Fairholme Cuts Stake in Sears Holdings Corp (SHLD), Ubben Sells Even More Shares of Motorola Solutions Inc. (MSI), Plus Two Other Moves

As revealed by a Schedule 13G filing, Charles Clough’s Clough Capital Partners L.P. currently owns 2.04 million shares of CARDIOME PHARMA CORP (NASDAQ:CRME), which constitute 10.4% of the company’s outstanding shares. This is up from the position of 1.74 million shares disclosed in the fund’s 13F for the December quarter. Cardiome Pharma is a specialty pharmaceutical company that focuses on the development and commercialization of cardiovascular therapies. The company primarily relies on two in-hospital cardiology products, called BRINAVESS and AGGRASTAT, which are being commercialized in markets outside the United States. CARDIOME PHARMA CORP (NASDAQ:CRME)’s revenue for 2015 was $20.9 million, down from $30.0 million reported for 2014. The decrease was mainly driven by foreign currency headwinds, the delay of a distributor’s 2015 order, and the decrease of AGGRASTAT sales due to generic competition. The company anticipates revenue from the sale of AGGRASTAT to grow moderately throughout 2016, while its recent product additions of EXEMBOL and ESMOCARD are expected to positively impact the company’s top-line results. Cardiome Pharma is also preparing for the possible launches of BRINAVESS and AGGRASTAT in Canada in early 2017. A total of seven funds in our database were invested in the pharmaceutical company at the end of December, accumulating 21.40% of the company’s shares. Those investors are no doubt disappointed by the company’s stock performance this year, as shares have lost 47% since the beginning of 2016. Zach Schreiber’s Point State Capital owned a stake of 600,000 shares in CARDIOME PHARMA CORP (NASDAQ:CRME) on December 31.

A Form 4 filing reveals that Coliseum Capital Management LLC, founded by Christopher Shackelton and Adam Gray, has sold 175,522 shares of Providence Service Corporation (NASDAQ:PRSC) since Friday, at prices that ranged from $50.50 to $52.90 per share. After the recent sales, Coliseum Capital holds a stake of 1.97 million shares, which represent 13.24% of the company’s outstanding shares. Providence Services Corporation is a holding company whose subsidiaries primarily focus on providing healthcare and workforce development services. The company’s net service revenue for 2015 reached $1.70 billion, which was up from $1.14 billion reported for 2014. The 49.2% increase in the company’s top-line figure was partly attributable to several acquisitions completed in 2014. Providence Service Corporation (NASDAQ:PRSC)’s shares are down by 3% in the past 52 weeks despite having surged by nearly 7% since the beginning of 2016. The smart money sentiment towards the company declined significantly in the October-to-December period, as the number of funds with long positions in Providence Service plummeted to 7 from 16 quarter-over-quarter. Jim Simons’ Renaissance Technologies upped its stake in Providence Service Corporation (NASDAQ:PRSC) by 5% in the December quarter, ending 2015 with 921,900 shares.

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