Theratechnologies Inc T.TH

Soleus sold 474,000 before the end of March

[SPCEO1]

They still own nearly 7 million shares as of the end of March but did sell 474,000 between the offering and the end of March. Not sure what, if anything, that might mean but that is what Bloomberg is reporting.

[scarlet1967]

As per their 13F yesterday filing Worth Venture partners increased their position from 146162 to 851413 shares and Morgan Stanley increased their position from 403870 shares to 703735 shares. https://fintel.io/sob/us/thtx

[SPCEO1]

There is no indication of other new institutional owners so one has to wonder if the other two purported institutions who participated in the OO have flipped their shares already. That seems unlikely, but no other group with more than 1% of the outstanding shares are listed on Bloomberg besides Soleus, ourselves and the Caisse.

[scarlet1967]

I really believe the key to deal with the valuation discrepancies is addinh a retail friendly approach to their marketing efforts. Get the demand and volume higher first then institutional investors and wealthy retail investors will join the party.

[scarlet1967]

Also I don't think we should be surprised as these institutions participated in a steal deal so they are bargain hunters(penny chasers) so instead of the copycat effect we ended up with investors who offload gradually their positions for a small profit rather than waiting out the clinical outcome of the programs. If it wasn't for the ripple effect of more than few strategic incorrect

[Wino115]

Still a bit disappointing though. As someone who did this for a career I know there are a lot of reasons you are sometimes forced to sell -- a client redemption or request to hand back a portion of an account, a different position falls and others become too big, a cross to a different account not in those reporting structures,  etc...  But if it's not one of those kind of situations

[qwerty22]

You can't blame them for being offered the stock cheap. And weren't they accumulating before the offering? What you say might be true but it might be underselling them as well.

[scarlet1967]

I blame folks who found these institutions, structured the deal and approved it. If the clinical trials are successful these institutions would blame themselves, but between now and then these selling are not what we wanted to see when the company eventually is in an inflection point.

[SPCEO1]

I am not sure why Soleus sold some shares but they were buying all the way up to US$3.94, so they seem very willing to buy it. Also, it is their second largest holding. https://www.gurufocus.com/news/1431953/soleus-capital-management-lp-buys-theratechnologies-inc-krystal-biotech-inc-iveric-bio-inc-sells-invitae-corp-vericel-corp-mersana-therapeutics-inc