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Do Hedge Funds Love TESARO Inc (TSRO)?

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The 700+ hedge funds and money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the third quarter, which unveil their equity positions as of September 30. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund positions. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards TESARO Inc (NASDAQ:TSRO).

TESARO Inc (NASDAQ:TSRO) registered an increase in hedge fund sentiment lately. More specifically, the number of funds from our database bullish on the stock went up to 36 from 28 during the third quarter. At the end of this article we will also compare TSRO to other stocks including Jones Lang LaSalle Inc (NYSE:JLL), Highwoods Properties Inc (NYSE:HIW), and Service Corporation International (NYSE:SCI) to get a better sense of its popularity.

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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 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.

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Now, let’s analyze the fresh action regarding TESARO Inc (NASDAQ:TSRO).

What does the smart money think about TESARO Inc (NASDAQ:TSRO)?

Heading into the fourth quarter, 36 funds tracked by Insider Monkey were bullish on TESARO Inc (NASDAQ:TSRO), up by 29% over the quarter. On the other hand, there were a total of 16 hedge funds with a bullish position in TSRO at the beginning of this year. So, let’s find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

HedgeFundSentimentChart

When looking at the institutional investors followed by Insider Monkey, Joseph Edelman’s Perceptive Advisors has the biggest position in TESARO Inc (NASDAQ:TSRO), worth close to $68.4 million, accounting for 4.4% of its total 13F portfolio. Sitting at the No. 2 spot is Kris Jenner, Gordon Bussard, Graham McPhail’s Rock Springs Capital Management, which holds a $62.8 million position; 3.9% of its 13F portfolio is allocated to the company. We should note that none of these hedge funds are among our list of the 100 best performing hedge funds which is based on the performance of their 13F long positions in non-microcap stocks.

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