Does Clovis Oncology Inc (CLVS) Represent a Good Addition to Your Portfolio?

As industrywide interest jumped, key hedge funds were breaking ground themselves. Cormorant Asset Management, managed by Bihua Chen, initiated the biggest position in Clovis Oncology Inc (NASDAQ:CLVS). Cormorant Asset Management had $23.4 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a $22.5 million position during the quarter. The other funds with brand new CLVS positions are Paul Sinclair’s Blue Jay Capital Management, Joseph Edelman’s Perceptive Advisors, and Paul Marshall and Ian Wace’s Marshall Wace LLP.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Clovis Oncology Inc (NASDAQ:CLVS) but similarly valued. We will take a look at Heritage Financial Corporation (NASDAQ:HFWA), Rapid7 Inc (NASDAQ:RPD), Lands’ End, Inc. (NASDAQ:LE), and Vera Bradley, Inc. (NASDAQ:VRA). This group of stocks’ market values are similar to CLVS’s market value.

As you can see these stocks had an average of 11 investors with bullish positions and the average amount invested in these stocks was $76 million. That figure was $752 million in CLVS’s case. Vera Bradley, Inc. (NASDAQ:VRA) is the most popular stock in this table with 16 funds holding shares. On the other hand Rapid7 Inc (NASDAQ:RPD) is the least popular one with only seven funds reporting long holdings. Compared to these stocks Clovis Oncology Inc (NASDAQ:CLVS) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.