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.
You can access the original SEC filing from Third Point 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 |
|---|---|---|---|---|---|---|
| Third Point | 0 | 7,611,844 | 0 | 7,611,844 | 7,611,844 | 17.0% |
| Daniel S. Loeb | 0 | 7,611,844 | 0 | 7,611,844 | 7,611,844 | 17.0% |
| Third Point Offshore Master Fund | 0 | 3,294,666 | 0 | 3,294,666 | 3,294,666 | 7.3% |
| Third Point Advisors II | 0 | 3,294,666 | 0 | 3,294,666 | 3,294,666 | 7.3% |
Page 1 of 11 – SEC Filing
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