Hedge Funds Bought Take-Two And These Other Stocks

Glenview Capital has added another million shares of Health Management Associates, Inc. (NYSE:HMA), a $2.4 billion market cap hospital operator (find more stocks Glenview has been buying). The fund is managed by Larry Robbins, who had previously worked at billionaire Leon Cooperman’s Omega Advisors. Health Management Associates trades at 16 times trailing earnings, which is high for the industry, but its forward P/E of 11 is more in line with the valuations of its peers as the market seems generally uncertain as to how healthcare regulations will affect hospitals and other healthcare businesses. Revenue was up strongly last quarter versus a year earlier, but net income was down slightly.

A 13G filing has disclosed that Ridgeback Capital, a healthcare focused hedge fund managed by Wayne Holman, has acquired a total of 3.8 million shares of Celldex Therapeutics, Inc. (NASDAQ:CLDX). This gives it over 6% of the $410 million market cap pharmaceutical company’s total shares outstanding. Ridgeback had reported owning 2.9 million shares of the stock at the beginning of October (see more of Holman’s stock picks). Celldex is expected to be unprofitable next year as well as this year, but optimism concerning the products it has in development have pushed the stock up 140% in the last year.