Phil Gross and Robert Atchinson‘s Adage Capital Management has increased its stake in Medgenics Inc. (NYSEMKT:MDGN), and currently owns 2.10 million common shares, which account for 5.70% of the total outstanding stock, according to the newest 13G filing with the US SEC. This stake compares to 1.25 million shares, Adage Capital Management disclosed in its latest 13G filing (for the end of March).
Medgenics is a company that works on developing treatments that would help patients who are suffering from various serious illnesses. At the beginning of the previous month, the company has signed an agreement with Kyowa Hakko Kirin Co., Ltd for collaboration on the development of Kyowa Hakko’s anti-light monoclonal antibody for severe pediatric onset inflammatory bowel disease. Over the past 12 months, the company’s stock is down by 10.63%. For the first quarter of 2016, Medgenics (NYSEMKT:MDGN) reported a loss per share of $0.34 and cash and cash equivalents of $43.9 million, which compares to a loss per share of $0.36 and cash and cash equivalents of $53,1 million for the same quarter in the previous year.
According to Insider Monkey’s database, Medgenics (NYSEMKT:MDGN) was in 6 hedge funds’ portfolios at the end of March, compared to 9 funds a quarter earlier. Among them, Kevin Kotler’s Broadfin Capital held the largest position worth $13.4 million in the stock, and James A. Silverman’s Opaleye Management disclosed the second biggest position, valued at $6.9 million. Some other peers long the stock encompass Daniel Gold’s QVT Financial, and Julian Baker and Felix Baker’s Baker Bros. Advisors.
Among investors who are no longer bullish on Medgenics (NYSEMKT:MDGN) are Israel Englander’s Millennium Management, which dumped the biggest investment totaling about $0.2 million in stock, and Cliff Asness’s AQR Capital Management, which sold off a position worth around $0.1 million.
You can access the original SEC filing by clicking here.
Ownership Summary Table
|Name||Sole Voting Power||Shared Voting Power||Sole Dispositive Power||Shared Dispositive Power||Aggregate Amount Owned Power||Percent of Class|
|Adage Capital Partners||2,100,000||0||2,100,000||0||2,100,000||5.70%|
|Adage Capital Partners GP||2,100,000||0||2,100,000||0||2,100,000||5.70%|
|Adage Capital Advisors||2,100,000||0||2,100,000||0||2,100,000||5.70%|
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