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The following is a list of underperforming healthcare stocks that have seen significant institutional outflows over the last three months. All of the stocks in this list have had negative returns over the last year, lagging the rest of the healthcare sector.

Is this excessive pessimism justified, and how long before the bad news is FULLY priced into these names?

Institutional trading data sourced from Reuters. Full analysis below.

click for expanded image

The list has been sorted by the change in institutional ownership over the last three months.

1. Qiagen NV (NASDAQ:QGEN): Biotechnology Industry. Market cap of $4.38B. The stock has lost 11.26% over the last year. Institutional investors currently own 162,142,817 shares vs. 180,986,854 shares held three months ago (-10.41% change).

2. Community Health Systems, Inc. (NYSE:CYH): Hospitals Industry. Market cap of $2.91B. The stock has lost 11.4% over the last year. Institutional investors currently own 83,747,289 shares vs. 92,737,078 shares held three months ago (-9.69% change).

3. Conceptus, Inc. (NASDAQ:CPTS): Medical Instruments & Supplies Industry. Market cap of $434.05M. The stock has lost 23.2% over the last year. Institutional investors currently own 31,461,017 shares vs. 33,337,582 shares held three months ago (-5.63% change).

4. AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG): Diagnostic Substances Industry. Market cap of $419.11M. The stock has lost 42.% over the last year. Institutional investors currently own 28,372,005 shares vs. 29,663,865 shares held three months ago (-4.35% change).

5. Genoptix, Inc. (GXDX): Medical Laboratories & Research Industry. Market cap of $300.62M. The stock has lost 52.68% over the last year. Institutional investors currently own 16,470,866 shares vs. 17,158,757 shares held three months ago (-4.01% change).

6. Sun Healthcare Group Inc. (NASDAQ:SUNH): Long-Term Care Facilities Industry. Market cap of $635.86M. The stock has lost 4.16% over the last year. Institutional investors currently own 39,803,219 shares vs. 41,143,080 shares held three months ago (-3.26% change).

7. Natus Medical Inc. (NASDAQ:BABY): Medical Appliances & Equipment Industry. Market cap of $417.03M. The stock has lost 5.49% over the last year. Institutional investors currently own 24,769,291 shares vs. 25,417,528 shares held three months ago (-2.55% change).

8. Exelixis, Inc. (NASDAQ:EXEL): Biotechnology Industry. Market cap of $502.01M. The stock has lost 20.21% over the last year. Institutional investors currently own 70,331,840 shares vs. 72,160,819 shares held three months ago (-2.53% change).

9. VIVUS Inc. (NASDAQ:VVUS): Biotechnology Industry. Market cap of $524.29M. The stock has lost 34.08% over the last year. Institutional investors currently own 45,722,042 shares vs. 46,650,027 shares held three months ago (-1.99% change).

10. Savient Pharmaceuticals, Inc. (SVNT): Biotechnology Industry. Market cap of $778.08M. The stock has lost 13.39% over the last year. Institutional investors currently own 69,713,622 shares vs. 70,834,348 shares held three months ago (-1.58% change).

11. Healthways Inc. (NASDAQ:HWAY): Specialized Health Services Industry. Market cap of $350.86M. The stock has lost 38.81% over the last year. Institutional investors currently own 31,087,761 shares vs. 31,432,069 shares held three months ago (-1.1% change).

12. Charles River Laboratories International, Inc. (NYSE:CRL): Biotechnology Industry. Market cap of $2.17B. The stock has lost 13.81% over the last year. Institutional investors currently own 72,844,824 shares vs. 73,531,944 shares held three months ago (-0.93% change).

13. PetMed Express Inc. (NASDAQ:PETS): Drug Delivery Industry. Market cap of $347.55M. The stock has lost 2.56% over the last year. Institutional investors currently own 25,144,989 shares vs. 25,351,252 shares held three months ago (-0.81% change).

14. Emeritus Corp. (NYSE:ESC): Long-Term Care Facilities Industry. Market cap of $748.76M. The stock has lost 11.93% over the last year. Institutional investors currently own 33,657,189 shares vs. 33,905,015 shares held three months ago (-0.73% change).

15. Align Technology Inc. (NASDAQ:ALGN): Medical Appliances & Equipment Industry. Market cap of $1.27B. The stock has lost 2.23% over the last year. Institutional investors currently own 69,281,671 shares vs. 69,696,339 shares held three months ago (-0.59% change).

Disclosure: No positions

Source: 15 Underperforming Healthcare Stocks Being Dumped by Smart Money