Hedge Fund Legend Bruce Kovner Nearly Triples Stake in Synta Pharmaceuticals to $93.5 Million
Billionaire Bruce Kovner has nearly tripled his holding in Synta Pharmaceuticals Corp. (Nasdaq: SNTA) to 25.40 percent worth $93.53 million, according to an SEC filing.
Kovner, a hedge fund legend ranked 232nd on Forbes’ list of billionaires with a net worth of $4.50 billion, said he owned 14.66 million shares in the Lexington, Mass.-based pharmaceutical company. The stake’s value is based on the stock’s closing price of $6.38 per share on July 5.
In June, Kovner owned 4.93 million shares, representing an 8.55 percent stake then valued at $23.86 million.
Part of Kovner’s stake is held through CxSynta LLC, the Kovner Investment Trust and David Ben-Ur, the chief investment officer of Caxton Alternative Management.
Kovner’s Caxton Associates, founded in 1983, reportedly has generated more than $12 billion in net gains for investors. The son of a trade unionist, Kovner abandoned his Harvard Ph.D in economics “after a fit of writer's block,” driving driving taxis, writing and studying harpsichord at Julliard before turning to the markets.
Synta Pharmaceuticals’ lead drug, ganetespib, claims compelling anti-cancer activity in multiple targeted patient populations, including in lung cancer and breast cancer. It also has shown a favorable safety profile in over 450 patients treated to date, the company says.
Form 13G filing: http://tinyurl.com/cnccsta
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