A hedge fund has bet that it will make a profit by betting on the development of an adrenergic blocker, according to a regulatory filing.
The Fidelity Global Advisors fund is seeking to bet on the beta-blockers as a hedge against the rising number of heart attacks in the U.S. and Canada, and also on the possible drug development for the drugs, which have been under development for years.
The fund is betting that Adrenaclick will be a blockbuster drug, given its efficacy in the treatment of some forms of heart attack.
The drug has been approved for the treatment in the United States for patients with high blood pressure, and in the last year it has been shown to reduce the risk of cardiovascular events.
The company says Adrenaclack is safe, effective and has a long track record.
Fidelity also has put a bet on an alternative to the drug for treating the condition of people who have had a heart attack or stroke, which the company calls “the new blockbuster.”
The company is betting on an inhibitor called MIP-1, which works by blocking the enzyme acetylcholine receptors.
The company is hoping the inhibitor will be able to lower the risk that a person will develop the drug-resistant version of the drug.
The drug’s effectiveness has been compared with that of the drugs that treat people with advanced stage prostate cancer.
In its filing with the Securities and Exchange Commission, Fidelity says it has a short position of about $1.9 billion.
The stock fell $1,700 to $18.20 on the Nasdaq on Wednesday.