SAC Capital Now Owns 4,033,829 Shares of ISPH
In a Form 13G filing released by the SEC earlier today, SAC Capital Advisors LP (and another company that Steven Cohen has direct control over, CR Intrinsic Investors, LLC) announced that it had acquired a 4.9% stake in Inspire Pharmaceuticals Inc (ISPH).
According to the filing, the Form 13G lists April 16th, 2010 as the "date of event which requires filing of this statement."
At the end of Q4/2009, SAC Capital revealed that they owned just a tiny 3,932 share position (valued at about $22,000) in Inspire Pharmaceuticals. So, between December 31st and April 16th, SAC Capital Advisors LP acquired more than 4 million shares of the company.
According to the Form 13G, SAC Capital Advisors LP owns 3,155,229 shares of ISPH (3.8% stake), while CR Intrinsic Investors, LLC owns the remaining 878,600 shares (1.1% stake). SAC's position includes "50,000 shares subject to call option held by SAC Capital Associates".
As mentioned, Steven Cohen has direct control over both of these companies.
A number of the funds that we track in our database held positions in ISPH at the end of the fourth quarter. They were:
Renaissance Technologies LLC - 11,800 shares
SAC Capital Advisors LP - 3,932 shares
Citadel Advisors LLC - 3,139 shares
Diamondback Capital Management LLC - 368,085 shares
Baker Bros Advisors LLC - 3,608,190 shares
D.E. Shaw & Co. Inc - 300,439 shares
Delaware Management Business Trust - 25,500 shares
Fortis Investment Management - 240,529 shares
Jennison Associates LLC - 1,900,000 shares
ISPH is currently trading at $6.90, which is right near its 52 week high of $7.10.
The stock recently rose after "the company's partner said that it received approval in Japan for the dry-eye treatment diquafosol."
Wedbush Morgan currently has a "neutral" rating on ISPH with a price target of $13/share.
Note: this was a Form 13G filing from SAC Capital, which means that it is a "passive" investment.
Source: SAC Capital Form 13G Filing for ISPH
Source: Davemanuel.com ISPH Quote