Deerfield Management Reports New Stake in KaloBios Pharmaceuticals Inc (KBIO)

James E. Flynn‘s Deerfield Management has reported adding KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) to its equity portfolio. Deerfield currently holds around 3.18 million shares of the company, the passive stake amassing 9.64% of the common stock.

KaloBios Pharmaceuticals

KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) is a U.S.-based bio-therapeutic company, which is engaged in development of protein therapeutics. About a week ago, the company reported that its Phase 2 study of a monoclonal antibody for patients with severe asthma. The study was well tolerated but it didn’t meet its clinical endpoints. Amid the news, the stock of the company dropped by over 18% in the past several days, and overall, it lost almost 40% since the beginning of the year.

The analysts consider KaloBios Pharmaceuticals Inc (NASDAQ:KBIO)’s stock being “overweight” and set a target price of $9.00 per share, well above the current price of the stock. At the same time, the company has missed the estimates for its net income for the last several quarters.

Despite the poor performance of the company, investors seem to be bullish on KaloBios Pharmaceuticals Inc (NASDAQ:KBIO). In the previous round of 13F filings, several funds disclosed holding shares of KaloBios with many initiating their positions during the third quarter of 2013. Jean-Marie Eveillard‘s First Eagle Investment Management reported ownership of 875,000 shares, followed by Clough Capital Partners, led by Charles Clough, and Charles Davidson‘s Wexford Capital, with 400,000 and 278,500 shares respectively.

Deerfield reported the new stake added to its equity portfolio only a day after disclosing holding shares of Auspex Pharmaceuticals Inc (NASDAQ:ASPX), and Dicerna Pharmaceuticals Inc (NASDAQ:DRNA). Both companies went public recently and Deerfield reported holding significant amounts of shares in both of them.

Disclosure: none

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