The shares of Arch Coal Inc (NYSE:ACI) are trading 19.23% higher after a recent announcement from the company that it has again delayed its debt swap offer, this time to September 23 from August 28. In other news, the shares of Vital Therapies Inc (NASDAQ:VTL) have jumped by 15.54% following the company releasing additional study data for VTI-208, which is used in the treatment of liver diseases. We’ll take a look at the fundamentals and hedge fund sentiment on these two companies below.
Let’s start with Arch Coal Inc, which has extended the end date for the 2020 Exchange Offer and the Concurrent Exchange Offer. In addition to these, the coal producer has extended the Early Tender Time for the Concurrent Exchange Offer to September 23 from August 28. The shares of the coal producer are down by a startling 94.49% year-to-date, despite the rise today. The precipitous decline forced the company to execute a 1-for-10 reverse stock split in July, as the threat of delistment from the NYSE loomed. Nonetheless, the smart money was maintaining a positive outlook for Arch Coal Inc (NYSE:ACI) as best they could during the second quarter, with their aggregate holdings declining by 52.80% while the shares of the company dropped by 66% during the quarter, showing that hedge funds added some shares to their coffers.
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Among the hedge funds that we track at Insider Monkey, DC Capital Partners was the largest shareholder of Arch Coal Inc (NYSE:ACI) at the end of the second quarter, holding 5.00 million shares. Israel Englander’s Millennium Management and D E Shaw, led by David E. Shaw, held significant stakes in the company as well, with 3.65 million shares and 2.79 million shares, respectively. Arrowstreet Capital initiated a new position comprising 931,821 shares valued at $317,000. On the other hand, Vollero Beach Capital Partners sold its entire stake in the company.