Align Technology (NASDAQ:ALGN) shares climbed about 6.5% on Thursday after a Bloomberg report revealed that activist investor Elliott Investment Management has taken a sizable position in the dental technology company.
According to people familiar with the matter cited by Bloomberg, Elliott’s investment makes it one of Align’s largest shareholders. The hedge fund is reportedly planning to engage with the company to identify strategies that could help improve its share performance.
Representatives for Align did not immediately respond to requests for comment, while a spokesperson for Elliott declined to comment on the report.
Align Technology is best known for producing Invisalign clear aligners along with a range of other dental care products. Elliott Investment Management has a long history of acquiring stakes in companies and advocating operational or strategic changes aimed at increasing shareholder value.