Eleven Biotherapeutics Inc (EBIO) Soars On Lead Drug News; Hedge Funds Are Bullish

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How have hedgies been trading Eleven Biotherapeutics Inc (NASDAQ:EBIO)?

With this in mind, let’s take a closer look at latest hedge fund moves surrounding Eleven Biotherapeutics. As stated earlier, a total of eight funds from our database held $11.97 million worth of stock, which represented around 11.9% of the company’s outstanding stock at the end of March. However, there was a small outflow of capital from the stock as there was a 27.31% decrease in hedge fund holdings by the end of the first quarter.

Chuck Royce’s Royce & Associates dumped all of its 388,600 shares during the second quarter, a position it acquired in the first quarter. Kevin Kotler’s Broadfin Capital owned the largest Eleven Biotherapeutics Inc (NASDAQ:EBIO) stake at the end of March, with 966,057 shares worth about $8.62 million. Malcolm Fairbairn’s Ascend Capital also acquired 210,000 shares during the first quarter. Other funds with long positions at the end of March include Jeremy Green’s Redmile Group and Steve Cohen’s Point72 Asset Management.

With biotech stocks gaining momentum and Eleven Biotherapeutics Inc (NASDAQ:EBIO) jumping on the back of the news about the launch of EBI-005 dosing, we consider that the stock has more room to grow, especially if it obtains positive results from the study. However, investing in clinical-stage companies is rather risky, but can deliver substantial returns as can be seen by today’s move.

Disclosure: None

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