Wall Street hedge fund manager Steve Cohen has taken another big stake in a small publicly traded biotech company.
What’s happening:
- Steve Cohen recently made waves in the biotech space with the announcement that his fund Point72 had purchased a stake in psychedelic drug developer Cybin (NYSE: CYBN)
- He’s now just announced another bet on a relatively unknown Australia based biotech company Bionomics (NASDAQ: BNOX)
Why it matters:
- Bionomics recently released positive clinical trial data for their novel therapeutic BNC210 which is a treatment for PTSD
The intrigue:
- While Bionomics is a relatively small biotech company in terms of valuation, it has notable backers including Christian Angermayer, Mike Novogratz and Peter Thiel
By the numbers:
- Steve Cohen’s hedge fund Point72 now owns roughly 8.1% of the outstanding shares of Bionomics
- Currently, the market capitalization of Bionomics is approximately $30 million
