BioMarin gains on report Elliott has a stake: Insider trades & hedge funds weekly

Investing.com — Here is your Pro Recap of the biggest insider trades and institutional investor headlines you may have missed this week: Elliott takes a stake in Biomarin Pharmaceutical, Vincent McMahon to sell 8.4 million TKO shares, and top brass buys at Exxon Mobil , Amphenol, Air Products and Chemicals, and Sarepta Therapeutics.

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Activist investor Elliott takes stake in Biomarin Pharmaceutical

Reuters reported that activist investor Elliott Investment Management purchased a stake in BioMarin Pharmaceutical (NASDAQ:BMRN). This news led to a more than 12% increase in BioMarin's stock price on Tuesday.

Elliott, which manages about $60 billion in assets, initiated talks with the biotech firm regarding its future. The hedge fund invested over $1 billion in BioMarin, the report added.

Elliott has a history of targeting healthcare companies. It previously secured board seats at Catalent (NYSE:CTLT) in August and participated in a consortium that privatized Syneos this year. Additionally, Elliott has successfully pushed for the sale of pharmaceutical companies such as Alexion Pharma and Allergan.

TKO Group stock falls 6% amid McMahon's $670 million stock sale

TKO Group (NYSE:TKO) experienced a pre-market decline of over 6% today following the announcement that major shareholder Vincent McMahon intends to sell 8.4M shares of common stock in a secondary offering. The proposed stock sale is valued at around $670M, based on a price to the public of $79.80 per share.

In addition, TKO has committed to buying back approximately $100M worth of Class A common stock directly from the underwriter. These shares are part of those being sold by McMahon. He will receive all net proceeds from this offering, while TKO itself is not selling any shares in this transaction.

CEO/director buys

Exxon Mobil (NYSE:XOM) Director, Jeffrey Ubben, purchased 250,000 common shares, or worth about $26.5 million, at $105.951-$105.9882. Ubben owns a total of 2,077,000 indirectly via his fund Inclusive Capital Partners following the latest purchase. He also owns 13,000 shares directly.

Amphenol (NYSE:APH) Director, Robert Livingston, purchased 11,839 common shares, or worth over $1M, at an average price of $84.81. Livingston owns a total of 59,120 common shares following the latest purchase.

Air Products and Chemicals (NYSE:APD) Chairman/President/CEO, Seifi Ghasemi, purchased 10,000 common shares, or worth more than $2.5M, at $252.34.

Sarepta Therapeutics (NASDAQ:SRPT) saw a couple of notable insider buy disclosures. CEO and President, Douglas Ingram, purchased 25,225 common shares, or worth about $2M, at $78.57-$81.26, Meanwhile, Director, Richard Barry, purchased 50,000 common shares, or worth nearly $4M at $78.81.

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