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Reuters
Published
Jan 14, 2009
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Hedge fund SAC Capital cuts retail, pharma stakes

By
Reuters
Published
Jan 14, 2009

NEW YORK, Jan 14 (Reuters) - SAC Capital Advisors LLC, the hedge fund firm run by billionaire trader Steve Cohen, slashed holdings in a number of retailers and small pharmaceutical companies at the end of last year, recent regulatory filings show.



According to disclosures filed with the Securities and Exchange Commission, Cohen completely exited investments in five drugmakers, such as Indevus Pharmaceuticals Inc (IDEV.O), and slashed holdings in six more.

Among other drug developers Cohen sold off were Acorda Therapeutics Inc. (ACOR.O), Vanda Pharmaceuticals (VNDA.O) and United Therapeutics (UTHR.O), of which SAC retained 62 shares.

Indevus recently announced plans to be bought by Endo Pharmaceuticals Holdings Inc (ENDP.O).

Cohen also completely sold off his holdings in retailers including jewelry chain Zale Corp (ZLC.N), according to a filing last week, and high-end jeans merchant True Religion Apparel Inc (TRLG.O). (Reporting by Joseph A. Giannone; Editing by Bernard Orr)

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