Hedge fund managers reducing stakes in Allergan — 5 key notes

Six hedge fund managers reduced their funds position in Allergan during the first quarter of fiscal year 2017, Reuters reports.

Here's what you should know.

1. Carl Ichan sold all Allergan shares.

2. Farallon Capital Management LLC, David Tepper's Appaloosa LP and Seth Klarman's Baupost Group LLC reduced their holdings by up to 32 percent, Reuters reports.

3. Paulson & Co. and Leon Cooperman's Omega Advisors also reduced their holdings.

4. Allergan posted a first quarter loss after it reduced its stake in Teva Pharmaceutical Industries by approximately $2 billion.

5. Allergan's Chief Executive Brent Saunders said he doesn't anticipate U.S.-based tax reform. However if President Donald Trump's administration pushes for an implant tax, it could hurt Allergan and its Dublin, Ireland headquarters.

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