As one would reasonably expect, key money managers have been driving this bullishness. Highbridge Capital Management, managed by Glenn Russell Dubin, established the most outsized position in Alder Biopharmaceuticals Inc (NASDAQ:ALDR). Highbridge Capital Management had $3.7 million invested in the company at the end of the quarter. Paul Marshall and Ian Wace’s Marshall Wace LLP also initiated a $3.5 million position during the quarter. The other funds with brand new ALDR positions are David Costen Haley’s HBK Investments, Lee Munder’s Lee Munder Capital Group, and Vishal Bhutani and Joshua Bederman’s Pyrrho Capital Management.
Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Alder Biopharmaceuticals Inc (NASDAQ:ALDR) but similarly valued. These stocks are AMN Healthcare Services, Inc. (NYSE:AHS), Vishay Intertechnology (NYSE:VSH), Huron Consulting Group (NASDAQ:HURN), and Pattern Energy Group Inc (NASDAQ:PEGI). This group of stocks’ market caps are similar to ALDR’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 17.75 hedge funds with bullish positions and the average amount invested in these stocks was $158 million. That figure was $242 million in ALDR’s case. AMN Healthcare Services, Inc. (NYSE:AHS) is the most popular stock in this table. On the other hand Pattern Energy Group Inc (NASDAQ:PEGI) is the least popular one with only 13 bullish hedge fund positions. Alder Biopharmaceuticals Inc (NASDAQ:ALDR) is not the most popular stock in this group but hedge fund interest is still above average. This is a positive signal that makes ALDR worth a closer look.