Bruce Kovner adds 153k shares; 12.9M total holdings
The article had no mention of his rationale investing in Synta.
He also stated that: "Whenever I enter a position, I have a predetermined stop. That is the only way I can sleep. I know where I’m getting out before I get in. The position size on a trade is determined by the stop, and the stop is determined on a technical basis… I always put my stop behind some technical barrier.”
I guess SNTA hasn't reached that yet since he keeps buying.
Of course, insiders cannot trade on technicals. They have only small, infrequent windows of opportunity in which to make their trades. So I imagine that Bruce Kovner is considering his trades in Synta in a different manner than his trades as a hedge fund manager.
And he also knows that, if he starts selling Synta in significant quantities any time soon, the stock would never recover. He is far too much of a philanthropist to let that happen on his watch.