Billionaire hedge fund manager John Paulson has more than tripled the size of his stake in Valeant Pharmaceuticals Intl Inc. (TSX:VRX)(NYSE:VRX), which could suggest the biotech giant has a lot more upside ahead of it.
Valeant has become a favourite among hedge funds. Since 2010 shares have climbed more than 15-fold, making early investors rich in the process. However, Paulson’s position indicates the company still has a long-growth runway.
According to SEC filings published last week, the money manager increased his stake in Valeant nearly fourfold during the first quarter.
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