Steven Cohen (Trades, Portfolio) has revealed a new buy into Prometheus Biosciences Inc. (RXDX, Financial) alongside an addition to his position in Curis Inc. (CRIS, Financial) according to GuruFocus Real-Time Picks, a Premium feature.
Cohen's Point72 was formed as a hedge fund in 2014 when SAC Capital Advisors converted its investment operations into a family office. In 2018, the firm reopened to external investors. The firm invests via a wide range of asset classes and strategies worldwide to generate superior risk-adjusted returns. Its long-short strategy is based on bottom-up research with a focus on fundamentals and macroeconomic conditions.
On March 16, Cohen purchased 2.64 million shares to establish a new holding in Prometheus Biosciences (RXDX, Financial). On the day of the purchase, the shares traded at an average price of $23. Overall, the new buy had a 0.30% impact on the portfolio and GuruFocus estimates the total loss of the holding at 7.09%.
Prometheus Biosciences enables unique health solutions with novel diagnostics. With a focus in gastroenterology, the company works to develop diagnostic tests to help physicians provide the highest level of patient care.
As of March 23, the stock was trading at $21.37 per share with a market cap of $828.18 million. There is currently not enough data for a Peter Lynch chart or GF Value Line to be displayed.
Cohen is currently the only guru shareholder listed with 6.83% of shares outstanding.
On March 12, Cohen also boosted his holding in Curis (CRIS, Financial). He purchased an additional 2.38 million shares to add 81.02% to the holding. The shares were purchased at an average price of $10.92 and GuruFocus estimates the total gain of the holding at 65.17%.
Curis is a biotechnology company that develops and commercializes innovative drugs and therapies in the immuno-oncology and precision oncology therapeutic areas. The company targets solid tumors, diffuse large B-cell lymphoma, advanced solid tumors or lymphomas, hematological cancers and other diseases. Its pipeline products include Fimepinostat, CA-170, CA-4948, CA-327 and Erivedge.
On March 23, the stock was trading at $11.49 per share with a market cap of $1.05 billion. According to the GF Value Line, the shares are significantly overvalued.
Cohen is the second-largest shareholder with 5.84% of shares outstanding. Other top shareholders include RA Capital Management, LLC (Trades, Portfolio), Sio Capital Management, LLC (Trades, Portfolio) and Orbimed Advisors LLC (Trades, Portfolio).
Portfolio overview
At the end of the quarter, Cohen's portfolio contained 879 stocks, with 323 new holdings. It was valued at $20.50 billion and has seen a turnover rate of 41%. Top holdings at the end of the quarter were Alphabet (GOOGL, Financial), AMD (AMD, Financial), Facebook Inc. (FB, Financial), Visa Inc. (V, Financial) and Microsoft Corp. (MSFT, Financial).
By weight, the top three sectors represented are technology (22.75%), health care (19.84%) and consumer cyclical (12.89%).
Disclosure: Author owns no stocks mentioned.
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