In a Schedule 13G filing, Hal Mintz’s Sabby Management LLC reported owning 1.52 million shares of Zogenix Inc. (NASDAQ:ZGNX), which account for 6.13% of the company’s shares. The fund’s initial 13G on the company, which was submitted in March 2015, disclosed an ownership stake of 9.90 million shares (before the company completed a 1-for-8 reverse split of its common stock). The shares of the pharmaceutical company, which develops and commercializes central nervous system therapies, are in positive territory for the past one-year period. In the middle of December, Zogenix Inc. (NASDAQ:ZGNX) announced that the FDA had accepted the company’s investigational new drug (IND) application for its lead product candidate, ZX008, for the treatment of Dravet syndrome. The number of hedge funds from our database with positions in the company increased to 25 from 15 during the September quarter. These 25 funds amassed 47.60% of the company’s outstanding shares. Peter Kolchinsky’s RA Capital Management acquired a new stake of 1.68 million shares in Zogenix Inc. (NASDAQ:ZGNX) during the July-to-September period.
According to a separate 13G filing, Sabby Management LLC ceased to be the beneficial owner of more than 5% of the stock of Invivo Therapeutics Holdings Corp (NASDAQ:NVIV). The investment firm currently owns 507,100 shares of the company, representing 1.85% of its outstanding common stock. The initial 13G filing on the research and clinical-stage biomaterials and biotechnology company, filed in January 2015, revealed a stake of 7.75 million shares (before the company conducted a 1-for-4 reverse stock split), which accounted for 7.63% of its shares. Invivo Therapeutics Holdings Corp (NASDAQ:NVIV) primarily focuses on the treatment of spinal cord injuries, while its investigational degradable polymer Neuro-Spinal Scaffold is currently being studied in a pilot study for the treatment of complete traumatic acute spinal cord injury. A mere four hedge funds tracked by our team have positions in the company as of the end of the third quarter. Let’s not forget to mention that the stock is down by 24% over the past year, after embarking on a steady downtrend in late July.