Retrophin (RTRX), the biotech company that used to be run by indicted hedge fund manager Martin Shkreli, provides an interesting investment opportunity, according to one portfolio manager with an expertise in biotech investing. Michael Tung is co-portfolio manager of Turner Medical Sciences Long/Short Fund, which was the top ranked long/short fund in 2015 according to Morningstar, with a return of nearly 18 percent. Shkreli, you may recall, was indicted on a scheme to defraud Retrophin, a company he founded and previously served as CEO. Despite the legal drama, Tung said there is not a lot of risk in owing the stock. ‘The management team there is excellent,’ said Tung. ‘It’s a very interesting company in that they have several orphan assets, orphan drugs. In addition, right now they also have over $250-million in cash.’ Tung said the company is looking to make acquisitions, and will benefit from the decline in market valuations of potential biotech targets.
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