A Boston Hedge Fund Just Made $US950 Million On One Stock Today

John Hancock Tower, BostonReuters/ Brian SnyderAdage Capital is located on the 52nd floor of the John Hancock Tower

Shares of Puma Biotechnology (PBYI) are going absolutely bonkers this morning following a successful trial of a breast cancer drug.

The stock surged about 283%, or about $US167, since the opening bell.

At least one hedge fund is probably really pleased with this investment.

The largest shareholder of Puma Biotechnology is Adage Capital Management, a Boston-based hedge fund founded by Phil Gross and Robert Atchinson.

According to the latest 13F data, Adage last held 5,686,668 shares. That means they have made about $US950 million on the position since the opening bell today.

Adage first reported its position in Puma Biotechnology on December 31, 2012. The fund held about 5.2 million shares then. From that time until Tuesday’s market close, shares of Puma Biotechnology have risen 214%.

And all those who sold out of the position before this news broke are probably kicking themselves right about now.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.