First Eagle Investment Management, managed by Jean-Marie Eveillard, has upped its position in Pain Therapeutics, Inc. (NASDAQ:PTIE). According to a new filing with the U.S. Securities and Exchange Commission, the fund currently holds 4.25 million common shares of the company, equal to 9.33% of common shares. The stake is passive by nature and represents an increase from 3.66 million million shares the fund disclosed in its latest 13F.

Pain Therapeutics

Pain Therapeutics, Inc. (NASDAQ:PTIE) is a biopharmaceutical company that develops novel drugs. The company has a market cap of $209.4 million.

Last week, Pain Therapeutics, Inc. (NASDAQ:PTIE) reported financial results for the first quarter of 2014. The company posted a net loss in the first quarter of $3.5 million, or $0.08 per share, compared to a net loss of $0.4 million, or $0.01 per share, in the first quarter of 2013. Research and development expenses increased to $2.1 million in the first quarter from $1.2 million in the same period in 2013, primarily due to increased investment in early stage drug assets, according to a statement.

Apart from First Eagle Investment Management, the largest shareholders of the company include Jacob Gottlieb’s Visium Asset Management and Benjamin J Taylor’s Sophrosyne Capital, owning 4.35 million shares and 1.27 million shares at the end of 2013, respectively.

First Eagle Investment Management, with an equity portfolio worth $36.7 billion, mainly focuses on basic materials, services, technology, financial sectors. As of the end of December 2013, the hedge fund held 32.19 million shares in Microsoft Corporation (NASDAQ:MSFT). It is followed by Oracle Corporation (NYSE:ORCL), in which the fund owned 32.07 million shares. Another important holding was Cintas Corporation (NASDAQ:CTAS), in which First Eagle Investment Management disclosed holding 17.25 million shares.

In the beginning of 2014, First Eagle Investment Management revealed significantly cutting its position in UniFirst Corp (NYSE:UNF) to 221,400 shares from 750,400 shares owned previously.

Disclosure: None