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

Recommended Reading:
Blue Mountain Capital Management Cuts Stake in Lexmark International Inc (LXK) Below 5%

Relational Investors To Appoint Director to SPX Corporation (SPW)’s Board

Trian Partners Trims its Stake in The Wendy’s Co (WEN)

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The Most Wanted Drug Lords

The Oldest Money Managers

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Best Travel Destinations in Australia

World’s Most Expensive Musical Instruments

World’s Most Famous Animals

Most Expensive Cakes in the World

Most Expensive Kosher Champagne in the World

Most Expensive Kosher Wine in the World

The Most Surprisingly Dark Fairy Tales

Most Popular Travel Destinations in Asia

The 10 Most Expensive Dresses Ever Worn to the Oscars

World’s Most Visited Art Museums

Best Countries for Photographers to Work in

Best Paid Jobs in the Film Industry

The Most Renowned Recovered Paintings Ever

Child Stars That Turned out Just Fine

Books That Were Banned in the Past Century

World’s Richest Dancers

Best Remedies against Bad Breath

Foods That Improve Your Skin Texture

Best-Selling Children’s Books of all Time

Foods That Boost Your Libido

Best-Selling Books of all Time

The Most Expensive Academy Awards Jewelry in History

Most Expensive Japanese Restaurant In New York City

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

Subscribe

Enter your email:

Delivered by FeedBurner

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!