Eastman Kodak, the erstwhile photography leader that lost its way in the digital age, wants to reinvent itself as a drug company in the era of Covid-19. And one top hedge fund seems to like the strategy.
D.E. Shaw, a money manager run by billionaire David Shaw owns a more than 5% stake in Kodak.
Kodak (KODK) disclosed the D.E. Shaw investment in a Securities and Exchange Commission filing late Monday. D.E. Shaw bought more than 3.9 million shares of the company.
Shares of Kodak soared 25% on the news Tuesday. The stock is now up nearly 70% this year.