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

Opaleye Management Inc. reports the sale of Protara Therapeutics shares held directly and through managed accounts between July 9th and July 11th, 2024.

Summary

• Opaleye Management Inc., a 10% owner of Protara Therapeutics, Inc., filed a Form 4 detailing changes in beneficial ownership.
• Between July 9th and July 11th, 2024, Opaleye Management Inc. sold shares of Protara Therapeutics common stock.
• The sales were executed both directly through Opaleye, L.P. and through a separately managed account.
• On July 9th, 5,997 shares were sold at a weighted average price of $2.2138, leaving 2,207,477 shares held by Opaleye, L.P.
• An additional 2,500 shares were sold on July 9th at a weighted average price of $2.2138, leaving 80,000 shares in the managed account.
• On July 10th, 13,061 shares were sold at a weighted average price of $2.308, leaving 2,194,416 shares held by Opaleye, L.P.
• Another 5,000 shares were sold on July 10th at a weighted average price of $2.308, leaving 75,000 shares in the managed account.
• On July 11th, 32,993 shares were sold at a weighted average price of $2.4034, leaving 2,161,423 shares held by Opaleye, L.P.
• Finally, 15,000 shares were sold on July 11th at a weighted average price of $2.4034, leaving 60,000 shares in the managed account.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the reduction in holdings by a major shareholder, which could indicate a lack of confidence or a shift in investment strategy. However, the sales were executed over a period of days and at varying prices, suggesting a measured approach rather than a panic sell-off.

Negatives

• Opaleye Management Inc., a significant shareholder, reduced its stake in Protara Therapeutics.

Risks

• Continued selling pressure from major shareholders could negatively impact the stock price.

Industry Context

Sales by significant shareholders are common and can reflect portfolio adjustments or changes in investment strategy. It's important to monitor further transactions and the overall sentiment surrounding Protara Therapeutics.

Stakeholder Impact

• The sale of shares by Opaleye Management Inc. could create uncertainty among shareholders.
• The impact on employees, customers, suppliers, and creditors is likely to be minimal unless this signals a larger strategic shift.

Key Dates