How are hedge funds trading Juno Therapeutics Inc (NASDAQ:JUNO)?
According to hedge fund experts at Insider Monkey, Anders Hove and Bong Koh‘s VHCP Management had the biggest position in Juno Therapeutics Inc (NASDAQ:JUNO), worth close to $97 million, amounting to 22.3% of its total 13F portfolio. The second-largest stake is held by Partner Fund Management, managed by Christopher Medlock James, which held a $30.5 million position; the fund has 0.8% of its 13F portfolio invested in the stock. Other members of the smart money that are bullish consist of Peter Kolchinsky’s RA Capital Management, James E. Flynn’s Deerfield Management, and Kris Jenner, Gordon Bussard, and Graham McPhail’s Rock Springs Capital Management.
Because Juno Therapeutics Inc (NASDAQ:JUNO) has experienced falling interest from hedge fund managers, it’s easy to see that there lies a certain “tier” of funds that elected to cut their entire stakes in the first quarter. Interestingly, Israel Englander‘s Millennium Management said goodbye to the largest investment of all the hedgies followed by Insider Monkey, valued at close to $5.8 million and consisting of 110,410 shares, while Stanley Druckenmiller of Duquesne Capital was right behind this move, as the fund manager dumped about $3.7 million worth of shares, 70,000 in all. These bearish behaviors are intriguing to say the least, as total hedge fund interest dropped by six funds in the first quarter.
The bearish behavior of hedge funds, evidenced by fewer hedge funds having long positions in the company and by the reduced value of their holdings when considering share price appreciation in the first quarter by those who still held long positions at the end of the first quarter, lead us to conclude that Juno Therapeutics Inc (NASDAQ:JUNO) may not be a stock to bet on at the moment, even in light of its recent agreement, given the perhaps overly gung-ho reaction of the market.