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TheStreet Open House

SAC Upped Dendreon Exposure Before Blowup

Stocks in this article: DNDN AMGN BIIB GILD AMRN ACOR PFE

BOSTON ( TheStreet) -- More evidence emerged Monday suggesting billionaire hedge fund manager Steven Cohen lost a bundle when Dendreon (DNDN) blew up.

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 Amgen (AMGN - Get Report), Biogen Idec (BIIB - Get Report), Allos Therapeutics (ALTH), Cubist Pharmaceuticals (CBST), Gilead Sciences (GILD - Get Report) and Inspire Pharmaceuticals (ISPH) during the second quarter, according to the fund's 13F.

SAC increased positions in Acorda Therapeutics (ACOR - Get Report), Human Genome Sciences (HGSI), Amarin (AMRN), InterMune (ITMN), Pfizer (PFE - Get Report), and Amylin Pharmaceuticals (AMLN).

--Written by Adam Feuerstein in Boston.



>To contact the writer of this article, click here: Adam Feuerstein.

>To follow the writer on Twitter, go to http://twitter.com/adamfeuerstein.

>To submit a news tip, send an email to: tips@thestreet.com

Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

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