These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from June 15 through June 21, 2023. Source: VerityData
Activist Holdings
Madrigal Pharmaceuticals
(MDGL)
Baker Bros. Advisors owns 1,545,113 common shares of the pharmaceutical firm. That figure excludes 1.97 million and 400,000 series A and B convertible preferred securities, respectively, that currently cannot be converted due to ownership limitations.
Baker Bros. filed as an activist investor on June 15, as its co-founder Julian Baker and managing director Raymond Cheong were appointed to Madrigal’s board that day, with Julian Baker elected chairman. Baker Bros. remains one of Madrigal’s larger shareholders with an 8.4% stake.
Increases in Holdings
Bioventus
(BVS)
Juniper Investment raised its position in the maker of medical devices to 6,656,987 shares, excluding those held by Juniper Investment co-founder John Bartholdson. Juniper Investments purchased 747,851 Bioventus shares from June 12 through June 15 at per-share prices ranging from $2.72 to $3.63.
Following the fresh investment, Juniper Investment holds 10.7% of Bioventus’ tradable stock. Bartholdson was appointed to Bioventus’ board this January. Bioventus has gained 15% year to date, though it trades well below an all-time high of $19.94 reached in late June 2021.
Decreases in Holdings
GMS
(GMS)
Coliseum Capital trimmed its interest in the building-materials company to 4,772,485 shares. From June 12 through 16, Coliseum Capital sold 1,564,088 GMS shares at prices ranging from $66.01 to $68.80 each. Following those sales, Coliseum holds 11.6% of GMS’ outstanding stock.
GMS reported a strong fourth quarter on June 22. RBC Capital Markets analyst Mike Dahl lifted his price target on GMS stock to $68 from $55, and kept a Sector Perform rating. Dahl wrote in a research report, “[W]e still see a balanced risk/reward following the recent rally in the stock.”
Expro Group Holdings
(XPRO)
Oak Hill Advisors reduced its holding in the well services firm to 17,774,045 shares, excluding shares underlying restricted stock. Oak Hill Advisors executed a block trade sale of 2,320,000 Expro Group shares at a price of $17.37 apiece on June 13. No reason was cited for the sale that leaves Oak Hill with nearly 16.4% of Expro Group’s tradable stock.
Mercury Systems
(MRCY)Starboard Value cut its stake by nearly a third in the government and aerospace contractor to 2,660,258 shares. Starboard Value sold 1,112,033 Mercury Systems shares at prices ranging from $40.78 and $43.19 apiece from June 6 through June 14.
Starboard now owns 4.6% of Mercury Systems, below the 5% threshold that would require the disclosure of any further Mercury Systems stock sales.
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