4 hot insider trades & hedge fund hits: Cathie Wood writes down Twitter stake

investing.com:

By Davit Kirakosyan

Investing.com — Here is your Pro Recap of the biggest insider trades and institutional investor headlines you may have missed last week: Elliott acquires significant stake at Catalent, Constellation Brands gains on agreement with Elliott, Cathie Wood's ARK writes down Twitter stake, and Asana sees another CEO buy.

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

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

Elliott's drive for changes comes at a time when Catalent's CFO departed in April while the company struggled with operational issues that significantly impacted its stock price several months ago.

Constellation Brands (NYSE:STZ) shares surged more than 5% on Wednesday following the company's announced Information Sharing and Cooperation Agreements with Elliott Investment Management L.P., one of Constellation's largest investors. According to the agreements, Elliott has agreed to a standstill, voting, confidentiality, and other provisions.

Furthermore, the company announced the election of Luca Zaramella, CFO of Mondelēz International (NASDAQ:MDLZ), and William T. Giles, former CFO of AutoZone (NYSE:AZO), to its Board of Directors.

ARK Investment Management, led by Cathie Wood, reduced its ownership in Elon Musk's Twitter by 47%, as reported by the Wall Street Journal.

Wood, who supported the privatization of Twitter by