A newly-amended 13D filing with the US Securities and Exchange Commission revealed that Douglas Braunstein of Hudson Executive Capital has been appointed as chairman of the board of directors and chairman of the compensation committees of Eagle Pharmaceuticals Inc. (NASDAQ:EGRX). Douglas Braunstein and James Woolery’s Hudson Executive Capital owns 950,600 shares of Eagle Pharmaceuticals (NASDAQ:EGRX), which amass 6.1% of the company’s total outstanding stock.
Eagle Pharmaceuticals is a pharmaceutical company that works towards the discovery of injectable products that can help people suffering from various serious medical conditions. Over the past 12 months, the company’s stock has lost 45.14%. In its financial report for the first quarter of 2016, Eagle Pharmaceuticals (NASDAQ:EGRX) reported a loss per share of $0.06, beating the estimates of a loss per share of $0.44, while revenue of $29.6 million beat the estimates of $14.3 million. Last month, Mizuho downgraded its rating on Eagle Pharmaceuticals’ stock to ‘Neutral’ from ‘Buy’ and lowered its price target on it to $47.00 from $66.00. On the other hand, Royal Bank of Canada reiterated its ‘Buy’ rating on the stock and has a price target of $78.00 on it.
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As per Insider Monkey’s database, Eagle Pharmaceuticals (NASDAQ:EGRX) was in 14 hedge funds’ portfolios at the end of March, down from 16 funds at the end of December 2015. Among them, the biggest position as of March 31 was disclosed by Peter S. Park’s Park West Asset Management, valued at $59.6 million, while Mitchell Blutt’s Consonance Capital Management held the second-most valuable position, worth $28.1 million. Some other smart money investors long the stock were Bihua Chen’s Cormorant Asset Management, Steve Cohen’s Point72 Asset Management, and Joseph Edelman’s Perceptive Advisors.
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Among investors who are no longer optimistic about Eagle Pharmaceuticals Inc (NASDAQ:EGRX), having dropped their positions in the first quarter, were John Overdeck and David Siegel’s Two Sigma Advisors, which dumped a position worth around $3.2 million, and Richard Driehaus’ Driehaus Capital, which dumped $2.3 million worth of shares.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Hudson Executive Capital | 0 | 950,600 | 0 | 950,600 | 950,600 | EXCLUDES CERTAIN SHARES 6.1% |
| Douglas L. Braunstein | 0 | 950,600 | 0 | 950,600 | 950,600 | EXCLUDES CERTAIN SHARES 6.1% |
| James C. Woolery | 0 | 950,600 | 0 | 950,600 | 950,600 | EXCLUDES CERTAIN SHARES 6.1% |
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Page 1 of 7 – SEC Filing
| Eagle Pharmaceuticals, Inc. |
| (Name of Issuer) |
| Common Stock, par value $0.001 per share |
| (Title of Class of Securities) |
| 269796108 |
| (CUSIP Number) |
| (Name, Address and Telephone Number of Person |
| Authorized to Receive Notices and Communications) |
| July 5, 2016 |
| (Date of Event Which Requires Filing of This Statement) |
