Six hedge funds lost a bundle because Dendreon, the maker of prostate cancer drug Provenge, declined 66% after revealing disappointing sales numbers. The stock lost more than $23.50 so far today. Here are the 6 hedge funds killed by the decline in Dendreon:
1. Steve Cohen – SAC Capital: Lost $193 Million
2. Brookside Capital – Bain Capital: Lost $111 Million
3. George Soros – Soros Fund Management: Lost $110 Million
4. Samuel Isaly – OrbiMed Advisors: Lost $32 Million
5. Ken Griffin – Citadel: Lost $23 Million
6. Israel Englander – Millennium Management: Lost $22 Million
You can see the rest of the losers here. These calculations assumed that these hedge funds didn’t increase or reduce their stock positions in Dendreon (DNDN) since the end of March. We also didn’t take into account their option positions.