Now, key hedge funds have jumped into La Jolla Pharmaceutical Company (NASDAQ:LJPC) headfirst. Point State Capital established the largest position in La Jolla Pharmaceutical Company (NASDAQ:LJPC) which had $4.8 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also made a $0.8 million investment in the stock during the quarter. The only other fund with a new position in the stock is Ken Griffin’s Citadel Investment Group.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as La Jolla Pharmaceutical Company (NASDAQ:LJPC) but similarly valued. We will take a look at Sun Bancorp, Inc. NJ (NASDAQ:SNBC), Park Sterling Bank (NASDAQ:PSTB), Brightcove Inc (NASDAQ:BCOV), and Zoe’s Kitchen Inc (NYSE:ZOES). All of these stocks’ market caps are similar to LJPC’s market cap.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $63 million. That figure was $157 million in LJPC’s case. Brightcove Inc (NASDAQ:BCOV) is the most popular stock in this table. On the other hand Sun Bancorp, Inc. NJ (NASDAQ:SNBC) is the least popular one with only 4 bullish hedge fund positions. La Jolla Pharmaceutical Company (NASDAQ:LJPC) is not the least popular stock in this group but hedge fund interest is just average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard BCOV might be a better candidate to consider taking a long position in.