Healthcare-focused fund Blue Jay Capital Management, managed by Paul Sinclair, has disclosed its equity portfolio for the reporting period of March 31 in a 13F filed with the U.S. Securities and Exchange Commission. The fund posted an impressive 12% return during the first quarter, significantly outperforming the S&P 500 ETF (SPY), which rose by a mere 0.9% during the same period. Blue Jay Capital’s portfolio at the end of that strong quarter included a total of 21 positions valued at $285.04 million. The investor acquired stakes in 11 new companies during the quarter, including Endo International plc (NASDAQ:ENDP), Alkermes Plc (NASDAQ:ALKS), Akorn Inc. (NASDAQ:AKRX) and Impax Laboratories Inc (NASDAQ:IPXL).
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The top new holding of Blue Jay Capital is represented by Endo International plc (NASDAQ:ENDP), a $15 billion market cap global specialty pharmaceutical company. Blue Jay Capital held 175,000 shares of the company worth $15.70 million at the end of the first quarter. New product revenue and strategic M&A transactions boosted the company’s revenues for the first quarter by 52% to $714 million versus $471 million in the same quarter last year. Endo International plc (NASDAQ:ENDP) posted adjusted diluted earnings per share from continuing operations of $1.17 versus $0.75 in the same quarter of 2014. The company’s performance is reflected in its shares, which have gained 18% year-to-date. Billionaire Larry Robbins holds a large stake of 6.85 million shares in Endo as of the end of 2014.
Next up is Alkermes Plc (NASDAQ:ALKS), in which Blue Jay Capital holds a stake which contains 235,000 shares valued at $14.33 million. Ireland-based Alkermes Plc (NASDAQ:ALKS) is a biopharmaceutical company that focuses on central nervous system diseases and has a market cap of $8.8 billion. Alkermes Plc (NASDAQ:ALKS) believes that it possesses one of the most exciting late-stage pipelines of CNS medicines in the industry and is on track to initiate a pivotal development program in 2015. The company plans to launch Aripiprazole lauroxil later this year, which is a long-acting atypical antipsychotic for schizophrenia. Alkermes Plc (NASDAQ:ALKS) recently reiterated all of its financial expectations for 2015 while reporting total revenues for the first quarter of $161.2 million versus $130.2 million year-over-year. The company posted a GAAP net loss of -$30.7 million, or -$0.21 per share, compared to a loss of -$24.4 million, or -$0.17, in the same quarter a year ago. Other investors with big positions in the company include Bihua Chen’s Cormorant Asset Management, which held 450,000 shares at the end of 2014.
Akorn Inc. (NASDAQ:AKRX) occupies the third spot in the ranking of the top new holdings of Blue Jay Capital, which reported holding 300,000 shares of the company worth $14.25 million. Akorn Inc. (NASDAQ:AKRX) is a $4.8-billion market cap specialty pharmaceutical company. Last year, the company received 14 unique product approvals, and launched five of these products during the year. The company expects to launch the remaining nine products in 2015. For the fiscal fourth quarter of 2014, the company reported revenue of $227.8 million, representing a 168% increase year-over-year. Among the investors we track, Mitchell Blutt’s Consonance Capital Management held a position of 1.68 million shares in Akorn at the end of 2014.
In Impax Laboratories Inc (NASDAQ:IPXL), Blue Jay Capital revealed holding 285,000 shares with a reported value of $13.36 million. Impax Laboratories Inc (NASDAQ:IPXL) is a technology-based specialty pharmaceutical company, with a market cap of $3.2 billion. In the early part of 2015, the company announced that it received approval for RYTARY, an extended-release oral capsule formulation of carbidopa-levodopa, for the treatment of Parkinson’s disease, post-encephalitic parkinsonism, and parkinsonism. Impax Laboratories Inc (NASDAQ:IPXL) reported a $24.4 million increase in its first-quarter 2015 total revenues to $143.1 million versus $118.7 million in the prior year’s period. The increase is attributed to higher sales. However, it posted a net loss of -$6.3 million, or -$0.09 per share for the quarter, versus a loss of -$6.4 million, or -$0.09 per share, in the same quarter of 2014. Since May 2014, Impax Laboratories Inc’s (NASDAQ:IPXL) stock has increased by nearly 78%. Among the largest shareholders of the company is Samuel Isaly’s Orbimed Advisors, which held 6.68 million shares at the end of 2014.
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