Madrigal Pharmaceuticals (MDGL)
Baker Bros. Advisors holds 1,545,113 common shares of Madrigal Pharmaceuticals, excluding 1.97 million and 400,000 Series A and B convertible preferred securities that cannot be converted due to ownership limitations. On June 15, Baker Bros. filed as an activist investor when co-founder Julian Baker and managing director Raymond Cheong were appointed to the board, with Julian Baker elected chairman. With an 8.4% stake, Baker Bros. remains one of Madrigal’s larger shareholders.
Increases in Holdings
Juniper Investment raised its position in medical device manufacturer Bioventus to 6,656,987 shares, excluding those held by Juniper co-founder John Bartholdson. From June 12 through June 15, Juniper Investment purchased 747,851 Bioventus shares at per-share prices ranging from $2.72 to $3.63. Following the fresh investment, Juniper Investment now holds 10.7% of Bioventus’ tradable stock. Bartholdson joined Bioventus’ board in January. Although it trades well below an all-time high of $19.94 reached in late June 2021, Bioventus has gained 15% year-to-date.
Decreases in Holdings
Coliseum Capital decreased its interest in the building-materials company to 4,772,485 shares. From June 12 through 16, Coliseum Capital sold 1,564,088 GMS shares at prices ranging from $66.01 to $68.80 each. Following those sales, Coliseum holds 11.6% of GMS’ outstanding stock.
GMS reported a strong fourth quarter on June 22. RBC Capital Markets analyst Mike Dahl lifted his price target on GMS stock to $68 from $55, and kept a Sector Perform rating. Dahl wrote in a research report, “[W]e still see a balanced risk/reward following the recent rally in the stock.”
Expro Group Holdings (XPRO)
Oak Hill Advisors reduced its holding in the well services firm to 17,774,045 shares, excluding shares underlying restricted stock. Oak Hill Advisors executed a block trade sale of 2,320,000 Expro Group shares at a price of $17.37 apiece on June 13. No reason was cited for the sale that leaves Oak Hill with nearly 16.4% of Expro Group’s tradable stock.
Mercury Systems (MRCY)
Starboard Value cut its stake by nearly a third in the government and aerospace contractor to 2,660,258 shares. Starboard Value sold 1,112,033 Mercury Systems shares at prices ranging from $40.78 and $43.19 apiece from June 6 through June 14.
Starboard now owns 4.6% of Mercury Systems, below the 5% threshold that would require the disclosure of any further Mercury Systems stock sales.