Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Concordia International Corp (CXRX): Billionaire Steve Cohen’s Point72 Significantly Raises Stake

Page 1 of 9

Billionaire Steve Cohen‘s Point72 Asset Management recently filed a Form 13G with the Securities and Exchange Commission, in which it reported holding 2.97 million common shares of Concordia International Corp (NASDAQ:CXRX), that amass 5.8% of the company’s outstanding stock. This represents a significant increase in the stake held by the billionaire investor’s firm, as the fund previously owned just under 1.2 million shares according to its 13F filing for the end of June, released yesterday. The June 30 position also represented a big increase from the 65,100 shares that Point72 owned of Concordia Healthcare (the stock’s former name, under the ticker CXR) on March 31.

Concordia International, formerly known as Concordia Healthcare (as mentioned), is a pharmaceutical company with a focus on cancer, asthma, and Attention-Deficit Hyperactivity Disorder treatments. Recently, the company signed a cross currency swap agreement that should help “align its British pound-sterling (“GBP”) earnings and strong free cash flow with its debt obligations,” and minimize the effect of changes in the GBP-to-USD exchange rate. Over the past 12 months, the company’s shares have lost 87.83%. For the second quarter of 2016, Concordia International disclosed adjusted EPS of $1.38 and revenue of $231.7 million, missing analysts’ estimate of $1.44 in EPS, but topping their estimate of $231.3 million in revenue.

 

Steve Cohen SAC CAPITAL ADVISORS

Concordia International Corp (NASDAQ:CXRX) was in the portfolios of ten of the hedge funds in our database on March 31, down from 18 a quarter earlier. Ric Dillon’s Diamond Hill Capital owns 1.30 million shares of the stock on June 30, unchanged over the second quarter. David Gallo‘s Valinor Management owned 397,780 shares.

Follow Concordia International Corp.
Trade () Now!

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Point7 0 2,971,800 0 2,971,800 2,971,800 5.8%
Point7 0 2,971,800 0 2,971,800 2,971,800 5.8%
Cubist Systematic Strategies 0 519 0 519 519 Less than 0.1%
Steven A. Cohen 0 2,972,319 0 2,972,319 2,972,319 5.8%

Steve Cohen
Steve Cohen
Point72 Asset Management

Page 1 of 9 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
CONCORDIA INTERNATIONAL CORP.
(Name of Issuer)
Common Shares, No Par Value Per Share
(Title of Class of Securities)
20653P102
(CUSIP Number)
August 12, 2016
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[  ]
Rule 13d-1(b)
[X]
Rule 13d-1(c)
[  ]
Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Follow Concordia International Corp.
Trade () Now!
Page 1 of 9
Loading Comments...