Among the top three largest stocks in Consonance’s equity portfolio, two holdings are represented by small-cap stocks. On the first spot is Enanta Pharmaceuticals Inc (NASDAQ:ENTA), a $654 million biotech company, whose stock gained 86% during last year. The fund initiated a stake during the fourth quarter of 2013 and during the last year, the position was increased to 1.70 million shares from 851,300 shares, the value of the stake amounting to $86.25 million. Another healthcare-focused fund that owns shares of Enanta Pharmaceuticals Inc (NASDAQ:ENTA) is Julian Baker and Felix Baker‘s Baker Bros. Advisors, although it holds only 75,400 shares as of the end of 2014. As Enanta Pharmaceuticals Inc (NASDAQ:ENTA) lost around 32% since the beginning of the year, two analysts provided updates on the stock; JPMorgan lowered its price target to $47.00 from $53.00, maintaining ‘Overweight’ rating, while Barclays initiated coverage at the beginning of March, setting ‘Equal Weight’ rating and a price target of $35.00.
In United Therapeutics Corporation (NASDAQ:UTHR), Consonance reported an $85.49 million stake that contains 660,200 shares. United Therapeutics is another biotech stock that has a market cap of $8.0 billion and whose stock surged by 70% in the last 52 weeks, beating the industry average of 33%. Last week United Therapeutics Corporation (NASDAQ:UTHR) received the approval from the Food and Drug Administration for a drug to treat a rare childhood cancer. Morover, the company also obtained a rare voucher that allows it to speed through the regulatory process. The company now has to make a decision whether it will pursue the regulatory process, or it could sell the voucher for a significant amount of cash (the last similar transaction was valued at over $65 million). According to the terms of the voucher, the FDA needs to come to a decision regarding the drug within six months (but it is not obliged to approve it). In any case, this voucher is a big win for United Therapeutics. Matt Sirovich and Jeremy Mindich‘s Scopia Capital is one of the largest shareholders of United Therapeutics Corporation (NASDAQ:UTHR), holding 2.96 million shares as of the end of 2014.
The third largest holding in the fund’s equity portfolio is represented by Cardiovascular Systems Inc (NASDAQ:CSII). Consonance disclosed holding 2.14 million shares of the medical technology company, with an aggregate value of $64.23 million. Billionaire Steven Cohen‘s Point72 Asset Management is another shareholder of Cardiovascular Systems Inc (NASDAQ:CSII), which holds 426,000 shares, according to its last 13F filing. For the last year, Cardiovascular Systems Inc (NASDAQ:CSII), which produces devices for the treatment of vascular diseases, posted strong revenue of $45 million, versus $43 million a year earlier. Moreover, the company’s net loss narrowed to $0.17 per share from $0.23.