Baupost Group, the hedge fund founded and managed by Seth Klarman, disclosed ownership of 53,331,109 shares (a 35.38% stake) in Idenix Pharmaceuticals Inc (NASDAQ:IDIX) based on its 13D filing with the Securities and Exchange Commission (SEC), and as first reported by ValueWalk.
— ValueWalk.com (@valuewalk) February 4, 2014
The hedge fund increased its stock holdings in Idenix Pharmaceuticals Inc (NASDAQ:IDIX) by 44.49% from its previous position of 36,910,869 shares at the end of December 2013.
Baupost Group receives observer rights
Based on its regulatory filing, the board of directors and the committees of the company granted Baupost Group observer rights as a result of their discussion. According to the hedge fund, its observer rights do not include any right to vote on matters discussed by the board in any meeting.
The hedge fund also indicated in that it may engage, and expect to engage in discussions with the management and board of directors of Idenix Pharmaceuticals Inc (NASDAQ:IDIX) from time to time.
It will also evaluate its investment in the company on a continuing basis. It may also engage in discussion with other shareholders and relevant parties regarding the business, operations, governance, strategy, capitalization, ownership, future plans, and the composition of the board and management of Idenix Pharmaceuticals Inc (NASDAQ:IDIX).
Baupost Group said it may change its plans and proposals for Idenix Pharmaceuticals Inc (NASDAQ:IDIX) in the future depending on different factors including but not limited to the company’s financial position, strategic direction, business prospects, future developments, existing and anticipated market conditions, among others.
Furthermore, the hedge fund said it may take several actions related to its investment in the company if it believed appropriate, including but not limited to buying additional common stock or other securities of Idenix Pharmaceuticals Inc (NASDAQ:IDIX), selling some or its entire stake in the company, hedging or similar transaction related to the common stock, or any other transaction applicable by law in order to change or influence the control of the company. Baupost Group emphasized that it will execute such a transaction at any time and without prior notice.
Idenix price target lowered by JMP Securities
JMP Securities recently lowered its price target for the shares of Idenix Pharmaceuticals Inc (NASDAQ:IDIX) to $3.00 from $5.00 per share. The stock price of the company closed at $6.73 per share on Tuesday.
Idenix Pharmaceuticals Inc (NASDAQ:IDIX) is a biopharmaceutical company engaged in discovery and development of drugs for the treatment of human viral diseases.
Baupost Group Discloses 35 Percent Stake In Idenix Pharmaceuticals