Michael Novogratz’s Fortress Investment Trims Stake in Cardiome Pharma (CRME)

A recent 13G filing shows that Michael Novogratz’s Fortress Investment Group trimmed its passive stake in Cardiome Pharma Corp. (NASDAQ:CRME) to 981,600 shares from 2.5 million shares held previously. Fortress Investment currently holds 6.5% of the company’s common stock.

top hedge funds

In November 2013, Fortress initiated position in Cardiome, disclosing ownership of 2.5 million shares, equal to almost 17% of the stock. Since the position has been revealed the stock has gained over 40%.

Cardiome Pharma Corp. (NASDAQ:CRME) is an integrated, commercial, specialty pharmaceutical company, based in Canada. Earlier this week, in a press release, Cardiome Pharma Corp. (NASDAQ: CRME) and CarCor Investment Holdings LLC announced the closing of their previously announced prospectus offering of 1.5 million common shares for gross proceeds of $13.5 million and 1.5 million shares in a secondary offering from CarCor for gross proceeds of $13.5 million both at roughly $9 per common share, for a combined offering of approximately $27.0 million. The company intends to use the net proceeds of the primary offering for working capital and general corporate purposes, including to fund expansions in Europe and other parts of the world.

Cardiome and CarCor have granted the underwriters an over-allotment option to purchase, pro rata from each of Cardiome and CarCor, up to an additional 15% or an aggregate of up to 450,000 common shares of the offering on the same terms and conditions, exercisable in whole or in part at any time for a period of 30 days following closing of the offering.

Analysts at Canaccord Genuity upgraded shares of Cardiome Pharma Corp (NASDAQ:CRME) to a buy rating from its previous hold rating. R.F Lafferty started coverage on the stock with a ‘buy’ recommendation with a target price of $9 per share.

Other significant stakeholders of Cardiome Pharma Corp include Phill Gross and Robert’s Atchinson’s Adage Capital Management, which holds 1.3 million shares, followed by Casey Nelson’s Alistair Capital, with ownership of 917,000 shares. Next up is Renaissance Technologies, led by billionaire Jim Simons, which owns approximately 218,900 shares of the pharma company.

Fortress Investment Group began as a private equity firm in 1998. It was founded by Wesley R. Edens, a former partner at BlackRock Financial; Robert Kauffman, a managing director at UBS; and Randal A. Nardone, also a managing director at UBS. Princeton graduates Michael Novogratz and Pete Briger, both former partners at Goldman Sachs, were brought in four years later to run Fortress Investment’s hedge funds as well as its new real estate-related investments and debt securities. The fund is heavily weighted towards the financial and healthcare sectors. It had $6.5 billion in its equity portfolio at the end of last year.

Last month, Fortress Investment upped its position in Brookdale Senior Living Inc. (NYSE:BKD) to 20.3 million shares from 17.6 million held earlier. The new position amounts to 16.3% of the company’s common stock.

Some of the largest investments of the fund as at the end of the fourth quarter of 2013 include Nationalstar Manufacturing Holdings Inc (NYSE:NSM) in which Fortress owns approximately 67.8 million shares worth $2.5 billion. The fund also holds 73.4 million shares of Springleaf Holdings Inc. (NYSE:LEAF) with a reported value of $1.9 billion.

Disclosure:none

Recommended Reading:

Cadence Pharmaceuticals, Inc. (CADX), Griffin Land & Nurseries, Inc. (GRIF) and Three Other Moves From Mario Gabelli and GAMCO Investors

Odey Asset Management Reduces Position in LSE-listed STV Group Plc. (STVG)

Ardsley Partners Trims Stake to 6.8% in World Energy Solutions (XWES)

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 Self-Made Billionaires Who Came From Nothing

The 10 Most Expensive Cities to Live in North America

The 13 Most Expensive Headphones in the World to Represent

The Top 20 Wealthiest Soccer Teams in 2014

4 BuzzWorthy Cannabis Stocks And Some Smoking Derivative Plays

The 10 Healthiest Fast Food Chains in America to Dine At

The 5 Most Expensive Cat Food Brands You Can Spoil Your Kitty With

The 6 Best eCommerce Platforms for Small Businesses

The 10 Worst Mistakes an Entrepreneur Can Make

The 5 Most OP Characters in League of Legends to Carry Games and Crush Foes With

The 5 Best Foods to Eat Before Running that Will Help You Pound the Pavement

10 Glaring Plot Holes in The Walking Dead that a Zombie-Filled Bus Could Drive Through

The 5 Biggest Celebrity Stoners Who Love Their Reefer

The 10 Most Overrated Movies Of All Time by Out-of-Touch Critics

Top 6 Least Expensive Cruise Destinations For 2015 that Will Take You to Paradise

10 States with Lowest Substance Abuse Rates in America

The 14 Most Watched TV Finales Ever

The 10 Best Selling Role Playing Games of All Time for PC

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

How to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Top 15 Billionaires in 2014

5 Pitfalls To Avoid When Buying a Franchise

Top 20 Medical Schools in the US – 2014 Rankings

4 Business Strategies that Turned Jamie Oliver into the World’s Richest Chef

6 Qualities That Make You A Good Team Player

10 High Paying Seasonal Jobs in America this Holiday Season

The 10 Busiest Shipping Lanes in the World

5 Most Valuable Brands in China

The 10 States with Highest Substance Abuse Rates Crippling Their Populace

The Top 10 Things to Do Before You Die That Will Echo for Eternity

The 10 Best Selling Items on Etsy

Top 10 Things to Do in Tokyo, the Greatest City in the World

10 Mistakes on Social Media that Can Harm You and Will Probably Get You Canned

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!