) -- More evidence emerged Monday suggesting billionaire hedge fund manager Steven Cohen lost a bundle when
Cohen's SAC Capital Advisors increased its monstrous Dendreon position by 5% to 8.6 million shares, or $351 million, at the end of the June quarter, according to the fund's 13F filed with the Securities and Exchange Commission Monday night.
Dendreon was the largest single stock holding by position value in SAC's portfolio, according to the new 13F.
It's not known if Cohen sold any or all of his Dendreon position (or was hedged with a short position) before the company reported
disastrous second-quarter results
on Aug. 3 due to slower-than-expected sales of its Provenge prostate cancer therapy. But if Cohen held those 8.6 million shares of Dendreon, his fund would have lost more than $200 million.
Hedge funds that manage more than $100 million are required to disclose their equity holdings, options and convertible debt on a Form 13F filed SEC within 45 days of the end of a quarter. Funds aren't required to report short positions betting on declines. SAC Capital Advisors ended the second quarter with 2,033 reported holdings with a market value of $17.4 billion.
In other biotech and drug holdings, SAC eliminated entirely or sold large stakes in
(AMGN - Get Report)
(BIIB - Get Report)
(GILD - Get Report)
during the second quarter, according to the fund's 13F.
SAC increased positions in
(ACOR - Get Report)
Human Genome Sciences
(PFE - Get Report)
--Written by Adam Feuerstein in Boston.
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