Is Cynosure, Inc. (CYNO) A Good Stock To Buy Right Now?

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that cut their entire stakes in the stock during the third quarter. Interestingly, Steve Cohen’s Point72 Asset Management cut the largest position of the 700 funds tracked by Insider Monkey, comprising about $21.4 million in stock, and Craig A. Drill’s Craig Drill Capital was right behind this move, as the fund sold off about $17.7 million worth of shares.

Let’s now review hedge fund activity in other stocks similar to Cynosure, Inc. (NASDAQ:CYNO). These stocks are McDermott International (NYSE:MDR), Seadrill Ltd (NYSE:SDRL), Inogen Inc (NASDAQ:INGN), and Teekay LNG Partners L.P. (NYSE:TGP). This group of stocks’ market caps are similar to CYNO’s market cap.

As you can see these stocks had an average of 14.75 hedge funds with bullish positions and the average amount invested in these stocks was $57 million. That figure was $167 million in CYNO’s case. McDermott International (NYSE:MDR) is the most popular stock in this table. On the other hand Teekay LNG Partners L.P. (NYSE:TGP) is the least popular one with only 6 bullish hedge fund positions. Cynosure, Inc. (NASDAQ:CYNO) is not the most popular stock in this group but hedge fund interest is still quite strong.The smart money is long CYNO due to management’s solid track record of M&A and SculpSure’s potential growth, which arguably hasn’t been fully priced into the stock price yet. Moving forward, analysts expect Cynosure stock to rally if management continues to make smart M&A deals and SculpSure sales continue to outperform. If you don’t like to bet on these expectations towards Cynosure, McDermott International might be a better candidate to consider taking a long position in.