a $108.3 million position during the quarter. The following funds were also among the new CELG investors: Steve Cohen’s Point72 Asset Management, Pasco Alfaro / Richard Tumure’s Miura Global Management, and Charles Frumberg’s Emancipation Capital.

Let’s now review hedge fund activity in other stocks similar to Celgene Corporation (NASDAQ:CELG). These stocks are Eli Lilly & Co. (NYSE:LLY), 3M Co (NYSE:MMM), Walgreens Boots Alliance Inc (NASDAQ:WBA), and China Life Insurance Company Ltd. (ADR) (NYSE:LFC). This group of stocks’ market values are closest to CELG’s market value.

As you can see these stocks had an average of 43 hedge funds with bullish positions and the average amount invested in these stocks was $2.68 billion. That figure was $2.24 billion in CELG’s case. Walgreens Boots Alliance Inc (NASDAQ:WBA) is the most popular stock in this table. On the other hand China Life Insurance Company Ltd. (ADR) (NYSE:LFC) is the least popular one with only seven bullish hedge fund positions. Celgene Corporation (NASDAQ:CELG) 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 WBA might be a better candidate to consider a long position.