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Due to activity on May 14th, 2010, Steven Cohen's hedge fund firm SAC Capital has disclosed a new position in XenoPort (NASDAQ:XNPT). As per a 13G filed with the SEC, SAC Capital shows a 6.0% ownership stake in the company with 1,819,228 shares. Again, this is a new position for the fund as it did not show ownership in its previous portfolio disclosure as of March 31st, 2010.

Please also keep in mind that SAC is a trading oriented firm and moves in and out of positions much quicker than the fundamental hedge funds we typically track. Of the prominent hedge funds we cover, we've only seen one other firm previously own shares of XNPT. Lee Ainslie's firm had a position in XenoPort, but Maverick Capital just sold out in the first quarter. Regarding other recent portfolio activity from Steven Cohen's firm, we saw that it raised its stake in Inspire Pharma (NASDAQ:ISPH) and updated its position in The Talbots (NYSE:TLB).

Taken from Google Finance:

XenoPort is "a biopharmaceutical company focused on developing and commercializing a portfolio of internally discovered product candidates, which utilizes the body’s natural nutrient transport mechanisms to improve the therapeutic benefits of existing drugs."

For more of the latest investments from top managers, head to our hedge fund portfolio tracking series.

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Source: Steven Cohen's SAC Capital Discloses New XenoPort Stake