Steven Cohen (Trades, Portfolio)’s Point72 Asset Management, freshly named from its previous title SAC Capital Advisors when it converted to a family office last year, has purchased a sizable stake in a new stock and tripled its holding of another, reported GuruFocus Real Time Picks.
Cohen purchased a 5.89% stake in Five Prime Therapeutics Inc. (FPRX, Financial), consisting of 1,260,352 shares, on Jan. 22. Five Prime, a medical therapeutics company, saw its shares rise 35% in the past year, closing at $24.95 per share on Friday.
The company has three products at or near clinical development, targeting cancer and inflammatory diseases, with several other drugs in preclinical phase.
Five Prime’s third quarter 2014 revenue rose by 74% from the same quarter a year previously to $6.1 million. Its net loss was $7.1 million, or $0.33 per diluted share, compared to $7.2 million, or $2.74 per diluted share, in the same quarter a year previously. It ended the quarter with cash of $130 million on its balance sheet.
On the same date, Cohen increased his stake in Zeltiq Aesthetics Inc. (ZLTQ, Financial) by 209% to 1,964,508 shares, or 5.19% of the company. Cohen initiated the stake in the first quarter of 2014 when the stock was about $20 per share on average. Shares closed on Friday at $30.08 after rising 7.8% year to date.
Zeltiq is a medical technology company whose first commercial product, CoolSculpting System, reduces diet- and exercise-resistant fat.
In the fourth quarter the company’s preliminary revenue jumped 44% from the previous year to $51 million. Full-year 2014 revenue also increased 57% to between $175 million and $176 million.
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