Galleon's Biotech Stock Holdings: BioBuzz
NEW YORK, NY ( TheStreet) -- Galleon Group may be forced to sell its extensive biotech holdings as investors in the hedge fund seek to pull out their money following the arrest this week of founder Raj Rajaratnam on charges of alleged insider trading.
Galleon owns a long list of biotech stocks, but many of the fund's positions aren't particularly large, according to the fund's 13-F for the September quarter, filed with the Securities and Exchange Commission. Some of its holdings are in highly liquid stocks, so any selling that might occur could be easily sopped up by the market.
OSI Pharmaceuticals (OSIP), OncoGenex Pharmaceuticals (OGXI), Medivation (MDVN), Orexigen Therapeutics (OREX) and Biogen Idec (BIIB) are among the larger biotech stock positions held by Galleon, according to its SEC filing.
The fund holds numerous other smaller biotech holdings, including Acorda Therapeutics (ACOR), Dendreon (DNDN), Rigel Pharmaceuticals (RIGL), Optimer Pharmaceuticals (OPTR), Amylin Pharmaceuticals (AMLN) and Alexion Pharmaceuticals (ALXN).The biotech sector is underperforming the market today, with Galleon holding Oncogenex down 8%. But then, Medivation, another of the fund's holdings, is up 2% today. -- Reported by Adam Feuerstein in Boston
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV