Hedge Fund Axial Capital Buys More QLT Inc (QLTI) ~ market folly

Wednesday, August 4, 2010

Hedge Fund Axial Capital Buys More QLT Inc (QLTI)

Eliav Assouline and Marc Andersen's hedge fund Axial Capital Management just filed a Form 4 with the SEC regarding shares of QLT Inc (QLTI). Per the filing, Axial purchased 37,226 shares of QLTI at $5.72 per share. This brings their cumulative position in the name to 6,341,812 shares. As we've detailed a few times prior, Axial has been accumulating QLTI shares with purchases in early June and early July as well.

Axial was seeded by legendary hedgie Julian Robertson back in 2005 and the hedge fund resides in the same offices as Tiger Management at 101 Park Avenue. You can view the proverbial 'Tiger Family Tree' of managers that Robertson has seeded/spawned there. Axial was recently mentioned as one of Institutional Investor's 'Hedge Fund Rising Stars.'

Taken from Google Finance, QLT Inc 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."

To see what other prominent managers are buying, head to our hedge fund portfolio tracking series and scroll through the latest developments.

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