We already know that not all hedge funds are bullish on the stock and some hedge funds actually sold off their positions entirely. At the top of the heap, Anand Parekh’s Alyeska Investment Group sold off the largest stake of the “upper crust” of funds tracked by Insider Monkey, valued at close to $49.8 million in stock, and Christopher James’ Partner Fund Management was right behind this move, as the fund dumped about $28.9 million worth of shares.
Let’s go over hedge fund activity in other stocks similar to Jazz Pharmaceuticals plc – Ordinary Shares (NASDAQ:JAZZ). These stocks are DexCom, Inc. (NASDAQ:DXCM), Liberty Global PLC LiLAC Class C (NASDAQ:LILAK), Liberty Global PLC LiLAC Class A (NASDAQ:LILA), and Computer Sciences Corporation (NYSE:CSC). This group of stocks’ market valuations are closest to JAZZ’s market valuation.
|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 35 hedge funds with bullish positions and the average amount invested in these stocks was $852 million. That figure was $1.01 billion in JAZZ’s case. Liberty Global PLC LiLAC Class C (NASDAQ:LILAK) is the most popular stock in this table. On the other hand DexCom, Inc. (NASDAQ:DXCM) is the least popular one with only 26 bullish hedge fund positions. Jazz Pharmaceuticals plc – Ordinary Shares (NASDAQ:JAZZ) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard LILAK might be a better candidate to consider taking a long position in.