On Monday, Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) saw one of its largest shareholders acquires the vast amount of 1,625,436 shares of Common Stock. The transaction was executed over four days by Broadfin Healthcare Master Fund Ltd, which already owned over seven million company shares prior to the purchase. The acquisition commenced last Wednesday, where the insider bought 411,693 shares for a price of $4.48 per share, and continued on Thursday by buying 436,884 shares for the same price. The remaining shares were acquired between Friday and Monday, paying a price of $4.73 per share on both transactions. Following the trade, Broadfin now holds a total of 8,951,169 company shares.
While this has been the only significant insider trade at Progenics throughout the fiscal year, many hedge funds have been increasing the firm’s portfolio participation or entering new shareholding positions this quarter. Such is the case with Julian Baker and Felix Baker’s Baker Bros. Advisors, which entered a new position as shareholder by acquiring 4.4 million shares, worth $18.2 million.