Eliav Assouline & Marc Andersen's Axial Capital Acquire QLTI Shares ~ market folly

Thursday, June 10, 2010

Eliav Assouline & Marc Andersen's Axial Capital Acquire QLTI Shares

Eliav Assouline and Marc Andersen's hedge fund Axial Capital recently filed a Form 4 with the SEC regarding shares of QLT Inc (QLTI). We see that Axial acquired 100,000 shares at a price of $6.24 on June 4th as well as 100,000 shares on June 7th at $6.27 and finally 100,000 shares on June 8th at $6.10. In total, they acquired 300,000 new shares and their total position now stands at 5,776,229 shares. QLTI is currently trading slightly below their purchase price at around $6.01.

This is only the second time we've detailed portfolio movements from Assouline and Andersen's firm but we will continue to do so in the future. (We previously posted when Axial added to another position as well). Axial was founded in 2005, was seeded by legendary hedgie & Tiger Management founder Julian Robertson and in fact offices out of 101 Park Avenue, the prior address of famed Tiger Management. As such, Axial is a 'Tiger Seed' and you can view the proverbial Tiger Management family tree here. As of their last 13F filing, Axial Capital reported assets to the SEC totaling $799 million.

Taken from Google Finance, QLT is "biotechnology company. The Company is engaged in the development and commercialization of therapies for the eye. The Company focuses on its commercial product, Visudyne, for the treatment of wet age-related macular degeneration (wet AMD), and developing its ophthalmic product candidates."

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