08:26 AM EDT, 05/22/2024 (MT Newswires) -- BuzzFeed ( BZFD ) shares were up more than 62% in recent Wednesday premarket activity after a US Securities and Exchange Commission filing showed that Roivant Sciences (ROIV) founder Vivek Ramaswamy revealed a 7.7% stake in the company.

Ramaswamy bought the shares between March 14 and May 21 for $1.54 to $2.51 per share for a total investment of $3,953,188, the late Tuesday filing showed.

The American entrepreneur and politician "believes the securities of the Issuer are undervalued," the filing showed.

Ramaswamy "will seek to engage in a dialogue with the Issuer's Board of Directors and/or management about numerous operational and strategic opportunities to maximize shareholder value, including a shift in the Company's strategy," according to the filing.

Price: 3.9902, Change: +1.49, Percent Change: +59.61