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, Mark Lampert’s Biotechnology Value Fund / BVF Inc cut the biggest stake of the “upper crust” of funds watched by Insider Monkey, totaling an estimated $8 million in stock, and James A. Silverman’s Opaleye Management was right behind this move, as the fund sold off about $2 million worth of shares.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Paratek Pharmaceuticals Inc (NASDAQ:PRTK) but similarly valued. We will take a look at Adaptimmune Therapeutics PLC – ADR (NASDAQ:ADAP), Easterly Acquisition Corp (NASDAQ:EACQ), Kratos Defense & Security Solutions, Inc (NASDAQ:KTOS), and Enova International Inc (NYSE:ENVA). This group of stocks’ market values match PRTK’s market value.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 14 funds with bullish positions and the average amount invested in these stocks was $57 million, compared to $64 million in PRTK’s case. Enova International Inc (NYSE:ENVA) is the most popular stock in this table. On the other hand Kratos Defense & Security Solutions, Inc (NASDAQ:KTOS) is the least popular one with only 10 bullish hedge fund positions. Paratek Pharmaceuticals Inc (NASDAQ:PRTK) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard Enova International Inc (NYSE:ENVA) might be a better candidate to consider taking a long position in.