Hedge Funds Are Dumping Ariad Pharmaceuticals, Inc. (ARIA)

Judging by the fact that Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) has faced a declination in interest from hedge fund managers, it’s easy to see that there lies a certain “tier” of hedgies that decided to sell off their entire stakes by the end of the third quarter. Interestingly, Rob Citrone’s Discovery Capital Management said goodbye to the largest position of the 700 funds monitored by Insider Monkey, totaling an estimated $43.9 million in stock. Clifford Fox’s fund, Columbus Circle Investors, also sold off its stock, about $5.7 million worth of shares. These bearish behaviors are important to note, as total hedge fund interest fell by 2 funds by the end of the third quarter.

Let’s now review hedge fund activity in other stocks similar to Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA). We will take a look at Beneficial Bancorp Inc (NASDAQ:BNCL), The Fresh Market Inc (NASDAQ:TFM), BJ’s Restaurants, Inc. (NASDAQ:BJRI), and Sturm, Ruger & Company (NYSE:RGR). All of these stocks’ market caps are closest to Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA)’s market cap.

As you can see, these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $134 million. That figure was $233 million in Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA)’s case. Beneficial Bancorp Inc (NASDAQ:BNCL) is the most popular stock in this table. On the other hand, Sturm, Ruger & Company (NYSE:RGR) is the least popular one with only 14 bullish hedge fund positions. Compared to these stocks Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) 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.