Is The Spectranetics Corporation (SPNC) Going to Burn These Hedge Funds?

As one would reasonably expect, key hedge funds were breaking ground themselves. Visium Asset Management, managed by Jacob Gottlieb, established the most valuable position in The Spectranetics Corporation (NASDAQ:SPNC). Visium Asset Management had $23 million invested in the company at the end of the quarter. Dmitry Balyasny’s Balyasny Asset Management also made a $16.3 million investment in the stock during the quarter. The other funds with new positions in the stock are Kevin Kotler’s Broadfin Capital, Steven Boyd’s Armistice Capital, and Ken Greenberg and David Kim’s Ghost Tree Capital.

Let’s now review hedge fund activity in other stocks similar to The Spectranetics Corporation (NASDAQ:SPNC). We will take a look at Kansas City Life Insurance Co (NASDAQ:KCLI), Lumenis Ltd (NASDAQ:LMNS), AAC Holdings Inc (NYSE:AAC), and OncoMed Pharmaceuticals Inc (NASDAQ:OMED). This group of stocks’ market valuations are similar to SPNC’s market valuation.

As you can see these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $35 million, significantly lower than the $149 million in SPNC’s case. AAC Holdings Inc (NYSE:AAC) is the most popular stock in this table with a total of 14 funds reporting long positions, while Kansas City Life Insurance Co (NASDAQ:KCLI) is the least popular one. Compared to these stocks The Spectranetics Corporation (NASDAQ:SPNC) 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.