market folly

In a 13G filed with the SEC, Steven Cohen's hedge fund SAC Capital has disclosed an updated position in InterMune (ITMN). Due to activity on March 22nd, 2010, SAC Capital now shows an 8.2% ownership stake in ITMN with 4,465,400 shares. This is a new position for Cohen's hedge fund as they previously did not own it as of December 31st, 2009 in their last 13F filing. However, SAC has owned shares of ITMN in the past. So, it appears as if they are fond of the name again. After all, shares of ITMN are up huge (over 200%) in the month of March.

Please keep in mind though that Cohen's hedge fund is a trading oriented firm and as such moves in and out of positions much quicker than the other hedgies we cover on Market Folly. In terms of other recent portfolio activity, we also saw SAC boost their Psychiatric Solutions stake (PSYS). SAC Capital finished 2009 up over 28% as noted in our post on hedge fund 2009 performance numbers. Famed manager Stevie Cohen of course was recently featured in Forbes' billionaire list as well.

Taken from Google Finance, InterMune is "a biotech company focused on developing and commercializing therapies in pulmonology and hepatology. In November 2008, InterMune together with Roche and Pharmasset, Inc. (Pharmasset) announced the initiation of INFORM-1, a dual combination clinical trial investigating the combination of two oral antiviral molecules in the absence of interferon."

For those of you interested in more portfolio activity out of this hedge fund, head to our posts on SAC Capital.