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Tiger Global Cuts Stake in Autohome, While Deerfield Buys More Shares of This Pharmaceutical Company

As stated by a recently-amended 13D filing, Carl Icahn’s Icahn Enterprises L.P. was informed by Pep Boys-Manny Moe and Jack (NYSE:PBY) that Icahn’s proposal to buy the remaining outstanding shares of the company for $15.50 per share in cash represents a “Superior Proposal”; hence, Pep Boys might terminate the merger agreement sealed with a subsidiary of Bridgestone Americas unless Bridgestone offers a higher price by December 11. In late October, Pep Boys-Manny Moe and Jack (NYSE:PBY) announced the aforementioned merger agreement with a subsidiary of Bridgestone, for $15.00 per share in cash. Let us remind you that Icahn Enterprises’ initial 13D filing on the automotive aftermarket services and retail chain disclosed an ownership stake of 6.56 million shares of the company, which accounted for 12.12% of its outstanding common stock.

The number of smart money investors with stakes in Pep Boys increased to 18 from 16 during the July-to-September period, while the overall value of those stakes climbed to $147.24 million from $119.33 million. At the same time, these 18 top money managers had accumulated 22.40% of the company’s outstanding common stock by the end of September. Steven Boyd’s Armistice Capital added an 840,000-share position in Pep Boys-Manny Moe and Jack (NYSE:PBY) to its portfolio during the latest quarter.

Carl Icahn
Carl Icahn
Icahn Capital LP

In a Form 4 filing, James E. Flynn’s Deerfield Management reported purchasing 136,124 shares of Alimera Sciences Inc. (NASDAQ:ALIM) since Friday, at prices ranging betweem $2.99-to-$3.05 per share, boosting its overall holding to 4.76 million shares. The shares of the pharmaceutical company that focuses on the development of prescription ophthalmic pharmaceuticals are 44% in the red this year. The company has only one marketable product at the moment, which is designed to treat macular edema (a disease of the retina that affects individuals with diabetes). ILUVIEN was launched in Germany and the U.K during the second quarter of 2013, and in Portugal and the United States at the beginning of this year. The broadened market reach is already reflected in Alimera Sciences Inc. (NASDAQ:ALIM)’s revenue growth this year, as its third quarter net revenue increased by 188% year-over-year to $6.9 million.

The smart money sentiment towards the stock did not change significantly during the third quarter, as the number of hedge funds from our database with positions in the company declined to ten from 11 during the period. These investment vehicles owned 36.00% of the company’s shares on September 30, despite the total value of their positions declining to $35.34 million from $72.71 million quarter-over-quarter. William Leland Edwards’ Palo Alto Investors held its stake in Alimera Sciences Inc. (NASDAQ:ALIM) unchanged during the September quarter, at 3.01 million shares.

James E. Flynn
James E. Flynn
Deerfield Management

Disclosure: None

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