Steve Cohen's Point72 Goes Heavy on Tech and Pharma Stocks, Investing Over $330M in Two Trades
Billionaire investor and hedge fund manager Steven A. Cohen moves with speed and agility when it comes to investing. The New York Mets owner recently bet over £240.72 million ($330 million) across two stock trades, according to the latest regulatory filings.
Cohen bumped his stake in data streaming tech company Confluent (NASDAQ:CFLT) by 1,163% or 13.32 million shares at an average price of £16.97 ($23.26), valuing the trade at £226 million ($309.82 million). Cohen now owns a total of 14.46 million shares of the company.
He also ramped Point72’s stake in Amylyx Pharmaceuticals (NASDAQ:AMLX) by 414% or 3.8 million shares at an average price of £4.68 ($6.41) apiece, valuing the trade at £17.76 million ($24.35 million).
Cohen, founder of the now-defunct SAC Capital Advisors, deemed as one of the most successful hedge funds, has a net worth of £15.53 billion ($21.3 billion), according to Forbes. As the chief of Point72 Asset Management, Cohen continues to abide by his high-risk, high-reward investing approach.
Confluent Records a Strong Start to the Year
Cohen’s massive Confluent stock purchase comes as the data streaming tech company recorded a surprising earnings beat in Q1 2025. The company’s subscription revenue as well as total revenue jumped by over 25% each from a year earlier despite heightened macroeconomic volatility as it heavily taps into artificial intelligence (AI) to help clients develop next generation applications. The company’s adjusted quarterly earnings per diluted share also rose to £0.05 ($0.08) from £0.03 ($0.05) a year earlier.
‘These results underscore the strength of our data streaming platform, the strategic value of our multi-cloud, multi-data destination, and multi-deployment approach, as well as the flexibility of our well-diversified growth strategy,’ the company’s CFO Rohan Sivaram had stated in the Q1 earnings release.
Amylyx Advances Robust Clinical Pipeline
Elsewhere, Amylyx Pharma recently notified investors that it has received a fast-track designation from the US Food and Drug Administration (FDA) for its drug candidate, AMX0114, to treat individuals suffering from amyotrophic lateral sclerosis (ALS). The FDA designation will facilitate the development of the drug, expedite the review of therapies, as well as improve the scope for priority review if relevant criteria are met.
The biotech firm also announced long-term positive results from its phase 2 trial of AMX0035 to treat patients with Wolfram Syndrome. The trial showcased marked improvement in pancreatic beta cell function, and safety data were consistent with prior clinical studies. Some adverse events that were observed were mild to moderate, according to the company.
With a cash runway through 2026, the company stated that it remains confident in achieving its near-term goals and expects to accomplish several milestones related to the release of trial data for multiple drug candidates by the end of this year.
According to TipRanks, majority of the analysts maintained a strong to moderate ‘buy’ rating on Confluent and Amylyx stocks, with average 12-month stock price targets of £20.68 ($28.35) and £8.88 ($12.17), respectively, implying significant upside from current trading levels.
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