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Is Avista Corp (AVA) Going to Burn These Hedge Funds?

Because Avista Corp (NYSE:AVA) has gone through a decline in interest from the entirety of the hedge funds we track, it’s safe to say that there lies a certain “tier” of money managers that decided to sell off their full holdings last quarter. Interestingly, Glenn Russell Dubin’s Highbridge Capital Management said goodbye to the biggest stake of the 700 funds followed by Insider Monkey, comprising about $2.9 million in stock. Matthew Tewksbury’s fund, Stevens Capital Management, also said goodbye to its stock, about $1.1 million worth.

Let’s check out hedge fund activity in other stocks similar to Avista Corp (NYSE:AVA). We will take a look at The Medicines Company (NASDAQ:MDCO), SM Energy Co. (NYSE:SM), Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA), and Charles River Laboratories (NYSE:CRL). This group of stocks’ market values match AVA’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
MDCO 27 584714 1
SM 28 322360 8
ARIA 29 563755 2
CRL 27 594201 0

As you can see these stocks had an average of 27.75 hedge funds with bullish positions and the average amount invested in these stocks was $516 million. That figure was $56 million in AVA’s case. Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) is the most popular stock in this table. On the other hand The Medicines Company (NASDAQ:MDCO) is the least popular one with only 27 bullish hedge fund positions. Compared to these stocks Avista Corp (NYSE:AVA) is even less popular than MDCO. 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.

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