According to a recent 13G filing with the Securities and Exchange Commission, Matthew Halbower‘s Pentwater Capital has acquired 3.53 million shares of Tobira Therapeutics Inc. (NASDAQ:TBRA), which amass 18.77% of the company’s outstanding stock. The acquisition represents a new addition to Pentwater Capital’s portfolio.
Tobira Therapeutics, previously known under the name Regado Biosciences, is a clinical-stage biopharmaceutical company engaged in the production of therapeutics for treating HIV, liver disease, and inflammation fibrosis. Recently, the company reached a final agreement with Allergan plc (NYSE:AGN), upon which Allergan will acquire Tobira for a total of $1.7 billion. Over the past 12 months, Tobira’s stock has gained 191.08%. For the second quarter of 2015, the company reported a loss per share of $0.71 and a net loss of $13.3 million, compared to a loss per share of $0.99 and a net loss of $11 million for the corresponding period of the previous year. Earlier this month, Mizuho reiterated its ‘Buy’ rating on Tobira’s stock with a price target of $305, while Cantor Fitzgerald downgraded its rating to ‘Hold’ from ‘Buy’.
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Seven of the hedge funds that we track were long Tobira Therapeutics Inc. (NASDAQ:TBRA) at the end of June, down from nine at the end of March. Those who sold out of the stock are surely kicking themselves, as it’s gained over 200% since the end of June. Those lucky funds which did hold on to their shares included Mark Lampert‘s Biotechnology Value Fund, with a position valued at $15.74 million, Paul Marshall and Ian Wace’s Marshall Wace LLP, and Israel Englander’s Millennium Management.
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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 |
|---|---|---|---|---|---|---|
| PWCM Master Fund Ltd | 3,533,200 | 7 | 3,533,200 | 9 | 3,533,200 | (1) 18.77% |
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Page 1 of 6 – SEC Filing
| TobiraTherapeutics, Inc. |
| (Name of Issuer) |
| Common Stock, $0.001 par value |
| (Title of Class of Securities) |
| 88883P101 |
| (CUSIP Number) |
| September 20, 2016 |
| (Date of Event Which Requires Filing of this Statement) |
| ☑ | Rule 13d-1(b) |
| ☐ | Rule 13d-1(c) |
| ☐ | Rule 13d-1(d) |
| * | 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. |
