Dan Loeb's Third Point Sells More Nabi Biopharmaceuticals (NABI) ~ market folly

Friday, April 16, 2010

Dan Loeb's Third Point Sells More Nabi Biopharmaceuticals (NABI)

Due to activity on April 13th, 2010, Dan Loeb's hedge fund firm Third Point LLC has filed an amended 13D with the SEC regarding their position in Nabi Biopharmaceuticals (NABI). Back in late March, we noted that Loeb was selling NABI shares and this time around is no different.

Third Point now shows a 10.7% ownership stake in NABI with 5,242,100 shares. This means that over the past three weeks, Loeb's hedge fund has reduced their position by 11%, selling 672,000 more shares. While the pace of their sales has slowed up, there's no way for us to tell if they are done offloading NABI shares. We'll continue to follow the developments. In the mean time, we suggest checking out Dan Loeb's recommended reading list as well as Third Point's investor letter.

Taken from Google Finance, Nabi Biopharmaceuticals "is a biopharmaceutical company focused on the development of vaccines addressing unmet medical needs in the areas of nicotine addiction and infectious disease. As of December 31, 2009, the Company’s product in development is Nicotine Conjugate Vaccine (NicVAX), a investigational vaccine for treatment of nicotine addiction and prevention of smoking relapse."

To view the rest of Dan Loeb's investments, you can check out Third Point's portfolio here.

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