Steve Cohen disclosed a 2.8 million-share stake in a tiny pharmaceutical company that jumped 432% on Tuesday .
Business Insider By Bob Bryan /// Wed, Mar 16, 2016 .
In a filing out Tuesday after the market close, hedge fund manager Steve Cohen revealed an 8.3% ownership stake in tiny pharmaceutical company Celator Pharmaceuticals.
You might recognize the name: Celator shares jumped 432% in trading Tuesday after announcing a successful test of its new drug targeting a form of leukemia.
Through his family-office fund Point72 Asset Management, Cohen acquired just over 2.8 million shares some time over the past 10 days.
This position stood as of Monday's close.
Tuesday's disclosure came in a 13G filing, required whenever an investor takes a stake in a company equal to more than 5% of a company. Investors have a 10 day period from the time of purchase to disclose this position.
Based on Tuesday's trading, Cohen's stake increased in value by about $20.7 million from Monday to Tuesday's close. Tuesday's filing doesn't say what Cohen's cost-basis for the stake is.
Shares of Celator has been trading between about $1.50 and $2.10 per share over the last few weeks.
So while this isn't a huge part of Cohen's portfolio — Point72 has around $11 billion in assets — it's not bad for a days work.
