This is What Hedge Funds Have to Say about Two Healthcare Stocks on the Move

In other news, Praulent, a proprotein convertase subtilisin/kexin type 9 inhibitor, or simply PCSK9, owned by both Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) and Sanofi SA (ADR) (NYSE:SNY) was granted marketing authorization by the European Commission (EC). Therefore, the drug, which is aimed at treating bad cholesterol in certain adult patients with hypercholesterolemia, represents the only EC-approved PCSK9 inhibitor available in two starting doses. The addressable market in Europe is quite huge for the two companies, as high cholesterol represents a substantial health problem on the continent. It appears that Europe has the largest prevalence per capita of high cholesterol all around the world, according to the World Health Organization (WHO). However, the shares of both Sanofi and Regeneron are in the red so far today. To be more specific on that, Sanofi’s stock has lost more than 0.5% so far in today’s trading session, which could be potentially explained by the recent pullback of biotech stocks.

Sanofi SA (ADR) (NYSE:SNY) lost some of its popularity within the hedge fund industry, as the number of hedge funds with positions in the stock declined by three to 31 during the second quarter. In the meantime, these positions accounted for only 0.80% of the company’s shares at the end of June. Similarly, the value of hedge funds’ investments in Sanofi decreased to $1.08 billion from $1.18 billion during the April – June quarter. Warren Buffett’s Berkshire Hathaway is the second-largest equity holder of Sanofi SA within our database, holding 3.91 million shares.

Disclosure: None