Three Top Hedge Funds Disclose Positions in Kadmon Holdings (KDMN), Founded by Sam Waksal

Published on August 8, 2016 at 9:14 am by Insider Monkey Staff in Hedge Funds,News

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Over the past two weeks, Dan Leob‘s Third Point has been slowly increasing its bet on Kadmon Holdings Inc (NYSE:KDMN). According to a recent filing with the Securities and Exchange Commission, the fund now holds 7.61 million shares, or 17% of the company’s outstanding stock, up from 6.11 million shares the fund reported owning when the company went public.

Two other hedge funds that we track have also reported taking a position in Kadmon Holdings Inc (NYSE:KDMN) since its IPO. According to separate filings, Steven Tananbaum‘s GoldenTree Asset Management has amassed 8.73 million shares, while Edward A. Mule‘s Silver Point Capital currently holds 1.97 million shares of Kadmon Holdings.

Kadmon Holdings Inc (NYSE:KDMN) went public on July 27 at $11.55 per share, slightly below their IPO pricing of $12 per share. The company offered 6.25 million shares and offered underwriters a 30-day option to purchase up to 937,500 shares at the initial price. According to a regulatory filing, the company had lowered its IPO price right before going public amid weak demand and the slump that followed is testament to the current weakness in the biotech sector. Shares fell by as much as 22% in the first three days of trading, before regaining some of the lost ground.

Founded in 2010 by Sam Waksal, the founder of ImClone Systems, Kadmon Holdings develops drugs for a variety of conditions, including certain types of cancer. Mr Waksal served several years in Federal Prison after pleading guilty to several charges related to insider trading while at ImClone, in the case that also led to jail time for Martha Stewart.

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You can access the original SEC filing from Third Point by clicking here.

Ownership Summary Table

Name	Shared Voting Power	Shared Dispositive Power	Aggregate Amount Owned Power	Percent of Class
Third Point	7,611,844	7,611,844	7,611,844	17.0%
Daniel S. Loeb	7,611,844	7,611,844	7,611,844	17.0%
Third Point Offshore Master Fund	3,294,666	3,294,666	3,294,666	7.3%
Third Point Advisors II	3,294,666	3,294,666	3,294,666	7.3%

Dan Loeb

Third Point

Page 1 of 11 – SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. __)*

Kadmon Holdings, Inc.

(Name of Issuer)

Common Stock, $0.001 par value

(Title of Class of Securities)

48283N106

(CUSIP Number)

July 26, 2016

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☒ Rule 13d-1(c)

☐ Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).