Stevie Cohen Enters PDLI Mix

Stevie Cohen entered into the mix on Dan Loeb activist target PDL BioPharma Inc. (Nasdaq: PDLI). Unlike Loeb's, Cohen's stake is passive.

From our main site:

In a 13G filing after the close Friday on PDL BioPharma Inc. (Nasdaq: PDLI), SAC Capital / Steven A. Cohen disclosed a 5.1% stake (5,973,000 shares) in the company. This is up from the 269,793 share stake the firm held at the quarter ended June 30, 2007. A 13G filing indicates a 'passive' investment.

PDL BioPharma is currently an activist target of Daniel Loeb's ThirdPoint LLC, which has been pushing for executive changes and a sale. The stock had a significant sell-off at the end of August after announcing a restructuring including the sale of some assets and the termination of the Nuvion phase 3 program.

According to Stockpickr.com, "SAC Capital Partners is a $12 billion dollar group of hedge funds founded by Steven A. Cohen in 1992. While SAC closely guards its returns, published reports and people who have seen the fund's letters to its investors say that SAC had a gross return, before its fees, of at least 40 percent in every year since inception, making it astoundingly successful." Link to SAC Portfolio