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Icahn Gets Key Board Appointment at Enzon Pharmaceuticals

Icahn, Enzon Pharmaceuticals: In an amended 13D just filed with the SEC, Carl Icahn and Icahn Capital reported that Jonathan Christodoro has been appointed to a Director post at Enzon Pharmaceuticals (NASDAQ:ENZN). Christodoro is also a managing director at Icahn Capital. At the end of last quarter, Enzon was the 18th largest position in Carl Icahn’s equity portfolio.

Hedge Fund Strategies

The appointment of Christodoro to the Board of Directors comes amid major changes at Enzon. The company recently announced that it has suspended its operating activities and is not planning to resume any clinical developments. It also plans to distribute excess cash as periodic dividends to stockholders. The company reduced the size of its board and laid off a portion of its employees.

Shares of Enzon are up over 7% on the news of Icahn’s seat.

Disclosure: none

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One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

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