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

This new stake represents 2.66% of fund AUM, placing it outside the fund's top five holdings 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. In addition to acquiring new shares of several healthcare stocks, Pale Fire Capital also significantly raised its stake in RegenexBio (NASDAQ:RGNX), Geron (NASDAQ:GERN), and Day One Biopharmaceuticals (NASDAQ:DAWN) during the fourth quarter. Baxter International reported significant net losses in 2025 and 2024, but there could be light at the end of the tunnel. Fourth-quarter sales from continuing operations rose by 8% on a reported basis, or 3% on an operational basis. The company's international segment has been particularly encouraging. International sales grew by 8% year over year on an operational basis. Before you buy stock in Baxter International, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Baxter International wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $414,554!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,120,663!* Now, it's worth noting Stock Advisor's total average return is 884% -- a market-crushing outperformance compared to 193% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. Cory Renauer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends B2Gold, Regenxbio, Teladoc Health, and Tesla. The Motley Fool recommends Coinbase Global. The Motley Fool has a disclosure policy.

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

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