Regeneron Pharmaceuticals Inc.’s (REGN) shares rose 13.73% in trading on Monday after U.S. regulators approved its “drug Eylea to treat a leading cause of blindness in the elderly, handing the company a second product to sell and inserting a market challenger to Roche Holding AG (RHHBY, ROG.VX),” reports the Wall Street Journal. “Shares in Regeneron were halted before the news. The stock closed Friday down 2.6% at $49.81.” REGN was trading at $56.65 at 1:40pm EST Monday.
Leonard S. Schleifer, Regeneron Chief Executive, said Friday that REGN, “planned to make Eylea available to patients ‘within the next few days’ after the U.S. Food and Drug Administration approved it to treat wet age-related macular degeneration.”
The following hedge funds made the most on the news:
1. Qvt Financial – Daniel Gold: Gained $2.1 million
2. Royce & Associates – Chuck Royce: Gained $684,000
3. Orbimed Advisors – Samuel Isaly: Gained $527,000
4. Highbridge Capital Management – Glenn Russell Dubin: Gained $372,000
5. D E Shaw – D. E. Shaw: Gained $236,000
6. Hbk Investments – David Costen Haley: Gained $196,000
7. Sac Capital Advisors – Steven Cohen: Gained $107,000
8. Millennium Management – Israel Englander: Gained $90,000
9. Aqr Capital Management – Cliff Asness: Gained $44,000
10. Citadel Investment Group – Ken Griffin: Gained $3,300
DISCLAIMER: These calculations assume that these hedge funds did not increase or reduce their stock positions in REGN since the end of June. We did not take into account their option positions.