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

Wednesday, July 7, 2010

Hedge Fund Axial Capital Buys More QLT Inc (QLTI)

Eliav Assouline and Marc Andersen's hedge fund firm Axial Capital Management recently filed a Form 4 with the SEC regarding shares of QLT Inc (QLTI). Per the filing, we see that Axial bought 419,200 shares of QLTI spread out over the course of three days. They purchased:

139,200 shares at $5.74 on June 30th, 2010
80,000 shares at $5.75 on July 1st, 2010
200,000 shares at $5.73 on July 2nd, 2010

After their purchases, Axial's total position in QLTI totals 6,195,429 shares. This is not the first time Assouline and Andersen's hedge fund have bought shares recently either. Back in early June, Axial bought QLTI at an average cost of $6.20. Shares have obviously decreased drastically in the one month that's elapsed and that has whet their appetite for more shares.

This is only the third time we've covered Assouline and Andersen's hedge fund as our previous posts include detailing their addition to another position as well. Julian Robertson seeded Axial in 2005 and the hedge fund offices out of Tiger Management's old headquarters at 101 Park Avenue. You can view the proverbial 'Tiger Family Tree' of hedge fund managers here. As of their last 13F filing, Axial disclosed $799 million in assets invested in US equities.

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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