Why Do Hedge Funds Like AMAG Pharmaceuticals?

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Of the 749 select hedge funds that we track which filed 13F’s for the June 30 reporting period, 19 funds owned $284.55 million worth of AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG) shares at the end of June, which accounted for 34.40% of the float, down from 25 funds with $283.94 million worth of shares on March 31.

In terms of individual hedge fund activity, Phill Gross and Robert Atchinson‘s Adage Capital Management raised its stake in AMAG by 15% to slightly over 2.5 million shares during the March 31-to-June 30 period. Those 2.5 million shares were worth $61.43 million at the end of June and accounted for 0.16% of the value of Adage’s equity portfolio. Going the other way during the same quarter was Ross Margolies‘ Stelliam Investment Management, which cut its AMAG holding by 26% to 1.10 million shares. Anders Hallberg and Carl Bennet‘s Healthinvest Partners Ab also pared its stake in AMAG, by around 10% to 671,585 shares at the end of June. Unlike Adage and Stelliam, Healthinvest has far greater exposure to the stock; despite the cut to its stake, AMAG still comprised 7.36% of the value of Healthinvest’s equity portfolio at the end of the second quarter.

Disclosure: None

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