Daniel Gold, QVT Financial Increase Stake In CytRx Corporation (CYTR) & Further Reduce Exposure To Pacific Alliance China Land Limited (PACL)

Daniel Gold, the manager of QVT Financial, is bullish on CytRx Corporation (NASDAQ:CYTR). According to a recent filing with the Securities and Exchange Commission, QVT Financial has increased its holding of the stock by a little over 3 million shares, taking it to 5.16 million shares, which account for 9.29% of the company’s common stock. QVT initiated its position in CytRx during the previous quarter. In another move, Daniel Gold has decreased his fund’s stake in Pacific Alliance China Land Limited (LON:PACL). In an earlier first transaction, 2 million shares were disposed of, leaving QVT with 4.57 million shares or 3.52% of the company’s total number of shares outstanding. In the second transaction, QVT’s stake has been reduced below the 3% threshold.

CytRx Corporation (NASDAQ:CYTR)

CytRx Corporation (NASDAQ:CYTR) has caught the attention of several other hedge fund managers, who have initiated positions during the previous quarter. Among them is Steven Cohen, the billionaire founder and manager of SAC Capital Advisors. According to the fund’s latest 13F report, SAC Capital holds 205,100 shares valued at $1.28 million. Ben Levine, Andrew Manuel and Stefan Renold, the managers of LMR Partners, are also betting on this stock, having acquired 20,000 shares reportedly worth $125,000.

CytRx Corporation (NASDAQ:CYTR) is a biopharmaceutical company specializing in oncology. The company has a market cap of $211 million and does not pay a dividend. The stock has entered a downtrend after making a double top at the $8.24-$835 per share in January 2014. So far this year it has fallen 38.8% to a current price of $3.81 per share. For the three months ending December 31, 2013, CytRx Corporation posted revenues of $100,000 and a loss per share of $0.68. Analysts expect the loss to narrow down to $0.18 per share during the current quarter. The stock is mainly touted as a Buy.

A closed-end investment fund, Pacific Alliance China Land Limited (LON:PACL) has also attracted the attention of Israel Englander. His hedge fund, Millennium International Management holds 11.53 million shares, which account for 8.9% of the company’s voting rights. With a market cap of $219 million, Pacific Alliance China Land is traded at a trailing Price to Earnings (P/E) ratio of 11.xx. The company recently announced that the net value of assets are approximately $2.4 per share.

Earlier this month, Daniel Gold had increased his fund’s stake in China Zenix Auto International Ltd (NYSE:ZX) to 24.3 million shares, or 11.8% of the company’s common stock. At the end of the fourth quarter of 2013, QVT Financial had reported owning 14.2 million  of the same stock.

Daniel Gold seems to have an eye on pharmaceutical companies, with several of his fund’s top position being occupied by such stocks. During the previous quarter, Gold has reduced his fund’s exposure to his top three positions. According to QVT’s latest 13F report, the fund has decreased its stake in Tenet Healthcare Corp (NYSE:THC) by 10% and is left with 1.57 million shares valued at $66.1 million. The fund’s second biggest position, Halozyme Therapeutics, Inc. (NASDAQ:HALO), has been reduced by 7% to 4.21 million shares reportedly worth $63.2 million. QVT’s investment in VIVUS, Inc. (NASDAQ:VVUS), another biopharmaceutical company, has been decreased by 11% to 6.51 million shares valued at $59.1 million.

Disclosure: none.

Recommended reading:

Dan Gold’s QVT Financial Reduces Stake in LSE-listed Pacific Alliance China Land Limited (PACL)

QVT Financial Raises Its Stake in China Zenix Auto International Ltd (ZX)

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