SCHEDULE: Pale Fire Capital Boosts Phreesia Stake to 12.7%

Pale Fire Capital and its affiliates have increased their beneficial ownership in Phreesia, Inc. to 12.7% of outstanding common stock, totaling 7,648,829 shares.

Summary

• Pale Fire Capital and its affiliates now beneficially own 7,648,829 shares of Phreesia, Inc. common stock.
• This represents approximately 12.7% of Phreesia's 60,287,003 outstanding shares as of December 2, 2025.
• The aggregate purchase price for these beneficially owned shares is approximately $93,009,793, including brokerage commissions.
• Shares were purchased using working capital, which may include margin loans made by brokerage firms.
• Recent purchases by Pale Fire Capital SICAV a.s. occurred between February 20, 2026, and March 19, 2026, at prices ranging from $11.0633 to $12.6847 per share.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a strong positive development, indicating a significant investor's increased confidence and commitment to Phreesia, Inc., which could be a bullish signal for the stock.

Positives

• Increased beneficial ownership by Pale Fire Capital to 12.7% signals strong conviction in Phreesia, Inc.'s prospects.
• A significant investment of approximately $93 million demonstrates a substantial commitment from a major investment firm.

Industry Context

StockSavvy.ai notes that increased institutional ownership, particularly from an investment firm like Pale Fire Capital, can signal growing confidence in the healthcare technology sector and Phreesia's specific market position, potentially attracting further investor attention.

Stakeholder Impact

• Shareholders may view the increased stake by Pale Fire Capital as a vote of confidence, potentially leading to positive sentiment and increased trading interest in Phreesia's stock.

Key Dates

Recommendation

The substantial increase in beneficial ownership by Pale Fire Capital to 12.7% of Phreesia's common stock, representing an investment of approximately $93 million, signals strong institutional confidence in the company's future prospects. This significant stake could attract further investor interest and potentially drive positive momentum for the stock.

Keywords

Phreesia, Pale Fire Capital, beneficial ownership, Schedule 13D, common stock, investment, healthcare technology