Tobira Therapeutics Inc. (TBRA): Pentwater Capital Management Reports New Position

According to a recent 13G filing with the Securities and Exchange Commission, Matthew Halbower‘s Pentwater Capital has acquired 3.53 million shares of Tobira Therapeutics Inc. (NASDAQ:TBRA), which amass 18.77% of the company’s outstanding stock. The acquisition represents a new addition to Pentwater Capital’s portfolio.

Tobira Therapeutics, previously known under the name Regado Biosciences, is a clinical-stage biopharmaceutical company engaged in the production of therapeutics for treating HIV, liver disease, and inflammation fibrosis. Recently, the company reached a final agreement with Allergan plc (NYSE:AGN), upon which Allergan will acquire Tobira for a total of $1.7 billion. Over the past 12 months, Tobira’s stock has gained 191.08%. For the second quarter of 2015, the company reported a loss per share of $0.71 and a net loss of $13.3 million, compared to a loss per share of $0.99 and a net loss of $11 million for the corresponding period of the previous year. Earlier this month, Mizuho reiterated its ‘Buy’ rating on Tobira’s stock with a price target of $305, while Cantor Fitzgerald downgraded its rating to ‘Hold’ from ‘Buy’.

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Seven of the hedge funds that we track were long Tobira Therapeutics Inc. (NASDAQ:TBRA) at the end of June, down from nine at the end of March. Those who sold out of the stock are surely kicking themselves, as it’s gained over 200% since the end of June. Those lucky funds which did hold on to their shares included Mark Lampert‘s Biotechnology Value Fund, with a position valued at $15.74 million, Paul Marshall and Ian Wace’s Marshall Wace LLP, and Israel Englander’s Millennium Management.

You can access the original SEC filing by clicking here.

Ownership Summary Table

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