Steven Cohen 's Point72 Asset Management, has changed its course and is now reducing its exposure to C&J Energy Services Inc (NYSE: CJES ). Point72 Asset Management's latest filing with Securities and Exchange Commission show that the fund has reduced its stake to 2.55 million shares or 4.6% of all common stock of the company. We reported on September 16 the fund having increased its stake to around 3.61 million shares. The fund hold its stake in the company as an activist investor. Steven Cohen established Point72 Asset Management after closing his earlier hedge fund, SAC Capital, late last year. Point72 Asset Management is a family office that only manages Mr. Cohen's personal money. It manages assets in excess of $10 billion. Cohen's earlier fund SAC Capital was closed after being convicted of insider trading and paying $1.2 billion in fines.