With a general bullishness amongst the heavyweights, some big names were leading the bulls’ herd. Citadel Investment Group, managed by Ken Griffin, assembled the most outsized position in Seattle Genetics, Inc. (NASDAQ:SGEN). Citadel Investment Group had $132 million invested in the company at the end of the quarter. Richard Chilton’s Chilton Investment Company also made a $11.3 million investment in the stock during the quarter. The other funds with new positions in the stock are John Burbank’s Passport Capital, Ben Levine, Andrew Manuel and Stefan Renold’s LMR Partners, and Peter Muller’s PDT Partners.
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Seattle Genetics, Inc. (NASDAQ:SGEN) but similarly valued. These stocks are Cameco Corporation (USA) (NYSE:CCJ), Michaels Companies Inc (NASDAQ:MIK), Zillow Inc (NASDAQ:Z), and Quanta Services Inc (NYSE:PWR). This group of stocks’ market caps resemble SGEN’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 24 hedge funds with bullish positions and the average amount invested in these stocks was $364 million. That figure was $2,092 million in SGEN’s case. Quanta Services Inc (NYSE:PWR) is the most popular stock in this table. On the other hand Cameco Corporation (USA) (NYSE:CCJ) is the least popular one with only 21 bullish hedge fund positions. Given the absolute size of the elite hedge funds’ positions and the recent increase in interest in SGEN, the stock is worth a closer look.