Here is What Hedge Funds Think About Prothena Corporation PLC (PRTA)

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Now, specific money managers have been driving this bullishness. Woodford Investment Management, managed by Neil Woodford, initiated the biggest position in Prothena Corporation PLC (NASDAQ:PRTA). Woodford Investment Management had $281.2 million invested in the company at the end of the quarter. D E Shaw also made a $1.7 million investment in the stock during the quarter. The other funds with brand new PRTA positions are Jim Simons’ Renaissance Technologies, Glenn Russell Dubin’s Highbridge Capital Management, and Ken Fisher’s Fisher Asset Management.

Let’s go over hedge fund activity in other stocks similar to Prothena Corporation PLC (NASDAQ:PRTA). We will take a look at Third Point Reinsurance Ltd (NYSE:TPRE), Avon Products, Inc. (NYSE:AVP), Flow International Corporation (NASDAQ:FLOW), and Ophthotech Corp (NASDAQ:OPHT). This group of stocks’ market caps are similar to PRTA’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
TPRE 14 40180 1
AVP 30 246409 4
FLOW 24 172307 24
OPHT 18 270288 -1

As you can see these stocks had an average of 22 hedge funds with bullish positions and the average amount invested in these stocks was $182 million. That figure was $440 million in PRTA’s case. Avon Products, Inc. (NYSE:AVP) is the most popular stock in this table. On the other hand Third Point Reinsurance Ltd (NYSE:TPRE) is the least popular one with only 14 bullish hedge fund positions. Prothena Corporation PLC (NASDAQ:PRTA) 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 AVP might be a better candidate to consider a long position.

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