Hedge Funds Pile Into Tiny Biotech That’s Already Soared 460%

(Bloomberg) -- Hedge funds swarmed into Trillium Therapeutics Inc. in the first quarter, with at least 10 firms taking new stakes in the health-care company.

The cancer drug developer, with offices in both Cambridge, Massachusetts, and Mississauga, Ontario, has seen its U.S.-listed shares gain more than 460% so far this year.

One of the larger new positions in Trillium came from New York-based Avoro Capital Advisors LLC, which purchased 4.95 million shares, or a 6% position, according to a 13F filing.

Additionally, Marshall Wace North America bought 2.59 million shares, or a 3.1% stake in Trillium. Fairmount Funds Management and Millennium Management now also own more than 2% each of Trillium.

Shares are still ahead 31% in May, despite a recent slide after Phase 1 data on its TTI-622 medicine were posted in abstracts presented at the American Society of Clinical Oncology meeting.

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