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Odey Asset Management and Clinton Group Discarding Two Low-Priced Stocks, While Whitebox Advisors Goes Long This Biotech

According to an amended 13G filing, Odey Asset Management LLP, managed by Crispin Odey, currently holds an ownership stake of 930,650 shares or 5.22% in Cadiz Inc. (NASDAQ:CDZI). This is down by roughly 1.01 million shares from the hedge fund’s position disclosed through its 13F filing for the June quarter. The shares of the land and water resource development company have lost nearly 69% since the beginning of the year, mainly owing to the bad news regarding its Cadiz Water Project received at the beginning of October (read more details). It is hard to believe that the shares of Cadiz Inc. (NASDAQ:CDZI) once traded at levels above $200, but the company’s “always-questionable plan to pump groundwater out of the Mojave Desert and deliver it via a 35-mile pipeline to the Colorado Aqueduct, and thence to Southern California” did not work out as intended, according to an article written by Los Angeles Times.

Crispin Odey
Crispin Odey
Odey Asset Management Group

In the meantime, six hedge funds tracked by Insider Monkey had the stock in their portfolios at the end of the second quarter, amassing 15.40% of the company’s shares. The number of bullish investors remained flat quarter-over-quarter, whereas the value of their investments decreased to $23.80 million from $32.28 million. Royce & Associates, founded by Chuck Royce, acquired a 122,000-share stake in Cadiz Inc. (NASDAQ:CDZI) during the June quarter.

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A Schedule 13G filing disclosed that Andy Redleaf’s Whitebox Advisors LLC owns an equity stake of 1.60 million shares in Tetralogic Pharmaceuticals Corp (NASDAQ:TLOG), which accounts for 6.1% of the company’s shares. The investment firm did not disclose an equity position in the clinical-stage biopharmaceutical company as of the end of the second quarter. The biotech company that focuses on discovering and developing novel small molecule therapeutics in oncology and infectious diseases has seen its shares decline by 61% since the beginning of the year. In the meantime, Tetralogic Pharmaceuticals Corp (NASDAQ:TLOG)’s freshly-released third quarter financial results and clinical program updates did not convince investors that the company’s future is bright.

Andy Redleaf
Andy Redleaf
Whitebox Advisors

Only four hedge funds monitored by our team owned the stock at the end of the June quarter, compared to seven registered in the prior one. Even so, these hedge funds stockpiled 7.50% of the company’s outstanding shares on June 30, while the value of their investments increased to $4.07 million from $3.58 million quarter-over-quarter. Bihua Chen’s Cormorant Asset Management added a 5.0 million-share position in Tetralogic Pharmaceuticals Corp (NASDAQ:TLOG) to its portfolio during the second quarter, making it one of the largest shareholders of the company within our extensive database.

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Disclosure: None

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