Does anyone follo this one?? Looks like another DNDN. Hold for longer term and wait.........
Sqnm..........
- Thread starter cybercash28
- Start date
Yes. 70% drop..
All because an employee mishandled data.
SOMEBODY JUST GOT FIRED!!!
SOMEBODY JUST GOT FIRED!!!
"Per James Altucher Ridgeback Capital (a hedge fund) had 92% of their portfolio in Sequenom so you can say goodbye to that fund. And RA Capital (another fund) has 50% of their portfolio in the stock."
Looks like these hedge funds may be toast. Do you really need to go over 50% in a single stock to make money, I would think if you could get 10 good ideas and put 10% in each, you would have less risk if one blows up on you, I assume they probably were also on margin if they were this stupid in the 1st place, so within 3 days I expect they are going to get blown out?
Today as a trader I put a small long side 500 share bet on this stock, risk it goes to $ 1/sh, reward 10 points up in profit if they get independent validation.
Looks like these hedge funds may be toast. Do you really need to go over 50% in a single stock to make money, I would think if you could get 10 good ideas and put 10% in each, you would have less risk if one blows up on you, I assume they probably were also on margin if they were this stupid in the 1st place, so within 3 days I expect they are going to get blown out?
Today as a trader I put a small long side 500 share bet on this stock, risk it goes to $ 1/sh, reward 10 points up in profit if they get independent validation.
No way are those numbers correct.
http://www.thestreet.com/_yahoo/sto...funds.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
Ridgeback Capital Investments of New York and Boston-based RA Capital Management are owners of 17.4% and 9.7% of Sequenom, respectively, according to SEC records.
Shares of the San Diego-based company plunged 75% Thursday after the company said clinical data supporting its prenatal genetic test for Down syndrome was unreliable to due "employee mishandling" of test data.
According to SEC filings, almost 92% of Ridgeback's portfolio is invested in Sequenom; while RA Capital also had an outsized chunk of its portfolio -- about 50% -- invested in the company.
Worries that stinging losses from such a highly concentrated bet on a single company in serious trouble have investors broadly selling other biotech stocks owned by the two funds.
Ridgeback Capital Investments of New York and Boston-based RA Capital Management are owners of 17.4% and 9.7% of Sequenom, respectively, according to SEC records.
Shares of the San Diego-based company plunged 75% Thursday after the company said clinical data supporting its prenatal genetic test for Down syndrome was unreliable to due "employee mishandling" of test data.
According to SEC filings, almost 92% of Ridgeback's portfolio is invested in Sequenom; while RA Capital also had an outsized chunk of its portfolio -- about 50% -- invested in the company.
Worries that stinging losses from such a highly concentrated bet on a single company in serious trouble have investors broadly selling other biotech stocks owned by the two funds.
Thanks Oracle.
Nice "hedge fund". Almost it's entire fund in one stock.
Morons.