Bain Capital‘s Brookside Capital has trimmed its exposure to PTC Therapeutics, Inc. (NASDAQ:PTCT), as a new filing with the Securities and Exchange Commission showed. The investor sold 340,804 shares of the company, reducing its position to some 2.42 million shares, equal to 7.30% of PTC Therapeutics’ common stock. In a separate filing, Paul Orlin and Alex Porter‘s Amici Capital revealed adding Era Group Inc (NYSE:ERA) to its equity portfolio, reporting ownership of 1.19 million shares, equal to 5.43% of the common stock.
Amici Capital is a hedge fund that seeks to obtain value from fundamental analysis of equities. The fund manages an equity portfolio worth over $3.1 billion. As it has been common among many investors over the last several quarters, Amici Capital its hedging its investments through holding a significant amount of its portfolio in SPDR S&P 500 ETF, which represents the largest holding, amassing almost 7% of the portfolio. However, some of the fund’s long equity positions have performed nicely so far. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), which amasses 4.2% of the equity portfolio, returned over 100% over the last two years, followed by Assured Guaranty Ltd. (NYSE:AGO), which returned more than 60% during the same period.
Era Group Inc (NYSE:ERA) is a small cap helicopter operations company, whose stock lost over 30% during the last 52 weeks. And this was despite the company reporting solid financial results. For the second quarter of 2014, the company’s revenue grew to $87 million from $74 million a year ago, while net income appreciated to $0.26 per share from $0.25 per share. Analysts are also bullish on the stock, expecting it to outperform the industry, while the average target price for Era Group Inc (NYSE:ERA) stands at around $29.
Chuck Royce’s Royce & Associates and Richard Mashaal’s Rima Senvest Management are two other shareholders of Era Group Inc (NYSE:ERA), which held around 964,300 and 821,000 shares at the end of the second quarter. Moreover, last month, Christopher Bradshaw, the acting CEO of the company, acquired 1,300 shares at $22.95 per unit, while Charles Fabrikant, a director of Era Group, sold 20,000 shares at around $24.50 per share.
It’s interesting to point out that Brookside Capital reduced its stake in PTC Therapeutics, Inc. (NASDAQ:PTCT) only several days after the fund disclosed raising its position by acquiring 528,700 shares. Meanwhile between the transactions, the stock remained almost flat, losing around 0.3%. According to the previous filing, Brookside acquired shares under an underwritten public offering, paying $36.25 per unit. Brookside has been a shareholder of PTC Therapeutics, Inc. (NASDAQ:PTCT) for over a year, during which the stock gained around 80%, while the fund raised its stake from 2.33 million shares held initially.
PTC Therapeutics, Inc. (NASDAQ:PTCT) remains to be a stock on which analysts and investors are bullish. During the second quarter of 2014, Israel Englander‘s Millennium Management initiated a position in the company during the April-June period and owns around 446,900 shares. Moreover, analysts have a consensus rating ‘Buy’ for the stock, while the average target price is over $52, which represents a significant premium over the current price.
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