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PayPal, Portola Pharmaceuticals, Antero Midstream, Lannett and California Resources Are All Down Today: Here’s Why

Shares of Antero Midstream Partners LP (NYSE:AM) are trading down by almost 13% today on the announcement of a secondary offering of common stock. On early Thursday, the company said it would be pricing an underwritten public offering of 8 million common units (representing limited partner interests) at $22.40 per unit. However, the proceeds of approximately $179 million (before fees) will go to Antero Resources Corp (NYSE:AR), which will then own roughly 62% of the partnership’s outstanding common and subordinated units.

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Among the funds that we track, only four were long Antero Midstream Partners LP (NYSE:AM) at the end of the fourth quarter. While all quite small, the largest stake was the one held by Dmitry Balyasny’s Balyasny Asset Management, which comprised 162,532 shares valued at $3.7 million.

Another decliner in Thursday trading is Lannett Company, Inc. (NYSE:LCI), which is down by almost 9% after the company lowered its 2016 guidance and had its rating downgraded to ‘Sell’ from ‘Buy’ by Canaccord analysts. Citing a sluggish generic drug market and the delay of a few product launches, the company said it now anticipates 2016 revenue to come in between $555 million and $565 million, down from its previous projection of $585 million-to-$595 million. Management also cut other estimates, including that for gross margin, which they now envision at 60.5%-to-61.5%, down from 62.0%-to-63.0%

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Over the fourth quarter, hedge fund support for Lannett Company, Inc. (NYSE:LCI) fell by 41.1%. However, 17 funds in our database were still long the stock at the end of the period. A noteworthy position was that of Mitchell Blutt’s Consonance Capital Management, which held 1.31 million shares valued at more than $52 million on December 31.

Finally, there’s California Resources Corp (NYSE:CRC), which is down by roughly 3.85% today, driven by the decline in oil prices. As stated above, crude is now trading below $40 a barrel; WTI Crude is down by 2.75% to $38.69, while Brent Crude is down by 1.85% to $39.72. Other E&P stocks falling on Thursday include EOG Resources Inc (NYSE:EOG), down by 1.6%, and Anadarko Petroleum Corporation (NYSE:APC), down by almost 3%.

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29 funds in our database were long California Resources Corp (NYSE:CRC) at the end of the fourth quarter. Their aggregate stakes, valued at more than $237 million at that time, accounted for more than 26% of the company’s outstanding stock. The largest stake was held by Eric W. Mandelblatt’s Soroban Capital Partners, which held 33.45 million shares of the company, valued at almost $78 million on December 31. However, on January 29, the fund disclosed a marked reduction in its exposure to the company, with its holding having been slashed to just 3.94 million shares at that time.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned in this article.

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