Large Hedge Fund Getting Hit on Gilead (GILD) News
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At least one large hedge funds might be felling a pinch Friday following news out of Gilead Sciences (Nasdaq: GILD).
Earlier in the session, Gilead reported that a "the majority of hepatitis C genotype 1 patients with a prior "null" response to an interferon (IFN)-containing regimen enrolled in the ongoing ELECTRON study experienced viral relapse within four weeks of completing 12 weeks of treatment with GS-7977 plus ribavirin (RBV)." Well, you dont want viral relapse, particularly with your key drug candidate.
Unfortunately, that's not good for Steven Cohen or his fund SAC Capital. According to data for the last quarter, SAC added 3,908,337 shares of Gilead to its holdings, brining the total amount to 3,913,627 shares.
With a share price of about $40 in the fourth-quarter, total value of the holding at December 31, 2011, was $156.3 million. Currently, Gilead is down 19.5 percent, or a paper loss of $30.5 million.
Earlier in the session, Gilead reported that a "the majority of hepatitis C genotype 1 patients with a prior "null" response to an interferon (IFN)-containing regimen enrolled in the ongoing ELECTRON study experienced viral relapse within four weeks of completing 12 weeks of treatment with GS-7977 plus ribavirin (RBV)." Well, you dont want viral relapse, particularly with your key drug candidate.
Unfortunately, that's not good for Steven Cohen or his fund SAC Capital. According to data for the last quarter, SAC added 3,908,337 shares of Gilead to its holdings, brining the total amount to 3,913,627 shares.
With a share price of about $40 in the fourth-quarter, total value of the holding at December 31, 2011, was $156.3 million. Currently, Gilead is down 19.5 percent, or a paper loss of $30.5 million.
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