Tang Capital Management Is Getting Out of OncoGenex Pharmaceuticals Inc (OGXI) and Cyclacel Pharmaceuticals Inc (CYCC)

Kevin C. Tang‘s Tang Capital Management has decreased its position it two pharmaceutical companies. The $200 million hedge fund recently decreased its position in OncoGenex Pharmaceuticals Inc (NASDAQ:OGXI) to 747,614  shares from  869,231. The fund now owns 5.1% of the company’s outstanding stock, down from 5.9%. Likewise, the company entirely liquidated its position in Cyclacel Pharmaceuticals Inc (NASDAQ:CYCC). Previously, Tang’s fund owned 765,198 shares of the stock.

OncoGenex Pharmaceuticals Inc (OGXI)

According to Zacks Investment Research, OncoGenex Pharmaceuticals Inc (NASDAQ:OGXI) “has entered overbought territory with an RSI value of 72.6. Furthermore,  OncoGenex Pharma currently has a Zacks Rank #4 (Sell), suggesting that investors may want to consider exiting this stock now before it falls back to Earth.” Surely, Kevin C. Tang is of the same mind, and thus the sell-off.

Cyclacel Pharmaceuticals Inc (NASDAQ:CYCC) is down nearly 20% over the past year. The company, which ”develops therapies that harness the power of the immune system to treat cancer and other serious illnesses,” recently scheduled a a cash dividend payment of $0.15 per share, and slated it to be paid on February 03, 2014.

The majority of Tang Capital Management’s $201 million equity portfolio is invested in the healthcare industry. Although many of the Tang’s largest positions are in bonds, the fund manager does devote considerable cash to two equity  positions: Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) and Mirati Therapeutics Inc. Tang is long 300,000 shares of Salix Pharmaceuticals, and holds 1.1 million shares of Mirati Therapeutics.

Other funds who are long OncoGenex Pharmaceuticals Inc (NASDAQ:OGXI) include Peter Kolchinsky‘s Ra Capital Management, which is long 763,332 shares, and Jacob Gottlieb‘s Visium Asset Management, which owns 446,758 shares of the stock. Also taking a large position in the stock is Daniel Gold‘s Qvt Financial, which owns 400,000 shares.

Disclosure: none

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