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Intercept’s Magic Pill for Hedge Fund Shareholders
The drug maker has taken its hedge fund buyers — who include SAC, Adage and Millennium — on a wild ride.
AQR Capital Management and J.P. Morgan were among the institutions looking smart at the end of 2013. They had bailed out of the New York biotech company Intercept Pharmaceuticals, a stock that fell 11 percent in the fourth quarter. That was until January 8, when Intercept’s stock blasted up 520
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