Steven Cohen’s SAC Capital declared on October 14th that the firm has increased its passive stock position in Intermune Inc. (ITMN) to 3.37 million shares, giving a 5.2% stake of the company. SAC Capital reported only 595 thousand shares in ITMN in the second quarter, so now its position is more than quintuple. ITMN experienced a large slump in early August, and dropped by more than 40%. The stock has lost 35% year to date and is wavering throughout the third quarter. Steven Cohen might enter at about $21 in late September. The buy-side volume led to a 3-day’s rise since Steven Cohen passed the 5% threshold on October 3rd. The stock is now trading at 23.68%, up by 3% after Steven Cohen’s 13G filing.
Twenty hedge funds in Insider Monkey’s tracking list had ITMN in their portfolios in the second quarter. David Elliot Shaw’s D E Shaw increased its position by 177% and had 4.15 million shares, corresponding to a 6.4% stake. Anand Parekh’s Alyeska Investment Group increased its position by 55% to 3.10 million shares, giving a 4.78% stake. Daniel Gold’s Qvt Financial cut its position by 19% and retained 2.76 million shares, or 4.26% stake.
Stamford, Connecticut-based SAC Capital is founded by Steven Cohen in 1992. SAC is a diversified hedge fund that uses both fundamental and quantitative analysis based approaches. Cohen is one of the legendary traders and a billionaire. He is estimated to have an $8 Billion new worth.
Intermune Inc. is a biopharmaceutical company. It engages in developing and commercializing therapies in pulmonology and hepatology. The company primarily operates two product portfolios, including pulmonology product portfolio and hepatology product portfolio. The company was founded in 1998 and is based in Brisbane, California.