As one would reasonably expect, key money managers have been driving this bullishness. Cove Street Capital, led by Jeffrey Bronchick, initiated the largest position in Albany Molecular Research, Inc. (NASDAQ:AMRI). Cove Street Capital had $2 million invested in the company at the end of the quarter. Joseph Edelman’s Perceptive Advisors also made a $0.2 million investment in the stock during the quarter. The only other fund with a brand new AMRI position is Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Albany Molecular Research, Inc. (NASDAQ:AMRI) but similarly valued. These stocks are Greenhill & Co., Inc. (NYSE:GHL), Rudolph Technologies Inc (NYSE:RTEC), National Storage Affiliates Trust (NYSE:NSA), and Otonomy Inc (NASDAQ:OTIC). This group of stocks’ market caps are closest to AMRI’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 15 hedge funds with bullish positions and the average amount invested in these stocks was $87 million. That figure was $93 million in AMRI’s case. Rudolph Technologies Inc (NYSE:RTEC) is the most popular stock in this table. On the other hand Otonomy Inc (NASDAQ:OTIC) is the least popular one with only 11 bullish hedge fund positions. Albany Molecular Research, Inc. (NASDAQ:AMRI) 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 RTEC might be a better candidate to consider taking a long position in.