Here is What Hedge Funds Think About ACADIA Pharmaceuticals Inc. (ACAD)

As industrywide interest jumped, some big names have been driving this bullishness. Ghost Tree Capital, managed by Ken Greenberg and David Kim, created the biggest position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD). Ghost Tree Capital had $6.4 million invested in the company at the end of the quarter. Barry Rosenstein’s JANA Partners also made a $4.7 million investment in the stock during the quarter. The other funds with new positions in the stock are Efrem Kamen’s Pura Vida Investments, Steve Cohen’s Point72 Asset Management, and Ken Griffin’s Citadel Investment Group.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) but similarly valued. We will take a look at Bruker Corporation (NASDAQ:BRKR), Brocade Communications Systems, Inc. (NASDAQ:BRCD), Healthcare Realty Trust Inc (NYSE:HR), and Cognex Corporation (NASDAQ:CGNX). This group of stocks’ market valuations match ACAD’s market valuation.

As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $255 million. That figure was $1.04 billion in ACAD’s case. Brocade Communications Systems, Inc. (NASDAQ:BRCD) is the most popular stock in this table. On the other hand Healthcare Realty Trust Inc (NYSE:HR) is the least popular one with only 6 bullish hedge fund positions. ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) 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 BRCD might be a better candidate to consider a long position.