market folly

Seth Klarman's investment firm Baupost Group has filed a 13G with the SEC regarding shares of Biotie Therapies (BITI).  Per the filing, Baupost now owns 12.92% of the company with over 130.68 million shares.

This is a newly disclosed position for the firm as they did not show a stake at the end of the first quarter.  The filing was made due to activity on June 30th.

We've highlighted some other portfolio activity from Baupost Group here.

Per Google Finance, Biotie Therapies is "a Finland-based biopharmaceutical company, which specializes in the field of neurodegenerative and psychiatric disorders. Its product portfolio comprises six drugs: Selincro (nalmefene), an orally administered opioid receptor ligand applied in the alcohol dependence therapy; Tozadenant (SYN115), a is an oral, potent and selective adenosine 2a (A2a) receptor antagonist for the Parkinson’s disease treatment; NRL-1, a intranasal formulation of diazepam for patients with epilepsy; Nepicastat (SYN117), an orally administered, potent and selective inhibitor of dopamine beta hydroxylase (DBH) for the cocaine dependence treatment; BTT-1023, a monoclonal antibody targeting Vascular Adhesion Protein 1 (VAP-1) used in inflammation and fibrosis treatment; and SYN120, an oral, potent and dual antagonist of the 5-HT6 and 5HT2a receptors used in Alzheimer’s disease and other cognitive disorders, such as schizophrenia. It is a parent of Biotie Therapies GmbH, among others."