Michael Novogratz, Fortress Investment Group Disclose New Stake in CARDIOME PHARMA CORP (CRME)
Fortress Investment Group, managed by Michael Novogratz has reported adding CARDIOME PHARMA CORP (NASDAQ:CRME) to its equity portfolio, in a new filing with the Securities and Exchange Commission. Fortress disclosed a passive stake, which amasses 2.5 million shares, with an aggregate value of $15.4 million at the current share price of the company. The position represents 16.6% of the company's common stock.
Last week, CARDIOME PHARMA CORP (NASDAQ:CRME) reported about completing the acquisition of Switzerland-headquartered Correvio. The move will help the company to become a commercial company, transforming from a research and development-focused enterprise. It will also help Cardiome with sales of its BRINAVESS product, via Correvio's global distribution. And since Correvio sells Aggrastat, and has revenues of over $30 million per year, the acquisition will also strengthen the financial situation of Cardiome.
The stock of CARDIOME PHARMA CORP (NASDAQ:CRME) surged by over 200% since January, a significant boost being experienced in the October-November period, amid the acquisition of Correvio. The company managed to narrow its net loss, which in the third quarter amounted to $3.6 million, from $13.4 million a year ago.
Earlier in November, Fortress Investment Group and Michael Novograts disclosed going activist on Gaming and Leisure Properties Inc (NASDAQ:GLPI). The fund initiated a 9.9% stake in the company.
The largest stake in Fortress equity portfolio is represented by Nationstar Mortgage Holdings Inc (NYSE:NSM), in which the fund disclosed owning 67.9 millon shares, worth $3.8 billion. In Brookdale Senior Living, Inc. (NYSE:BKD), Fortress holds a $462.7 million stake, which amasses 17.6 million shares. In American International Group Inc (NYSE:AIG), and Walker & Dunlop, Inc. (NYSE:WD), the value of the stakes held by Fortress amounts to $310.5 million, and $167.8 million respectively, the stakes containing 6.4 million and 10.5 million shares respectively.