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

Opaleye Management Inc. reports the sale of Protara Therapeutics common stock, reducing its beneficial ownership.

Summary

• Opaleye Management Inc. filed a Form 4 detailing changes in beneficial ownership of Protara Therapeutics, Inc. (TARA) common stock.
• On July 1, 2024, Opaleye Management Inc. sold 5,788 shares at a weighted average price of $2.1233 per share, with prices ranging from $2.1021 to $2.1611.
• These shares were sold on behalf of Opaleye, L.P.
• Additionally, 2,500 shares were sold at $2.1233 per share on behalf of a managed account.
• Following these transactions, Opaleye, L.P. beneficially owns 2,213,474 shares, and the managed account owns 87,500 shares.
• Opaleye Management Inc. may be deemed to beneficially own the securities owned directly by Opaleye, L.P. and the managed account.

Sentiment

Score: 4

Explanation: The sentiment is neutral to slightly negative. While the filing itself is a standard procedure, the sale of shares by a significant holder like Opaleye Management could be perceived negatively by investors.

Negatives

• Opaleye Management Inc. reduced its stake in Protara Therapeutics, which could be interpreted negatively by the market.

Risks

• The sale of shares by a significant shareholder like Opaleye Management Inc. could create downward pressure on the stock price.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency regarding the transactions of company insiders and major shareholders. This filing indicates a change in Opaleye Management's investment position in Protara Therapeutics.

Stakeholder Impact

• Shareholders may react to the news of Opaleye Management's reduced stake.
• The stock price could be affected by the sale of these shares.

Key Dates