Adolor's shot in the arm for HBK

Wed Mar 1, 2006

If you buy the line that it has been a tough time to pick winners in the pharmaceutical sector, then chances are you probably never heard of Exton, Penn.-based Adolor. And if you haven't, you may want to start kicking yourself now. That's because Adolor is a microcap drug developer that exploded into a small cap overnight as the stock rose more than 50% in the first week of February, providing a big win for a number of hedge funds, most notably HBK Investments.

Adolor's stock surge was strong medicine for HBK. Regulatory filings with the U.S. Securities and Exchange Commission show that the Texas-based hedge fund held a 7.4% stake in the company going into the final quarter. And while the stock languished late last year, it got a huge shot in the arm when the U.S. Food and Drug Administration in February gave Adolor's Entereg...


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