Why Valeant, Progenics, Ryerson, Zafgen and TerraForm Are On The Move Today

Ryerson Hit By Offer Pricing

Shares of Ryerson Holding Corp (NYSE:RYI) are trading down by almost 13% on Wednesday afternoon after the company priced a follow-on offering of common shares at $15.25, or a 6% discount to Tuesday’s closing price. The small-cap, which has had a very strong year, plummeted this week after it announced the offering on Monday.

Only three funds among those that we track were long Ryerson Holding Corp (NYSE:RYI) at the end of the first quarter. Their combined stakes accounted for just 1.4% of the company’s float on March 31.

Zafgen Sinks As It Dumps Beloranib

Next up is Zafgen Inc (NASDAQ:ZFGN), which has tumbled by more than 51% in Wednesday trading after the company announced that it would suspend its beloranib anti-obesity program. Instead, the firm decided to move forward with its drug candidate ZGN-1061, a MetAP2 inhibitor. In connection with this decision, management said it would cut its workforce by 34% by the end of the year.

Negative news aside, 11 funds in our database held long positions in Zafgen Inc (NASDAQ:ZFGN) by the end of the first quarter, owning about 1/5 of the outstanding stock of the company. James E. Flynn’s Deerfield Management held a notable stake of more than 3.00 million shares of the company on March 31.

Bankrupt SunEdison To Sell Its Stake In TerraForm?

Finally, there’s TerraForm Global Inc (NASDAQ:GLBL), which is up more than 10% on Wednesday afternoon. The spike was triggered by reports that Sunedison Inc (OTCMKTS:SUNEQ) is in talks to sell its controlling stake in the renewable energy company. On Tuesday, TerraForm said it was discussing “a jointly managed sales process and accompanying protocol for managing the marketing process.”

As of the end of the first quarter, 23 funds in our database were long TerraForm Global Inc (NASDAQ:GLBL), including Wilmot B. Harkey and Daniel Mack’s Nantahala Capital Management, which held 403,226 TerraForm shares on March 31.

Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned in this article.