Pale Fire Capital Bets Big on Healthcare With a 2.07 Million Share Baxter International (BAX) Investment

2026-02-16 13:08:46 ET

According to its latest SEC filing dated Feb. 13, 2026, Pale Fire Capital SE initiated a new position in Baxter International (NYSE:BAX) , purchasing 2,074,016 shares. The estimated transaction value, calculated using the quarter’s average price, was $39.63 million. At quarter-end, the stake’s value also stood at $39.63 million, with the total change in position value reflecting both the share acquisition and any stock price movements during the period.

Baxter International Inc. is a leading provider of essential healthcare products and services, leveraging a broad product suite and global reach to address critical needs in patient care. The company’s integrated approach spans from acute hospital settings to home-based therapies, supporting both acute and chronic care markets. Its established presence and diverse offerings provide a strong foundation for operational resilience and market competitiveness.

It looks like Pale Fire Capital bet heavily against Coinbase, Tesla, and Robinhood during the fourth quarter by purchasing heaps of put options.  It appears the fund is repositioning its portfolio to focus on healthcare stocks . Baxter International was the largest new stock addition the firm made during the fourth quarter. The firm also added new shares of Teladoc Health (NYSE:TDOC) , Fractyl Health (NASDAQ:GUTS) , and Syndax Pharmaceuticals (NASDAQ:SNDX) to its portfolio.

Continue reading