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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

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