Pharmaceutical Stocks Hedge Funds Are Bullish on

Pfizer Inc. (NYSE:PFE)

– Investors with Long Positions (as of March 31): 119

– Aggregate Value of Investors’ Holdings (as of March 31): $8.37 Billion

Even though the stock price of the research-based global biopharmaceutical company dropped by over 8% in the first quarter, hedge funds were increasingly bullish on the company and took this opportunity to load up more of Pfizer Inc. (NYSE:PFE) stock in their portfolios, which is apparent from a 9.2% increase in the company’s popularity among them during this period. Keith Maeister‘s Corvex Capital, for example, boosted its Pfizer holding by 42% to 17.54 million shares. The New York-based company’s failed $160 billion merger with Allergan is one factor weighing down the stock, despite an earnings beat for the first quarter which saw EPS of $0.67 beat estimates by $0.12 while revenues of $13 billion also came in $1 billion ahead of expectations.

Allergan plc Ordinary Shares (NYSE:AGN)

– Investors with Long Positions (as of March 31): 170

– Aggregate Value of Investors’ Holdings (as of March 31): $20.11 Billion

The Ireland-based company bore the brunt of the failed merger more than Pfizer as its stock price is down by nearly 20% on a year-to-date basis. However, since May 10, when Allergan plc (NYSE:AGN) reported its first quarter financial results, shares have been trending upwards. While first quarter EPS of $3.04 beat estimates by $0.01, revenues of $3.8 billion missed the estimated mark by $160 million. John Paulson’s Paulson & Co trimmed its Allergan plc Ordinary Shares (NYSE:AGN) holding by 3% during the January-March period to 5.42 million shares.

Disclosure: None