What Do Hedge Funds Think of Achillion Pharmaceuticals, Inc. (ACHN)?

Judging by the fact that Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) has witnessed bearish sentiment from the entirety of the hedge funds we track, it’s safe to say that there were a few money managers who were dropping their entire stakes last quarter. Intriguingly, Glenn Russell Dubin’s Highbridge Capital Management dropped the largest investment of all the hedgies watched by Insider Monkey, totaling an estimated $2.6 million in stock, and Jerome Pfund and Michael Sjostrom’s Sectoral Asset Management was right behind this move, as the fund cut about $0.9 million worth. These transactions are intriguing to say the least, as aggregate hedge fund interest dropped by 1 funds last quarter.

Let’s go over hedge fund activity in other stocks similar to Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN). These stocks are Dynavax Technologies Corporation (NASDAQ:DVAX), Infoblox Inc (NYSE:BLOX), Evolent Health Inc (NYSE:EVH), and Genesis Healthcare Inc (NYSE:GEN). This group of stocks’ market values match ACHN’s market value.

As you can see these stocks had an average of 19.75 hedge funds with bullish positions and the average amount invested in these stocks was $154 million. That figure was $270 million in ACHN’s case. Dynavax Technologies Corporation (NASDAQ:DVAX) is the most popular stock in this table. On the other hand Evolent Health Inc (NYSE:EVH) is the least popular one with only 11 bullish hedge fund positions. Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) 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 DVAX might be a better candidate to consider a long position.