Point72 topped a list of 14 different financial institutions making a total of 46 Freedom of Information Act (FOIA) requests to the US Food and Drug Administration last month about adverse events and drug-manufacturing-facility inspections, according to a report by Law Street Media.
Point72 topped a list of 14 different financial institutions making a total of 46 Freedom of Information Act (FOIA) requests to the US Food and Drug Administration last month about adverse events and drug-manufacturing-facility inspections, according to a report by Law Street Media.
The report cites data from PoliScio Analytics’ competitive-intelligence database FOIAengine, which tracks FOIA requests in as close to real-time as their availability allows, as revealing Steve Cohen’s firm made 14 requests, followed by fellow hedge fund managers Balyasny Asset Management with 10 requests, and Farallon Capital Management with seven.
According to the report, FOIA requests to the federal government can be an important early indicator of bad publicity, litigation, or stock price movements.
Last month, six different financial firms made seven FOIA requests for the release of reports stemming from an FDA inspection of a plant owned by pharma company Catalent in March of this year. The company has also has been targeted by activist invstor Elliott Investment Management, which holds a ‘significant stake’ in the business and is pressing for a shake-up of the company’s board.
Apellis Pharmaceuticals meanwhile, drew the attention of hedge funds Balayasny and Point72, as well as VC firm Actua Capital Partners, last month, with seven FOIA requests asking for any FDA Adverse Event Reporting System (FAERS) reports regarding the company’s prescription eye-disease injection Syfovre.
Shares in the company dropped sharply – from $84.50 on 14 July to $34.39 on 21 July – almost immediately after the FDA’s disclosure of the FOIA requests.
