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James E. Flynn, Deerfield Management Increase Stake in Universal American Corporation (UAM)

Deerfield Management, managed by James E. Flynn, has boosted its exposure in Universal American Corporation (NYSE:UAM) to 4.4 million shares, from around 2.9 million reported in the latest 13F. In a new filing, Mr. Flynn disclosed a passive stake in the company, which contains 5.14% of Universal American Corporation’s common stock. The value of the holding amounts to $33.9 million, at the current stock price of the company.

Universal American Corporation

The year-to-date return of Universal’s stock has declined by almost 11%. In the third quarter of 2013, the company posted a decline in revenues which totaled $520.2 million, from $549.4 million a year ago. Universal American Corporation (NYSE:UAM) also reported a net loss in the third quarter of $12.7 million, equal to $0.15 per share, versus a profit of $13.8 million in the same period of last year. In the first nine months, the net loss amounted to $90.6 million, versus a net income of $38 million a year ago.

Richard Perry’s Perry Capital reported a significant position in Universal American Corporation (NYSE:UAM) in the latest round of 13F filings. The fund holds 7.7 million shares, worth $58.7 million. Diamond Hill Capital, managed by Ric Dillon holds a smaller position worth $12.5 million, which contains 1.6 million shares.

Universal American Corporation (NYSE:UAM) is not the only company on which James Flynn has been bullish recently. Last week, he disclosed boosting its stake in Capital Senior Living Corporation (NYSE:CSU) to 1.8 million shares, equal to 6.3% of the common stock. Also, about a month ago, Mr. Flynn reported owning 4.01% of Cancer Genetics Inc (NASDAQ:CGIX), which is a new position in Deerfield’s equity portfolio. The “hedgie” also has increased its exposure to MEI Pharma Inc (NASDAQ:MEIP), currently holding 6.38% of the company’s common stock.

The largest holding in Deerfield’s equity portfolio at the end of the third quarter is NxStage Medical, Inc. (NASDAQ:NXTM). The fund reported a $66.2 million stake, which contains over 5.0 million shares.

Disclosure: none

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