Updated from 9 a.m. EST

Activist investing is never an easy task, but by following the latest activist filings, you can piggyback off of some of the smartest money managers and hedge funds ever. These guys are capital allocation wizards, and it pays to watch what they do.

For example, Biotechnology Value Fund announced its full support of the proposed merger of Avigen ( AVGN) and MediciNova ( MNOV), stating that it believes that the worst-case scenario for Avigen shareholders is $1.20 per share; the stock closed on Thursday at 74 cents and was up to 79 cents in Friday morning trading.

Avigen, which on Dec. 22 stopped all clinical trials of its experimental treatment for spasticity-related multiple sclerosis, just sold its early-stage blood compound for $7 million to Baxter Healthcare. Avigen has a negative enterprise value of -$19 million, with $47.4 million dollars in cash, $7 million in debt and a current market cap of $21.73 million

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