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)

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 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

The 10 Most Peaceful Countries in the World

5 Big Reasons Communism Failed

The 15 Most Famous Carl Icahn Quotes

10 Scary Animals that are Actually Harmless

The 8 Most Famous Singer-Actors in Entertainment

The 10 Longest Wars of All Time

The 13 Worst Looking Foods that Taste Great

The 6 Most Gruesome Injuries Suffered During a Sports Match

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 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!