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)

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
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 Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Best Travel Destinations in Australia

World’s Most Expensive Musical Instruments

World’s Most Famous Animals

Most Expensive Cakes in the World

Most Expensive Kosher Champagne in the World

Most Expensive Kosher Wine in the World

The Most Surprisingly Dark Fairy Tales

Most Popular Travel Destinations in Asia

The 10 Most Expensive Dresses Ever Worn to the Oscars

World’s Most Visited Art Museums

Best Countries for Photographers to Work in

Best Paid Jobs in the Film Industry

The Most Renowned Recovered Paintings Ever

Child Stars That Turned out Just Fine

Books That Were Banned in the Past Century

World’s Richest Dancers

Best Remedies against Bad Breath

Foods That Improve Your Skin Texture

Best-Selling Children’s Books of all Time

Foods That Boost Your Libido

Best-Selling Books of all Time

The Most Expensive Academy Awards Jewelry in History

Most Expensive Japanese Restaurant In New York City

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

The Most Successful Reality TV Stars

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 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!