Steve Cohen
Steve Cohen has a net worth of $23 billion. (Photo: Point72)

Billionaire investor Steve Cohen moves with speed and agility when it comes to investing. His high-risk, high-reward investing approach has helped him amass a personal wealth of $23 billion, according to Forbes.

He is the founder of the now-defunct and one of the most successful hedge funds, SAC Capital Advisors, which was charged with insider trading and had to repay investors $1.8 billion in penalties. Cohen faced a two-year ban on managing investors' money. In 2013, Cohen converted his investment operations into a family office and formally adopted the Point72 Asset Management name the following year. Years later, in 2018, the firm became a registered investment advisor and started accepting outside capital. Cohen's ban was over by then.

The New York Mets owner earned $3.4 billion in 2025, making him the world's highest-paid hedge fund manager, according to Bloomberg. The massive payday comes during a challenging period for Cohen's baseball team, which struggled through the 2025 Major League Baseball season despite operating with a $340 million payroll.

In the latest trade, Cohen's Point72 boosted its stake in biotech stock Evommune, which is down 41.2% in the past month, but rose 3.6% on Friday. The stock has faced immense pressure after its phase 2b trial of the EVO756 drug candidate to treat chronic spontaneous urticaria failed to meet its primary endpoint of mean change in activity score over seven days at week 12. Cohen's fund has showcased a growing interest in biotech stocks, with several additions to its portfolio, including Amylyx Pharmaceuticals last year.

Why Did Cohen Pile Into the Stock Despite Faltering Prospects?

The company said during the earnings call that the results do not support further development of the drug candidate, but it will be evaluated in additional indications. Evommune also remains on track to report top-line phase 2b data for EVO756 in atopic dermatitis in Q3. Elsewhere, the company initiated screening in a phase 2b trial of the drug in migraine prophylaxis, with patient dosing expected to begin imminently.

The company's robust cash position is also expected to support operations through 2028, offering the scope to execute on key milestones and advance its pipeline of therapies designed to treat chronic inflammatory diseases.

Even Clear Street believes the recent Evommune stock selloff is creating a lucrative entry point for investors, with the phase 2b atopic dermatitis data expected in Q3. The brokerage believes that positive atopic dermatitis data consistent with its base case could drive the stock by 50% to 100% from current trading levels.

Overall, Clear Street is of the view that Evommune's EVO756 drug candidate offers a 'robust mechanistic rationale' in atopic dermatitis relative to chronic spontaneous urticaria. The brokerage had a 'Buy' rating on the shares with a 12-month target price of $28 per share.

Even the company's independent director, Arthur Kirsch, recently purchase $133,000 worth of Evommune shares at $13.30 apiece. Although it is not a major purchase by either a percentage standpoint or absolute value, it can be viewed as a positive sign as it was reportedly the biggest Evommune stock buy made by an insider individual in the last twelve months.

Disclaimer: Our digital media content is for informational purposes only and not investment advice. Please conduct your own analysis or seek professional advice before investing. Remember, investments are subject to market risks and past performance doesn't indicate future returns.

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