Hedge Funds Are Buying Endologix, Inc. (ELGX)

As aggregate interest increased, some big names have been driving this bullishness. Bridger Management, managed by Roberto Mignone, created the biggest position in Endologix, Inc. (NASDAQ:ELGX). Bridger Management had $8.3 million invested in the company at the end of the quarter. Steve Cohen’s Point72 Asset Management also made a $7 million investment in the stock during the quarter. The other funds with new positions in the stock are James Dondero’s Highland Capital Management, Jacob Gottlieb’s Visium Asset Management, and Efrem Kamen’s Pura Vida Investments.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Endologix, Inc. (NASDAQ:ELGX) but similarly valued. These stocks are Teekay Tankers Ltd. (NYSE:TNK), Rentrak Corporation (NASDAQ:RENT), Barracuda Networks Inc (NYSE:CUDA), and Erin Energy Corp (NYSEMKT:ERN). This group of stocks’ market valuations are closest to ELGX’s market valuation.

As you can see these stocks had an average of 13.5 hedge funds with bullish positions and the average amount invested in these stocks was $88 million. That figure was $185 million in ELGX’s case. Teekay Tankers Ltd. (NYSE:TNK) is the most popular stock in this table. On the other hand Erin Energy Corp (NYSEMKT:ERN) is the least popular one with only 5 bullish hedge fund positions. Along with TNK, Endologix, Inc. (NASDAQ:ELGX) is among the most popular stocks in this group and that makes it worth a closer look.