These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from May 18 through May 24, 2023. Source: VerityData
Increases in Holdings
Atea Pharmaceuticals
(AVIR)
Tang Capital boosted its stake in the pharmaceutical company to 3,026,455 shares. Tang Capital bought 2,726,455 Atea Pharmaceuticals shares from March 27 through May 15 at prices ranging from $3.11 to $3.30 apiece. Following the fresh investments, Tang Capital now holds 3.6% of Atea’s outstanding stock.
On May 22, Concentra Biosciences proposed to acquire Atea for $5.75 per share in cash plus a contingent value right to receive 80% of net proceeds “from any license or disposition of Atea’s programs.”
Tang Capital is a controlling shareholder of Concentra, and Concentra believes that a definitive merger agreement can be negotiated by June 15, with a deal closing by the end of July. Concentra has given Atea’s management until 5 p.m. ET on May 31 for a response or the offer will expire.
Atea said that it “will carefully review and evaluate the proposal.” In early May, Atea reported a first-quarter loss of 43 cents a share.
J.P. Morgan analyst Eric Joseph reiterated a Neutral rating on Atea stock with an $8 price target. Joseph wrote in a May 8 report that “we continue to see Atea Pharmaceuticals shares trading rangebound near- to midterm.”
Decreases in Holdings
Intapp
(INTA)
Temasek, the Singapore-based sovereign-wealth fund, trimmed its position in the financial-services enterprise information-technology firm to 19,646,805 shares.
Wholly owned Temasek affiliate Anderson Investments sold 2,486,438 Intapp shares at a price of $35.04 through an underwritten May 17 offering, including a 30-day underwriters’ option to purchase an additional 515,625 shares.
Following the offering’s close on May 22, Temasek has a 26.4% interest in Intapp. Shares have soared nearly 60% so far this year. Intapp’s fiscal-third-quarter earnings, reported earlier this month, were strong. Raymond James analyst Alexander Sklar raised his price target on Intapp stock to $44 from $34 in a May 8 report and kept an Outperform rating.
Lordstown Motors
(RIDE)
Steve Burns, the former CEO of Lordstown Motors, reduced his stake in the maker of light-duty electric trucks to 12,457,306 shares, a 5.2% stake. Burns sold 4,345,647 Lordstown shares from May 5 through May 15 for $1.5 million, or 35 cents per share on average.
Burns stepped down as CEO of Lordstown in June 2021, after a company board committee found inaccuracies in parts of the company’s disclosures on truck preorders. Burns also left Lordstown’s board.
The committee had found that disclosures made about preorders for Lordstown’s electric truck, the Endurance, which was forthcoming at the time, to be inaccurate in some respects. The findings confirmed some claims outlined in a report by short seller Hindenburg Research, although the committee rejected other aspects of the report. Before his latest sales, Burns had owned 16,802,953 Lordstown shares, a 7% stake.
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