market folly

Hedge fund Axial Capital Management seems to have an insatiable appetite for shares of QLT Inc (QLTI) at current levels. Eliav Assouline and Marc Andersen's hedge fund firm have made the following acquisitions according to multiple SEC Form 4 filings:

August 26th: 50,000 shares @ $5.67
August 27th: 50,000 shares @ $5.78
August 30th: 7,400 shares @ $5.70
August 31st: 60,506 shares @ $5.75
September 1st: 5,318 shares @ $5.75

After all of their recent purchases, Axial Capital now owns a collective 6,615,036 shares of QLTI. We've detailed Axial's numerous buys in the past, and it seems they are always scooping up shares around the $5.7x range. Assouline and Andersen's hedge fund was seeded by Julian Robertson back in 2005 and offices a the same address as Tiger Management. Axial was named one of Institutional Investor's 'Hedge Fund Rising Stars' recently as well. We'll have to see when they eventually stop purchasing shares.

Taken from Google Finance, QLT is "a biotechnology company. The Company is engaged in the development and commercialization of therapies for the eye. The Company focuses on its commercial product, Visudyne, for the treatment of wet age-related macular degeneration (wet AMD), and developing its ophthalmic product candidates."