The Dan Loeb-sparked Herbalife run-up appears to be over.
Shares of the nutritional-supplements distributor were basically unchanged Monday after gaining more than 15 percent in nine trading days through April 3.
The run-up started March 24, a day after shares of the Los Angeles company hit their 2014 low at $49.54 — the day that Loeb, sources said, called some Herbalife investors to say he was back in the stock.
The stock rose eight of the next nine days, gaining a total of 15.4 percent while the S&P 500 was flat over the same period.
By last Friday, Loeb had sold out, according to a report.
While the precise day or days Loeb exited Herbalife stock is not known, the shares on Friday fell 2.9 percent.
The run-up was outwardly perplexing, given that the company had disclosed days earlier a Federal Trade Commission probe of the company that activist Bill Ackman’s Pershing Square hedge fund has bet more than $1 billion is a pyramid scheme.
Part of the run-up was attributed to the appointment of three new directors from Carl Icahn’s organization on March 24 — but that news was largely expected.
Meanwhile, investors have been concerned that another shoe would drop, as many think some state attorneys general will come into the investigation and the Securities and Exchange Commission will ramp up its probe.
Having a big investor like Loeb back in the shares could have pumped up worried Herbalife bulls.
Loeb was the first big-name investor to oppose Ackman in January 2013, calling it a long-term investment for his Third Point hedge fund.
Loeb sold out within weeks after receiving an inquiry from the SEC, as The Post reported Nov. 12.
The hedgie recently said he wanted to end the “bad blood” between him and Ackman.
At a JPMorgan dinner on March 5, Loeb approached Ackman and said he wanted to “move on,” according to a source who heard the conversation that lasted less than five minutes.
Loeb’s attempt was first reported by the Wall Street Journal.
Ackman said OK. Two weeks later, it became known that Loeb had bashed Ackman at an investment conference in late February. By March 21, he was back into Herbalife.
“That’s Dan’s ego taking a jab at Bill while his alter ego works hard to fix his reputation,” said a hedge fund manager who knows Loeb well.