Hedge Funds By no means Been This Bullish On EXACT Sciences Company (EXAS)

The most recent 13F reporting interval has come and gone, and Insider Monkey is once more on the forefront on the subject of making use of this gold mine of knowledge. We at Insider Monkey have plowed via 823 13F filings that hedge funds and well-known worth traders are required to file by the SEC. The 13F filings present the funds’ and traders’ portfolio positions as of June 30th, when the S&P 500 Index was buying and selling across the 3100 stage. Shares stored going up since then. On this article we have a look at how hedge funds traded EXACT Sciences Company (NASDAQ:EXAS) and decide whether or not the good cash was actually good about this inventory.

Is EXACT Sciences Company (NASDAQ:EXAS) the precise funding to pursue lately? Buyers who’re within the know have been changing into extra assured. The variety of bullish hedge fund bets went up by 9 lately. EXACT Sciences Company (NASDAQ:EXAS) was in 43 hedge funds’ portfolios on the finish of June. The all time excessive for this statistics is 41. This implies the bullish variety of hedge fund positions on this inventory at present sits at its all time excessive. Our calculations additionally confirmed that EXAS is not among the many 30 hottest shares amongst hedge funds (click on for Q2 rankings and see the video for a fast have a look at the highest 5 shares). There have been 34 hedge funds in our database with EXAS positions on the finish of the primary quarter. Video: Watch our video in regards to the prime 5 hottest hedge fund shares.

Hedge funds’ fame as shrewd traders has been tarnished within the final decade as their hedged returns could not sustain with the unhedged returns of the market indices. Our analysis was in a position to establish prematurely a choose group of hedge fund holdings that outperformed the S&P 500 ETFs by greater than 56 proportion factors since March 2017 (see the main points right here). We have been additionally in a position to establish prematurely a choose group of hedge fund holdings that’ll considerably underperform the market. Now we have been monitoring and sharing the record of those shares since February 2017 and so they misplaced 34% via August 17th. That is why we imagine hedge fund sentiment is an especially helpful indicator that traders ought to take note of.

Ricky Sandler of Eminence Capital

At Insider Monkey we scour a number of sources to uncover the following nice funding thought. For instance, authorized marijuana is among the quickest rising industries proper now, so we’re testing inventory pitches like “the Starbucks of hashish” to establish the following tenbagger. We undergo lists just like the 10 most worthwhile firms on the earth to choose one of the best large-cap shares to purchase. Though we advocate positions in solely a tiny fraction of the businesses we analyze, we take a look at as many shares as we are able to. We learn hedge fund investor letters and hearken to inventory pitches at hedge fund conferences. Hedge fund sentiment in direction of Tesla reached its all time excessive on the finish of 2019 and Tesla shares greater than tripled this 12 months. We are attempting to establish different EV revolution winners, so if in case you have any good concepts ship us an e-mail. Protecting this in thoughts let’s take a peek on the newest hedge fund motion surrounding EXACT Sciences Company (NASDAQ:EXAS).

How are hedge funds buying and selling EXACT Sciences Company (NASDAQ:EXAS)?

On the finish of the second quarter, a complete of 43 of the hedge funds tracked by Insider Monkey have been lengthy this inventory, a change of 26% from the primary quarter of 2020. Then again, there have been a complete of 32 hedge funds with a bullish place in EXAS a 12 months in the past. So, let’s examine which hedge funds have been among the many prime holders of the inventory and which hedge funds have been making massive strikes.

Extra particularly, Viking World was the most important shareholder of EXACT Sciences Company (NASDAQ:EXAS), with a stake price $189.eight million reported as of the top of September. Trailing Viking World was Zevenbergen Capital Investments, which amassed a stake valued at $172.6 million. Baker Bros. Advisors, Eminence Capital, and Citadel Funding Group have been additionally very keen on the inventory, changing into one of many largest hedge fund holders of the corporate. By way of the portfolio weights assigned to every place Zevenbergen Capital Investments allotted the largest weight to EXACT Sciences Company (NASDAQ:EXAS), round 4.12% of its 13F portfolio. Tavio Capital can also be comparatively very bullish on the inventory, designating 3.96 % of its 13F fairness portfolio to EXAS.

As industrywide curiosity jumped, some massive names have been main the bulls’ herd. Level72 Asset Administration, managed by Steve Cohen, established the largest place in EXACT Sciences Company (NASDAQ:EXAS). Level72 Asset Administration had $17.Four million invested within the firm on the finish of the quarter. Ben Levine, Andrew Manuel and Stefan Renold’s LMR Companions additionally made a $15.Three million funding within the inventory in the course of the quarter. The opposite funds with model new EXAS positions are Christopher James’s Accomplice Fund Administration, Brian Ashford-Russell and Tim Woolley’s Polar Capital, and Donald Sussman’s Paloma Companions.

Let’s additionally look at hedge fund exercise in different shares just like EXACT Sciences Company (NASDAQ:EXAS). These shares are Pinterest, Inc. (NYSE:PINS), Avangrid, Inc. (NYSE:AGR), Burlington Shops Inc (NYSE:BURL), Synchrony Monetary (NYSE:SYF), FMC Company (NYSE:FMC), Galapagos NV (NASDAQ:GLPG), and Martin Marietta Supplies, Inc. (NYSE:MLM). All of those shares’ market caps are just like EXAS’s market cap.

[table] Ticker, No of HFs with positions, Complete Worth of HF Positions (x1000), Change in HF Place PINS,53,1067483,15 AGR,18,132976,zero BURL,38,1475273,-2 SYF,46,1563925,9 FMC,42,548601,Three GLPG,13,151392,-2 MLM,51,1593527,7 Common,37.3,933311,4.3 [/table]

View desk right here when you expertise formatting points.

As you possibly can see these shares had a mean of 37.Three hedge funds with bullish positions and the common quantity invested in these shares was $933 million. That determine was $993 million in EXAS’s case. Pinterest, Inc. (NYSE:PINS) is the preferred inventory on this desk. Then again Galapagos NV (NASDAQ:GLPG) is the least in style one with solely 13 bullish hedge fund positions. EXACT Sciences Company (NASDAQ:EXAS) isn’t the preferred inventory on this group however hedge fund curiosity continues to be above common. Our general hedge fund sentiment rating for EXAS is 77.5. Shares with larger variety of hedge fund positions relative to different shares in addition to relative to their historic vary obtain a better sentiment rating. This can be a barely constructive sign however we might fairly spend our time researching shares that hedge funds are piling on. Our calculations confirmed that prime 10 hottest shares amongst hedge funds returned 41.4% in 2019 and outperformed the S&P 500 ETF (SPY) by 10.1 proportion factors. These shares gained 33% in 2020 via the top of August and beat the market by 23.2 proportion factors. Sadly EXAS wasn’t practically as in style as these 10 shares and hedge funds that have been betting on EXAS have been dissatisfied because the inventory returned -13.4% throughout the identical time interval and underperformed the market. If you’re curious about investing in massive cap shares with big upside potential, it is best to take a look at the highest 10 hottest shares amongst hedge funds as many of those shares already outperformed the market to this point this 12 months.

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Disclosure: None. This text was initially printed at Insider Monkey.

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