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Indie Research
Making Noise: The 2006 Noisey Awards - Part 2
Thursday December 28, 9:35 am ET
By Ben Silverman, FindProfit.com
I Hope They're Hedged Award: The implosion of biotech firm Telik Inc. (Nasdaq: TELK - News) was a rude, unwanted, late Christmas gift for many investors, but none more so than Eastbourne Capital Management, which owns about 13 million shares of the stock, or an almost 25% stake in the company. From February 24th to December 22nd, Eastbourne, through its Black Bear Offshore Master Fund LP, bought approximately 3.7 million shares of Telik at an average price of $16.90, or an investment of about $65 million. Eastbourne is down more than -72% on that position alone, and based on the firm's historic holdings of Telik and Telik's historic stock price, the firm looks to be anywhere from $150 million to $200 million in the red on the position.
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