Is Stevie Cohen's Magic Biotech "Touch" Up To Snuff In The New Year? We Are About To Find Out
Earlier today, SAC Capital filed a 13G in which it disclosed an incremental 2.374 million share stake in Orexigen, or 5% of the total, which also happens to be the stock's 10 Day Average volume. Why is Orexigen special? The company is expected to announce a ruling by the FDA on whether its leading obesity drug candidate Contrave will be approved, just this afternoon. Of course, with old blue eyes indicating his last minute participation, we are 100% confident that the firm will pass with flying colors. We are also confident that i) Gerson Lehrman and other expert networks have quite a few experts on how Contrave is viewed by the regulators, and/or ii) that Sigma and SAC may well have retained the services of recent portfolio managers who in their previous life have had quite an extended facility with the nuances of the Contrave-focused metabolic processes.
The chart of the firm's drug pipeline is presented below.
We are holding our breath to find out what the final ruling is. We urge readers to join us (that said, we would not be surprised if this is the first, maybe of many, red herrings thrown by the legendary hedge fund manager to indicate that he does not have a 100% batting average when it comes to predicting FDA outcomes).
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