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Eagle Pharmaceuticals Inc. (EGRX): Douglas Braunstein of Hudson Executive Capital Appointed Chairman

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A newly-amended 13D filing with the US Securities and Exchange Commission revealed that Douglas Braunstein of Hudson Executive Capital has been appointed as chairman of the board of directors and chairman of the compensation committees of Eagle Pharmaceuticals Inc. (NASDAQ:EGRX). Douglas Braunstein and James Woolery’s Hudson Executive Capital owns 950,600 shares of Eagle Pharmaceuticals (NASDAQ:EGRX), which amass 6.1% of the company’s total outstanding stock.

Eagle Pharmaceuticals is a pharmaceutical company that works towards the discovery of injectable products that can help people suffering from various serious medical conditions. Over the past 12 months, the company’s stock has lost 45.14%. In its financial report for the first quarter of 2016, Eagle Pharmaceuticals (NASDAQ:EGRX) reported a loss per share of $0.06, beating the estimates of a loss per share of $0.44, while revenue of $29.6 million beat the estimates of $14.3 million. Last month, Mizuho downgraded its rating on Eagle Pharmaceuticals’ stock to ‘Neutral’ from ‘Buy’ and lowered its price target on it to $47.00 from $66.00. On the other hand, Royal Bank of Canada reiterated its ‘Buy’ rating on the stock and has a price target of $78.00 on it.

 

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As per Insider Monkey’s database, Eagle Pharmaceuticals (NASDAQ:EGRX) was in 14 hedge funds’ portfolios at the end of March, down from 16 funds at the end of December 2015. Among them, the biggest position as of March 31 was disclosed by Peter S. Park’s Park West Asset Management, valued at $59.6 million, while Mitchell Blutt’s Consonance Capital Management held the second-most valuable position, worth $28.1 million. Some other smart money investors long the stock were Bihua Chen’s Cormorant Asset Management, Steve Cohen’s Point72 Asset Management, and Joseph Edelman’s Perceptive Advisors.

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Among investors who are no longer optimistic about Eagle Pharmaceuticals Inc (NASDAQ:EGRX), having dropped their positions in the first quarter, were John Overdeck and David Siegel’s Two Sigma Advisors, which dumped a position worth around $3.2 million, and Richard Driehaus’ Driehaus Capital, which dumped $2.3 million worth of shares.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Hudson Executive Capital 0 950,600 0 950,600 950,600 EXCLUDES CERTAIN SHARES 6.1%
Douglas L. Braunstein 0 950,600 0 950,600 950,600 EXCLUDES CERTAIN SHARES 6.1%
James C. Woolery 0 950,600 0 950,600 950,600 EXCLUDES CERTAIN SHARES 6.1%

Douglas Braunstein And James Woolery 
Douglas Braunstein And James Woolery 
Hudson Executive Capital

Page 1 of 7 – SEC Filing

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Eagle Pharmaceuticals, Inc.
(Name of Issuer)
 Common Stock, par value $0.001 per share
(Title of Class of Securities)
269796108
(CUSIP Number)
John F. Brown
Hudson Executive Capital LP
1185 Avenue of the Americas, 32nd Floor
New York, NY 10036
with a copy to:
David A. Vaughan
Dechert LLP
1095 Avenue of the Americas
New York, NY  10036 
 (Name, Address and Telephone Number of Person
 Authorized to Receive Notices and Communications)
  July 5, 2016
 (Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ☐
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See Rule.13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

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