QVT Financial’s Investments, Performance, Letters

1. Axovant Sciences Ltd (NYSE:AXON)

In Axovant Sciences Ltd (NYSE:AXON), QVT disclosed holding a $1.74 billion position that contains 75 million shares. The stake represents almost 76% of the company’s outstanding stock and the fund doesn’t own the shares directly, but via Roivant Sciences. Axovant Sciences Ltd (NYSE:AXON), a clinical-stage biotechnology company that focuses on developing therapeutics for the treatment of dementia, including Alzheimer’s disease, went public in June 2015 in a stellar IPO that almost doubled the value of its stock on the first day. However, since the IPO, the stock has lost around 10%. In April, the stock registered a jump on the back of the announcement that David Hung, former CEO of Medivation, would become the company’s CEO. Overall, the stock has advanced by over 60% since the beginning of 2017. Andreas Halvorsen’s Viking Global is also a shareholder of Axovant Sciences through its stake in Roivant Sciences acquired in 2015.

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