Orexigen Therapeutics Inc. (OREX) and Spectranetics Corp (SPNC): Billionaires Klarman and Cohen Snapped Up These Healthcare Stocks

Point72 Asset Management, formerly SAC Capital Advisors, is a family office that manages the capital of its founder Steven A. Cohen. The investor changed the name of SAC Capital last year, after agreeing to stop managing external capital to settle allegations of insider trading. The investment firm mainly focuses its investment strategy on discretionary long/short equities, but also makes quantitative and macro investments. The investor’s most recent 13F filing showed that Point72 Asset Management manages an equity portfolio worth $14.44 billion as of June 30.

Spectranetics Corp (NASDAQ:SPNC) is a $463.2 million market cap company engaged in the development and distribution of single-use medical devices used in minimally invasive procedures within the cardiovascular system. The company’s net loss for the three months ended June 30 widened to $7.2 million, or $0.17 per share, compared to a loss of $5.3 million, or $0.13 per share, for the same period in 2014. Performance of the company’s stock seems not very impressive, losing nearly 70% year-to-date.

Total number of hedge funds, among those that we track, that holds stakes in Spectranetics Corp (NASDAQ:SPNC) jumped to 22 at the end of June from 17 at the end of the first quarter. However, the aggregate value their stakes dropped to $199.64 million at the end of the second quarter compared to $233.37 million at the end of the first quarter. Among the largest investors of Spectranetics Corp (NASDAQ:SPNC) is Israel Englander’s Millennium Management, which holds 1.90 million shares as of June 30.

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