Baupost Group Increases Idenix Pharmaceuticals Stake ~ market folly

Monday, November 4, 2013

Baupost Group Increases Idenix Pharmaceuticals Stake

Seth Klarman's hedge fund firm Baupost Group has filed a 13D with the SEC regarding shares of Idenix Pharmaceuticals (IDIX).  Per the filing, Baupost has revealed a 27.55% ownership stake with 36,910,868 shares.

This marks an increase of 38% in their position size since the end of the second quarter.   The 13D contains the standard boilerplate that they might engage in discussions with management.

Recent trading activity from Baupost is also outlined in the filing.  Klarman's firm bought the majority of their new shares on November 1st at $3.98, and in early October at prices ranging from $3.56 to $4.85.

This is the second time that Baupost has increased its stake in Idenix this year, as we also highlighted their purchase back in late January.  The main difference now is that Baupost has switched from a passive 13G filing, to a potentially activist 13D filing.

Per Google Finance, Idenix Pharmaceuticals is "a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases with operations in the United States and France."

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