Vanda Pharmaceuticals Inc. (NASDAQ:VNDA), Avis Budget Group Inc. (NASDAQ:CAR) and Chesapeake Energy Corporation (NYSE:CHK) are on the rise this Tuesday. Taking tumbles are Receptos Inc (NASDAQ:RCPT), MacroGenics Inc (NASDAQ:MGNX) and Anacor Pharmaceuticals.
Baupost's investment process involves "never-ending" gleaning of facts to help support investment ideas Seth Klarman writes in his end-of-year letter to investors. In the letter, a copy of which ValueWalk has been able to review, the value investor describes the Baupost Group's process to identify ideas and answer the most critical questions about its potential Read More
Avis Soars on Robbins Buy
Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) approached market close today up +15.53% after settling a license dispute with Novartis. Bllionaire hedge fund magnate John Paulson bought into the biopharmaceutical company at the start of the year and as of the third quarter holds 3.25 million VNDA shares. The stock has gained +12.13% year-to-date.
Avis Budget Group Inc. (NASDAQ:CAR) climbed +9.39% on the heels of Larry Robbins’ disclosure of a 5.12% stake in the company at market close yesterday. In fact, the billionaire at the helm of Glenview Capital filed three 13Gs yesterday revealing big stock buys earlier this month (the other two for PVH and LAD). Chase Coleman’s Tiger Global also has a stake in Avis, which has rallied nearly +60% in 2014.
Chesapeake Energy Corporation (NYSE:CHK) gained +9.39% today as well thanks to reports of a new billion-dollar stock buyback plan. In the portfolios of Carl Icahn, Bruce Berkowitz and Ray Dalio, Chesapeake is also a constituent of the billionaire-tracking iBillionaire Index.
Biotech Stocks Stumble
Receptos Inc (NASDAQ:RCPT) approached market close posting a -13.19% loss for the day. Today’s performance aside, Receptos has had a breakout year on Wall Street, its price climbing more than +300% year-to-date. Thomas Steyer’s Farallon Capital has been investing in the biotech company since last year.
The share price of MacroGenics Inc (NASDAQ:MGNX) dipped -11.64%, coming back down after yesterday’s surge. The biotech stock, a George Soros pick, has climbed +45.8% over the past six months.
Anacor Pharmaceuticals Inc (NASDAQ:ANAC) tumbled -9.98% today, though it’s still up nearly +80% for the year. ANAC is another Farallon biotech pick.