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Egis Heads for Three-Year Low as Tradewinds Global Sells Shares

Egis Gyogyszergyar Nyrt., a Hungarian drugmaker owned by Laboratoires Servier, headed for the lowest in three years after saying that Tradewinds Global Investors LLC cut its stake in the company to below 5 percent.

The shares dropped 0.8 percent to 13,865 forint by 10:09 a.m. in Budapest, the lowest on a closing basis since May 2009. Los Angeles-based Tradewinds’ stake in the company dropped below 10 percent in March, according to an earlier statement.

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