As a recent 13G filing with the US Securities and Exchange Commission showed, billionaire Steve Cohen‘s Point72 Asset Management has initiated a stake in Cynosure, Inc. (NASDAQ:CYNO). The position contains 1.17 million shares of Cynosure, which represent 5.2% of the company’s outstanding stock.
Cynosure is a $1.20 billion producer of aesthetic treatment systems. The filing showed that Cohen added the stock to Point72’s equity portfolio on April 25, a day before the company reported its financial results for the first quarter. Cynosure posted non-GAAP earnings of $0.19 per share on revenue of $94.7 million, higher than the estimates of $0.14 and $85.8 million, respectively. In addition, Cynosure, Inc. (NASDAQ:CYNO)’s revenue went up by 26% on the year. In a statement, Cynosure’s CEO Michael Davin was quoted as saying:
“Sustained momentum in North America, in part reflecting the full U.S. launch of SculpSure, helped generate solid first-quarter results for Cynosure, as our domestic business posted year-over-year top-line growth for the 22nd consecutive quarter […] Product revenue from North America increased 76 percent from the first quarter of 2015 to $55.2 million, representing 72 percent of our total product revenue for the quarter. International product revenue was down 13 percent year-over-year including the impact of foreign exchange and down 11 percent on a constant currency basis, reflecting ongoing economic weakness in the EMEA region. The softness among our European direct subsidiaries and international third-party distributors was partly offset by our subsidiaries’ results in the Asia Pacific region, where we posted 17 percent higher product revenue on a constant currency basis for the quarter as compared to last year.”
Overall, at the end of 2015, 15 of the funds tracked by Insider Monkey were long Cynosure, Inc. (NASDAQ:CYNO), down by three funds from the previous quarter. Columbus Circle Investors held the largest position that was worth $44.30 million at the end of 2015. Sitting at the No. 2 spot was Broadwood Capital, led by Neal C. Bradsher, which disclosed a $41 million position in its last 13F filing. Some other hedge funds and institutional investors that were bullish on Cynosure encompass Constantinos J. Christofilis’s Archon Capital Management, Ken Fisher’s Fisher Asset Management and Cliff Asness’s AQR Capital Management.
On the other hand Glenn Russell Dubin’s Highbridge Capital Management dropped the largest position in Cynosure of the “upper crust” of funds monitored by Insider Monkey, totaling close to $2 million in stock. Andy Redleaf’s fund, Whitebox Advisors, also dropped its stock, about $1.8 million worth.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Point7 | 0 | 731,500 | 0 | 731,500 | 731,500 | 3.2% |
| Point7 | 0 | 731,500 | 0 | 731,500 | 731,500 | 3.2% |
| Cubist Systematic Strategies | 0 | 2,987 | 0 | 2,987 | 2,987 | Less than 0.1% |
| EverPoint Asset Management | 0 | 440,000 | 0 | 440,000 | 440,000 | 1.9% |
| Steven A. Cohen | 0 | 1,174,487 | 0 | 1,174,487 | 1,174,487 | 5.2% |
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Page 1 of 11 – SEC Filing
(Amendment No. )*
CYNOSURE, INC.
Class A Common Stock, Par Value $0.001 Per Share
| ☐ | Rule 13d-1(b) | |
| ☒ | Rule 13d-1(c) | |
| ☐ | Rule 13d-1(d) |
