Many leading funds filed forms 13-D and 13-G (and form 4) with the SEC in the past week (March 20th to March 26th, 2012), including SAC Capital Advisors, Paulson & Co., and Glenview Capital, indicating that they had amended their ownership in U.S. traded public companies. The following are the most notable institutional trades 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):
Amarin Corp. (AMRN): AMRN is a clinical stage Ireland-based global pharmaceutical group, which develops novel drugs for the treatment of cardiovascular diseases using its proprietary advanced oral and trans-dermal drug delivery technologies. On Monday, Stamford, Connecticut-based hedge fund SAC Capital Advisors, led by billionaire legendary hedge fund manager Steven Cohen and with over $15 billion in 13-F assets, filed SEC Form SC 13G indicating that it boosted its stake in the biotech company by 57% on March 14th, and now holds 5.42 million or 4.0% of outstanding shares, an increase of 1.97 million shares from the 3.44 million shares it reported holding at the end of Q4.
AMRN shares have spiked in the last two weeks prior to and just after the company announced last Tuesday that the USPTO (US Patent and Trademark Office) published notification of a Notice of Allowance for its '598 patent for AMR-101, a prescription grade omega-3 fatty acid for the treatment of patients with very high triglyceride levels that are at increased risk for developing coronary artery disease. The issuance of the Notice of Allowance is a significant step towards the commercialization of AMR-101, and the street is rife with speculation of partnering possibilities, or even an outright acquisition at a stiff premium to current prices in the $11-$12 range. Furthermore, MKM partners last Wednesday reiterated their buy and $20 price target on AMRN.
Tenet Healthcare Corp. (THC): Tenet is an operator of 49 general hospitals and critical access hospitals in urban and rural communities in eleven states. On Friday, New York-based hedge fund Glenview Capital Management, headed by legendary manager Larry Robbins and with $5.0 billion in 13-F assets, filed SEC Form SC 13G indicating that it holds 22.4 million or 5.5% of outstanding shares, a new position in its portfolio. Mr. Robbins is well known for taking large concentrated bets in mid- and large-cap stocks, often with an activist slant, and his 22.4 million share position in THC makes him the fifth largest institutional holder.
THC missed analyst earnings estimates (10c v/s 14c) in its latest Q4 reported at the end of last month, and it currently trades at 8-9 forward P/E and 2.1 P/B compared to averages of 10.8 and 2.3 for its peers in the hospital group.
Quantum Fuel System Tech (QTWW): QTWW is a manufacturer of advanced propulsion systems, energy storage technologies and alternative fuel vehicles. It focuses on three main areas: Transportation, Stationary Power, and Refueling Infrastructure. It manufactures both components and end products. In the Transportation sector, QTWW designs and supplies state-of-the-art fuel system technologies to many of the world's leading OEMs with Hydrogen systems for both Internal Combustion Engine and Fuel Cell applications and Natural Gas and LPG fuel systems for internal combustion applications.
On Monday, New York-based multi-strategy hedge fund Hudson Capital Management and Capital Ventures International, an affiliate of investment bank Susquehanna International Group, filed SEC Forms 13G indicating that they hold 1.85 million and 4.54 million shares respectively. Hudson's position appears to be a new one, and Capital Ventures reported earlier last month holding 0.32 million QTWW shares at the end of 2011.
Other major institutional filings in the last week included:
Agenus Inc. (AGEN), a developer of products and technologies to treat cancers, infectious diseases and autoimmune disorders, in which independent investment firm Ingalls & Snyder, with $1.3 billion in 13-F assets, filed SEC Form SC 13G/A indicating that it holds 1.0 million or 4.4% of outstanding shares, a decrease from the 1.3 million shares it held at the end of Q4; and
Delphi Automotive Plc (DLPH), a manufacturer of vehicle components, powertrain, safety and thermal technology solutions for automotive and commercial vehicle markets worldwide, in which famed hedge fund company Paulson & Co., with over $35 billion in assets under management, including $13.9 billion in 13-F assets per their latest Q4 filing, filed SEC Form 4 indicating that it sold 1.1 million shares, compared to the 51.7 million shares it held at the end of Q4.
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.