Dendreon is getting destroyed today after withdrawing its 2011 revenue estimate.
And it might be taking a chunk out of SAC Capital.
According to the hedge fund’s most recent 13f (which isn’t really recent at all, it reports the fund’s long holdings as of March 31, 2011), SAC Capital owns 8.2 million shares of Dendreon, making it the company’s biggest shareholder.
If that’s still the case today (and he doesn’t have a short position), Cohen just lost $196 million, which takes a big chunk out of the $100 million profit he pulled in last year, also in a single day.
According to BusinessWeek:
Dendreon fell 66 per cent, or $23.86, to $11.98 at 11:48 a.m. New York time in Nasdaq Stock Market composite trading, the biggest decline since its initial public offering in June 2000.