Seth Klarman’s Baupost Group Initiates Stake in Kindred Biosciences Inc (KIN); Trims Holding in Enzon Pharmaceuticals Inc (ENZN)

In two filings with the Securities and Exchange Commission, Baupost Group, a hedge fund managed by Seth Klarman, disclosed reducing its position in Enzon Pharmaceuticals Inc (NASDAQ:ENZN) and adding Kindred Biosciences Inc (NASDAQ:KIN) to its equity portfolio. In the first filing, the fund disclosed ownership of 2.9 million shares of Kindred Biosciences, the stake amassing 17.9% of the company’s common stock.

BAUPOST GROUP

Kindred Biosciences is a development-stage biopharmaceutical company, with a focus on pets, went public earlier in December. The company issued 7.5 million shares of common stock, at a price of $7.0 per share. The underwriters also exercised the over-allotment options and acquired another over 1.1 million shares of the company. Kindred is appreciated by the analysts, which offered it a “Buy” rating and setting the target price of $15.0 which is higher than the current price of approximately $11.80 per share.

Another shareholder of Kindred, is Phil Gross and Robert Atchinson‘s Adage Capital Partners, which held 946,400 shares of the company prior to its IPO.

In the second filing, Baupost Group reported about holding about 4.34 million shares of Enzon Pharmaceuticals Inc (NASDAQ:ENZN). The position has been reduced from over 7.69 million shares held by the fund at the end of September, as revealed in its latest 13F. Currently, the holding amasses 9.8% of the company’s stock.

Carl Icahn is another investor who holds a significant stake in Enzon Pharmaceuticals. In October, Mr. Icahn nominated his representative, who has appointed to the company’s board. Icahn held 5.9 million shares of Enzon Pharmaceuticals Inc (NASDAQ:ENZN), according to its latest 13F filing.

Enzon Pharmaceuticals Inc (NASDAQ:ENZN) is a small-cap biotechnology company. Its stock dropped by over 70% during the past year.

Another hedge fund that holds shares of Enzon is Renaissance Technologies, managed by Jim Simons, which, in its latest 13F, reported holding around 820,000 shares of the company. 

Disclosure: none

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