In a filing out on Tuesday after the market closed, hedge fund manager Steve Cohen revealed an 8.3% ownership stake in tiny company Celator Pharmaceuticals.
You might recognize the name. Celator shares jumped 432% in trading on Tuesday after announcing a successful test of its new drug targeting a form of leukemia.
Through his family-office fund, Point72 Asset Management, Cohen acquired just over 2.8 million shares some time in the past 10 days.
This position stood as of Monday's close.
Tuesday's disclosure came in a 13G filing, required whenever an investor takes a stake in a company equal to more than 5% of a company. Investors have a 10-day period from the time of purchase to disclose this position.
Based on Tuesday's trading, Cohen's stake increased in value by about $20.7 million from Monday's close to Tuesday's. Tuesday's filing doesn't say what Cohen's cost basis for the stake is.
Each share of Celator has been trading between about $1.50 and $2.10 over the last few weeks.
So while this isn't a huge part of Cohen's portfolio — Point72 has around $11 billion in assets — it's not bad for a day's work.
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