Earlier today French doctor Yves Benhamou was charged with passing on some hot info about Hepatitis C to an unnamed hedge fund, which didn’t seem to make any money off of the tip but avoided losing $30 million by a timely sale of six million shares of drug maker Human Genome Sciences. The fund was not named, but according to Matthew Goldstein at Reuters, it’s FrontPoint Partners, which has suspended a trader named Dr. Chip. Continue reading »
Hepatitis C
The Securities and Exchange Commission accused a French medical doctor with illegally tipping off a hedge-fund manager about the results of a clinical trial conducted by Human Genome Sciences Inc., prompting the manager to dump roughly six million shares of the drug maker. The SEC alleged in the civil complaint Tuesday that Dr. Yves M. Benhamou gave the hedge-fund manager nonpublic information about negative developments in the trial of the drug Albuferon, used to treat Hepatitis C, including that one trial participant had died…Over a period of weeks prior to the announcement, the hedge-fund manager ordered the sale of all Human Genome Sciences stock held by six hedge funds he co-managed, a stake of roughly six million shares, the SEC said. [WSJ]
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