Text size
These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from June 9 through June 15, 2022. Source: Verity
Activist Holdings
Mereo BioPharma Group
(MREO)
Rubric Capital Management now holds 16,454,562 Mereo BioPharma shares, equal to 14.1% of the outstanding stock of the biopharmaceutical company’s outstanding shares. On June 9, Rubric addressed a letter to Mereo BioPharma’s board, urging the company “to wind down clinical operations” and search for collaborators, specifically to “maximize the value of the cash and rights to setrusumab,” its brittle-bone disease treatment.
In addition, Rubric found Mereo BioPharma’s portfolio prioritization plan announced on June 2 discouraging, as it believes Mereo “has nowhere near the resources nor expertise to conduct commercialization” in the EU and UK. Overall, Rubric believes there is “poor alignment” between the board and shareholders, and, if necessary, it intends to “take further steps to protect and maximize the interests of all shareholders.” Earlier this month, Needham analyst Gil Blum kept a Buy rating on Mereo BioPharma stock but cut the price target to $5 from $10 “to reflect uncertainty across the [T-cell immunoreceptor with Ig and ITIM domains] space.”
Increases in Holdings
Theseus Pharmaceuticals
(THRX)
Foresite Capital Management raised its stake in the biopharmaceutical company to 4,294,621 shares. Foresite bought 613,069 Theseus shares on June 9 at $5.75 each. Following the fresh investment, Foresite now holds 11.1% of Theseus’ tradable stock.
Decreases in Holdings
Repare Therapeutics
(RPTX)
Versant Venture Capital reduced its holding in the oncology-focused pharmaceutical company to 2,344,451 shares. On June 3, Versant Venture sold 750,000 Repare shares at prices ranging from $12.25 to $12.50 each. On June 6, Versant Venture distributed another 700,000 shares to partners for no consideration. Now, Versant owns a 5.6% interest in Repare.
Advanced Drainage Systems
(WMS)
Berkshire Partners lowered its interest in the drainage-services firm to 5,191,097 shares. Berkshire Partners sold 312,692 Advanced Drainage shares from June 7 to June 9 at per-share prices ranging from $108.00 to $113.59. In addition, Berkshire Partners distributed 989,578 Advanced Drainage shares to limited partners and other investors on June 10 for no consideration. Berkshire Partners now holds 6.2% of Advanced Drainage’s tradable stock.
Emcore
(EMKR)
Cannell Capital cut its position in the maker of aerospace and broadband components to 3,303,315 shares. Cannell sold 416,988 Emcore shares from June 6 through June 14 at prices ranging from $3.19 to $3.53 apiece. Following the divestments, Cannell owns an 8.8% interest in Emcore.
Email: [email protected]
