Marc Andersen & Eliav Assouline's Axial Capital Buys More QLT Inc (QLTI)

Eliav Assouline and Marc Andersen's hedge fund Axial Capital have just filed a Form 4 with the SEC regarding transactions in shares of QLT Inc (QLTI). They purchased shares on October 29th, November 1st, and November 2nd. Cumulatively, they bought 171,000 shares with the bulk bought at $5.62 and $5.70. After their recent transactions, Axial now owns 6,786,036 QLTI shares.

Market Folly has cited Axial's previous QLTI purchases as the hedge fund seems happy to buy shares around the $5.60-5.75 level. Some investors have categorized QLT Inc as a 'cigarette butt' type of value investment as it's mainly a play on the company's royalty stream. Detractors argue that this stream is likely to decline. Assouline and Andersen see some value here though as evidenced by their continual buying.

Their hedge fund, Axial Capital, was seeded by Julian Robertson in 2005 and they share the same address as Tiger Management. Robertson has seeded/spawned a network of hedge fund managers which you can view at the Tiger family tree.

Taken from Google Finance, QLT is "biotechnology company. The Company is engaged in the development and commercialization of therapies for the eye. The Company focuses on its commercial product, Visudyne, for the treatment of wet age-related macular degeneration (wet AMD), and developing its ophthalmic product candidates."

Hedge Fund Axial Capital Acquires More QLT Inc (QLTI)

Hedge fund Axial Capital Management seems to have an insatiable appetite for shares of QLT Inc (QLTI) at current levels. Eliav Assouline and Marc Andersen's hedge fund firm have made the following acquisitions according to multiple SEC Form 4 filings:

August 26th: 50,000 shares @ $5.67
August 27th: 50,000 shares @ $5.78
August 30th: 7,400 shares @ $5.70
August 31st: 60,506 shares @ $5.75
September 1st: 5,318 shares @ $5.75

After all of their recent purchases, Axial Capital now owns a collective 6,615,036 shares of QLTI. We've detailed Axial's numerous buys in the past, and it seems they are always scooping up shares around the $5.7x range. Assouline and Andersen's hedge fund was seeded by Julian Robertson back in 2005 and offices a the same address as Tiger Management. Axial was named one of Institutional Investor's 'Hedge Fund Rising Stars' recently as well. We'll have to see when they eventually stop purchasing shares.

Taken from Google Finance, QLT is "a biotechnology company. The Company is engaged in the development and commercialization of therapies for the eye. The Company focuses on its commercial product, Visudyne, for the treatment of wet age-related macular degeneration (wet AMD), and developing its ophthalmic product candidates."

Eliav Assouline & Marc Andersen's Axial Capital Adds QLTI Again

Eliav Assouline and Marc Andersen's hedge fund Axial Capital Management are at it again. They've purchased an additional 100,000 shares of QLT Inc (QLTI) at a price of $5.70. The purchase, which took place on August 11th, 2010, means that Assouline & Andersen's hedge fund now owns 6,441,812 QLTI shares. As we've extensively detailed, Axial has been buying QLTI over the course of a few months.

Some investors have categorized QLT Inc as a value trap while others think of it as a 'cigarette-butt' value play. Essentially, many investors are betting on the biotech company's royalty stream. Those categorizing it as a value trap think that this royalty stream, while healthy now, is likely to decline. Andersen and Assouline obviously disagree with that take since they have been accumulating shares.

Axial Capital was listed as one of Institutional Investor's 'Hedge Fund Rising Stars.' The hedge fund was seeded back in 2005 by Julian Robertson and offices at the same 101 Park Avenue address as legendary hedge fund Tiger Management. You can view the proverbial Tiger Family Tree of managers that Robertson has spawned or seeded.

Taken from Google Finance, "biotechnology company. The Company is engaged in the development and commercialization of therapies for the eye. The Company focuses on its commercial product, Visudyne, for the treatment of wet age-related macular degeneration (wet AMD), and developing its ophthalmic product candidates."

To see what other top managers are up to, head to our collection of recent hedge fund investor letters.

Hedge Fund Axial Capital Buys More QLT Inc (QLTI)

Eliav Assouline and Marc Andersen's hedge fund Axial Capital Management just filed a Form 4 with the SEC regarding shares of QLT Inc (QLTI). Per the filing, Axial purchased 37,226 shares of QLTI at $5.72 per share. This brings their cumulative position in the name to 6,341,812 shares. As we've detailed a few times prior, Axial has been accumulating QLTI shares with purchases in early June and early July as well.

Axial was seeded by legendary hedgie Julian Robertson back in 2005 and the hedge fund resides in the same offices as Tiger Management at 101 Park Avenue. You can view the proverbial 'Tiger Family Tree' of managers that Robertson has seeded/spawned there. Axial was recently mentioned as one of Institutional Investor's 'Hedge Fund Rising Stars.'

Taken from Google Finance, QLT Inc is "engaged in the development and commercialization of therapies for the eye. The Company focuses on its commercial product, Visudyne, for the treatment of wet age-related macular degeneration (wet AMD), and developing its ophthalmic product candidates."

To see what other prominent managers are buying, head to our hedge fund portfolio tracking series and scroll through the latest developments.

Hedge Fund Axial Capital Again Adds To QLT Inc (QLTI) Stake

Literally two days ago we detailed how Eliav Assouline and Marc Andersen's hedge fund Axial Capital was buying shares of QLT Inc (QLTI). This trend continues as Axial recently filed another Form 4 with the SEC regarding QLTI shares. On July 6th, 2010, Axial purchased 109,157 shares of QLT Inc. at a price of $5.79 per share. This brings their total ownership up to 6,304,586 shares. Eliav and Andersen's hedge fund has been accumulating shares over the span of a few months now, continuing to buy as QLTI trades lower.

The interesting thing with this play is that many have characterized QLT Inc as a value trap or a 'cigarette-butt' type of investment. It is essentially a play on the biotech company's royalty stream. Some argue that while the stream is healthy now, it is likely to decline. Assouline and Andersen seem to disagree as they continue to accumulate shares.

A little background on the firm for those unfamiliar: Julian Robertson seeded Axial in 2005 and the hedge fund actually resides in the same offices as legendary Tiger Management at 101 Park Avenue. You can view the proverbial 'Tiger Family Tree' of hedge fund managers that Robertson has spawned via that link. As of Axial's last 13F filing, they disclosed $799 million in assets invested in US equities.

Taken from Google Finance, "biotechnology company. The Company is engaged in the development and commercialization of therapies for the eye. The Company focuses on its commercial product, Visudyne, for the treatment of wet age-related macular degeneration (wet AMD), and developing its ophthalmic product candidates."

Stay up to date with the latest investments from top hedge fund managers at MarketFolly.com.

Hedge Fund Axial Capital Buys More QLT Inc (QLTI)

Eliav Assouline and Marc Andersen's hedge fund firm Axial Capital Management recently filed a Form 4 with the SEC regarding shares of QLT Inc (QLTI). Per the filing, we see that Axial bought 419,200 shares of QLTI spread out over the course of three days. They purchased:

139,200 shares at $5.74 on June 30th, 2010
80,000 shares at $5.75 on July 1st, 2010
200,000 shares at $5.73 on July 2nd, 2010

After their purchases, Axial's total position in QLTI totals 6,195,429 shares. This is not the first time Assouline and Andersen's hedge fund have bought shares recently either. Back in early June, Axial bought QLTI at an average cost of $6.20. Shares have obviously decreased drastically in the one month that's elapsed and that has whet their appetite for more shares.

This is only the third time we've covered Assouline and Andersen's hedge fund as our previous posts include detailing their addition to another position as well. Julian Robertson seeded Axial in 2005 and the hedge fund offices out of Tiger Management's old headquarters at 101 Park Avenue. You can view the proverbial 'Tiger Family Tree' of hedge fund managers here. As of their last 13F filing, Axial disclosed $799 million in assets invested in US equities.

Taken from Google Finance, QLT is "biotechnology company. The Company is engaged in the development and commercialization of therapies for the eye. The Company focuses on its commercial product, Visudyne, for the treatment of wet age-related macular degeneration (wet AMD), and developing its ophthalmic product candidates."

For more of the latest moves from prominent investment managers, stay up to date with our daily hedge fund portfolio tracking series.

Eliav Assouline & Marc Andersen's Axial Capital Acquire QLTI Shares

Eliav Assouline and Marc Andersen's hedge fund Axial Capital recently filed a Form 4 with the SEC regarding shares of QLT Inc (QLTI). We see that Axial acquired 100,000 shares at a price of $6.24 on June 4th as well as 100,000 shares on June 7th at $6.27 and finally 100,000 shares on June 8th at $6.10. In total, they acquired 300,000 new shares and their total position now stands at 5,776,229 shares. QLTI is currently trading slightly below their purchase price at around $6.01.

This is only the second time we've detailed portfolio movements from Assouline and Andersen's firm but we will continue to do so in the future. (We previously posted when Axial added to another position as well). Axial was founded in 2005, was seeded by legendary hedgie & Tiger Management founder Julian Robertson and in fact offices out of 101 Park Avenue, the prior address of famed Tiger Management. As such, Axial is a 'Tiger Seed' and you can view the proverbial Tiger Management family tree here. As of their last 13F filing, Axial Capital reported assets to the SEC totaling $799 million.

Taken from Google Finance, QLT is "biotechnology company. The Company is engaged in the development and commercialization of therapies for the eye. The Company focuses on its commercial product, Visudyne, for the treatment of wet age-related macular degeneration (wet AMD), and developing its ophthalmic product candidates."

For more of the latest moves from prominent investment managers, stay up to date with our daily hedge fund portfolio tracking series.