Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that cut their entire stakes in the stock during the third quarter. Interestingly, Israel Englander’s Millennium Management cut the largest investment of the 700 funds tracked by Insider Monkey, valued at close to $15.9 million in stock, and Michael Hintze’s CQS Cayman LP was right behind this move, as the fund sold off about $6.9 million worth of shares.
Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Spark Therapeutics Inc (NASDAQ:ONCE) but similarly valued. We will take a look at Brink’S Co (NYSE:BCO), Financial Engines Inc (NASDAQ:FNGN), Pretium Resources Inc (NYSE:PVG), and DiamondRock Hospitality Company (NYSE:DRH). This group of stocks’ market caps resemble ONCE’s market cap.
|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 15 hedge funds with bullish positions and the average amount invested in these stocks was $167 million. That figure was $195 million in ONCE’s case. Brink’S Co (NYSE:BCO) is the most popular stock in this table. On the other hand Pretium Resources Inc (NYSE:PVG) is the least popular one with only 12 bullish hedge fund positions. Spark Therapeutics Inc (NASDAQ:ONCE) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard BCO might be a better candidate to consider taking a long position in.