Shares in Smith & Nephew (NYSE:SNN) jumped today after news broke that a well-know hedge fund has been building a stake in the British orthopedics and wound care giant.
Elliott Management Corp., run by billionaire Paul Singer, took out an unspecified position in Smith & Nephew, Bloomberg reported, citing “people familiar with the matter.”
A representative for Elliott declined to comment. A spokesman for Smith & Nephew told the news site that it doesn’t comment on rumor or speculation or “the identity of our investors other than those publicly disclosed.”
SNN shares rose as much as 11.8% today to $42.42 each on the news, and were up 6.1% to $38.33 apiece in early-afternoon trading.
Earlier today, Smith & Nephew said CEO Olivier Bohuon plans to retire at the end of next year and that it’s searching for a replacement.