Mangrove Partners has reported a 6.90 percent stake worth $4.67 million in Nabi Biopharmaceuticals (Nasdaq:NABI), according to an SEC filing.

The New York-based hedge fund sponsor said it owned 2.96 million shares in the Rockville, Md.-based drug developer. The stake’s value is based on the stock’s closing price of $1.58 per share on June 29.

Mangrove holds the stake through Mangrove Partners Fund LP, Mangrove Capital and founder Nathaniel August. Founded by August in 2010, Mangrove Partners is a value-oriented Investment manager.

Nabi Biopharmaceuticals develops products to treat nicotine addiction It is currently developing NicVAX, a vaccine to prevent smoking relapse.

Form 13G filing: http://tinyurl.com/73zlmbc