It’s been a disastrous year for Portola Pharmaceuticals Inc (NASDAQ:PTLA) thus far, as the company has shed over 60% of its value year-to-date. However, far from spurring investors to flee the stock, it appears to have created a great buy-low opportunity, as evidenced by James Flynn‘s Deerfield Management hiking its stake in the company to 3.09 million shares as of March 24. That’s the same day that shares cratered by over 25% after the company announced that results from a phase III trial showed that its blood-clot treatment betrixaban had failed to show any statistical improvement over the current standard treatment for the condition, Lovenox. Shares fell by another 6% on March 28.
Deerfield’s updated position represents a big hike from the 683,749 shares of Portola Pharmaceuticals Inc (NASDAQ:PTLA) that it owned on December 31. It was one of 24 hedge funds in our database that were long the stock at that time, with Jason Karp’s Tourbillon Capital and Samuel Isaly’s OrbiMed Advisors among the other investors with long positions in it.
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|
|Deerfield Management Company||0||3,089,785||0||3,089,785||3,089,785||5.48%|
|Deerfield Special Situations Fund||0||43,337||0||43,337||43,337||0.08%|
Page 1 of 12 – SEC Filing
Portola Pharmaceuticals, Inc.
March 24, 2016