Not a bad return in 2 days!
Bloomberg News reports that Steven Cohen’s SAC Capital Advisors saw its shares of Intercept Pharmaceuticals climb almost $170m Friday, bringing its two-day gain to almost $370m if the stake is unchanged.
SAC, which is shutting down its investment advisory business after pleading guilty to securities fraud, owned almost 1 million shares of the biotechnology company as of November 7th, according to data compiled by Bloomberg.
Intercept rose 62% to close at $445.83 in New York after soaring 281% Thursday following a successful liver drug trial. The stock got another lift Friday when Bank of America Corp. (BAC) analyst Rachel McMinn raised her price target to $872 from $81, without specifying a time frame, saying the market for treating nonalcoholic steatohepatitis has the potential to be 'as big or bigger than Hepatitis C'.
Intercept, which is based in New York, said last week that a trial of its liver disease drug worked well enough for the testing to be stopped.
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