Is Synageva BioPharma a Buy? Baker Bros. Thinks So

Is Synageva BioPharma a buy? Baker Bros. Advisors, a hedge fund managed by Julian and Felix Baker with a focus on biotechnology, increased its stake in Synageva BioPharma Corp (NASDAQ:GEVA) today. In a filing with the SEC, Baker Bros. disclosed ownership of 10.3 million shares of Synageva, which is higher than the previously held amount of some 9.2 million shares. The value of the current position, which represents 34% of the company, amounts to $641.1 million at the current price of company’s stock.


For the last quarter, Synageva reported revenues worth $3.4 million. The company also expanded its net loss, which amounted to $22.1 million, from $10.2 million reported for the same period of 2012, the company said in a statement. Also, last week the company announced that its previously revealed public offering of 2.75 million shares will be priced at $56.63 per share.

Aside from Baker Bros., we should mention some other hedge funds that owned shares of Synageva BioPharma in the latest round of 13F filings. As follows, at the end of last quarter, aside from Baker Bros, other hedge funds out of those we track held much smaller stakes. For example,Driehaus Capital, managed by Richard Driehaus held 148,400 shares. It is followed by SAC Capital subsidiary CR Intrinsic and Malcolm Fairbairn’s Ascend Capital, each owning 118,200 and 25,000 shares respectively.

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Disclosure: none