Form 4: Opaleye Management Inc. Reduces Stake in Protara Therapeutics
SEC Form 4
Opaleye Management Inc. reports the sale of Protara Therapeutics shares held by Opaleye, L.P. and a managed account.
Summary
- Opaleye Management Inc., a significant shareholder of Protara Therapeutics, Inc. (TARA), filed a Form 4 detailing changes in beneficial ownership.
- On May 21, 2024, Opaleye Management Inc. disposed of 31,200 shares of common stock held by Opaleye, L.P. at a weighted average price of $3.0557 per share, reducing its holdings to 2,282,159 shares.
- On the same day, 1,800 shares held by a managed account were disposed of at a weighted average price of $3.0557, resulting in a remaining balance of 124,250 shares.
- On May 22, 2024, the managed account disposed of an additional 9,300 shares at a weighted average price of $3.021 and 500 shares at a weighted average price of $3.0021, leaving 123,750 shares.
- The transactions were executed at prices ranging from $3.00 to $3.17.
- Opaleye Management Inc. may be deemed to beneficially own the securities owned directly by the Fund and the Managed Account.
Sentiment
Score: 4
Explanation: The sentiment is neutral to slightly negative as a major shareholder is reducing their position. This could be interpreted as a lack of confidence in the company's future performance, but it could also be due to portfolio rebalancing or other factors unrelated to the company's prospects.
Negatives
- Opaleye Management Inc. reduced its stake in Protara Therapeutics through the sale of shares held by Opaleye, L.P. and a managed account.
Industry Context
Form 4 filings are standard disclosures required by the SEC when insiders or major shareholders of a publicly traded company buy or sell the company's stock. These filings provide transparency to the market regarding the actions of those with privileged information.
Stakeholder Impact
- Shareholders may react to the news of Opaleye Management Inc.'s reduced stake, potentially impacting the stock price.
- The impact on other stakeholders is likely minimal, as this is a standard transaction.
Key Dates
| Date | Description |
|---|---|
| 05/21/2024 | Opaleye, L.P. sold 31,200 shares at $3.0557 weighted average price. |
| 05/21/2024 | Managed account sold 1,800 shares at $3.0557 weighted average price. |
| 05/22/2024 | Managed account sold 9,300 shares at $3.021 weighted average price. |
| 05/22/2024 | Managed account sold 500 shares at $3.0021 weighted average price. |
| 05/23/2024 | Date of signature for the Form 4 filing. |
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