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Is Adamis Pharmaceuticals Corporation (ADMP) Going to Burn These Hedge Funds?

·6 min read

Hedge Funds and other institutional investors have just completed filing their 13Fs with the Securities and Exchange Commission, revealing their equity portfolios as of the end of September. At Insider Monkey, we follow nearly 900 active hedge funds and notable investors and by analyzing their 13F filings, we can determine the stocks that they are collectively bullish on. One of their picks is Adamis Pharmaceuticals Corporation (NASDAQ:ADMP), so let’s take a closer look at the sentiment that surrounds it in the current quarter.

Is Adamis Pharmaceuticals Corporation (NASDAQ:ADMP) a sound investment today? Money managers were getting more bullish. The number of long hedge fund positions went up by 3 in recent months. Adamis Pharmaceuticals Corporation (NASDAQ:ADMP) was in 3 hedge funds' portfolios at the end of March. The all time high for this statistic is 6. Our calculations also showed that ADMP isn't among the 30 most popular stocks among hedge funds (click for Q1 rankings).

If you'd ask most investors, hedge funds are seen as underperforming, old financial vehicles of the past. While there are greater than 8000 funds trading at present, We look at the upper echelon of this club, approximately 850 funds. These money managers shepherd the lion's share of the hedge fund industry's total capital, and by keeping an eye on their best investments, Insider Monkey has determined numerous investment strategies that have historically defeated the S&P 500 index. Insider Monkey's flagship short hedge fund strategy surpassed the S&P 500 short ETFs by around 20 percentage points per annum since its inception in March 2017. Also, our monthly newsletter's portfolio of long stock picks returned 206.8% since March 2017 (through May 2021) and beat the S&P 500 Index by more than 115 percentage points. You can download a sample issue of this newsletter on our website .

best tech stocks to buy according to billionaire ken griffin
best tech stocks to buy according to billionaire ken griffin

Ken Griffin of Citadel Investment Group

At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, an activist hedge fund wants to buy this $26 biotech stock for $50. So, we recommended a long position to our monthly premium newsletter subscribers. We go through lists like the 10 best battery stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage. With all of this in mind let's take a peek at the new hedge fund action surrounding Adamis Pharmaceuticals Corporation (NASDAQ:ADMP).

Do Hedge Funds Think ADMP Is A Good Stock To Buy Now?

At Q1's end, a total of 3 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 3 from the previous quarter. By comparison, 3 hedge funds held shares or bullish call options in ADMP a year ago. So, let's see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

Of the funds tracked by Insider Monkey, Renaissance Technologies, holds the number one position in Adamis Pharmaceuticals Corporation (NASDAQ:ADMP). Renaissance Technologies has a $0.8 million position in the stock, comprising less than 0.1%% of its 13F portfolio. The second most bullish fund manager is Millennium Management, managed by Israel Englander, which holds a $0.4 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Some other professional money managers that hold long positions encompass Ken Griffin's Citadel Investment Group, and . In terms of the portfolio weights assigned to each position Renaissance Technologies allocated the biggest weight to Adamis Pharmaceuticals Corporation (NASDAQ:ADMP), around 0.001% of its 13F portfolio. Millennium Management is also relatively very bullish on the stock, earmarking 0.0003 percent of its 13F equity portfolio to ADMP.

Now, key hedge funds have jumped into Adamis Pharmaceuticals Corporation (NASDAQ:ADMP) headfirst. Renaissance Technologies, established the biggest position in Adamis Pharmaceuticals Corporation (NASDAQ:ADMP). Renaissance Technologies had $0.8 million invested in the company at the end of the quarter. Israel Englander's Millennium Management also made a $0.4 million investment in the stock during the quarter. The other funds with brand new ADMP positions are Ken Griffin's Citadel Investment Group and Ken Griffin's Citadel Investment Group.

Let's go over hedge fund activity in other stocks - not necessarily in the same industry as Adamis Pharmaceuticals Corporation (NASDAQ:ADMP) but similarly valued. These stocks are Steel Connect, Inc. (NASDAQ:STCN), SEACOR Marine Holdings Inc. (NYSE:SMHI), Bank of South Carolina Corp. (NASDAQ:BKSC), Minerva Neurosciences, Inc (NASDAQ:NERV), Longeveron Inc. (NASDAQ:LGVN), LAIX Inc. (NYSE:LAIX), and Check-Cap Ltd. (NASDAQ:CHEK). This group of stocks' market values match ADMP's market value.

[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position STCN,4,45177,0 SMHI,3,1376,-2 BKSC,1,449,0 NERV,10,8790,-2 LGVN,1,97,1 LAIX,3,936,1 CHEK,1,244,0 Average,3.3,8153,-0.3 [/table]

View table here if you experience formatting issues.

As you can see these stocks had an average of 3.3 hedge funds with bullish positions and the average amount invested in these stocks was $8 million. That figure was $1 million in ADMP's case. Minerva Neurosciences, Inc (NASDAQ:NERV) is the most popular stock in this table. On the other hand Bank of South Carolina Corp. (NASDAQ:BKSC) is the least popular one with only 1 bullish hedge fund positions. Adamis Pharmaceuticals Corporation (NASDAQ:ADMP) is not the least popular stock in this group but hedge fund interest is still below average. Our overall hedge fund sentiment score for ADMP is 34.1. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.2% in 2021 through June 11th and surpassed the market again by 3.3 percentage points. Unfortunately ADMP wasn't nearly as popular as these 5 stocks (hedge fund sentiment was quite bearish); ADMP investors were disappointed as the stock returned 6.4% since the end of March (through 6/11) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as most of these stocks already outperformed the market in 2021.

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Disclosure: None. This article was originally published at Insider Monkey.

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