Something didn't add up between that 13F and what I saw on WhaleWisdom.com for their ownership of ARMN, so I ran the numbers on Sarissa's ownership over time - they opened a position in Q3/21 with 8.5M shr at unknown cost. Then I added up the # of shrs shown in the 13F and the total cost for each lot, did some calcs, and discovered they also bought 8.35M shrs between 9/31/21 and 11/26/21 at a $4.98 basis, which put them at a total of 16,850,000 shrs at a basis of $4.94, which is 4.26% of shrs out, below the 5% SEC limit. The new 7.15M shrs they bought listed in the 13F have a basis of $3.30, bringing the total basis down to $4.46, total cost $107M.
Basically they almost did what I do when I establish a long position - they bought in three equal sized lots (by # of shrs), while I usually buy three equal cost positions - but of course I'm not an activist investor, nor a HF, so our buying methodology is not going to match - duh. And I bought AMRN in all different size lots at different prices in my IRA, eight separate lots in all. Don't feel like looking up my purchase history in the cash account, but it's probably similar.
I'm curious what they intend to try to get AMRN management to do to maximize shareholder value - with only 6% they don't hold much power. Maybe AMRN could bundle up the ROW (like South/Latin America plus small EU countries) and sell the rights to someone instead of their plan to find a partner in each country? How much would that be worth to someone?
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