Adage Capital has more than doubled its stake in the renewable energy company SunEdison to 17 million shares, or 5.37 percent of the total outstanding, according to a regulatory filing. The Boston-based hedge fund firm said the stake was taken as of December 15. Good timing: The stock is up more than 20 percent since then, although it is still down about 80 percent since the summer. This would make Adage Sun Edison’s sixth-largest shareholder. As a result, five hedge fund firms now own more than 23 percent of the shares. They include Adage and four New York-based firms: Greenlight Capital, Valinor Management, SRS Investment Management and Glenview Capital Management.
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Adage said in a separate regulatory filing that it raised its stake in GenMark Diagnostics, Inc. to more than 2.1 million shares, or 5.04 percent of the molecular diagnostics company.
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Shares of Resource America surged 28 percent, to $4.61, on Thursday after Omega Advisors’ Leon Cooperman disclosed he owns 12.7 percent of the asset management firm. In a 13D filing, Cooperman says he has had discussions with management and the board of directors of the company, which has a $98 million market capitalization, and may have additional discussions with them and possibly other shareholders about the various issues surrounding the business, its finances, financial structure and board composition. The one-time Goldman Sachs partner also warned that he “may also take one or more” actions in the future to boost the stock price, in a filing that otherwise resorted to typical boiler-plate language frequently used by activists.
