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HeartWare International Inc (HTWR): Adage Capital Ups Stake to 11.2%

Adage Capital Partners, a hedge fund led by Phill Gross and Robert Atchinson, has recently disclosed upping its stake in HeartWare International Inc (NASDAQ:HTWR). As a new filing with the SEC revealed, Adage currently owns around 1.91 common shares of the company, up from 1.61 million the fund revealed in its latest 13F. The current stake amasses slightly above 11.2% of the company’s stock and is passive by nature.

Phill Gross Adage Capital Management

HeartWare International Inc (NASDAQ:HTWR) is a healthcare company that is engaged in development and manufacturing of small implantable heart pumps or ventricular assist devices meant for the treatment of heart failure. Aside from Adage, Jim Simons’ Renaissance Technologies is also a shareholder of HeartWare raising its stake by a threefold during the second quarter and reporting 113,200 shares in its latest 13F filing. On the other hand, Redmile Group, led by Jeremy Green, decreased its exposure to the company during the April-June period by 24% to around 222,900 shares.

Among the insiders of the company, Lawrence Knopf, the general counsel at HeartWare International Inc (NASDAQ:HTWR), has recently sold 465 shares of the company, reducing his holding to 8,654 shares.

For the second quarter of the year, Heartware reported a significant increase in revenues, of 38% on the year, which amounted to $70.1 million. The company has also improved its bottom line and reported a non-GAAP net loss of $0.29 per share, versus $0.79 posted for the same period of last year. In addition, the net loss was significantly above the consensus estimate of $0.70 per share. Nevertheless, the stock of HeartWare International Inc (NASDAQ:HTWR), even though went through a slight increase following the results announcement, is still trading 17% down year-to-date.

In addition, knowing Mr. Gross’ experience in the healthcare sector, since he has worked as a healthcare and retail analyst at Harvard Management Company, as well as keeping in mind that HeartWare International Inc (NASDAQ:HTWR) can be found in the equity portfolios of many healthcare-focused funds (like Redmile), it might turn around and reward its investors.

Disclosure: none

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