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Tobira Therapeutics Inc. (TBRA): Pentwater Capital Management Reports New Position

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%

Matthew Halbower
Matthew Halbower
Pentwater Capital Management

Page 1 of 6 – SEC Filing

Under the Securities Exchange Act of 1934
(Amendment No.)*
TobiraTherapeutics, Inc.
(Name of Issuer)
Common Stock, $0.001 par value
(Title of Class of Securities)
(CUSIP Number)
September 20, 2016
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
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.
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 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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