Two of our tracked funds have recently revealed in filings with the SEC that they’ve taken large new passive positions in a couple of stocks. Hal Mintz’s SABBY Capital has made a move into another health stock, that stock being BIND Therapeutics Inc (NASDAQ:BIND), in which they’ve reported ownership of 1.39 million shares, 6.85% of all Common Shares. Meanwhile, Dmitry Balyasny (pictured below)’s Balyasny Asset Management has revealed a 5.17% stake in Peabody Energy Corporation (NYSE:BTU), amounting to ownership of 14.03 million shares.
For SABBY Capital, their move into BIND Therapeutics Inc (NASDAQ:BIND), follows their recent bullish move on Gevo, Inc. (NASDAQ:GEVO), which admittedly wasn’t a huge investment given the nanocap nature of that stock, which was trading at just $0.13 at the time. In BIND they’re getting a stock on the rebound after a calamitous 2014 that saw it tank over 60% to end the year trading at just $5.40.
BIND Therapeutics Inc has rebounded 12.78% thus far in 2015, with much of that rise being accounted for on January 8, a day after they announced the latest results from their ongoing Phase 2 study of BIND-014, a nano-medicine cancer treatment that targets PSMA (a clinically-validated target in prostate cancer) in non-small cell lung cancer and metastatic castrate-resistant prostate cancer. The most recent results followed November 19 results that met their primary objective, but were seen as less promising. Those results triggered a steep drop over the next two weeks, with the stock falling over 25%.
In addition to BIND-014, BIND has two other Accurin (targeted therapeutics) treatments in pre-clinical testing. They’ve formed a number of collaborations in recent months, including with AstraZeneca plc (ADR) (NYSE:AZN), Pfizer Inc. (NYSE:PFE), and Merck & Co., Inc. (NYSE:MRK), which will see them develop Accurins based on those company’s proprietary compounds.
There was limited activity among our funds in BIND Therapeutics Inc (NASDAQ:BIND) throughout 2014, as it struggled to keep its head above water. James A. Silverman’s Opaleye Management had the largest position as of September 30 with 450,000 shares, while James E Flynn’s Deerfield Management had 274,000 shares.