Adage Capital Ups Exposure To Prothena Corporation PLC (PRTA) & Questcor Pharmaceuticals Inc (QCOR)


Adage Capital Management, managed by Phill Gross and Robert Atchinson, has disclosed upping its positions in Prothena Corporation PLC (NASDAQ:PRTA) and Questcor Pharmaceuticals Inc (NASDAQ:QCOR).


According to a new filing with the Securities and Exchange Commission, Adage Capital currently owns 1.04 million ordinary shares of Prothena Corporation PLC (NASDAQ:PRTA), up from 965,900 shares disclosed previously. The position is equivalent to 4.73% of ordinary shares and is passive by nature.

Prothena Corporation PLC (NASDAQ:PRTA) is a clinical stage biotechnology company focused on the discovery, development and commercialization of novel antibodies for the potential treatment of diseases that involve protein misfolding or cell adhesion. For the fourth quarter of 2013, the company reported a net loss of $11.1 million, or $0.52 per share, compared to a net loss of $12.2 million, or $0.82, for the fourth quarter of 2012. It reported a net loss of $41.0 million for the full year of 2013, or $2.20 per share, compared to $41.4 million, or $2.84, for the full year of 2012.

Other significant shareholders of Prothena include Peter Kolchinsky’s RA Capital Management and Ken Greenberg and David Kim’s Ghost Tree Capital, owning 1.64 million and 130,000 shares, respectively.

In another filing, Adage Capital revealed raising its stake in Questcor Pharmaceuticals Inc (NASDAQ:QCOR) to 3.86 million shares from 1.33 million shares reported previously. The position amasses 6.33% of common stock.

Questcor Pharmaceuticals Inc (NASDAQ:QCOR) is a biopharmaceutical company focused on the treatment of patients with serious, difficult-to-treat autoimmune and inflammatory disorders. The company has a market cap of $5.1 billion and traded at P/E of 15.70. For the first quarter ended March 31, 2014, the company reported a 68% increase in net sales, which were $227.1 million, compared to $135.1 million in the first quarter of 2013, according to a statement.

Last month, Neal C. Bradsher’s Broadwood Capital disclosed further reducing its stake in Questcor Pharmaceuticals Inc (NASDAQ:QCOR) to around 2.05 million shares. The fund sold 205,000 shares in one deal at a price of $83.96 per share.

Disclosure: none

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