Seeing as Orexigen Therapeutics, Inc. (NASDAQ:OREX) has witnessed a declination in interest from hedge fund managers, it’s easy to see that there exists a select few fund managers that decided to sell off their full holdings heading into Q4. Interestingly, Christopher James’s Partner Fund Management said goodbye to the largest position of all the hedgies watched by Insider Monkey, valued at an estimated $26.1 million in stock, and Thomas Steyer’s Farallon Capital was right behind this move, as the fund sold off about $11.7 million worth. These moves are interesting, as total hedge fund interest was cut by 9 funds heading into Q4.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Orexigen Therapeutics, Inc. (NASDAQ:OREX) but similarly valued. We will take a look at Tandem Diabetes Care Inc (NASDAQ:TNDM), CTI BioPharma Corp (NASDAQ:CTIC), Corenergy Infrastructure Trust Inc (NYSE:CORR), and Nova Measuring Instruments Ltd. (NASDAQ:NVMI). This group of stocks’ market values are closest to OREX’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 8 hedge funds with bullish positions and the average amount invested in these stocks was $22 million. That figure was $49 million in OREX’s case. Corenergy Infrastructure Trust Inc (NYSE:CORR) is the most popular stock in this table. On the other hand Nova Measuring Instruments Ltd. (NASDAQ:NVMI) is the least popular one with only 7 bullish hedge fund positions. Compared to these stocks Orexigen Therapeutics, Inc. (NASDAQ:OREX) 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.