Billionaire Steven Cohen is bullish on Amag Pharmaceuticals Inc. (NASDAQ:AMAG), as his family office has disclosed a fresh stake in the company. According to a recent filing with the Securities and Exchange Commission, Mr. Cohen’s Point72 Asset Management holds some 1.73 million shares of the company, which account for approximately 5% of its outstanding stock.
Amag Pharmaceuticals Inc. (NASDAQ:AMAG) provides products and services in the areas of maternal health, anemia management and cancer supportive care. So far this year, the stock has been on a roller coaster, having ended yesterday’s trading session at $24.95 per share, down by roughly 16% year-to-date. However, shares have gained 5.59% this morning following the reveal of Mr. Cohen’s position. Amag Pharmaceuticals is scheduled to release its latest quarterly financial report on August 9 before the opening bell, with analysts projecting $128 million in revenue, which would imply a 3% year-over-year growth, and earnings of $1.20 per share.
At the end of the first quarter, roughly 35% of Amag Pharmaceuticals Inc. (NASDAQ:AMAG)’s common stock was held by 25 of the hedge funds tracked by Insider Monkey. William Leland Edwards‘ Palo Alto Investors held a sizable position at the end of March consisting of 2.91 million shares, up by 3% for the quarter. On the other hand, Phill Gross and Robert Atchinson chose to reduce their exposure to the stock, having dumped 14% of their holding during the quarter. In its latest 13F filing, their firm Adage Capital Management indicated ownership of 2.25 million shares of Amag.
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|
|Cubist Systematic Strategies||0||4,992||0||4,992||4,992||Less than 0.1%|
|EverPoint Asset Management||0||1,025,000||0||1,025,000||1,025,000||3.0%|
|Steven A. Cohen||0||1,731,792||0||1,731,792||1,731,792||5.0%|
Page 1 of 11 – SEC Filing
(Amendment No. )*
AMAG PHARMACEUTICALS, INC.
Common Stock, Par Value $0.01 Per Share