Despite Losses, Bill Ackman Sticks With His Stocks (Institutional Investor)
The stock market may have stabilized during the last week of May, but it did little to help Bill Ackman’s Pershing Square Holdings. The manager’s publicly traded hedge fund fell 9.5 percent for the month and is now down 18.2 percent year-to-date. On a recent investor call, Ackman admitted that Pershing Square could easily underperform the broader market at times – and this is definitely one of them. In contrast to Pershing Square, the S&P 500 was flat for the month and down about 13 percent through May.
A Top BlackRock Hedge Fund has Shifted Its Portfolio to Put More Bets on Falling Stock Prices (Business Insider)
Top hedge funds have stepped up bearish bets in their portfolios amid a sharp market sell-off in 2022, the Financial Times said. Despite hopes for a market bottom that would signal a green light for bullish bets on stocks, some fund managers remain cautious. Alister Hibbert, who runs BlackRock’s $9 billion Strategic Equity hedge fund, recently reshuffled its portfolio to put more bets on falling stock prices than rising prices, sources told the FT.
Friday 6/3 Insider Buying Report: DKS, NEXI (Nasdaq.com)
On Tuesday, Dick’s Sporting Goods’ Director, William J. Colombo, made a $404,950 buy of DKS, purchasing 5,000 shares at a cost of $80.99 each. Colombo was up about 2.6% on the purchase at the high point of today’s trading session, with DKS trading as high as $83.11 in trading on Friday. Dick’s Sporting Goods, is trading down about 1.5% on the day Friday. And on Thursday, Director Grant Verstandig purchased $297,561 worth of NexImmune, purchasing 133,124 shares at a cost of $2.24 each. NexImmune is trading up about 2.7% on the day Friday. Verstandig was up about 7.4% on the purchase at the high point of today’s trading session, with NEXI trading as high as $2.40 in trading on Friday.
Insiders Buy Around $10M Of 3 Stocks (Benzinga)
Iovance Biotherapeutics: The Trade: Iovance Biotherapeutics, Inc. (IOVA) Director Wayne P Rothbaum acquired a total of 1,000,000 shares at at an average price of $6.60. To acquire these shares, it cost around $6.6 million. NGM Biopharmaceuticals: The Trade: NGM Biopharmaceuticals, Inc. (NGM) Director David Goeddel V acquired a total of 153,806 shares at an average price of $13.46. To acquire these shares, it cost around $2.07 million.
United States: Former NFT Marketplace Employee Charged With Insider Trading (Mondaq.com)
The United States Attorney for the Southern District of New York and the Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced today the unsealing of an Indictment charging Nathaniel Chastain with wire fraud and money laundering in connection with a scheme to commit insider trading in Non-Fungible Tokens, or “NFTs,” by using confidential information about what NFTs were going to be featured on [the marketplace] homepage for his personal financial gain. Chastain was arrested this morning in New York.
