According to a separate 13D filing, Marc Lasry’s Avenue Capital currently owns 4.80 million shares of YRC Worldwide Inc. (NASDAQ:YRCW), which account for 14.7% of the company’s outstanding common stock. This denotes a decrease of 1.08 million shares from the stake revealed through the fund’s quarterly 13F for the July-to-September period. The shares of the transportation services company have dropped by 37% over the past 12 months. However, the recent plunge has resulted in more attractive price-to-earnings multiples for the company. For instance, the stock trades at a forward P/E ratio of 5.90, which is substantially below the ratio of 15.38 for the S&P 500 companies. YRC Worldwide Inc. (NASDAQ:YRCW)’s consolidated operating revenue for the first three quarters of 2015 totaled $3.69 billion, which marked a decrease of 4.2% year-over-year. The decline in the company’s top-line results was mainly attributable to lower fuel surcharge revenue and to a drop in volumes. Nonetheless, the company managed to generate $24.2 million in net income during the first three quarters of 2015, which compares with a net loss of $73.9 million reported for the same period of the prior year. The smart money sentiment towards the stock was very positive in the third quarter, as the number of hedge funds with positions in the company climbed to 27 from 18 quarter-over-quarter. Funds tracked by Insider Monkey held slightly more than 49% of the company’s outstanding shares. Richard Mashaal’s RIMA Senvest Management cut its stake in YRC Worldwide Inc. (NASDAQ:YRCW) by 41% during the third quarter to 1.29 million shares.
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Let’s wrap up our discussion by examining the 13G filing submitted by Kevin Kotler’s hedge fund. Broadfin Capital reported owning 7.52 million shares of Raptor Pharmaceutical Corp. (NASDAQ:RPTP), which represent 8.83% of the company’s outstanding shares. The round of 13Fs for the third quarter disclosed that the healthcare-focused hedge fund owned 1.41 million shares of Raptor Pharmaceutical on September 30. The biopharmaceutical company focuses on developing treatments for rare and debilitating diseases, while its first FDA-approved product, PROCYSBI, is aimed at managing nephropathic cystinosis in adults and children (6+ years old). Nephropathic cystinosis is an inherited condition that causes the buildup of a protein building block named cystine, which in turn causes kidney and other problems. PROCYSBI was approved back in 2013, but the company later received FDA approval for the expanded use of this drug to treat children from two to six years-of-age suffering with nephropathic cystinosis.
The shares of Raptor Pharmaceutical Corp. (NASDAQ:RPTP) are down by 55% over the past year, mainly owing to a failed Phase 2b clinical study on RP103 in children with biopsy-confirmed nonalcoholic steatohepatitis (NASH). A total of 21 hedge funds from our system had stakes in the company at the end of September, accumulating nearly 15% of its shares. Jason Karp’s Tourbillon Capital Partners added a 1.50 million-share position in Raptor Pharmaceutical Corp. (NASDAQ:RPTP) to its portfolio during the third quarter.
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