From WSJ: SAC Capital Advisors LP bet big on a firm called Ardea Biosciences Inc. at the beginning of last year.
Diving into a small stock it never before reported owning, the hedge-fund firm bought 1.2 million shares, which at the end of the first quarter were valued at $26.7 million. Three weeks later, a stake of that size was worth $12.1 million more. On April 23, Britain's AstraZenec said it would buy Ardea, the culmination of two months of confidential negotiations. The deal sent the stock soaring 52% that day.
Such high-stakes trading over the years has made SAC the subject of admiration and envy on Wall Street….
Read all about it at http://online.wsj.com/article/SB10001424127887324323904578366931326859890.html