Many leading funds filed forms 13-D and 13-G (and form 4) with the SEC last week (March 12th to March 16th, 2011), indicating that they had amended their ownership in U.S. traded public companies. The following are the most notable institutional trades (in addition to some trades earlier in the week that were covered in prior articles, here and here) based on our analysis of those filings (for more info on Forms 13-D and 13-G, and how to interpret that, please refer to the end of this article):
XOMA Ltd. (XOMA) and Biocryst Pharmaceuticals (BCRX): XOMA develops antibodies and recombinant proteins to treat infections, immunological and inflammatory diseases and cancer. On Friday, Boston-based biotech-focused hedge fund RA Capital, with $152 million in 13-F assets at the end of Q4, filed SEC form SC 13G indicating that it holds 5.70 million or 8.4% of outstanding shares, a new position for them since the end of Q4. This is in addition to the 13D filing by another biotech-focused hedge fund, Baker Bros. Advisors, that we reported on just last week, in which it indicated adding 22.73 million shares (including warrants to purchase 7.58 million shares) to its 0.4 million share XOMA position since the end of Q4, with the shares and warrants acquired in connection with a registered direct offering by XOMA that closed on March 6th. These filings make Bakers Bros. and RA Capital the largest and second largest holders of XOMA stock, well ahead of third place Vanguard with 0.82 million shares.
XOMA shares recently broke-out of a six month consolidation range at the bottom, and have surged over 60% in the last two weeks. The surge comes after the company announced a 29.7 million share offering on March 6th, and the March 8th announcement of study results that demonstrated that its XMetA has the potential to be the first allosteric insulin receptor-activating antibody to improve glycemic control in-vivo for application in control of blood glucose levels in patients with diabetes.
Besides XOMA, RA Capital also filed a SEC Form SC 13G on Friday indicating that it holds 3.00 million or 6.5% of outstanding shares of BCRX, a biotech company developing small-molecule drugs for the treatment of infectious diseases, cancer, and inflammatory diseases, a new position for it since the end of Q4. BCRX shares have been in strong rally mode, surging over 100% YTD, after the company announced positive results in a phase 2b study of BCX4208 in patients with gout in early January, and then a mid-February announcement in which they announced promising preclinical study results of BCX5191 in hepatitis C.
Silicon Image Inc. (SIMG) and Himax Technologies (HIMX): SIMG is a leading provider of wireless and wired connectivity solutions such as transmitters, receivers, controllers and bridges that enable the reliable distribution and presentation of high-definition content for consumer electronics, mobile, and PC markets. On Monday, Fidelity Investments filed SEC Form SC 13G/A indicating that it holds 4.88 million or 5.95% of outstanding shares, a sharp decrease from the 10.66 million shares held at the end of Q4. SIMG reported a good Q4 at the beginning of February, beating analyst revenue and earnings estimates and guiding Q1 in-line; its shares trade at a current 14.0 P/E and 2.4 P/B compared to averages of 17.5 and 1.6 for its peers in the electronic components semiconductor group.
Besides SIMG, Fidelity on Monday also filed SEC Forms 13G/A for HIMX, a Taiwanese designer of display drivers for thin-film transistor flat panel LCD displays including TVs and PC monitors, in which it indicated that it holds 0.42 million or 0.12% of outstanding shares, a decrease from the 9.40 million shares it held at the end of Q4.
Clear Channel Outdoor Holdings Inc. (CCO): CCO is a global leader in outdoor advertising, operating billboards, street furniture displays, transit displays, and other out-of-home advertising displays, such as wallscapes, spectaculars, neons and mall displays, operating in over 40 countries across five continents. On Monday, New York-based GAMCO Investors, headed by award winning money manager Mario Gabelli, and with $12.6 billion in 13-F assets at the end of Q4, filed SEC Form SC 13D/A indicating that it owns 4.84 million shares, an increase from the 2.47 million shares it held at the end of Q4. CCO recently paid a $6.08 per share dividend at the beginning of the month, and its shares currently trade ex-dividend in the $8 range, up over 10% YTD, and at 1.1 P/B and 0.9 PSR (price-to-sales ratio) compared to averages of 1.2 and 6.8 for its peers in the advertising & marketing group.
Credit: Fundamental data in this article were based on SEC filings, Zacks Investment Research, Thomson Reuters and Briefing.com. The information and data is believed to be accurate, but no guarantees or representations are made.
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.