Piper Sandler & Co. Q3 2022 vs. Q4 2022 13F Holdings Comparison: Changes in Top Holdings

Piper Sandler & Co.'s latest 13F filing with the Securities and Exchange Commission (SEC) shows the firm increased its position in Novavax Inc., KKR Real Estate Fin TR Inc., and Supernus Pharmaceuticals, among others, in the fourth quarter of 2022. At the same time, the company reduced its holdings in Teradyne Inc., Tilray Brands Inc., and Ligand Pharmaceuticals Inc., among others. Here's a closer look at the changes in Piper Sandler & Co.'s top holdings and what it could mean for investors.

Novavax Inc.

Piper Sandler & Co. increased its holdings in Novavax by a whopping 177.1%, according to the latest 13F filings. The firm now owns 19,748,000 shares, up from 7,233,000 shares in the third quarter of 2022. Novavax is a biotechnology company focused on developing vaccines and therapeutics for serious infectious diseases. The company's COVID-19 vaccine, NVX-CoV2373, received emergency use authorization from the U.S. Food and Drug Administration in December 2021. With the spread of the COVID-19 Omicron variant, Novavax's vaccine could be in high demand, which may explain Piper Sandler & Co.'s increased position in the company.

KKR Real Estate Fin TR Inc.

Piper Sandler & Co. also increased its holdings in KKR Real Estate Fin TR Inc., a real estate investment trust (REIT), by 109.8% in the fourth quarter of 2022. The firm now owns 11,164,000 shares, up from 5,289,000 shares in the previous quarter. KKR Real Estate Fin TR Inc.'s portfolio consists of senior loans secured by commercial real estate properties in the United States. The company has been steadily growing its loan portfolio, which could mean higher returns for investors. Additionally, with interest rates still low, investing in REITs like KKR Real Estate Fin TR Inc. could be an attractive option for investors seeking yield.

Supernus Pharmaceuticals

Supernus Pharmaceuticals is a specialty pharmaceutical company that develops and commercializes products for the treatment of central nervous system diseases. Piper Sandler & Co. increased its position in the company by 25.7% in the fourth quarter of 2022, owning 4,095,000 shares, up from 3,300,000 shares in the previous quarter. Supernus Pharmaceuticals has a strong presence in the epilepsy market, with two FDA-approved drugs for treating epilepsy. The company also has a robust pipeline of products in development, which may have increased its appeal to Piper Sandler & Co. and other investors.

Teradyne Inc.

On the other hand, Piper Sandler & Co. reduced its holdings in Teradyne Inc., a provider of automated test equipment, by 68.2% in the fourth quarter of 2022. The firm now owns 1,352,000 shares, down from 4,000,000 shares in the third quarter. Teradyne Inc. has been impacted by the global chip shortage, which has slowed down the production of its semiconductor testing equipment. The company's stock price has also been affected in recent months, declining from a high of $143.07 in July 2021 to around $80 per share in January 2022. Piper Sandler & Co.'s reduction in holdings may indicate a lack of confidence in Teradyne Inc.'s growth prospects in the short term.

Tilray Brands Inc.

Piper Sandler & Co. also reduced its holdings in Tilray Brands Inc., a Canadian cannabis company, by selling off its entire position of 235,000 shares. The company's stock price has been volatile in recent months, moving from a high of $17.84 in May 2021 to a low of $6.36 in December 2021. Tilray Brands Inc. faces intense competition in the cannabis industry, with several established players like Canopy Growth and Aurora Cannabis. Piper Sandler & Co.'s decision to sell off its position in Tilray Brands may signal concerns about the company's ability to compete effectively in this crowded market.

In conclusion, Piper Sandler & Co.'s latest 13F filings show the firm made significant changes to its holdings in the last quarter of 2022. The increases in Novavax Inc., KKR Real Estate Fin TR Inc., and Supernus Pharmaceuticals indicate that Piper Sandler & Co. is bullish on the potential of these companies. At the same time, the reductions in Teradyne Inc. and Tilray Brands Inc. suggest caution about these companies' growth prospects. However, it's important to remember that 13F filings are made several weeks after the end of the quarter and may not reflect the firm's current views on these companies. Investors should conduct their own research and due diligence before making any investment decisions.