Tourbillon’s Big Short Pays Off in Q3

Jason Karp’s firm posted a strong third quarter in part due to the collapsing price of a struggling biotech company.

Shares of biotechnology firm MannKind Corp., which specializes in therapeutic products for diabetes and has been in free fall lately, plummeted another 8 percent or so on Friday, to close at a new low of about $0.50 per share.

This is bad news for MannKind stockholders but is particularly good news for the folks at New York–based Tourbillon Capital Partners, which has been heavily short the biotechnology stock for a few years.

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