Hedge Funds Stand to Lap Up Bearish Profits from Bank Stock Rout (Reuters)
Hedge funds ended last week positioned to scoop up winning profits from bearish positions on bank stock falls, according to a note by Goldman Sachs sent to clients late on Sunday. They sold financially themed shares and banks for nine straight weeks but rather than only exiting long positions, funds added bearish bets, according to the note seen by Reuters.
Hedge Funds and C-Suites: Illumina Pops on Icahn News | Pro Recap (Investing.com)
Carl Icahn prepares for proxy fight at Illumina: Illumina (NASDAQ:ILMN) shares rose sharply on word Carl Icahn is preparing to launch a proxy fight there, seeking three board seats, according to the Wall Street Journal. According to Icahn, the biotech company’s acquisition of Grail costed shareholders $50 billion and is now costing the company $800 million annually. The activist investor nominated Vincent Intrieri, Jesse Lynn, and Andrew Teno to Illumina’s board and claims that three shareholder representatives are needed to put an end to what he called “reckless decision-making.”
Opalesque Roundup: HFR Launched New Investable Hedge Fund Indices: Hedge Fund News, Week 09 (Opalesque.com)
In the week ending March 10th 2023, HFR launched the HFRI 400 (US) Indices, a first of its kind Index comprised of private hedge funds open to U.S. taxable investors, making the HFRI 400 a suitable benchmark for U.S.-based, taxable, high net worth and ultra-high net worth investors. The HFRI 400 (US) Fund Weighted Composite Index posted a narrow decline of -0.3 percent (estimated) in February, this following the gain of +2.3 percent in January and paring the YTD return to +2.0 percent. Exhibiting strong outperformance of equity market declines for the month, HFRI 400 strategy performance was led by Event Driven and Macro strategies.
Monday 3/13 Insider Buying Report: RVMD, WTRG (Nasdaq.com)
On Friday, Revolution Medicines’ Director, Thilo Schroeder, made a $14.15M purchase of RVMD, buying 650,000 shares at a cost of $21.76 a piece. Revolution Medicines is trading up about 6.1% on the day Monday. Before this latest buy, Schroeder purchased RVMD on 4 other occasions during the past year, for a total investment of $14.98M at an average of $21.61 per share. And at Essential Utilities, there was insider buying on Wednesday, by Chief Executive Officer Chris Franklin who bought 37,245 shares for a cost of $40.70 each, for a trade totaling $1.52M. Essential Utilities is trading up about 2.4% on the day Monday. So far Franklin is in the green, up about 4.8% on their purchase based on today’s trading high of $42.67.
$5M Bet On FIGS? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Grocery Outlet: The Trade: Grocery Outlet Holding Corp. (GO) Director Erik Ragatz acquired a total of 111,375 shares an average price of $27.27. To acquire these shares, it cost around $3.04 million. FIGS: The Trade: FIGS, Inc. (FIGS) CEO Catherine E. Spear acquired a total of 790,000 shares at an average price of $6.30. To acquire these shares, it cost around $4.98 million.
