Steven Cohen (Trades, Portfolio) raised his stake in Pernix Therapeutics Holdings Inc. (PTX, Financial) by nearly 49% with the purchase of 1,224,544 shares on April 28.
Pernix Therapeutics Holdings is a specialty pharmaceutical company focused on the sales, marketing and development of branded and generic pharmaceutical products for sleep, bacterial infections and cough and cold conditions. The company has a list of branded products including Treximet, Zohydro, Silenor, Khedezla and Cedax.
Pernix Therapeutics Holdings has a market cap of $31.31 million, an enterprise value of $296.09 million, a P/B ratio of 3.61 and a quick ratio of 0.97.
Pernix Therapeutics Holdings is also traded in Argentina, Germany, Mexico, Switzerland and the U.K.
Cohen may have decided to add to his stake for the following reasons:
- In 2015 Pernix reported its highest net revenues since becoming a pharmaceutical company through a reverse merger with Golf Trust of America Inc. on March 9, 2010.
- Pernix recently acquired the drug Treximet, which is used to provide pain relief for those who suffer from migraines. Pernix acquired Treximet from British pharmaceutical company GlaxoSmithKline PLCÂ (GSK, Financial) in August 2014. Pernix claims that revenues increased in 2015, partially due to the fact that Treximet has been able to generate a full year of sales on the market.
- Pernix has significantly improved its gross profit over the previous six years. In December 2010, Pernix reported $26.7 million in gross profit. During the previous trailing 12 months the company reported $122.9 million gross profit.
- Pernix has a diversified portfolio of medications that have already been FDA approved. These medications include Treximet for migraine relief, Zohydro ER for pain relief, Silenor (doxepin) for insomnia and Khedezla for depression.
- The company expanded its sales force by more than 100 sales representatives in May 2015, creating more opportunity for expansion and growth.
Below is a Peter Lynch Chart for Pernix Therapeutics Holdings.
Cohen is a multibillionaire and the founder of Point72 Asset Management LP. The firm is headquartered in Stamford, Connecticut and maintains affiliated offices in New York, London, Hong Kong, Tokyo and Singapore. Point72 Asset Management was founded in 2014 as a family office that manages Cohen’s multibillion-dollar fortune after Cohen’s original hedge fund that he founded, SAC Capital, pleaded guilty to insider trading-related charges. Point72 Asset Management has approximately 1,000 employees, including more than 250 investment professionals. Point72 Asset Management LP currently owns 705 stocks with a total value of $13.04 billion.
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