Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Michael Novogratz, Fortress Investment Group Disclose New Stake in CARDIOME PHARMA CORP (CRME)

Fortress Investment Group, managed by Michael Novogratz has reported adding CARDIOME PHARMA CORP (NASDAQ:CRME) to its equity portfolio, in a new filing with the Securities and Exchange Commission. Fortress disclosed a passive stake, which amasses 2.5 million shares, with an aggregate value of $15.4 million at the current share price of the company. The position represents 16.6% of the company’s common stock.

top hedge funds

Last week, CARDIOME PHARMA CORP (NASDAQ:CRME) reported about completing the acquisition of Switzerland-headquartered Correvio. The move will help the company to become a commercial company, transforming from a research and development-focused enterprise. It will also help Cardiome with sales of its BRINAVESS product, via Correvio’s global distribution. And since Correvio sells Aggrastat, and has revenues of over $30 million per year, the acquisition will also strengthen the financial situation of Cardiome.

The stock of CARDIOME PHARMA CORP (NASDAQ:CRME) surged by over 200% since January, a significant boost being experienced in the October-November period, amid the acquisition of Correvio. The company managed to narrow its net loss, which in the third quarter amounted to $3.6 million, from $13.4 million a year ago.

Phill Gross and Robert Atchinson‘s Adage Capital Management is also a shareholder of CARDIOME PHARMA CORP (NASDAQ:CRME), reporting 1.3 million position worth $4.7 million.

Earlier in November, Fortress Investment Group and Michael Novograts disclosed going activist on Gaming and Leisure Properties Inc (NASDAQ:GLPI). The fund initiated a 9.9% stake in the company.

The largest stake in Fortress equity portfolio is represented by Nationstar Mortgage Holdings Inc (NYSE:NSM), in which the fund disclosed owning 67.9 millon shares, worth $3.8 billion. In Brookdale Senior Living, Inc. (NYSE:BKD), Fortress holds a $462.7 million stake, which amasses 17.6 million shares. In American International Group Inc (NYSE:AIG), and Walker & Dunlop, Inc. (NYSE:WD), the value of the stakes held by Fortress amounts to $310.5 million, and $167.8 million respectively, the stakes containing 6.4 million and 10.5 million shares respectively.

Disclosure: none

Recommended Reading:

Steven Cohen, SAC Capital Boost Exposure to Clearwater Paper Corp

Corvex Capital Trims Position in ADT Corp (ADT)

Mario Gabelli; Gamco Investors Bullish on MOCON (MOCO) But Sell Shares of Sevcon (SEV)


DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.