(GuruFocus, August 11, 2009) Investment Gurus Seth Klarman has sold out shares in Protein Design Labs Inc.(PDLI, Financial) and reduced shares in Horizon Lines Inc. (HRZ, Financial). On July 31, he sold all his shares (15.5 million shares) of PDLI at the price of 8.24 per shares, and reduced his holdings in HRZ by 39.61% at the price of $5.01 per share. After the sale, he still holds 2,199,129 shares of HRZ.
1. Protein Design Labs Inc. (PFLI)
Protein Design Labs Inc. is a biopharmaceutical company focused on the research development and commercialization of novel therapies for inflammation and autoimmune diseases acute cardiac conditions and cancer. PDL markets several biopharmaceutical products in the United States through its hospital sales force and wholly-owned subsidiary ESP Pharma Inc. PDL BioPharma Inc. has a market cap of $1.02 billion; its shares were traded at around $8.53 with a P/E ratio of 7.8 and P/S ratio of 3.5. The dividend yield of PDL BioPharma Inc. stocks is 11.7%.
Klarman’s action is a contradictory to those of PDLI’s insiders: Recently, Director Jody S Lindell bought 3,000 shares of PDLI stock on 06/15/2009 at the average price of $7.76; Director Paul W Sandman bought 10,000 shares of PDLI stock on 04/08/2009 at the average price of $7.38; the price of the stock has increased by 15.58% since.
Klarman started to own a small position (461,600 shares) in PDLI in 1Q08 but quickly he increased to 14.8 million shares in 2Q08. He owned 15.6 million shares by the end of 1Q09. The July 31 transaction rid him of all shares.
2. Horizon Lines Inc (HRZ)
Horizon Lines Inc. is a Jones Act container shipping and integrated logistics company. It accounts for total U.S. marine container shipments from the continental U.S. to the three non- contiguous Jones Act markets Alaska Hawaii and Puerto Rico and to Guam. Horizon Lines Inc. has a market cap of $155.7 million; its shares were traded at around $5.16 with a P/E ratio of 8.5 and P/S ratio of 0.1. The dividend yield of Horizon Lines Inc. stocks is 8.5%.
Klarman traded in and out of HRZ since 4Q05. As of March 31, Klarman owns 3,641,545 shares. After the July 3 trade, he still held 2,199,129 shares.
HRZ Chairman and CEO seems to agree with Klarman. Several insiders sold shares lately: Chairman, President and CEO Charles G Raymond sold 6,000 shares of HRZ stock on 07/29/2009 at the average price of $4.92; and he has sold 6,000 at the end of each month since March, 2009.
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1. Protein Design Labs Inc. (PFLI)
Protein Design Labs Inc. is a biopharmaceutical company focused on the research development and commercialization of novel therapies for inflammation and autoimmune diseases acute cardiac conditions and cancer. PDL markets several biopharmaceutical products in the United States through its hospital sales force and wholly-owned subsidiary ESP Pharma Inc. PDL BioPharma Inc. has a market cap of $1.02 billion; its shares were traded at around $8.53 with a P/E ratio of 7.8 and P/S ratio of 3.5. The dividend yield of PDL BioPharma Inc. stocks is 11.7%.
Klarman’s action is a contradictory to those of PDLI’s insiders: Recently, Director Jody S Lindell bought 3,000 shares of PDLI stock on 06/15/2009 at the average price of $7.76; Director Paul W Sandman bought 10,000 shares of PDLI stock on 04/08/2009 at the average price of $7.38; the price of the stock has increased by 15.58% since.
Klarman started to own a small position (461,600 shares) in PDLI in 1Q08 but quickly he increased to 14.8 million shares in 2Q08. He owned 15.6 million shares by the end of 1Q09. The July 31 transaction rid him of all shares.
2. Horizon Lines Inc (HRZ)
Horizon Lines Inc. is a Jones Act container shipping and integrated logistics company. It accounts for total U.S. marine container shipments from the continental U.S. to the three non- contiguous Jones Act markets Alaska Hawaii and Puerto Rico and to Guam. Horizon Lines Inc. has a market cap of $155.7 million; its shares were traded at around $5.16 with a P/E ratio of 8.5 and P/S ratio of 0.1. The dividend yield of Horizon Lines Inc. stocks is 8.5%.
Klarman traded in and out of HRZ since 4Q05. As of March 31, Klarman owns 3,641,545 shares. After the July 3 trade, he still held 2,199,129 shares.
HRZ Chairman and CEO seems to agree with Klarman. Several insiders sold shares lately: Chairman, President and CEO Charles G Raymond sold 6,000 shares of HRZ stock on 07/29/2009 at the average price of $4.92; and he has sold 6,000 at the end of each month since March, 2009.
GuruFocus provides Real Time Guru Picks and Insider Buys/Sells information for Premium Member. If you are not a premium member, click here to sign up or upgrade. 7-Day Free Trial is available.Also check out:
