Is Array Biopharma Inc (ARRY) A Good Stock To Buy?

With a general bullishness amongst the heavyweights, specific money managers were breaking ground themselves. Cormorant Asset Management, led by Bihua Chen, assembled the most outsized position in Array Biopharma Inc (NASDAQ:ARRY). Cormorant Asset Management had $7.8 million invested in the company at the end of the quarter. Richard Driehaus’ Driehaus Capital also made a $5.3 million investment in the stock during the quarter. The other funds with brand new ARRY positions are Peter Muller’s PDT Partners, Malcolm Fairbairn’s Ascend Capital, and Stuart Weisbrod’s Iguana Healthcare Management.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Array Biopharma Inc (NASDAQ:ARRY) but similarly valued. These stocks are Red Rock Resorts Inc (NASDAQ:RRR), CIRCOR International, Inc. (NYSE:CIR), Forward Pharma A/S (NASDAQ:FWP), and US Ecology Inc. (NASDAQ:ECOL). This group of stocks’ market values match ARRY’s market value.

As you can see these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $162 million. That figure was $395 million in ARRY’s case. Red Rock Resorts Inc (NASDAQ:RRR) is the most popular stock in this table. On the other hand US Ecology Inc. (NASDAQ:ECOL) is the least popular one with only 8 bullish hedge fund positions. Compared to these stocks Array Biopharma Inc (NASDAQ:ARRY) 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