Market Overview

Allergan Takes In 13 New Hedge Fund Investments In Q2

Related AGN
Citi Prefers These 4 Stocks Over Pfizer On Bottom-Line Concerns
Top Picks For The Rest Of 2017, Courtesy Of UBS
Teachers Retirement System Of The State Of Kentucky Buys Total SA, Rio Tinto PLC, Voya ... (GuruFocus)

Allergan (NYSE: AGN) spiked Friday after it was reported that 13 hedge funds established new positions in the company in the second quarter, while nine added to their stake.

A further six funds boosted their position in the company, while 11 cut their stakes, according to BNK Invest.

Allergan is subject of a hostile takeover bid by Valeant Pharmaceuticals (NYSE: VRX) and activist investor William Ackman's Pershing Square Capital Management LP.

The Securities and Exchange Commission launched a preliminary investigation recently into whether the bid violates insider trading laws, according to reports Thursday.

Ackman issued a statement Friday saying there's "nothing illegal, unethical or improper" in his actions regarding Allergan.

BKN noted that funds operated by Advisory Research and Allstate exited their positions in Allergan during the second quarter, and the total number of Allergan shares held by hedge funds in the period actually fell by more than 19 percent.

Valeant's latest offer for Allergan is $164.16 per share in cash and Valeant stock.

Allergan was down 1.39 percent, trading recently at $157.76 per share.

Posted-In: News Hot Intraday Update


Related Articles (AGN + VRX)

View Comments and Join the Discussion!