ouch sac and dndn

Discussion in 'Wall St. News' started by Free Thinker, Aug 16, 2011.

  1. proof even the gurus screw up at times.

    SAC Upped Dendreon Exposure Before Blowup

    By Adam Feuerstein 08/15/11 - 05:46 PM EDT
    Cohen's SAC Capital Advisors increased its monstrous Dendreon position by 5% to 8.6 million shares, or $351 million, at the end of the June quarter, according to the fund's 13F filed with the Securities and Exchange Commission Monday night.

    Dendreon was the largest single stock holding by position value in SAC's portfolio, according to the new 13F.

    It's not known if Cohen sold any or all of his Dendreon position (or was hedged with a short position) before the company reported disastrous second-quarter results on Aug. 3 due to slower-than-expected sales of its Provenge prostate cancer therapy. But if Cohen held those 8.6 million shares of Dendreon, his fund would have lost more than $200 million.