Shortly before heading to their respective Manhattan polling places and casting their ballots for President Trump, Carl Icahn and John Paulson had some business to attend to. Namely, getting the hell out of the pharma sector before America’s savior abolishes the Food & Drug Administration.
Carl Icahn sold down the bulk of his position in Allergan PLC in the third quarter, quickly reducing one of his biggest bets of a mostly quiet year.
He held just $98 million in Allergan shares as of the end of September, down by about $700 million from the end of June.
And the King of the Shorts was right behind Uncle Carl...
Paulson & Co. cut its holdings of Teva Pharmaceuticals, Johnson & Johnson and Shire, among others, according to filings Monday. The firm also sold off entirely a small position in Cigna.