Acorda Therapeutics Inc (ACOR)’s Shares Jump After Dismissal Of Patent Challenge From Hedge Fund Manager Kyle Bass

Among the hedge funds that we track at Insider Monkey, Adage Capital Management, led by Phill Gross and Robert Atchinson, was the largest shareholder of the company, having 1.00 million shares worth $33.33 million in its portfolio at the end of the second quarter. Partner Fund Management and Baker Bros. Advisors were other primary shareholders of the company, with 817,396 shares and 738,916 shares, respectively. Armistice Capital, led by Steven Boyd, initiated a new position in Acorda Therapeutics Inc (NASDAQ:ACOR) during the second quarter, including 186,000 shares valued at $6.20 million. Dmitry Balyasny‘s Balyasny Asset Management was another investment firm initiating a new position of 113,568 shares of the biopharmaceutical company.

Considering the drop in overall hedge fund holdings, it is safe to say that some hedge funds disposed of their stakes in the company during the second trimester. Highbridge Capital Management, led by Glenn Russell Dubin, and Two Sigma Advisors, led by John Overdeck and David Siegel, were two of them, selling out of their entire stakes in Acorda Therapeutics during the second quarter.

Considering the negative hedge fund sentiment and poor share performance in 2015, we do not recommend investing in Acorda Therapeutics Inc (NASDAQ:ACOR) at the moment, despite its apparent victory over Bass.

Disclosure: None