Amicus Therapeutics, Inc. (NASDAQ:FOLD) was in 12 hedge funds’ portfolio at the end of March. FOLD shareholders have witnessed an increase in enthusiasm from smart money lately. There were 9 hedge funds in our database with FOLD holdings at the end of the previous quarter.
At the moment, there are many methods investors can use to watch stocks. Two of the most underrated are hedge fund and insider trading movement. At Insider Monkey, our research analyses have shown that, historically, those who follow the top picks of the elite fund managers can outclass the broader indices by a significant amount (see just how much).
Equally as beneficial, bullish insider trading activity is a second way to parse down the marketplace. Obviously, there are many stimuli for a corporate insider to get rid of shares of his or her company, but just one, very clear reason why they would behave bullishly. Many empirical studies have demonstrated the useful potential of this tactic if you understand what to do (learn more here).
Keeping this in mind, it’s important to take a glance at the key action regarding Amicus Therapeutics, Inc. (NASDAQ:FOLD).
What does the smart money think about Amicus Therapeutics, Inc. (NASDAQ:FOLD)?
In preparation for this quarter, a total of 12 of the hedge funds we track were long in this stock, a change of 33% from the previous quarter. With the smart money’s capital changing hands, there exists a few notable hedge fund managers who were upping their stakes substantially.
According to our comprehensive database, William Leland Edwards’s Palo Alto Investors had the most valuable position in Amicus Therapeutics, Inc. (NASDAQ:FOLD), worth close to $15.2 million, comprising 1.8% of its total 13F portfolio. On Palo Alto Investors’s heels is Redmile Group, managed by Jeremy Green, which held a $6.3 million position; the fund has 1.2% of its 13F portfolio invested in the stock. Remaining peers that are bullish include Julian Baker and Felix Baker’s Baker Bros. Advisors, Richard Driehaus’s Driehaus Capital and Thomas Bailard’s Bailard Inc.
Consequently, key money managers were leading the bulls’ herd. Driehaus Capital, managed by Richard Driehaus, initiated the most valuable position in Amicus Therapeutics, Inc. (NASDAQ:FOLD). Driehaus Capital had 1.6 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also initiated a $1 million position during the quarter. The other funds with new positions in the stock are Andrew Spokes’s Farallon Capital, Jim Simons’s Renaissance Technologies, and Ken Griffin’s Citadel Investment Group.
How have insiders been trading Amicus Therapeutics, Inc. (NASDAQ:FOLD)?
Bullish insider trading is most useful when the company we’re looking at has seen transactions within the past half-year. Over the latest 180-day time period, Amicus Therapeutics, Inc. (NASDAQ:FOLD) has experienced 1 unique insiders purchasing, and zero insider sales (see the details of insider trades here).
Let’s also review hedge fund and insider activity in other stocks similar to Amicus Therapeutics, Inc. (NASDAQ:FOLD). These stocks are Cytokinetics, Inc. (NASDAQ:CYTK), ArQule, Inc. (NASDAQ:ARQL), ZIOPHARM Oncology Inc. (NASDAQ:ZIOP), Pain Therapeutics, Inc. (NASDAQ:PTIE), and BioDelivery Sciences International, Inc. (NASDAQ:BDSI). This group of stocks are the members of the biotechnology industry and their market caps are closest to FOLD’s market cap.