Hedge Fund Sentiment Has This To Say About Steven Cohen And Steven Boyd’s Latest Moves

Armistice Capital is a long/short, value-oriented and event-driven hedge fund firm established by Steven Boyd in July 2012. The investment firm primarily focuses on identifying investment opportunities with an attractive risk/reward ratio, and makes concentrated bets on underfollowed companies. Armistice Capital was titled the best hedge fund at the Americas Awards 2013, after delivering a return of 48% during its first year of existence. Steven Boyd’s investment firm manages an equity portfolio worth $278.40 million.

Let’s now focus our attention on XenoPort Inc. (NASDAQ:XNPT), a biopharmaceutical company that focuses on the development of drugs for the treatment of neurological and other disorders. The stock has been hit by the recent selloff within the biotech industry, having lost more than 44% over the past month. In a broader sense, the shares of XenoPort do not look any stronger, given that they have plummeted by 56% year-to-date. Just a few days ago, the company announced that it would cease to develop the XP23829 drug on its own. As a result, XenoPort is focusing its efforts on maximizing the value of its commercial product HORIZANT for the treatment of restless leg syndrome.

Meanwhile, the biopharmaceutical company lost some of its allure within the hedge fund industry during the second quarter, as the number of top money managers invested in the stock decreased to 16 from 20 quarter-over-quarter. Even so, these investors still stockpiled 27.80% of XenoPort’s outstanding common stock at the end of June. The value of hedge funds’ positions in the stock decreased to $106.80 million from $115.91 million during the June quarter. Samuel Isaly’s Orbimed Advisors is one of the top equity holders of XenoPort Inc. (NASDAQ:XNPT) within our database, owning nearly 5.77 million shares.

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