by Davit Kirakosyan

Investing.com – Here’s your pro recap of the biggest insider trading and institutional investor headlines you might have missed last week: Elliott acquires significant stake in Catalanta, Constellation Brands gains on deal with Elliott, Cathy Wood’s ARK writes Twitter stake, and Asana buys out another CEO.

This news was first received by InvestingPro subscribers. Never miss another headline that moves the market.

Catalent stock soars after WSJ reveals activist investor Elliott holds a significant stake

Catalent (NYSE: ) rose nearly 3% on Thursday after The Wall Street Journal reported that Elliott Investment Management, an active investor, acquired a significant stake in the pharmaceutical company.

According to the report, Elliott is also in talks with potential director candidates about participating in a proxy contest. The company’s window for director nominations will close on July 29.

Elliott’s drive for change comes as Catalent’s CFO departed in April while the company grapples with operational problems that significantly impacted its stock price several months ago.

Constellation Brands shares gain on announced settlement with Elliott

Shares of Constellation Brands (NYSE: ) rose more than 5% on Wednesday following the announcement of an information sharing and collaboration agreement with Elliott Investment Management LP, one of Constellation’s largest investors. In accordance with the agreements, Elliott has agreed to stipulations, voting, confidentiality and other provisions.

In addition, the company announced the election of Luca Zaramella, CFO of Mondelez International (NASDAQ: ) and William T. Giles, former CFO of AutoZone (NYSE: ) to its Board of Directors.

Cathy Wood’s ARK writes Twitter stake

Kathy Wood-led ARK Investment Management has reduced its ownership in Elon Musk’s Twitter by 47%, reports The Wall Street Journal.

Wood, who last year supported Twitter’s privatization by billionaire and Tesla (NASDAQ:) CEO Musk, emphasized that the write-down did not reflect his long-term positive outlook on investing.

Most recently, Musk tweeted about Twitter’s ongoing challenges, including negative cash flow, a significant 50% drop in advertising revenue, and a substantial debt burden.

Wood believes Meta’s launch of Twitter-rivaling threads will lead to healthy competition and Twitter will eventually evolve into an ‘everything app’.

Asan CEO buys more shares

Asana (NYSE: ) CEO Dustin Moskovitz bought another 80,000 common shares valued at approximately $1.9 million, as reported in real time on InvestingPro.

Following the purchase, Moskowitz owns 40,312,803 common shares directly and 4,147,046 indirectly through trusts he controls.

This purchase is part of a plan revealed in March 2023, outlining their intention to buy up to 30M shares before the end of 2023.

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