According to an article in CityBizList Boston, legendary Market Wizard Bruce Kovner has tripled his stake in Synta Pharmaceuticals ($SNTA), a company that is working on a promising anti-cancer drug called Ganetespib;
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.
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 andDavid Ben-Ur, the chief investment officer of Caxton Alternative Management.
Here is a chart of $SNTA over the past year:
By applying comprehensive technical analysis here I can definitively tell you that the chart isn’t telling me anything, except that $SNTA acts like a typical pharma stock; lying around doing nothing and then suddenly becoming wildly volatile.
Point is though, when a billionaire trading titan like Kovner starts taking an increased interest in a company like this, it’s not a bad idea to keep it on your radar.