Adage Capital Management Discloses New Stake in OvaScience Inc (OVAS)

A new filing with the SEC shows that Phill Gross and  Robert Atchinson‘s Adage Capital Management has initiated a stake in OvaScience Inc (NASDAQ:OVAS). The position amasses over 1.31 million shares of the company, which represent 5.56% of the common stock.

Phill Gross Adage Capital Management

Earlier this month, another ‘hedgie’ boosted its stake in OvaScience Inc (NASDAQ:OVAS). Deerfield Management, led by James E. Flynn, revealed that it holds around 1.8 million shares of the company, versus 605,600 shares held previously. Following the increase, Deerfield holds 7.6% of the company’s stock. Another shareholder of OvaSciences is Hal Mintz’s Sabby Capital, which in its latest 13F filing revealing holding 152,300 shares.

Last month, the company conducted a public offering, selling 5.0 million shares at a price of $10 apiece. A couple of days ago, OvaScience Inc (NASDAQ:OVAS) stated that the underwriters of the offering exercised their over allotment options and acquired around 518,600 shares at the public offering price. In this way, the gross proceeds from the full offering amounted to $55.2 million.

OvaScience Inc (NASDAQ:OVAS) is a healthcare company engaged in the development and sale of fertility treatments. For the previous year, the company posted a net loss of $29.0 million, significantly larger than the loss of $13.6 million posted for 2012. The stock of OvaSciences gained around 11% since the beginning of the year, although over the past 52 weeks it has declined by 12%. Despite weak financial results, the average recommendation for the stock is ‘Buy’ and the average target price is set at above $17 per share.

Aside from OvaScience Inc (NASDAQ:OVAS), Adage Capital Partners has been bullish on another biotechnology stock, Puma Biotechnology Inc (NYSE:PBYI), which represents the second most valuable holding in the fund’s equity portfolio, containing 5.67 million shares, worth $588.74 million. The largest position in the $37.76 billion equity portfolio is held by Apple Inc. (NASDAQ:AAPL), in which the fund owns over 1.39 million shares, worth $781.58 million.

Disclosure: none

Recommended Reading:

Adage Capital Management Reiterates Stake in CARDIOME PHARMA CORP (CRME)

Heartware International, Inc. (HTWR) Now Has More Adage Capital Management Interest

Phil Falcone’s Hedge Fund Sells 23 Mln Shares of Harbinger Group Inc (HRG)

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 10 Most Expensive iPhone Apps

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

The 10 Most Peaceful Countries in the World

5 Big Reasons Communism Failed

The 15 Most Famous Carl Icahn Quotes

10 Scary Animals that are Actually Harmless

The 8 Most Famous Singer-Actors in Entertainment

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!