Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Here is What Hedge Funds Think About Dicerna Pharmaceuticals Inc (DRNA)

The Insider Monkey team has completed processing the quarterly 13F filings for the September quarter submitted by the hedge funds and other money managers included in our extensive database. Most hedge fund investors endured a torrid quarter, which certainly propelled them to adjust their equity holdings so as to maintain the desired risk profile. As a result, the relevancy of these public filings and their content is indisputable, as they may reveal numerous high-potential stocks. The following article will discuss the smart money sentiment towards Dicerna Pharmaceuticals Inc (NASDAQ:DRNA).

Dicerna Pharmaceuticals Inc (NASDAQ:DRNA) shareholders have witnessed an increase in activity from the world’s largest hedge funds of late. Our calculations also showed that DRNA isn’t among the 30 most popular stocks among hedge funds.

To the average investor there are dozens of formulas shareholders can use to value stocks. Two of the most under-the-radar formulas are hedge fund and insider trading interest. Our researchers have shown that, historically, those who follow the top picks of the top investment managers can outclass the market by a solid margin (see the details here).

Roberto-Mignone1

We’re going to take a look at the new hedge fund action surrounding Dicerna Pharmaceuticals Inc (NASDAQ:DRNA).

What have hedge funds been doing with Dicerna Pharmaceuticals Inc (NASDAQ:DRNA)?

Heading into the fourth quarter of 2018, a total of 20 of the hedge funds tracked by Insider Monkey were long this stock, a change of 25% from one quarter earlier. On the other hand, there were a total of 13 hedge funds with a bullish position in DRNA at the beginning of this year. So, let’s examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

DRNA_dec2018

More specifically, Bridger Management was the largest shareholder of Dicerna Pharmaceuticals Inc (NASDAQ:DRNA), with a stake worth $84.4 million reported as of the end of September. Trailing Bridger Management was RA Capital Management, which amassed a stake valued at $60 million. EcoR1 Capital, Cormorant Asset Management, and Adage Capital Management were also very fond of the stock, giving the stock large weights in their portfolios.

As industrywide interest jumped, key hedge funds were leading the bulls’ herd. Biotechnology Value Fund / BVF Inc, managed by Mark Lampert, created the largest position in Dicerna Pharmaceuticals Inc (NASDAQ:DRNA). Biotechnology Value Fund / BVF Inc had $17.6 million invested in the company at the end of the quarter. Dmitry Balyasny’s Balyasny Asset Management also initiated a $5 million position during the quarter. The other funds with new positions in the stock are Efrem Kamen’s Pura Vida Investments and Michael Platt and William Reeves’s BlueCrest Capital Mgmt..

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Dicerna Pharmaceuticals Inc (NASDAQ:DRNA) but similarly valued. We will take a look at Cara Therapeutics, Inc. (NASDAQ:CARA), CoBiz Financial Inc (NASDAQ:COBZ), Tutor Perini Corp (NYSE:TPC), and Newpark Resources Inc (NYSE:NR). This group of stocks’ market values resemble DRNA’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
CARA 11 45623 6
COBZ 14 118675 -4
TPC 7 5230 2
NR 14 56370 -2
Average 11.5 56475 0.5

View table here if you experience formatting issues.

As you can see these stocks had an average of 11.5 hedge funds with bullish positions and the average amount invested in these stocks was $56 million. That figure was $382 million in DRNA’s case. CoBiz Financial Inc (NASDAQ:COBZ) is the most popular stock in this table. On the other hand Tutor Perini Corp (NYSE:TPC) is the least popular one with only 7 bullish hedge fund positions. Compared to these stocks Dicerna Pharmaceuticals Inc (NASDAQ:DRNA) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None. This article was originally published at Insider Monkey.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...