SAC Capital Buys More Ariad Pharmaceuticals (ARIA) ~ market folly

Monday, April 30, 2012

SAC Capital Buys More Ariad Pharmaceuticals (ARIA)

Steve Cohen's hedge fund SAC Capital filed a 13G with the SEC regarding its ownership stake in Ariad Pharmaceuticals (ARIA).  SAC now owns 4.9% of the company with 7,876,700 shares.

This is a 208% increase in their position since the end of 2011. 

Last week we also detailed how SAC trimmed its stake in Annie's and also added to two of their positions.

Per Google Finance, Ariad is a "biopharmaceutical company. As of December 31, 2011, the Company’s pipeline contains three product candidates: ponatinib, AP26113 and ridaforolimus. It is building a pipeline of product candidates that expand upon treatment options for patients with cancer."

Steve Cohen was recently named one of the top 25 highest earning hedge fund managers of 2011

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