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Investing.com -- Citadel, the hedge fund owned by billionaire Ken Griffin, has taken a short position in GlaxoSmithKline (NYSE:GSK), a British pharmaceutical company. The Financial Times reported this on Friday that Citadel's short position is valued at 305 million pounds ($384.5 million), equivalent to a 0.51% stake in GSK. This information was obtained from data provided by the Financial Conduct Authority.
A short position is a financial strategy where an investor anticipates a decrease in a company's stock value. The investor sells borrowed stocks, expecting that the stock price will drop, which would allow them to repurchase the shares at a lower cost and keep the difference.
Last week, GSK announced a share buyback worth 2 billion pounds after reporting its fourth-quarter results. The company also increased its long-term sales target to nearly $50 billion. However, in 2024, GSK saw a 7.5% decrease in its value, underperforming its competitor AstraZeneca (NASDAQ:AZN), which only experienced a 1.3% decline.
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