'Activist Investor Elliott Targets Drugmaker BioMarin; Has Spent Over $1B On The Stake In The Co' - Reuters News
Portfolio Pulse from Benzinga Newsdesk
Activist investor Elliott Investment Management has built a stake in BioMarin Pharmaceutical and has been in discussions with the company about its future. Elliott has spent over $1 billion on the stake in BioMarin, which focuses on rare genetic disorders and is valued at $14.6 billion. BioMarin is currently undergoing a change in chief executives and slow progress in the launch of its drug Roctavian. The company's shares are down 24% year-to-date, significantly underperforming the iShares Biotechnology ETF, which is down 8.6%.
November 07, 2023 | 3:34 pm
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Elliott Investment Management has built a significant stake in BioMarin, which is currently facing challenges with its drug launch and a change in leadership. The company's shares are down 24% year-to-date.
The news of Elliott Investment Management's significant stake in BioMarin could potentially lead to changes in the company's strategy or management, which could impact the company's stock price. Additionally, the company's current challenges with its drug launch and leadership change could also negatively impact its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The iShares Biotechnology ETF has been underperforming, with a decrease of 8.6% year-to-date.
The news mentions the underperformance of the iShares Biotechnology ETF, which could potentially impact investor sentiment and lead to a further decrease in its price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50