Still an Allergan Fan; Oil Vey!: Doug Kass' Views

Doug Kass shares his views every day on RealMoneyPro. Click here for a real-time look at his insights and musings.


Still a Big Allergan Fan

Originally published May 9 at 10:39 a.m. EST

A quick look at the Allergan ( AGN) release reveals a good quarter and excellent guidance.
 
While I will have a more detailed analysis of the quarter after reviewing it more carefully, the lack of apprecation in the shares this morning is likely more a function of a broader rotation (for now!) out of the biotech sector than anything specific to the company.
 
I have been adding to AGN on weakness over the last few weeks (and as recently as yesterday), but I would continue to caution on the May calls as a volatility crunch could lie ahead after the good earnings report and after the strong year-to-date gain in the shares.
 
Allergan remains a long-term investment and not a short-term rental in my portfolio.
 
The shares were placed on my Best Ideas List last December at $194 a share and are trading this morning around $242 (up a bit on the day).
Position: Long AGN.
 

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