Baker Bros. Raises Stake in Synageva BioPharma Corp (GEVA) Through Convention of Options

As a new form 4 filing with the Securities and Exchange Commission showed, Julian and Felix BakersBaker Bros Advisors, a fund focused on the biotechnology and healthcare companies, have revealed upping its long stake in Synageva BioPharma Corp (NASDAQ:GEVA). According to the filing, Baker Bros. have purchased close to 29,800 shares of the company at a price of $60.45 apiece. The price, which is much lower in comparison with the current stock price of Synageva BioPharma, was obtained following the conversion of the Non-Qualified Stock Options, held by the fund since 2005. In this way, currently, Baker Bros. owns almost 10.88 million shares of the company.

Synageva BioPharma

Earlier in April, Baker Bros has also converted options to purchase 56,000 shares of Synageva BioPharma Corp (NASDAQ:GEVA) at a price of $65.10 per share, held since 2007. In this way, Baker Bros. has solidified its position as one of the largest shareholders of the company.

The stock of Synageva BioPharma Corp (NASDAQ:GEVA) has surged by around 62% since the beginning of the year, and by 150% over the past year. The company has posted a significant net loss for the first quarter of the year, of $36.4 million, versus $14.5 million for the same period of the last year, while its revenue amounted to $1.6 million. According to a statement Synageva BioPharma Corp (NASDAQ:GEVA) is working on the development of its ARISE drug for Lysosomal Acid Lipase Deficiency treatment and plans to report top-line results from the Phase 3 trial during the third quarter of the year.

Other investors, among the funds we track, hold smaller positions in Synageva BioPharma. Jerome Pfund and Michael Sjostrom‘s Sectoral Asset Management owns 465,145 shares as of the end of March, down by 37% of the quarter. On the other hand, James E. Flynn‘s Deerfield Management and Donald Chiboucis‘ Columbus Circle Investors have initiated stakes in the company during the first quarter, reporting ownership of 317,700 shares and 186,300 shares of Synageva BioPharma Corp (NASDAQ:GEVA) respectively in their latest 13F filings.

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