Hedge Fund Bridger Management Boosts XenoPort (XNPT) Position

Roberto Mignone's hedge fund Bridger Management filed a 13G with the SEC after market close today regarding shares of XenoPort (XNPT). Due to portfolio activity on July 7th, Bridger has disclosed a 6.6% ownership stake in XNPT with 2,000,000 shares. This marks a 42.8% increase in their position size as they previously owned 1,400,000 shares back on March 31st, 2010.

In past coverage, we've seen a divergence of opinion regarding XenoPort amongst hedge funds. Back in May of this year, Steve Cohen's hedge fund SAC Capital showed a XNPT stake while Lee Ainslie's Maverick Capital sold out of the name back in the first quarter. Shares of XenoPort have recently sold off hard from $9 per share down to now around $6.

Prior to founding Bridger Management, Mignone co-founded Blue Ridge Capital with John Griffin. Before that, he worked at Julian Robertson's Tiger Management and Mignone received both his undergraduate degree and MBA from Harvard. Other recent portfolio maneuvering we've seen from Bridger includes adding to their iStar Financial stake. Mignone also in the past has detailed his investment thoughts for 2010 at a hedge fund panel.

Taken from Google Finance, Xenoport is "a biopharmaceutical company focused on developing and commercializing a portfolio of internally discovered product candidates, which utilizes the body’s natural nutrient transport mechanisms to improve the therapeutic benefits of existing drugs".

For more on Roberto Mignone's hedge fund, head to other recent portfolio activity from Bridger.

Steve Cohen's Hedge Fund SAC Capital Discloses XenoPort Position (XNPT)

Due to activity on May 14th, 2010, Steven Cohen's hedge fund firm SAC Capital has disclosed a new position in XenoPort (XNPT). As per a 13G filed with the SEC, SAC Capital shows a 6.0% ownership stake in the company with 1,819,228 shares. Again, this is a new position for them as they did not own it in their previous portfolio disclosure as of March 31st, 2010.

Please also keep in mind that SAC is a trading oriented firm and moves in and out of positions much quicker than the fundamental hedge funds we typically track. Of the prominent hedge funds we cover, we've only seen one other firm previously own shares of XNPT. Lee Ainslie's firm had a position in XenoPort, but Maverick Capital just sold out in the first quarter. Regarding other recent portfolio activity from Steven Cohen's firm, we saw that they raised their stake in Inspire Pharma (ISPH) and updated their position in The Talbots (TLB).

Taken from Google Finance, XenoPort is "a biopharmaceutical company focused on developing and commercializing a portfolio of internally discovered product candidates, which utilizes the body’s natural nutrient transport mechanisms to improve the therapeutic benefits of existing drugs."

For more of the latest investments from top managers, head to our hedge fund portfolio tracking series.