Dan Loeb's Third Point Reduces a Position ~ market folly

Wednesday, March 31, 2010

Dan Loeb's Third Point Reduces a Position

Dan Loeb's hedge fund Third Point LLC has filed an amended 13D with the SEC in regards to shares of Nabi Biopharmaceuticals (NABI). Due to activity on March 29th, Third Point now shows a 12.1% ownership stake in NABI with 5,914,100 shares. This is a decrease in their position as they sold shares on March 24th, 25th, and 29th. When we previously looked at Third Point's portfolio, we noticed that it was their 11th largest US equity position. The bulk of their sale came at a price of $5.75 per share. In total, Third Point sold 975,900 shares of Nabi Biopharmaceuticals and you can see a chart with the breakdown of their exact transactions below:

(click to enlarge)

So for now, they've reduced their position size in this name. To learn how to invest like this hedge fund manager, check out Dan Loeb's recommended reading list. And for more insight we've also posted up Third Point's commentary as well as their performance figures. Lastly, we've also covered other recent portfolio transactions out of Third Point for those interested as well.

Taken from Google Finance, Nabi Biopharmaceuticals is "a biopharmaceutical company focused on the development of products in the areas of nicotine addiction and infectious disease. The Company’s products in development are Nicotine Conjugate Vaccine (NicVAX) and Pentavalent S.aureus Vaccine (PentaStaph)." For more from Dan Loeb's hedge fund, check out Third Point's portfolio.

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