Market Overview

Black Monday Didn't Stop Mr. Shaw & Mr. Cohen

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On a day where markets fell considerably, two major hedge fund managers disclosed noteworthy stock moves with the SEC.

Steven Cohen

Steven Cohen’s Point72 Asset Management disclosed a new position in small-cap clinical-stage biopharmaceutical company Inotek Pharmaceuticals Corp (NASDAQ: ITEK). The stake, of which Cohen may be deemed beneficial ownership, comprises 1,364,596 shares of the company’s Common Stock, or 5.2 percent of the total shares outstanding.

This wage makes of Cohen the fourth-largest institutional investor in Inotek Pharmaceuticals. The most valuable stake is held by Devon Park Associates, and comprises 3,243,709 shares, which represent more than 16 percent of the company.

Among hedge funds,Matthew Halbower’s Pentwater Capital Management’s position could be highlighted, as it comprises 787,200 shares, or almost 3.9 percent of the company’s outstanding stock.

David E. Shaw

D.E. Shaw & Co. disclosed two moves on Monday: a bullish one and a bearish one.

On the bullish side, there’s an increase in the fund’s exposure to Tesoro Corporation (NYSE: TSO). The firm had last declared holding 6,824,328 shares of the company on July 30. Now, it says it owns 6,867,156 shares of Common Stock, representing 5.6 percent of the total shares outstanding.

On the other hand, there’s Western Refining, Inc. (NYSE: WNR), a mid-cap independent crude oil refiner and marketer of refined oil products. According to D.E. Shaw’s latest SEC filing, the fund has very slightly trimmed its exposure to the company, from 4,884,439 shares disclosed just three weeks ago, to 4,853,532 shares declared as of August 24.

Also trimming its participation in Western Refining is Israel Englander’s Millennium Management, which disposed of 451,978 shares of the company over the second quarter of the year, keeping 548,467 of them.

Posted-In: D.E. Shaw Devon Park Associates Israel EnglanderLong Ideas Hedge Funds Movers Trading Ideas General

 

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