Roberto Mignone's Bridger Management Files 13G On Cardiome Pharma Corp (CRME) ~ market folly

Monday, December 7, 2009

Roberto Mignone's Bridger Management Files 13G On Cardiome Pharma Corp (CRME)

This is the first time we've detailed portfolio changes of hedge fund Bridger Management so we felt it necessary to provide a bit of background first. Bridger Management is the hedge fund firm founded by Roberto Mignone in 2000. They currently have around $4 billion in assets under management and run a long/short equity and event driven strategy focused on intensive fundamental research. Before Bridger, Mignone actually co-founded Blue Ridge Capital with John Griffin in 1996. And before that, Mignone (like Griffin) worked at Julian Robertson's Tiger Management and as such joins the ranks of other prominent 'Tiger Cub' hedge funds. Mignone attended Harvard for both undergrad and his MBA.

In a 13G filing with the SEC, hedge fund Bridger Management has disclosed a 5.1% ownership stake in Cardiome Pharma Corp (CRME). The filing was made due to activity on November 23rd, 2009 and they now own 3,096,709 shares. They've boosted their holdings because back on September 30th, 2009 they owned 2,837,246 shares as per their 13F filing. This means in the past two months they've added an additional 259,463 shares, a 9% increase. We will be covering Bridger's entire long US equity portfolio in our hedge fund portfolio tracking series so stay tuned.

Taken from Google Finance, Cardiome Pharma is "a life sciences company focused on developing drugs to treat or prevent cardiovascular diseases. The Company’s drug development efforts are focused on the treatment of atrial arrhythmias, a Phase I program for GED-aPC, an engineered analog of human activated protein C, and a pre-clinical program directed at improving cardiovascular function. As of December 31, 2008, Cardiome had five wholly owned subsidiaries: Rhythm-Search Developments Ltd., Cardiome, Inc., Artesian, Cardiome Development AG, and Cardiome UK Limited"

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