NEW YORK (TheStreet) -- Allergan  (AGN) - Get Report stock is gaining by 2.6% to $242.07 in early-morning trading on Tuesday, as activist investor Carl Icahn announced he recently acquired a "large position" in the pharmaceutical company. 

Icahn is "very supportive of CEO Brent Saunders," he said in a statement.

"We have every confidence in Brent's ability to enhance value for all Allergan shareholders," Icahn added.

Icahn noted that he was "instrumental" in Saunders's appointment as CEO of Forest Labs a few years ago. Less than a year later, Forest was purchased by Actavis, "resulting in massive gains for Forest shareholders," Icahn stated.

(Allergan is a core holding of Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trialhere.)

Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.

Allergan's strengths such as its robust revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year.

You can view the full analysis from the report here: AGN

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

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