For a teardrop shape, which orientation has the least drag?
The design looks similar to the wheel fairings found on many Cessna-type aircraft. They lead curve-first. 

If it was going tip-first, you could have a nice laminar airflow initially, but once it reaches the curve, the airflow will separate from the surface and produce a big wake with associated drag. By leading with the curve you can have a laminar flow right to the tip, with only a little bit of drag.