A few weeks ago I wrote a post titled, Carl Icahn or Wall Street Analysts, which highlighted the divergent paths Amgen and Gilead were taking. Amgen was returning cash to shareholders via a tender offer while Gilead did a large acquisition. Wall Street analysts were downgrading Amgen and upgrading Gilead. Amgen has Carl Icahn on the board, who was clearly pivotal in Amgen's strategy.
It comes as little surprise that self made billionaire Carl Icahn triumphed and Wall Street analysts were wrong. Amgen is up 11% since the tender while Gilead is down 5% since their acquisition.