ELAN - Aratana Therapeutics: A Dog Eat Dog World
Aratana suffered a 26.55% decline on Friday, January 11th, as a downgrade from Stifel (Aratana down 27% as Stifel softens view) was said to have prompted the selloff. Perhaps more impactful, was the 13D filing which showed Engaged Capital has reduced their position to roughly 4.1% shares outstanding, or 1,987,149. Keep in mind, that falling below the 5% threshold removes the 13D Filing as they are no longer classified as “beneficial owners.” Whether that means they will continue liquidating is anyone’s guess.
Source: Yahoo Finance
Before I attempt to provide an updated view