Warren Buffett’s Berkshire Hathaway doesn’t appear to be the oracle of every market movement, at least not in the case of an investment in Merck & Co.
The company cleared its stake in Merck during the third quarter, right on the eve of a major stock price boost for the New Jersey pharma thanks to the phase 3 success of its Ridgeback Biotherapeutics-partnered COVID-19 pill molnupiravir.
Meanwhile, Berkshire also continued to reduce its ownership in AbbVie and Bristol Myers Squibb, a securities filing shows, just as a potential drug pricing reform, including Medicare price negotiations, pressures stock performance for Big Pharma companies.