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Allergan, Inc. (AGN) Receives Good News from Japan

Allergan plc Ordinary Shares (NYSE:AGN) received two separate pieces of good news on Tuesday. First, the Japanese Ministry of Health, Labour and Welfare granted the company a National Marketing Authorisation for the company’s BOTOX Vista, for the treatment of crow’s feet in adult patients. That’s good news owing to the fact that Japan is a wealthy country with a substantial percentage of elderly people. Medical aesthetics is a fast growing sector in the country, with a 56% increase in the occasions of non-surgical and surgical treatments performed from 2010 to 2014. The approval should help Allergan plc Ordinary Shares (NYSE:AGN) realize more profits in the country. Secondly, the FDA accepted Allergan’s NDA for oxymetazoline HCl cream 1.0% for review. The cream is for the potential treatment of a symptom associated with rosacea, which is a chronic skin condition that affects more than 16 million people in the United States. Oxymetazoline HCL cream 1.0% should have a PDUFA date in the first half of 2017.

Heading into the second quarter of 2016, a total of 170 of the hedge funds tracked by Insider Monkey were bullish on this stock, a 7% rise from one quarter earlier. According to Insider Monkey’s hedge fund database, John Paulson’s Paulson & Co has the number one position in Allergan, Inc. (NYSE:AGN), worth close to $1.45 billion, amounting to 10.7% of its total 13F portfolio. The second most bullish fund manager is Dan Loeb of Third Point, with a $1.34 billion position; 12.3% of its 13F portfolio is allocated to the stock. Remaining peers with similar optimism comprise Andreas Halvorsen’s Viking Global, Matthew Halbower’s Pentwater Capital Management, and Paul Singer’s Elliott Management.

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The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why we will examine companies such as Sanofi SA (ADR) (NYSE:SNY), Mastercard Inc (NYSE:MA), and NIKE, Inc. (NYSE:NKE) on the next page, to gather more data points.

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