Steven Cohen (Trades, Portfolio)’s hedge fund Point72 Asset Management increased an existing stake in The Spectranetics Corp. (SPNC, Financial), a Colorado Springs, Colo.-based manufacturer of single-use medical devices for minimally invasive cardiovascular procedures, by more than 1,000% on Oct. 8.
Cohen’s Point72 purchased 2,027,347 shares for an average price of $10.91 per share. The acquisition increased Cohen’s position to 2,214,647 shares – an increase of 1,082.14% – and had a 0.15% impact on Cohen’s portfolio.
Spectranetics has a market cap of $467.06 million and an enterprise value of $666.35 million. It has a forward P/E of 357.1, a P/B of 3.4 and a P/S of 1.9. GuruFocus has given Spectranetics a Financial Strength rating of 6/10 and a Profitability and Growth rating of 4/10.
In spite of Cohen’s acquisition, Ron Baron (Trades, Portfolio) is Spectranetics’ leading shareholder among the gurus with 2,340,509 shares in his portfolio.
When trading concluded Thursday, Spectranetics sold for $10.99 per share.
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