Tourbillon Hedge Fund Wins Shorting MannKind, GT Advanced Shares

Bloomberg – Tourbillon Capital Partners LP, the hedge fund started last year by Jason Karp, said investments betting against MannKind Corp. (MNKD) and GT Advanced Technologies Inc. (GTATQ) paid off as shorting stocks contributed most to its profits last quarter.

MannKind, which makes inhalable insulin that Tourbillon believes will struggle commercially, fell 46 percent in the third quarter. This helped produce a 71 percent return for New York-based Tourbillon, Karp wrote in a letter to investors, a copy of which was obtained by Bloomberg News. The firm, which manages $1.3 billion, said the stock should fall to $1 from about $6.

Read Complete Article

This entry was posted in Syndicated. Bookmark the permalink.

Leave a Reply