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

Recommended Reading:

Prescott Group Upped its Stake in Comstock Holding Companies (CHCI)

Wexford Capital Ups Stake in Cache, Inc. (CACH) to 5%

Hedge Fund News: John Paulson, Ray Dalio & Paul Singer

Dividend Stock Alert - Billionaire Robbins' Top Dividend Idea With 70% Upside Potential

Get Paid 3.5% Per Year While Waiting For The Stock Appreciate 70%

Larry Robbins' Glenview Capital Opportunity Fund returned 101.7% in 2013 and Robbins personally made $750 million. The same fund returned 25.3% in 2014. In this FREE REPORT we will share Robbins' top dividend idea that yields 3.5% and has been increasing its dividends for 39 consecutive years. Robbins thinks the stock has the potential to appreciate 70%.

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Click Here to Read Comments
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 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!