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.
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.
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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% |
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Page 1 of 9 – SEC Filing
(Amendment No. )*
| [ ] | Rule 13d-1(b) | ||
| [X] | Rule 13d-1(c) | ||
| [ ] | Rule 13d-1(d) |
