The FBI and SEC are reviewing InterMune trades in the first half of 2010 made by SAC, the $14 billion hedge fund managed by Steven Cohen, reports Reuters and Bloomberg, each citing anonymous sources.
SAC owned 1.9 million shares of InterMune at the end of the first quarter 2010, a new holding for the hedge fund, according to a regulatory filing. By the end of the second quarter 2010, SAC had reduced its InterMune stake to 10,983 shares, according to a regulatory filing.
These SAC trades bracketed a volatile three-month period for InterMune shares during which the company was seeking FDA approval for Esbriet, a new treatment for the progressive and fatal lung disease idiopathic pulmonary fibrosis.
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