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Is bluebird bio Inc (BLUE) A Good Stock To Buy?

As aggregate interest increased, key hedge funds have been driving this bullishness. Passport Capital initiated the most valuable position in bluebird bio Inc (NASDAQ:BLUE). Passport Capital had $19.6 million invested in the company at the end of the quarter. Brian Ashford-Russell and Tim Woolley’s Polar Capital also made a $10.3 million investment in the stock during the quarter. The other funds with new positions in the stock are Hal Mintz’s Sabby Capital, Ken Griffin’s Citadel Investment Group, and Benjamin A. Smith’s Laurion Capital Management.

Let’s go over hedge fund activity in other stocks similar to bluebird bio Inc (NASDAQ:BLUE). These stocks are Seadrill Ltd (NYSE:SDRL), Infinera Corp. (NASDAQ:INFN), Travelport Worldwide Ltd (NYSE:TVPT), and CBL & Associates Properties, Inc. (NYSE:CBL). All of these stocks’ market caps are closest to BLUE’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
SDRL 18 33658 1
INFN 17 67309 2
TVPT 26 465752 -2
CBL 11 30247 -7

As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $149 million. That figure was $283 million in BLUE’s case. Travelport Worldwide Ltd (NYSE:TVPT) is the most popular stock in this table. On the other hand CBL & Associates Properties, Inc. (NYSE:CBL) is the least popular one with only 11 bullish hedge fund positions. bluebird bio Inc (NASDAQ:BLUE) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal, as is the gradually rebounding hedge fund ownership. Thus, BLUE might be a decent candidate to consider a long position in.

Disclosure: None

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