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 Nov. 16 through Nov. 22, 2023. Source: VerityData
Activist Holdings
Kinnate Biopharma
(KNTE)
OrbiMed Advisors owns 8,009,729 shares of the clinical-stage oncology company, equal to 17% of the outstanding stock. On Nov. 13, OrbiMed Advisors and Foresite Capital jointly submitted an expression of interest letter to Kinnate Biopharma’s board to explore the acquisition of all the shares of the pharmaceutical company they don’t already own.
The letter is nonbinding, and OrbiMed and Foresite “are not interested in selling their [Kinnate shares] to another party or in participating in an alternative change in control transaction.”
Foresite Capital was founded by James Tananbaum, who is a founding board member of Kinnate. Foresite is the largest owner of Kinnate, holding a 29.2% interest in the firm. Kinnate stock has dropped more than 60% this year.
In September, Kinnate announced a reprioritization plan and a workforce restructuring, based on a strategic review of its business. Kinnate CEO Nima Farzan said in a press release at the time that the moves were “hard but necessary steps to advance our research and deliver meaningful benefits to patients and shareholders alike.”
Increases in Holdings
Madrigal Pharmaceuticals
(MDGL)
Baker Brothers raised its stake in the pharmaceutical company to 1,987,702 shares, including 154,274 underlying prefunded warrants subject to ownership limitations. From Nov. 13 through Nov. 21, Baker Brothers purchased 288,315 Madrigal shares at prices ranging from $135.68 to $190.50 each. Baker Brothers now owns a 9.99% of the Madrigal’s outstanding stock.
Decreases in Holdings
Intapp
(INTA)
Singapore state-investment company Temasek Holdings reduced its holding in the professional enterprise IT firm to 17,146,805 shares. Temasek, through its wholly owned subsidiary Anderson Investments, sold 2,500,000 Intapp shares at a price of $39.01 each through a Nov. 17 offering. Following the offering’s close, Temasek holds 24.6% of Intapp’s outstanding stock. Intapp’s stock currently trades near $40.00, well below the 52-week high of $50.46, though it has gained 53% year to date.
OneSpan
(OSPN)
Altai Capital lowered its stake in the authentication and security technology firm to 1,695,168 shares. Altai Capital sold 480,000 OneSpan shares at prices ranging from $10.04 to $10.18 each from Nov. 13 through Nov. 21. Altai Capital now holds 4.2% of OneSpan’s tradable stock, below the 5% threshold that would require disclosure of any further OneSpan stock sales.
On Nov. 13, OneSpan initiated a modified Dutch auction to acquire $20 million of its common stock at per-share prices of no less than $9.50 and no higher than $11.00. The tender offer will expire on Dec. 11. OneSpan has lost roughly 10% of its value this year.
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