Hedge Funds Are Selling Concordia International Corp (CXRX)

Because Concordia International Corp (NASDAQ:CXRX) has witnessed a decline in interest from the aggregate hedge fund industry, it’s easy to see that there lies a certain “tier” of hedge funds who were dropping their positions entirely heading into Q4. At the top of the heap, Anders Hallberg and Carl Bennet’s HealthInvest Partners AB said goodbye to the largest position of all the hedgies tracked by Insider Monkey, totaling about $11.7 million in stock. David Gallo’s fund, Valinor Management LLC, also dropped its stock, about $8.6 million worth.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Concordia International Corp (NASDAQ:CXRX) but similarly valued. We will take a look at Q2 Holdings Inc (NYSE:QTWO), OSI Systems, Inc. (NASDAQ:OSIS), Smart & Final Stores Inc (NYSE:SFS), and Group 1 Automotive, Inc. (NYSE:GPI). All of these stocks’ market caps are closest to CXRX’s market cap.

As you can see these stocks had an average of 13.75 hedge funds with bullish positions and the average amount invested in these stocks was $111 million. That figure was $36 million in CXRX’s case. Group 1 Automotive, Inc. (NYSE:GPI) is the most popular stock in this table. On the other hand Smart & Final Stores Inc (NYSE:SFS) is the least popular one with only 9 bullish hedge fund positions. Concordia International Corp (NASDAQ:CXRX) 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 GPI might be a better candidate to consider taking a long position in.