Shares of Valeant Pharmaceuticals International gained another 8.33 percent Friday, extending the embattled company’s winning streak to three trading sessions. Over this period, the drug maker’s stock has gained more than 25 percent. However, at $91, the stock is still down 50 percent from the end of the third quarter, still bad news for investors who bottom-fished at the end of the quarter. On Friday Valeant announced that it will host an investor day on December 16 in order to provide updated financial guidance, discussing certain business operations and highlighting certain R&D programs.
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Goldman Sachs Group has raised $1.3 billion for a new fund that will buy stakes in hedge fund firms, according to Bloomberg. Called Petershill II, the fund beat its initial target of $1 billion and stands to close at $1.4 billion. It plans to purchase 10 percent to 20 percent equity stakes in firms with between $2 billion and $15 billion, according to the report. So far the fund has bought ownership interests in New York-based Knighthead Capital Management, New York-based Caxton Associates and London-based Pelham Capital Management. Goldman’s first Petershill fund bought pieces of nine firms, including London-based Winton Capital Management.
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Larry Robbins’s New York-based Glenview Capital Management, which has surged and sunk with its big bet on health care stocks over the past few years, boosted its stake in Burlington, North Carolina-based Laboratory Corporation of America Holdings by roughly 10 percent, to more than 5.35 million shares, or 5.29 percent of the healthcare diagnostics company.
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Zachary Schreiber’s PointState Capital lifted its stake in Clovis Oncology to 2.95 million shares, or 7.7 percent of the total outstanding. At the end of the third quarter, the New York hedge fund firm owned just 50,000 shares of the biopharmaceutical company specializing in lung cancer. The stock fell 1.50 on Friday, to $26.41, way down from its 52-week high of $116.75.
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Tiger Global Management boosted its stake in Vipshop Holdings Limited to 9.9 million shares, or 9.96 percent of the Chinese online discount apparel retailer. This works out to 49.5 million American Depositary Shares (ADS), nearly triple the New York hedge fund firm’s holding at the end of September. The company’s shares gained more than 14 percent on Friday.
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HFR’s emerging markets index rose 3.4 percent in October, the first monthly gain since April. China and Russia led the way, as investors once again embraced risky assets. The HFRI China Index, for example, rose 5.9 percent in October, its best monthly gain since it rose 14.2 percent in April. HFR also reports that the amount of money invested in emerging markets fell more than $11 billion, or 5.5 percent in the third quarter, to $187 billion.
