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Is Kindred Biosciences Inc (KIN) Going to Burn These Hedge Funds?

Due to the fact that Kindred Biosciences Inc (NASDAQ:KIN) has witnessed falling interest from the entirety of the hedge funds we track, we can see that there was a specific group of hedge funds that decided to sell off their full holdings by the end of the third quarter. At the top of the heap, Ken Greenberg and David Kim’s Ghost Tree Capital cut the largest position of all the hedgies followed by Insider Monkey, valued at an estimated $0.6 million in stock. Chao Ku’s fund, Nine Chapters Capital Management, also said goodbye to its stock, about $0.1 million worth. These bearish behaviors are interesting, as total hedge fund interest dropped by 2 funds by the end of the third quarter.

Let’s check out hedge fund activity in other stocks similar to Kindred Biosciences Inc (NASDAQ:KIN). These stocks are Turtle Beach Corp (NASDAQ:HEAR), AxoGen, Inc. (NASDAQ:AXGN), Intevac, Inc. (NASDAQ:IVAC), and SCYNEXIS Inc (NASDAQ:SCYX). This group of stocks’ market values match KIN’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
HEAR 4 1168 1
AXGN 4 23914 1
IVAC 7 40332 -1
SCYX 9 20647 0

As you can see these stocks had an average of 6 hedge funds with bullish positions and the average amount invested in these stocks was $22 million, lower than the $44 million in KIN’s case. SCYNEXIS Inc (NASDAQ:SCYX) is the most popular stock in this table with a total of nine funds reporting long positions. On the other hand Turtle Beach Corp (NASDAQ:HEAR) is the least popular one. Compared to these stocks Kindred Biosciences Inc (NASDAQ:KIN) 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.

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