15 Stocks Targeted By Activist Hedge Funds

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10. Illumina, Inc. (NASDAQ:ILMN)

Company Market Cap as of December 31: $21.19 Billion

Number of Hedge Fund Holders: 54

Illumina, Inc. (NASDAQ:ILMN) is a healthcare company that offers sequencing and array-based solutions for genetic and genomic analysis. It is one of the stocks targeted by activist hedge funds, having underperformed in 2024. Icahn Enterprises was the first activist hedge fund to set sights on the company.

Billionaire investor Carl Icahn launched a campaign to oust the board as he sought to reinvigorate the company’s growth metrics. The push came as the company pushed with the $7 billion acquisition of gene sequencing company GRAIL. While regulators in the US and Europe opposed the deal, terming it anti-competitive, Illumina, Inc. (NASDAQ:ILMN) ended up completing it.

Icahn had been critical of the $7 billion acquisition, which formed the basis of a proxy fight. Amid soaring regulatory and activist pressure, Illumina was forced to spin off Grail mid-last year, resulting in it keeping a 14.5% minority stake. Following the proxy fight and divestment, Keith Meister, activist investor at Corvex, also bought a stake in Illumina, Inc. (NASDAQ:ILMN), waiting to see if he will push for strategic changes to unlock shareholder value.

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