market folly

Seth Klarman's hedge fund firm Baupost Group has filed an amended 13G with the SEC regarding Enzon Pharmaceuticals (ENZN).  Per the filing, Baupost no longer owns a stake in the company.

The filing was made due to activity on March 31st.  Shares are trading under $1 now.  Baupost was out trimming its ENZN stake in January as well.  The hedge fund originally initiated their ENZN position in 2009 at much higher prices.

Per Google Finance, Enzon Pharmaceuticals is "a biotechnology company. The Company’s drug development programs utilize two platforms: Customized PEGylation Linker Technology (Customized Linker Technology) and third-generation messenger ribonucleic acid (mRNA) antagonists utilizing the Locked Nucleic Acid (LNA) technology. The Company has four compounds in human clinical development, a PEGylated version of the active metabolite of the cancer drug, irinotecan, PEG-SN38, and mRNA antagonists Survivin and the Androgen Receptor (AR). In addition, it has mRNA antagonist targets in various stages of preclinical research. The Company receives royalty revenues from licensing arrangements with other companies related to sales of products developed using its Customized Linker Technology-PEGINTRON. It is also using LNA technology to develop mRNA antagonists against oncology targets."