U.S. Markets close in 2 hrs 47 mins

Steven Cohen Dives Into Array BioPharma

- By James Li

On Sept. 11, Point72 manager Steven Cohen (Trades, Portfolio) invested in 6,766,507 shares of Array BioPharma Inc. (ARRY), according to GuruFocus real-time picks. With this transaction, the guru increased his position 281.23%.


f593bf5b518526a306595299a4aa66e9.png

Company background

The Colorado-based biotech company reported revenue of $150.9 million for the fiscal year ending June 30, outperforming prior-year revenue by approximately $13 million. Array BioPharma mentioned in a Sept. 12 press release the U.S. Food and Drug Administration accepted for review a new drug application for COMBO450, which combines 45 milligrams of binimetinib twice daily and 450 milligrams of encorafenib per day to treat patients with BRAF-mutant melanoma, a severe type of skin cancer. CEO Ron Squarer said robust PFS benefits along with the "attractive tolerability profile" demonstrated in the Columbus study suggest COMBO450 "represents a potentially important addition to the MEK/BRAF treatment landscape" for melanoma patients.

Guru keeps adding to health care positions

Cohen's major bet in Array BioPharma represents the guru's third such wager in the health care industry during the third quarter. The Point72 manager also expanded his positions in drug manufacturer Pacira Pharmaceuticals Inc. (PCRX) and biopharmaceutical company Achaogen Inc. (AKAO).

5ab2707ba1751ca398917e7ad7cde5f7.png
746aee0cfaf8bcde15bfc4d0dc80f1f5.png

Cohen has approximately 18.4% exposure to the health care sector, including holdings in Biogen Inc. (BIIB) and Johnson and Johnson (JNJ).

See also

GuruFocus launched a new Excel user-defined function, GURUG. This function allows you to retrieve trade data for a specific guru. For example, the following GURUG function lists Cohen's "position boosts" during 2017:

=GURUG("Steven Cohen (Trades, Portfolio)","ADD","2017")

You can view the latest guru picks by selecting "Latest Guru Picks" from the Gurus tab. Premium members can view the real-time picks by clicking on "Real-Time Picks."

Disclosure: I do not have positions in the stocks mentioned.

This article first appeared on GuruFocus.