Here’s Why Evermore Global Sold its Enzo Biochem (ENZ) Shares

Evermore Global Advisors, an asset management firm, published its fourth-quarter 2021 investor letter – a copy of which can be downloaded here. Institutional Class shares of the Evermore Global Value Fund were up 6.40% and 6.16% for the fourth quarter and year ended December 31, 2021, respectively. The Fund’s performance in the fourth quarter beat the performance of each of its benchmark indices and peer group. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Evermore Global Advisors, in its Q4 2021 investor letter, mentioned Enzo Biochem, Inc. (NYSE:ENZ) and discussed its stance on the firm. Founded in 1976, Enzo Biochem, Inc. (NYSE:ENZ) is a Farmingdale, New York-based biotechnology company with a $155.2 million market capitalization, and is currently spearheaded by its CEO, Hamid Erfanian. Enzo Biochem, Inc. (NYSE:ENZ) delivered a -2.49% return since the beginning of the year, while its 12-month returns are down by -21.95%. The stock closed at $3.13 per share on March 16, 2022.

Here is what Evermore Global Advisors has to say about Enzo Biochem, Inc. (NYSE:ENZ) in its Q4 2021 investor letter:

“Enzo Biochem Inc. (ENZ US). The Fund exited its long-term holding in Enzo Biochem with a modest profit. This was undoubtedly a very frustrating investment case. On the one hand, we had a portfolio of great underlying assets, net cash on the balance sheet, a beneficiary of the pandemic crisis, past settlements from patent infringements and several activists that were/are involved. And, on the other hand, Enzo’s ability to commercialize the business was rife with fits and starts. In the end, we decided to move on and redeploy the capital into new and existing investments.”

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Our calculations show that Enzo Biochem, Inc. (NYSE:ENZ) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. Enzo Biochem, Inc. (NYSE:ENZ) was in 9 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 140 funds in the previous quarter. Enzo Biochem, Inc. (NYSE:ENZ) delivered a -10.06% return in the past 3 months. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.