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., filed a Form 4 detailing changes in beneficial ownership.
• On May 17, 2024, Opaleye Management Inc. disposed of 47,250 shares of common stock at a weighted average price of $3.3281 per share through Opaleye, L.P.
• Additionally, 19,685 shares were disposed of at a weighted average price of $3.0606 per share through Opaleye, L.P.
• Opaleye also disposed of 2,750 shares at a weighted average price of $3.3281 per share and 1,200 shares at a weighted average price of $3.0606 per share through a managed account.
• Following these transactions, Opaleye, L.P. beneficially owns 2,313,359 shares, and the managed account beneficially owns 126,050 shares.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative as a major shareholder is reducing their position. This could indicate a lack of confidence in the company's future prospects, or simply a portfolio rebalancing.

Negatives

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

Risks

• Continued selling pressure from Opaleye Management Inc. could negatively impact Protara Therapeutics' stock price.

Industry Context

Form 4 filings are standard disclosures required by the SEC when insiders or significant shareholders of a publicly traded company buy or sell shares. These filings are closely watched by investors for insights into the perspectives of those with the most knowledge of the company.

Stakeholder Impact

• Shareholders may react negatively to the news of a major shareholder reducing their position.
• The stock price could be negatively impacted by the sale of shares.

Key Dates