Hedge Fund Takes 5% Passive Stake In Five Prime Therapeutics

Five Prime Therapeutics Inc FPRX shares were unmoved late Friday after a hedge fund disclosed a 5 percent passive stake.

Point72 Asset Management LP revealed its acquisition of 1.27 million shares in a 13G filing.

Five Prime, a drug development company, closed at $24.97, up 0.24 percent. Its shares have more than doubled in value since November.

Earlier this month Adage Capital Partners, a Boston hedge fund, disclosed a 6.09 percent passive stake in Five Prime, which completed a public offering of about 3.8 million shares January 12.

Five Prime is developing drugs for cancer and inflammatory diseases. Last month the company launched a Phase 1 trial of its tumor-fighting drug FPA144 for gastric cancer.