Michael Burry is a Managing Director at Scion Asset Management.
Jim Spellman is a photographer.
A new stake in Scynexis was revealed in a 13F filing.
The small company's shares were purchased by Burry for about $1 million.
Scynexis shares have gained 42% since the 13F filing was released.
Scynexis, a small biotech company that's developing antifungal therapies to combat drug-resistant superbugs, is up as much as 42% over the past week after Michael Burry of "The Big Short" revealed a stake in the company.
According to a 13F filing, Burry's Scion Asset Management purchased 174,030 shares of Scynexis in the third quarter of 2021. As of Monday, the position was worth about $1.2 million, representing 2% of the $42 million stock portfolio. It's not likely to be a high-conviction bet.
On November 15, Scynexis jumped 25%, the same day that Scion released its 13F filing. With no news surrounding the company, followers of Michael Burry's investments decided to join him by buying shares. The stock hit a four-month high of $7.65 on Monday before paring back its gains.
A well-followed investor can have a big impact on a small cap company's stock price, as evidenced by the $40 million increase in Scynexis' market cap.
Scynexis' year-to-date performance remains negative despite a week-long rally.
In the third-quarter, Burry closed out call options in mega-cap tech names like Facebook and closed a put position inTesla, as well as initiated a new position in Lockheed Martin.
Markets Insider.
Business Insider has an original article.
