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Do you like to follow smart money buying trends? For a look at stocks currently favored by smart money institutional investors, we ran a screen.

We began by screening the healthcare sector for stocks with strong upward momentum, trading within 5% of their 52-week high.

We then screened for those with bullish sentiment from institutional investors, with significant net institutional purchases over the last quarter representing at least 5% of share float. This indicates that institutional investors such as hedge fund managers and mutual fund managers expect these names to outperform into the future.

For an interactive version of this chart, click on the image below. Analyst ratings sourced from Zacks Investment Research.

Tool provided by Kapitall.

Do you think hedge funds are calling it right on these names? Use this list as a starting point for your own analysis.

List sorted by net institutional purchases as a percent of share float.

1. Ardea Biosciences, Inc. (NASDAQ:RDEA): Focuses on the discovery and development of small-molecule therapeutics for the treatment of gout and cancer in the United States. Market cap at $1.18B, most recent closing price at $31.97. The stock is trading 0.05% below its 52-week high. Net institutional purchases in the current quarter at 10.0M shares, which represents about 49.12% of the company's float of 20.36M shares.

2. Synta Pharmaceuticals Corp. (NASDAQ:SNTA): Focuses on the discovery, development, and commercialization of small molecule drug candidates for treating severe medical conditions, including cancer and chronic inflammatory diseases. Market cap at $325.09M, most recent closing price at $5.64. The stock is trading 4.51% below its 52-week high. Net institutional purchases in the current quarter at 6.5M shares, which represents about 17.61% of the company's float of 36.91M shares.

3. Akorn, Inc. (NASDAQ:AKRX): Engages in the manufacture and marketing of diagnostic and therapeutic pharmaceutical products, hospital drugs, and injectable pharmaceuticals in the United States and internationally. Market cap at $1.37B, most recent closing price at $14.44. The stock is trading 4.81% below its 52-week high. Net institutional purchases in the current quarter at 10.1M shares, which represents about 14.4% of the company's float of 70.12M shares.

4. Amylin Pharmaceuticals, Inc. (AMLN): Engages in the discovery, development, and commercialization of drug candidates for the treatment of diabetes, obesity, and other diseases. Market cap at $4.45B, most recent closing price at $27.34. The stock is trading 3.80% below its 52-week high. Net institutional purchases in the current quarter at 17.9M shares, which represents about 12.12% of the company's float of 147.63M shares.

5. Santarus, Inc. (NASDAQ:SNTS): Engages in acquiring, developing, and commercializing proprietary products that address the needs of patients treated by physician specialists. Market cap at $421.37M, most recent closing price at $6.73. The stock is trading 2.58% below its 52-week high. Net institutional purchases in the current quarter at 3.9M shares, which represents about 9.79% of the company's float of 39.82M shares.

6. Omeros Corporation (NASDAQ:OMER): Engages in discovering, developing, and commercializing products targeting inflammation, coagulopathies, and disorders of the central nervous system. Market cap at $289.38M, most recent closing price at $12.89. The stock is trading 3.18% below its 52-week high. Net institutional purchases in the current quarter at 1.5M shares, which represents about 7.41% of the company's float of 20.23M shares.

7. Ariad Pharmaceuticals Inc. (NASDAQ:ARIA): Focuses on the discovery, development, and commercialization of small-molecule drugs for the treatment of cancer. Market cap at $2.78B, most recent closing price at $16.79. The stock is trading 3.41% below its 52-week high. Net institutional purchases in the current quarter at 9.7M shares, which represents about 6.4% of the company's float of 151.66M shares.

*Institutional data sourced from Fidelity, all other data sourced from Finviz.

Source: 7 Healthcare Stocks Near Highs Being Bought Up By Hedge Funds