I think many veterans have sold out. Even I sold half my position at about 1.70. I think the divi announcement is great news-- shows that new management is committed to paying divis. However, with the fast depleting royalties, there isn't much upside here. Unless, miraculously, something comes from the belrose deal.
I need a lot more coffee. My spelling is horrible! Sorry about that!
This is good news. How does this figure into the big picture though?
I'll happily sit on my stock and collect a couple more healthy sized dividend payments.
Sentiment: Strong Buy
I am now in the black! I'll take a couple healthy sized dividend payments a year on my small position. This is great news.
Sentiment: Strong Buy
I found information from investpedia: "Generally, special dividends are declared after exceptionally strong company earnings results as a way to distribute the profits directly to shareholders."
On December 5, 2013, the Board of Directors of Enzon Pharmaceuticals, Inc. (the "Company") declared a special cash dividend of $0.45 per share of the Company's common stock, payable on December 23, 2013 to stockholders of record as of December 16, 2013.
enzn went from $1.65 to $65 , broker sold my 6,000 shares , enzn was the first PEG--6 weeks later -Roche had a PEG drug ----
What happens next might depend on which hand he's using to hold it? So far he hasn't been able to get it up and Nasdaq is now at 4000.
If you catch my drift, the last few years with the activists seem to have been mostly about self-pleasuring.
Enzn is a disaster of a company. PEG sales declining sharply every Q. New Hep C drugs coming soon. Royalties expiring pretty soon. I've owned this once-promising company for years. At this point, I'm not selling anymore, but only because the market cap is so low. I have no faith. They have 21m in cash, which is nice. They netted 8m in royalties this Q. If they can cut back further in expenses, continue to get a decent royalty payment, and actually pay out dividends as promised, you should at least break even here. Maybe some wildcard--like a sale-- will put you into the green.
The company is cash flow positive the hedge funds are holding onto their ENZN shares. Nothing horrible is going on here. I'm wondering what's next?
Do you think it's possible that they want to sell to Merck and Merck will only buy if the price is right. Meaning 3 or 4 a share and minimal overhead in terms of taking over ENZN's operations?
Merck is still moving PegIntron so this drug should still hold a lot of value for them.
Klarman's Baupost (I cut out the extraneous buy hold sell stuff)
4:34 PM ET, 11/13/2013 - Street Insider
Seth Klarman'sBaupost Group released its 13F for the quarter ended September 30, 2013. Below is a summary compared to the prior quarter. NOTE: Equities only make up a minor portion of Baupost's portfolio.
Maintained Stakes AVEO PHARMA (NASDAQ: AVEO) maintained 3,829,350 share stake Citigroup, Inc. (NYSE: C) maintained 94,246,007 share stake Enzon Pharmaceuticals, Inc. (NASDAQ: ENZN) maintained 7,691,453 share stake NovaCopper, Inc. (NYSE: NCQ) maintained 5,005,298 share stake NovaGold Resources, Inc. (NYSE: NG) maintained 21,688,300 share stake Oracle Corp. (NASDAQ: ORCL) maintained 2,386,890 share stake ROVI (NASDAQ: ROVI) maintained 6,160,000 share stake Syneron Medical Ltd (NASDAQ: ELOS) maintained 4,000,000 share stake Viasat, Inc. (NASDAQ: VSAT) maintained 11,000,000 share stake