Aptevo Therapeutics (APVO) stock saw massive gains on Thursday after a filing with the Securities and Exchange Commission (SEC) revealed a new investment in the clinical-stage biotechnology company. According to this SEC filing, hedge fund Point72 Asset Management, L.P. has acquired a 9.1% stake in the company via its purchase of 299,944 shares of APVO.
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Traders have taken note of this, as Point72 Asset Management, L.P. is owned by billionaire investor Steven Cohen. He founded the hedge fund after his prior endeavor, S.A.C. Capital Advisors, was shut down after an insider trading investigation. Despite these setbacks, Point72 Asset Management, L.P. essentially acts as a continuation of S.A.C. Capital Advisors and has roughly $42.25 billion in assets under management.
Cohen’s interest in Aptevo Therapeutics came after the company’s stock surged earlier this week. That was due to its acute myeloid leukemia (AML) treatment achieving a 100% remission rate in a recent clinical trial. This news could be what sparked Point72 Asset Management, L.P.’s stake in the company.
Aptevo Therapeutics Stock Movement Today
Aptevo Therapeutics stock was up 83.69% in pre-market trading on Thursday, following a 6% drop yesterday. The shares have also decreased 98.35% year-to-date and 98.92% over the past 12 months. Today’s news came with heavy trading of APVO stock, as some 52 million shares changed hands, compared to a three-month daily average of about 170,000 units.
