Roumell Asset Management Further Limits Exposure to Transcept Pharmaceuticals Inc (TSPT)

Roumell Asset Management, run by Jim Roumell, is reducing its exposure to Transcept Pharmaceuticals Inc (NASDAQ:TSPT). In a recent Form 4 filing with the Securities and Exchange Commission, the fund has revealed the sale of 10,490 shares in three transactions at prices between $3.53 and $3.57. As a result, Roumell is left with 2.2 million shares.

Roumell Asset Management has been reducing its stake for a while now. Jim Simons, on the other hand, has been buying Transcept Pharmaceuticals Inc (NASDAQ:TSPT). His fund, Renaissance Technologies, has increased its holding by 32% during the third quarter of 2013 and currently owns 108,200 shares reportedly worth $344,000. D. E. Shaw has also been adding to his position, with his fund, D E Shaw, reporting at the end of September ownership of 36,648 shares valued at $117,000. Cliff Asness joined the club only recently and has initiated a position during Q3. AQR Capital Management currently holds 32,715 shares worth approximately $104,000.

Since the start of 2013, Transcept Pharmaceuticals Inc (NASDAQ:TSPT) stock has fallen 21.5% to a current share price of $3.55. With a market cap of approximately $67 million, the company does not pay a dividend and has a beta of 1.59, which makes it a fairly volatile stock. During the third quarter, Transcept registered net revenues of $382,000 and a loss of $0.25 per share.

It is worth noting that another fund invested in Transcept Pharmaceuticals, SC Fundamental Value Fund, L.P., has recently sent a letter to the board of directors requesting a special shareholder meeting. According to the letter, shareholders are to vote on whether the company should consider continuing operation or consider selling itself/commencing liquidation. The meeting is to take place on December 19th.

Disclosure: none

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