Form 4: Opaleye Management Inc. Reduces Stake in Protara Therapeutics

Opaleye Management Inc. reports the sale of Protara Therapeutics shares held by Opaleye, L.P. and a managed account.

Summary

• Opaleye Management Inc., a 10% owner of Protara Therapeutics, Inc. (TARA), filed a Form 4 detailing changes in beneficial ownership.
• On September 9, 2024, Opaleye, L.P. sold 34,592 shares of common stock at a weighted average price of $1.8947, and a managed account sold 1,900 shares at the same price.
• On September 10, 2024, Opaleye, L.P. sold an additional 24,000 shares at a weighted average price of $1.769, and the managed account sold 1,500 shares at the same price.
• Following these transactions, Opaleye, L.P. holds 2,094,935 shares, and the managed account holds 53,100 shares.

Sentiment

Score: 4

Explanation: The sentiment is neutral to slightly negative as a large shareholder is reducing their position. This could indicate a lack of confidence or a portfolio rebalancing strategy.

Negatives

• Opaleye Management Inc. reduced its stake in Protara Therapeutics through the sale of shares.

Risks

• Continued selling pressure from Opaleye Management Inc. could negatively impact the stock price.

Industry Context

Form 4 filings are standard disclosures required by the SEC when insiders or significant shareholders trade shares of a company. These filings provide transparency into the trading activities of those with privileged information.

Stakeholder Impact

• Shareholders may react to the news of Opaleye Management Inc.'s reduced stake.
• The stock price could be affected by the selling activity.

Key Dates