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AGN) is another pharma name that saw shares get sold off en masse in the last quarter. Despite its $28 billion market cap, this isn't your typical big pharma name: Allergan pays out a tiny 0.22% dividend yield, so antsy income investors aren't the reason for selling in shares. Instead, the firm's price action has a lot more to do with its ability to find new uses for its blockbuster Botox drug.
Institutions' stake in AGN could be called a conviction sell; firms unloaded almost 30% of their total combined position in Allergan this past quarter.
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