Why This Billionaire Just Bought Gilead Sciences, Synergy, and Valeant Stock
Izzy Englander bought more shares of Gilead Sciences, Synergy, and Valeant during the first quarter. Why is the billionaire so bullish about these drug stocks?
Keith Speights
(TMFFishBiz)
Jun 20, 2017 at 3:42PM
Israel "Izzy" Englander has made plenty of smart stock picks during his career. The co-founder of the Millennium Management hedge fund is worth more than $5 billion as a result.
Englander just added to his fund's positions in three drug stocks -- Gilead Sciences (NASDAQ:GILD), Synergy Pharmaceuticals (NASDAQ:SGYP), and Valeant Pharmaceuticals (NYSE:VRX). Here's why the billionaire likely bought more shares of these three stocks that haven't performed very well so far in 2017.
Synergy Pharmaceuticals
At the end of 2016, Millennium Management held close to 1.9 million shares of Synergy Pharmaceuticals. You can add another 1.39 million shares to that count during the first quarter.
Englander obviously thinks highly of Synergy. One reason for this positive opinion could be that the billionaire likes the prospects for Synergy's gastrointestinal-disease drug Trulance.
Weekly prescription volume for Trulance in treating chronic idiopathic constipation (CIC) is steadily growing after Synergy launched the drug in March 2017. The company recently stated that over 60% of patients with commercial insurance now have unrestricted access to Trulance.
Looking ahead, Synergy could see even more impressive results with Trulance in an additional indication. The FDA is scheduled to make a decision on approval of the drug in treating irritable bowel syndrome with constipation (IBS-C) by Jan. 24, 2018.
News 
Market Data 
Discover 
