Is Celgene Corporation (CELG) Worthy of Your Portfolio?

Seeing as Celgene Corporation (NASDAQ:CELG) has witnessed falling interest from hedge fund managers, it’s safe to say that there exists a select few funds who sold off their positions entirely last quarter. It’s worth mentioning that Ken Griffin’s Citadel Investment Group dropped the biggest stake of the 700 funds followed by Insider Monkey, valued at an estimated $50.7 million in stock, and Doug Silverman and Alexander Klabin’s Senator Investment Group was right behind this move, as the fund dropped about $39.5 million worth of shares.

Let’s go over hedge fund activity in other stocks similar to Celgene Corporation (NASDAQ:CELG). These stocks are AstraZeneca plc (ADR) (NYSE:AZN), Lockheed Martin Corporation (NYSE:LMT), Union Pacific Corporation (NYSE:UNP), and Westpac Banking Corporation (ADR) (NYSE:WBK). This group of stocks’ market caps are similar to CELG’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
AZN 27 669117 3
LMT 34 755807 -5
UNP 62 2502901 7
WBK 5 31922 -1

As you can see these stocks had an average of 32 hedge funds with bullish positions and the average amount invested in these stocks was $990 million. That figure was $2.57 billion in Celgene’s case. Union Pacific Corporation (NYSE:UNP) is the most popular stock in this table. On the other hand Westpac Banking Corporation (ADR) (NYSE:WBK) is the least popular one with only five investors reporting positions. Compared to these stocks Celgene Corporation (NASDAQ:CELG) 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.