As aggregate interest increased, some big names have jumped into Evoke Pharma Inc (NASDAQ:EVOK) headfirst. Millennium Management initiated the largest position in Evoke Pharma Inc (NASDAQ:EVOK). Millennium Management had $0.2 million invested in the company at the end of the quarter.
Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Evoke Pharma Inc (NASDAQ:EVOK) but similarly valued. We will take a look at ImmuCell Corporation (NASDAQ:ICCC), Swift Energy Company (NYSE:SFY), Noranda Aluminum Holding Corporation (NYSE:NOR), and Ritter Pharmaceuticals Inc (NASDAQ:RTTR). This group of stocks’ market caps matches Evoke Pharma Inc (NASDAQ:EVOK)’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 6 hedge funds with bullish positions and the average amount invested in these stocks was $2 million. That figure was $1 million in Evoke Pharma Inc (NASDAQ:EVOK)’s case. Noranda Aluminum Holding Corporation (NYSE:NOR) is the most popular stock in this table. On the other hand, ImmuCell Corporation (NASDAQ:ICCC) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks, Evoke Pharma Inc (NASDAQ:EVOK) is even less popular than ImmuCell Corporation (NASDAQ:ICCC). Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case, more research is warranted.