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Post by therealisaching on Nov 13, 2017 18:28:08 GMT -5
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Post by compound26 on Nov 13, 2017 18:42:43 GMT -5
Not sure how to make it. Deerfield sold 2.7 million shares, but its principal James Flynn increased Mannkind holding by 5.2 million shares based on this same report. f Deerfield sold during the move up to $6 + in October, they have made good profit. And they get to buy up to 4 million shares at $3.25 soon. whalewisdom.com/stock/mnkd |
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Post by agedhippie on Nov 13, 2017 19:01:13 GMT -5
Not sure how to make it. Deerfield sold 2.7 million shares, but its principal James Flynn increased Mannkind holding by 5.2 million shares based on this same report. whalewisdom.com/stock/mnkdThat's the 13G filing from the original deal (look at the filing type and date). Because it's a 13G updates are only required annually and not quarterly. I would bet that he no longer holds that position based on Deerfield's exit. Again there is the usual rider on that - what we are seeing is the holdings at the end of June and not the current position. |
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Post by dg1111 on Nov 13, 2017 19:10:55 GMT -5
If they held zero shares on 9/30, then they missed the entire run-up. The share price was 2.17 at the close on 9/30 and peaked 10 days later at 6.71.
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Post by agedhippie on Nov 13, 2017 19:14:38 GMT -5
If they held zero shares on 9/30, then they missed the entire run-up. The share price was 2.17 at the close on 9/30 and peaked 10 days later at 6.71. For them this is/was about getting their money out, not making a profit. |
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Post by centralcoastinvestor on Nov 13, 2017 20:16:02 GMT -5
If they held zero shares on 9/30, then they missed the entire run-up. The share price was 2.17 at the close on 9/30 and peaked 10 days later at 6.71. For them this is/was about getting their money out, not making a profit. Disagree, for them it's always about making a profit. |
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Post by agedhippie on Nov 13, 2017 21:16:57 GMT -5
For them this is/was about getting their money out, not making a profit. Disagree, for them it's always about making a profit. That's generally true, but right now they are protecting their capital or they would not have sold. |
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Post by lakers on Nov 13, 2017 21:20:00 GMT -5
Holdings
: Dr. D sold all 2.7M shares by 9/30/17, has the option to load up at $3.25 up to 4M shares.
Filer
Shares Held
or Principal Amt
Market Value
% of
Portfolio
Prior
% of Portfolio
Ranking
Change in
Shares
% Ownership
Source
Source Date
Date Reported
PRIVATE ADVISOR GROUP, LLC 39,203 $ 203,000 0.01% 0.00% 1334 5,730 0.0388% 13F 2017-09-30 2017-11-13
CITIGROUP INC(PUT) 16,500 $ 36,000 0.00% 0.00% 6147 3,000 13F 2017-09-30 2017-11-13
DEERFIELD MANAGEMENT COMPANY 0 $ 0 0.20% Sold All 2,702,403 0.0000% 13F 2017-09-30 2017-11-13
SCHWAB CHARLES INVESTMENT MANAGEMENT INC 117,416 $ 255,000 0.00% 0.00% 2937 11,019 0.1162% 13F 2017-09-30 2017-11-13
RAYMOND JAMES & ASSOCIATES 101,288 $ 220,000 0.00% 0.00% 2972 14,106 0.1003% 13F 2017-09-30 2017-11-13
OXFORD ASSET MANAGEMENT LLP 0 $ 0 0.00% 0.00% 1705 54,243 0.0000% 13F 2017-09-30 2017-11-13
DIMENSIONAL FUND ADVISORS LP 124,538 $ 270,000 0.00% 3178 124,538 0.1233% 13F 2017-09-30 2017-11-13
GLASSMAN WEALTH SERVICES 200 $ 0 0.00% 0.00% 623 0.0002% 13F 2017-09-30 2017-11-13
CITIGROUP INC 3,678 $ 8,000 0.00% 0.00% 6727 9,917 0.0036% 13F 2017-09-30 2017-11-13
US BANCORP DE 10,345 $ 22,000 0.00% 0.00% 2866 60 0.0102% 13F 2017-09-30 2017-11-13
COMMERZBANK AKTIENGESELLSCHAFT 22,144 $ 48,000 0.00% 0.00% 798 2,992 0.0219% 13F 2017-09-30 2017-11-13
CITIGROUP INC(CALL) 35,080 $ 76,000 0.00% 0.00% 5749 18,400 13F 2017-09-30 2017-11-13
PNC FINANCIAL SERVICES GROUP, INC. 0 $ 0 0.00% Sold All 20 0.0000% 13F 2017-09-30 2017-11-13
HUDSON BAY CAPITAL MANAGEMENT LP 555,779 $ 1,206,000 0.03% 283 555,779 0.5502% 13F 2017-09-30 2017-11-13
WESTSIDE INVESTMENT MANAGEMENT, INC. 1,200 $ 6,396 0.00% 0.00% 634 0.0012% 13F 2017-09-30 2017-11-13
ELEMENT CAPITAL MANAGEMENT LLC 161,841 $ 351,000 0.14% 0.07% 28 100,099 0.1602% 13F 2017-09-30 2017-11-13
NORTHERN TRUST CORP 182,810 $ 397,000 0.00% 0.00% 3613 77,914 0.1810% 13F 2017-09-30 2017-11-13
LMR PARTNERS LLP 0 $ 0 0.02% Sold All 249,204 0.0000% 13F 2017-09-30 2017-11-09
JPMORGAN CHASE & COMPANY 302,200 $ 671,000 0.00% 0.00% 3697 251,838 0.2992% 13F 2017-09-30 2017-11-09
CITADEL ADVISORS LLC(CALL) 217,900 $ 473,000 0.00% 0.00% 5404 105,400 13F 2017-09-30 2017-11-09
WELLS FARGO & COMPANY 89,951 $ 196,000 0.00% 0.00% 4903 30,589 0.0891% 13F 2017-09-30 2017-11-09
JPMORGAN CHASE & COMPANY(PUT) 100,000 $ 222,000 0.00% 0.00% 4071 450,000 13F 2017-09-30 2017-11-09
CITADEL ADVISORS LLC(PUT) 91,100 $ 198,000 0.00% 0.00% 6683 41,400 13F 2017-09-30 2017-11-09
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Post by traderdennis on Nov 13, 2017 21:28:45 GMT -5
If they held zero shares on 9/30, then they missed the entire run-up. The share price was 2.17 at the close on 9/30 and peaked 10 days later at 6.71. They probably sold short above six and then covered during the secondary. That is where my money is. |
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Post by sophie on Nov 13, 2017 21:29:48 GMT -5
For them this is/was about getting their money out, not making a profit. Disagree, for them it's always about making a profit. you want aged to be right. If you are correct, deerfield sees no profit to be made in holding onto their shares. |
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Post by timri on Nov 13, 2017 21:41:12 GMT -5
Where are the ten million shares mannkind sold at 6? That’s my big qudestion. Also Deerfield sells and James Flynn now holds 5.2million.
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Post by traderdennis on Nov 14, 2017 1:06:09 GMT -5
Where are the ten million shares mannkind sold at 6? That’s my big qudestion. Also Deerfield sells and James Flynn now holds 5.2million. I doubt Flynn still owns those shares. As for the ten million most went to retail. If you look at the interest rate shorts are paying it has gone substantially down since the financing.most retails shares are shortable and have hit the market. |
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Post by agedhippie on Nov 14, 2017 9:04:07 GMT -5
Where are the ten million shares mannkind sold at 6? That’s my big qudestion. Also Deerfield sells and James Flynn now holds 5.2million. This is the position as of the end of June and those shares were issued after that. James Flynn almost certainly has sold those shares. Remember he filed a 13G and unlike with a 13F he does not need to update his holding until next May. Since Deerfield sold out it is almost certain he, as a Deerfield fund manager, did as well. The 13G was a good move since it sheltered Deerfield's action from the public eye by removing the need to file a year. |
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Post by matt on Nov 14, 2017 9:07:45 GMT -5
Deerfield is structured as a debt fund, and for them it is all about maximizing the return on that debt, so protecting their principal is entirely consistent with this report. They do structure the debt so that if the company is very successful they can pick up some extra money, but they have a fiduciary obligation to their investors to minimize losses to the bond fund.
Most of you reading this like to invest in stock and watch the price go up, but don't assume their investment objectives or their fund clientele have the same goals as you. You can make maximum money in the stock market by investing in high-risk, small cap equities or by trading in and out if you have the timing right, but then there are the "widows and orphans" types that want lower-risk investments that protect their principal and have a nearly guaranteed return. Bond funds work well for them.
When you see a bond fund like Deerfield buying shares, you can be fairly certain that they shorted them already to lock in the profit and will soon sell the shares to cover the short. Similarly, most of the "investors" in the recent placement at $6 likely shorted the instant they signed the subscription agreement and used the newly issued shares to cover. Those investors were happy to sell short at $6.50 and cover a few days later with $6 shares. While it may not sound like much, a 50 cent profit on a $6 investment is an 8.3% return in about a week. If the investor can repeat that with 20 other discounted PIPE transactions over the course of a year, that yields a portfolio return approaching 200% without any holding risk.
Deerfield gets much the same deal whenever they can swap debt principal for discounted shares. They don't need to hold the shares to win big on the increase in portfolio returns. Unless you know how James Flynn's compensation package is structured, you can't know what motivates his actions.
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Post by akemp3000 on Nov 14, 2017 9:27:30 GMT -5
DEERFIELD INVESTMENT MANAGEMENT: We believe our approaches to capital funding are uniquely flexible to give companies the leverage they need to advance their business goals and set new standards for the healthcare industry.
We make healthcare progress possible by connecting capital to opportunity. Companies in the healthcare field face a myriad of financing challenges. What is the optimal funding strategy for an acquisition? How can the development and launch of new products or services be paid for more creatively? What approaches can be taken to improve balance sheet flexibility or limit equity dilution? Too often the options are formulaic and inflexible. At Deerfield, our comprehensive understanding of healthcare assets allows us to appreciate opportunity even when complex financial, legislative, regulatory and competitive pressures are present. Collaboration, intellectual curiosity and pragmatism define our approach. We craft flexible, tailored and often unexpected financing options, exploring every angle so that companies can execute their business strategy to the fullest.
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