According to a recent filing with the Securities and Exchange Commission, Stephen C. Freidheim‘s Cyrus Capital Partners raised its stake in Sphere 3D Corp. (NASDAQ:ANY) to 8.96 million shares representing about 25.6% of the company’s outstanding stock, from some 5.94 million shares held earlier. In another filing, Rock Springs Capital Management, led by Kris Jenner (pictured), Gordon Bussard and Graham McPhail disclosed holding 1.19 million shares of CARDIOME PHARMA CORP (NASDAQ:CRME), up from 565,000 shares held earlier. Following the increase, the position amasses 6.2% of the company’s outstanding shares.
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Cyrus Capital is a New York-based fund that was founded in 1999. Currently the firm has about $4.15 billion worth of regulatory assets under its management and the market value of its public equity portfolio stood at $1.12 billion, according to the last filing.
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Sphere 3D Corp. (NASDAQ:ANY) provides virtualization technology and data management products coupled with workload optimized solutions through its brands including Glassware 2.0, SnapCLOUD, SnapScale, SnapServer, V3, RDX and NEO. So far this year, Sphere 3D Corp. (NASDAQ:ANY)’s stock has slid by more than 16%, while the Software Application industry has gained more than 10% during the same period. Clinton Group, which has been a shareholder of Sphere 3D for some time now recently sent a letter to the company’s Board of Directors, imploring them to consider a sale of the company given that the market valuation of the company is considerably smaller than what it deserves. The Group believes that such a sale could fetch a price in excess of $10 per share, which is considerably higher than the current $4.38 stock price.
According to its last 13F filing, Clinton Group held some 177,097 shares of Sphere 3D Corp. (NASDAQ:ANY) valued at $655,000 and also owned call options underlying 115,600 shares of the software company.
Let’s move on to Rock Springs and its latest filing. The Baltimore, Maryland-based Rock Springs Capital Management focuses on investing in healthcare companies, which amass around 90% of its $1.07 billion equity portfolio.
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CARDIOME PHARMA CORP (NASDAQ:CRME) is a $155.71 million pharmaceutical company engaged in the development of cardiovascular therapies. The stock is trading nearly sideways on a year-to-date basis, but has risen more than 40% over the past 12 months. in its financial results for the June quarter, the company missed both the top and bottom line estimates. Revenues of $5.74 million represented a slide of more than 25% from the same quarter last year and were $1.93 million lower than expected, while net loss per share of $0.43 came in $0.22 below the consensus estimate. The decrease in profitability was primarily due to the increase in research and development expenses in connection with $3 million upfront payment made to SteadyMed for the exclusive license and supply agreement for the commercialization of TREVYENT in Europe, Canada and Middle East.
Professional money managers have been slightly bearish on CARDIOME PHARMA CORP (NASDAQ:CRME). Among the hedge funds that we track, seven investors held $194.42 million worth of stock at the end of March, as compared to eight firms holding $217.87 million at the end of the previous quarter. Charles Clough‘s Clough Capital Partners is the largest shareholder with about 597,200 shares valued at $5.53 million.
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