Roberto Mignone’s Bridger Management Boosts Its Position in $CRME

Roberto Mignone’s Bridger Management boosts its position in Cardiome Pharma Corp (CRME). According to the 13G disclosed on October 13th, Bridger Management now has 3.39 million shares of CRME in its portfolio, corresponding to a 5.5% stake of the stock. As is shown in the latest 13F, Bridger Management was one of the five hedge funds which retained positions in CRME in the second quarter. The firm had 2.14 million CRME shares, or 3.89% stake at that time. So this is a nearly 50% expansion in Bridger Management’s position. CRME has lost about 50% so far, and has just rallied from its 2-year low on October 4th. Since CRME’s daily trading volume is about 200 thousand, it’s possible that Bridger Management entered at about $3.5 in late September. Now the stock is priced at $3.57, and outsiders may choose to imitate Bridger Management’s transaction at this point.

BRIDGER MANAGEMENT

According to Insider Monkey’s hedge fund tracking list, five hedge funds reported CRME in their positions in the second quarter. Phill Gross and Robert Atchinson’s Adage Capital Management had a much larger position with 6.70 million shares, which gave them a more than 10% stake. Julian Robertson’s Tiger Management had 2.53 million shares, giving a 4% stake. George Soros also had a small position for 13 thousand shares in CRME.

Bridger Management is managed by Roberto Mignone, who graduated from Harvard Business School and joined John Griffin at Blue Ridge Capital. Right before his 29th birthday in July 2000, he launched Bridger Management which now manages about $2 Billion. He charges a 1.5 percent management fee and 20 percent incentive fee. He believes fund size is a drag on the performance of a long/short fund manager, so he has no desire to run a much bigger fund than what he is currently running. Roberto Mignone’s Bridger Management keeps their returns extremely secret. They do extensive analysis and follow a long/short strategy. (You can see the rest of his profile here)

Cardiome Pharma Corp. is a life sciences company. It engages in developing proprietary drugs for cardiovascular and other diseases. It also has clinical programs and pre-clinical projects. The company has collaboration and license agreement with Merck & Co., Inc. and Astellas Pharma US, for vernakalant-related projects. Cardiome Pharma Corp. was founded in 1986 and is based in Vancouver, Canada.

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