market folly

Seth Klarman's investment firm Baupost Group has filed a 13G with the SEC regarding shares of Orexigen Therapeutics (OREX).  Per the filing, Baupost now owns 17.17% of the company with over 25.82 million shares.

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

Shares of OREX are down over 69% over the past six months, so this certainly fits Baupost's preference to buy beaten down names.

You can view other portfolio activity from Baupost Group here.

Per Google Finance, Orexigen Therapeutics is "a biopharmaceutical company. The Company is focused on the development of pharmaceutical product candidates for the treatment of obesity. The Company's product is Contrave, a fixed dose combination of bupropion hydrochloride (HCl) extended release (ER) and naltrexone HCl ER. The Company's product Contrave, is approved in the United States by the United States Food and Drug Administration (FDA) as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in adults with an initial body mass index (BMI), of around 30 kilograms per square meter (kg/m2) or greater (obese), or around 27 kilograms per square meter or greater (overweight) in the presence of at least one weight-related comorbid condition. The Company also submitted an application for marketing authorization with the European Medicines Agency (EMA) for Contrave under the name Mysimba.."