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BOSTON ( TheStreet) -- Billionaire hedge fund manager Steven Cohen was the largest and most noteworthy seller of troubled biotech firm Dendreon ( DNDN) during the third quarter, according to new regulatory filings Monday.

Cohen's SAC Capital Advisors dumped 8.36 million shares of Dendreon during the third quarter. Dendreon shares plummeted in early August after the company reported poor sales and offered a bleak financial outlook for its Provenge prostate cancer therapy.

Dendreon shares, at Monday's close of $7.27, are down 80% since early August.

More likely than not, SAC took a huge financial hit due to Dendreon's blow up, although the firm's exact losses in the position are not disclosed in the 13F filed with the Securities and Exchange Commission Monday night.

Dendreon was the largest single stock holding by position value in SAC's portfolio --$351 million. By contrast, Cohen's hedge fund owned just 241,700 shares of Dendreon with a value of $2.17 million at the end of the September quarter.

Other big sellers of Dendreon in the third quarter included George Soros' Soros Fund Management, which shed 2.4 million shares; and Brookside Capital Management, which dumped 1.2 million shares, according to regulatory filings.

While some Wall Street investors were tending to their Dendreon-induced wounds, still others were taking advantage of the stock's slide to buy new positions.

Baker Brothers Advisors gobbled up 2.6 million shares during the September quarter. Camber Capital Management also initiated a new Dendreon position with a 2 million-share purchase.

Millennium Management bought nearly 2.6 million shares in Dendreon to dramatically increase what was previously a small position in the cancer therapy company. Likewise, Orbimed Advisors acquired 803,000 shares.

Whether these funds do any better with Dendreon than SAC is unclear following another troubling earnings report from the company in early November.

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.

--Written by Adam Feuerstein in Boston.

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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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