(Reuters) - Hedge fund Citadel has made a 305 million pound ($384.5 million) bet against drugmaker GSK, the Financial Times reported on Friday. Billionaire Ken Griffin's hedge fund disclosed its net
Citadel Hedge Fund's $384.5 Million Short Bet on GSK
(Reuters) - Hedge fund Citadel has made a 305 million pound ($384.5 million) bet against drugmaker GSK, the Financial Times reported on Friday.
Billionaire Ken Griffin's hedge fund disclosed its net short position on Tuesday, with the bet worth 0.51% of GSK's stock, according to data from the Financial Conduct Authority, FT said.
Ken Griffin's Citadel, which oversees roughly $64 billion, ranks among the world's most profitable hedge funds. It, however, has not played a big role in activist investing so far.
The British drugmaker posted upbeat fourth-quarter results in early February, announcing a 2 billion pounds share buyback and lifting its long-term sales target to nearly $50 billion.
CEO Emma Walmsley has pushed GSK to growth with a focus on cancer and infectious diseases to counter a combination of patent expiries and declining revenue from its best-selling medicines by 2030.
In 2024, GSK lost 7.5% of its value, underperforming rival AstraZeneca, which was down only 1.3%.
GSK and Citadel did not immediately respond to Reuters' request for comment.
($1 = 0.7933 pounds)
(Reporting by Prerna Bedi in Bengaluru; Editing by Alan Barona)
