Sunday, 29 November 2015
Last updated 1 day ago
Aug 5 2011 | 12:39pm ET
Paulson & Co. isn't the only big hedge fund nursing a nine-figure loss this summer.
When pharmaceutical company Dendreon Corp. withdrew its 2011 revenue estimate after it admitted it was still struggling to educate doctors about its new prostate-cancer drug, Provenge. That sent the company's shares down by two-thirds, and left SAC Capital Advisors with a paper loss of $196 million.
SAC's prostate problems follow Paulson's $574 million loss on Chinese timber company Sino-Forest last month. Sino-Forest shares plummeted by some 90% in the wake of a research report accusing the company of overstating its timberland holdings.
SAC is Dendreon's biggest shareholder, but not its only shareholder among hedge funds. Balyasny Asset Management, Citadel Investment Group, Healthcor Management, Millennium Management, Soros Fund Management and Visium Asset Management all owned sizeable stakes in the company, as well.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…