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Billionaire Jim Simons Snaps Up These 2 Biotech Stocks

Quant trading guru Jim Simons is calling it a day, sort of. The mathematician and cryptologist is famous in the investing community for bringing his analytical eye to the world of the stock exchange, creating both the quant trading revolution and a personal fortune now estimated at more than $22 billion. His has been a career of multifaceted success, and his innovations on Wall Street have influenced the strategies of two successive generations of traders. Simons has stepped down as Chairman of Renaissance Technologies ahead of his 83th birthday next month. However, Simons remains involved as a board member. On his way out, Simons staked new positions in two biotech stocks. Following Simons’ stock moves is a viable strategy for investors of all strips. To get an idea of just how good a strategy, we’ve opened up the TipRanks database and pulled the details on these two names; It appears the rest of the Street projects plenty of upside. Let’s find out what makes them compelling buys. Zogenix, Inc. (ZGNX) We’ll start with Zogenix, a small-cap biotech firm working on new therapies for the treatment of rare diseases. The company has two lead products: Fintepla, which has been approved by the FDA for use in treating epilepsy caused by Dravet Syndrome, and MT1621, which is in mid-stage trial as a treatment for Thymidine Kinase 2 deficiency (TK2d), a rare and frequently fatal metabolic disease in children. The company has seen total net US product sales of $9.6 million since the drug’s July 2020 launch; of that total, $8.1 million was realized in 4Q20. As of December 31, 2020, there were 550 Dravet syndrome patients enrolled in Fintepla programs. Also in December, the European Commission approved Fintepla for use, and the

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