Visium Asset Management’s Latest Purchase: AMAG Pharmaceuticals Inc. (AMAG)

Visium Asset Management, managed by Jacob Gottlieb, disclosed in an SEC filing that it initiated a 1.6 million position in AMAG Pharmaceuticals Inc. (NASDAQ:AMAG), equal to a 7.2% stake in the company. Based on disclosures for the fourth quarter of 2013, the purchase would make Visium the fifth largest shareholder overall and third largest owner amongst the hedge funds we track.

Visium Asset Management

Other shareholders of AMAG Pharmaceuticals Inc. (NASDAQ:AMAG) include Phill Gross and Robert Atchinson of Adage Capital Management (who is the largest shareholder), William Leland Edwards of Palo Alto Investors (who increased his stake by 3% during the fourth quarter) and Mitchell Blutt of Consonance Capital Management (who initiated a 1.0 million share purchase during the quarter).

AMAG Pharmaceuticals Inc. (NASDAQ:AMAG) is a $477.0 million market cap biopharmaceutical company that develops a therapeutic iron compound to treat iron deficiency anemia. It generates revenue from two commercial products: Feraheme, a differentiated intravenous iron for treatment of iron deficiency anemia in adult patients with chronic kidney disease (CKD), and MuGard, a prescription oral mucoadhesiverinse for the management of oral mucositis. The stock, like most biotechnology companies, tends to be volatile and driven by developments on its drug pipeline. It took a hit in late January 2014 after the U.S. Food and Drug Administration did not approve to expand Feraheme’s use beyond CKD patients to all adult patients who cannot tolerate oral iron treatment.

Following heavy spending on research and development, the company plans to add two to three additional products by 2018, which will diversify its portfolio, increase profitability and generate positive cash flows. For 2014, management expects 16% revenue growth, break-even net income and a cash balance of $392-397M, or more than an 80% increase from 2013 levels. This guidance is more or less reflected in 2014 consensus estimates of $95.3M in revenue and -$0.05 in loss per share.

Visium Asset Management was founded by Jacob Gottlieb in 2005. Though this hedge fund initially specialized in health care stocks, the firm now manages over $3.5 billion in its broader range of holdings. Industrials, utilities, financials, energy, credit, special situations, risk arbitrage, convertible bond arbitrage, and macro and quantitative investments are the key investment interests of Visium Asset Management. Jacob Gottlieb graduated magna cum laude from Brown University before receiving his medical doctorate (MD) degree from New York University Medical School. In 2001, Gottlieb received his CFA charter from AIMR.

Disclosures: None.

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