Latest news with #Point72
Business Insider
2 days ago
- Business
- Business Insider
The biggest hedge funds made modest gains in May. How Citadel, Point72, and more stack up.
The flagship fund for $66 billion Citadel, Wellington, was up 0.2% in May pushing the fund's 2025 gains to 0.8%, a person close to the firm told Business Insider. Billionaire Steve Cohen 's Point72, meanwhile, returned 0.9% last month, bringing the $37.7 billion firm's yearly gains to 3.9%, an individual close to the firm said. Millennium, the $73 billion firm run by billionaire Izzy Englander, is now positive for the year at 0.4%, according to a person familiar. Billionaire Ken Griffin's Citadel and Millennium uncharacteristically lost money in back-to-back months in February and March, as President Donald Trump's policies rattled global markets. Stock markets have rebounded, with the S&P 500 in the black for 2025 now, thanks to the best May since 1990. The index returned 6.2% in May, the strongest individual monthly gain since November of 2023. ExodusPoint, the multistrategy firm founded by former Millennium executive Michael Gelband, has been a standout performer so far this year. After a 1% gain in May, the fund is up 7.5% for the year, outpacing Gelband's former firm. May's best performer among the multistrategy cohort is a $3 billion manager, Dymon Asia, which has teams based across different Asian and Middle East markets. It was up 3.3% for the month and 8% for the year, a person close to the manager said. The firms mentioned in the story and the table below declined to comment. The table will be updated as additional performance figures are learned. Fund May performance 2025 performance AQR Apex 2.4% 10.6% Dymon Asia 3.3% 8% ExodusPoint 1% 7.5% Walleye 1.1% 6.2% Man Group 1783 1.1% 5.4% Balyasny 1.4% 4.8% Schonfeld Partners 1.4% 4.7% LMR 1.3% 4.6% Point72 0.9% 3.9% Citadel Wellington 0.2% 0.8%
Yahoo
7 days ago
- Business
- Yahoo
ORIC® Pharmaceuticals Announces $125 Million Private Placement Financing
Financing led by SR One and includes participation from new and existing investors, including Point72, Viking Global Investors, Venrock Healthcare Capital Partners, New Enterprise Associates (NEA), Nextech, Vivo Capital, and NEXTBio Capital Pro forma cash and investments expected to fund current operating plan into the second half of 2027 and through anticipated primary endpoint readout from first ORIC-944 Phase 3 registrational trial in prostate cancer SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, May 28, 2025 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (Nasdaq: ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today announced that it has agreed to sell approximately 19.2 million shares of its common stock (or pre-funded warrants in lieu thereof) to a select group of institutional and accredited healthcare specialist investors in a private placement, at a price per share of $6.50 (or $6.4999 per pre-funded warrant), representing a premium of approximately 18% to ORIC's 10-day trailing volume-weighted average price as of deal signing on May 23, 2025. The pre-funded warrants will have an exercise price of $0.0001 per share of common stock, will be immediately exercisable, and will remain exercisable until exercised in full. The financing is expected to close on May 29, 2025, subject to customary closing conditions. ORIC anticipates the gross proceeds from the private placement to be approximately $125 million, before deducting any offering related expenses. The financing includes participation from new and existing institutional investors and is being led by SR One, with participation from Point72, Viking Global Investors, Venrock Healthcare Capital Partners, NEA, Nextech, Vivo Capital, and NEXTBio Capital. ORIC intends to use the net proceeds from the proposed financing to fund research and development of its clinical-stage product candidates and research programs and for working capital and general corporate purposes. The proceeds from this financing, combined with current cash, cash equivalents and marketable securities, is expected to be sufficient to fund the current operating plan into the second half of 2027 and through the anticipated primary endpoint readout from the first ORIC-944 Phase 3 registrational trial in prostate cancer. The securities described above have not been registered under the Securities Act of 1933, as amended. Accordingly, these securities may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. ORIC has agreed to file a registration statement with the U.S. Securities and Exchange Commission (the 'SEC') registering the resale of the shares of common stock and the shares of common stock issuable upon exercise of the pre-funded warrants issued in this private placement. Any offering of the securities under the resale registration statement will only be made by means of a prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. About ORIC Pharmaceuticals, Inc. ORIC Pharmaceuticals is a clinical stage biopharmaceutical company dedicated to improving patients' lives by Overcoming Resistance In Cancer. ORIC's clinical stage product candidates include (1) ORIC-944, an allosteric inhibitor of the polycomb repressive complex 2 (PRC2) via the EED subunit, being developed for prostate cancer, and (2) ORIC-114, a brain penetrant inhibitor that selectively targets EGFR exon 20, HER2 exon 20 and EGFR atypical mutations, being developed across multiple genetically defined cancers. Beyond these two product candidates, ORIC® is also developing multiple precision medicines targeting other hallmark cancer resistance mechanisms. ORIC has offices in South San Francisco and San Diego, California. For more information, please go to and follow us on X or LinkedIn. Cautionary Note Regarding Forward-Looking StatementsThis press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, the timing and expectation of the closing of the private placement; the satisfaction of customary closing conditions related to the private placement and the anticipated use of proceeds therefrom; the anticipated timing of the primary endpoint readout from the first ORIC-944 Phase 3 registrational trial in prostate cancer; and the period over which ORIC estimates the proceeds from the private placement, combined with its existing cash, cash equivalents and marketable securities, will be sufficient to fund its current operating plan. Words such as 'believes,' 'anticipates,' 'plans,' 'expects,' 'intends,' 'will,' 'goal,' 'potential' and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based upon ORIC's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those projected in any forward-looking statements due to numerous risks and uncertainties, including but not limited to: risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics and operating as an early clinical stage company; ORIC's ability to develop, initiate or complete preclinical studies and clinical trials for, obtain approvals for and commercialize any of its product candidates; changes in ORIC's plans to develop and commercialize its product candidates; the potential for clinical trials of ORIC-944, ORIC-114 or any other product candidates to differ from preclinical, initial, interim, preliminary or expected results; negative impacts of health emergencies, economic instability or international conflicts on ORIC's operations, including clinical trials; the risk of the occurrence of any event, change or other circumstance that could give rise to the termination of ORIC's license and collaboration agreements; regulatory developments in the United States and foreign countries; ORIC's reliance on third parties, including contract manufacturers and contract research organizations; ORIC's ability to obtain and maintain intellectual property protection for its product candidates; the loss of key scientific or management personnel; competition in the industry in which ORIC operates; general economic and market conditions; and other risks. Information regarding the foregoing and additional risks may be found in the section entitled 'Risk Factors' in ORIC's Quarterly Report on Form 10-Q filed with the SEC on May 5, 2025, and ORIC's future reports to be filed with the SEC. These forward-looking statements are made as of the date of this press release, and ORIC assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Contact: Dominic Piscitelli, Chief Financial while retrieving data Sign in to access your portfolio Error while retrieving data
Business Insider
27-05-2025
- Business
- Business Insider
Nvidia or Alphabet: Billionaire Steve Cohen Pulls the Trigger on One Top AI Stock
AI has been all the rage on Wall Street for a while now, but it's more than just a hot trend destined to be replaced by the next shiny new thing. Confident Investing Starts Here: AI isn't just hype – it's steadily reshaping industries, boosting productivity, and solving real-world problems in ways that are built to last. From streamlining logistics and automating customer service to enabling personalized healthcare and powering next-gen cybersecurity, its applications are already transforming day-to-day operations. Major corporations are investing billions to integrate AI into their core strategies, while startups are racing to build the next breakthrough. That take is echoed by billionaire Steve Cohen, the founder of Point72, a hedge fund with $35 billion of assets under management, who thinks AI is indeed here to stay. 'This is a 10- to 20-year theme. It's gonna affect everybody in how they conduct their lives, how they do their business,' Cohen said. 'We're still in the first, second inning of something that's going to be transformational for the economy and the world… It is such a dramatic, important shift that to ignore it, I think it's a mistake.' Cohen certainly isn't ignoring it. He's been making moves involving two of the biggest AI stocks out there – Nvidia (NASDAQ:NVDA) and Alphabet (NASDAQ:GOOGL). Cohen, who has a net worth of $21.3 billion, has been loading up on one while trimming his holdings of the other. So, let's find out which AI giant he has been leaning into recently. Nvidia Let's start with the undisputed AI chip king, Nvidia. That regal sobriquet is entirely fitting here, as possibly no other company has come to embody the AI trend as much as Nvidia. Before the AI shenanigans kicked off – that can be roughly traced to the release of OpenAI's ChatGPT in late 2022 – Nvidia was a semiconductor heavyweight but the rise of AI catapulted it to the upper echelons of the market cap pile, with the company even at times taking on the mantle of the world's most valuable company. How did it do that? Simple. It completely cornered the market for the chips that power AI applications, a segment where it commands more than an 80% share. The growth spurt's ferocity initially took Wall Street by surprise but over the past couple of years it has become almost standard for Nvidia to deliver beat-and-raise earnings reports. That was the case again in its fiscal fourth-quarter readout (ending in January). Nvidia reported a 78% year-over-year increase in revenue to $39.33 billion, surpassing the Street's forecast by $1.17 billion. This included a record $35.6 billion from its Data Center segment, up 93% from the prior year. Adjusted earnings per share came in at $0.89, beating expectations by $0.04. For FQ2, Nvidia projects revenue of around $43.0 billion, give or take 2%, ahead of the $42.05 billion Wall Street was looking for. The company is set to announce the results on May 28. That said, not everything is all rainbows and unicorns at this chip colossus. While the growth remains impressive, it is steadily becoming less stellar as time progresses. That might be why Steve Cohen made a move. In Q1, he slashed his Nvidia position by more than half, unloading over 2 million shares. That cautious move finds sympathy with D.A. Davidson analyst Gil Luria, who points out why investors should tread carefully here. 'We suggest a more nuanced view regarding NVIDIA's different segments in order to isolate opportunities and risks. We believe the conventional aggregation of MSFT/ AMZN/GOOGL/META capex may no longer be adequately capturing the current crosswinds. While progress on China trade and the elimination of potential diffusion rules are positive developments, we see China restrictions as an overhang until the new rules are announced,' the 5-star analyst said. 'While NVIDIA will likely replace the restricted H20 product with an even more degraded product, we believe that at some point demand for increasingly degraded chips may be replaced by new generation of Chinese chips that are quickly catching up on performance.' To this end, Luria rates the shares as Neutral while his $120 price target factors in a one-year slide of ~9%. (To watch Luria's track record, click here) Luria, however, is amongst a minority on Wall Street. While 3 others join him on the sidelines and one offers a bearish view, with an additional 34 Buys, the stock claims a Strong Buy consensus rating. At $164.51, the average price target implies the stock will climb 25% higher in the months ahead. (See NVDA stock forecast) Alphabet Nvidia has made the most of the AI opportunity but one company that appears under threat from the game-changing tech is Alphabet, the parent company of Google (and YouTube, Waymo, Waze, and various other businesses). Alphabet is feeling the heat from AI due to how quickly generative AI is shifting the way people search for and interact with information – historically Google's bread and butter. AI-powered tools like ChatGPT offer users direct, conversational answers instead of traditional lists of links, which could diminish the value and traffic of Google Search, the main driver of Alphabet's ad revenue. At the same time, competitors like Microsoft have integrated advanced AI models into products like Bing and Office, creating pressure on Alphabet to respond quickly or risk losing relevance and market share. But it's not as if Alphabet is just taking all of this in its stride. To counter the threat, it has been aggressively investing in AI development and integration across its ecosystem. It launched its own generative AI chatbot, initially Bard and now rebranded as Gemini, based on its in-house Gemini model, and has embedded AI features into Search, Gmail, Docs, and Android. The company is also focused on developing multimodal AI capabilities and infrastructure, such as its custom TPU chips and the expansion of Google Cloud's AI offerings. In the meantime, a look at the company's latest quarterly results shows the company is doing just fine. In Q1, the tech giant posted strong double-digit revenue growth, with sales climbing 12% to $90.23 billion, beating the forecast of $89.15 billion. At the other end of the scale, EPS came in at $2.81, exceeding expectations by $0.80. Cohen must have been very pleased with all of that. He opened a new position in GOOGL stock during Q1, loading up on 401,962 shares. These are currently worth ~$68 million. For Tigress Financial's Ivan Feinseth, an analyst who ranks amongst the top 2% of Wall Street stock experts, the case for investing in this name is clear. 'Ongoing AI innovation and implementation will continue to drive increasing advertising and cloud monetization, continuing to drive revenue and cash flow growth, and increasing shareholder value creation,' writes the 5-star analyst. 'GOOGL's ability to leverage AI functionality across all of its key product lines combined with ongoing innovation continues to drive growth in digital advertising, and market share gains in other key product lines will continue to drive accelerating Business Performance trends. GOOGL's strong balance sheet and cash flow enable the ongoing funding of key growth initiatives, strategic acquisitions, and the further enhancement of shareholder returns through ongoing share repurchases and dividend increases.' Feinseth isn't shy about his bullish stance on Alphabet – he's going all in with a Strong Buy rating and a Street-high price target of $240, suggesting the stock could surge as much as 42% from current levels. (To watch Feinseth's track record, click here) To find good ideas for stocks trading at attractive valuations, visit TipRanks' Best Stocks to Buy, a tool that unites all of TipRanks' equity insights.
Business Insider
19-05-2025
- Business
- Business Insider
Point72 hires Schonfeld's top HR exec as hedge fund talent wars go beyond investing talent
Jennifer Cohen, Schonfeld's one-time top HR executive, is joining $38 billion Point72. Cohen will be the 2,900-person firm's chief human resources officer, starting in January. She previously worked for private equity firm Global Atlantic and Goldman Sachs. Firms are also raiding each other for operations, human capital, and technology leaders. The latest big move is Jennifer Cohen's decision to join $38 billion Point72 from Schonfeld Strategic Advisors. Cohen has been the head of human capital management for Steve Schonfeld's eponymous fund since 2022. According to an internal Point72 memo seen by Business Insider, she'll join Steve Cohen's fund in January as the firm's chief human resources officer. "Jenn will play a pivotal role in advancing our human resources strategy, focusing on enhancing talent management, supporting organizational growth, and reinforcing our culture of excellence," wrote Gavin O'Connor, Point72's chief operating officer, in the memo. "She is uniquely positioned to lead these efforts, bringing a data-centric and process-oriented approach honed over 25 years of experience across business operations and human capital." Cohen worked at private equity firm Global Atlantic and Goldman Sachs before joining Schonfeld. At the multistrategy fund, she was a part of the leadership group that guided the manager through an unsteady 2023 that included takeover rumors by rival Millennium and ultimately culminated in the layoff of 15% of the firm's total workforce. The manager has since rebounded, with strong performance in 2024 and so far in 2025. Point72 has a larger head count than Schonfeld, with more than 2,900 total employees, according to the Stamford-based manager's website.
Business Insider
19-05-2025
- Business
- Business Insider
$38 billion Point72 poaches Schonfeld's top HR executive
Jennifer Cohen, Schonfeld's one-time top HR executive, is joining $38 billion Point72. Cohen will be the 2,900-person firm's chief human resources officer, starting in January. She previously worked for private equity firm Global Atlantic and Goldman Sachs. Firms are also raiding each other for operations, human capital, and technology leaders. The latest big move is Jennifer Cohen's decision to join $38 billion Point72 from Schonfeld Strategic Advisors. Cohen has been the head of human capital management for Steve Schonfeld's eponymous fund since 2022. According to an internal Point72 memo seen by Business Insider, she'll join Steve Cohen's fund in January as the firm's chief human resources officer. "Jenn will play a pivotal role in advancing our human resources strategy, focusing on enhancing talent management, supporting organizational growth, and reinforcing our culture of excellence," wrote Gavin O'Connor, Point72's chief operating officer, in the memo. "She is uniquely positioned to lead these efforts, bringing a data-centric and process-oriented approach honed over 25 years of experience across business operations and human capital." Cohen worked at private equity firm Global Atlantic and Goldman Sachs before joining Schonfeld. At the multistrategy fund, she was a part of the leadership group that guided the manager through an unsteady 2023 that included takeover rumors by rival Millennium and ultimately culminated in the layoff of 15% of the firm's total workforce. The manager has since rebounded, with strong performance in 2024 and so far in 2025. Point72 has a larger head count than Schonfeld, with more than 2,900 total employees, according to the Stamford-based manager's website.
