Bitcoin price today: slips below $113k, near 6-wk low despite Fed cut bets
On Monday, Raymond (NSE:RYMD) James maintained a Market Perform rating on Third Harmonic (NASDAQ:HLIT) Bio (NASDAQ:THRD), following the company’s announcement of a liquidation and dissolution plan. The company, currently trading at $5.07, has seen its stock price fall over 70% in the past six months. According to InvestingPro data, Third Harmonic maintains a strong balance sheet with more cash than debt, making the liquidation process potentially smoother for shareholders. The decision was made after a strategic review process that began in February 2025 and has now culminated with the Board of Directors’ unanimous approval of the liquidation plan. The plan will be presented for stockholder approval at the Annual Meeting of Stockholders scheduled for June 5, 2025.
Third Harmonic Bio expects to distribute approximately $246.6 million to $259.8 million to its shareholders, which translates to about $5.13 to $5.42 per share. The initial distribution is projected to be in the range of $246.6 million to $255.4 million, or approximately $5.13 to $5.33 per share, and is anticipated to follow the filing of the Certificate of Dissolution in the third quarter of 2025. The company’s robust current ratio of 40.87 and minimal debt-to-equity ratio of 0.01 support its ability to meet these distribution targets.
The estimates provided by Third Harmonic Bio do not account for any additional cash that may be obtained through the sale of remaining assets and intellectual property. This includes a potential sale of THB335, a key asset for the company. Third Harmonic Bio has plans to reach Phase 2 readiness for THB335 by the middle of the year, aiming to maximize the asset’s value for shareholders during the sale process.
Investors are now waiting for the stockholder meeting where they will vote on the proposed dissolution. If approved, the initial distribution to shareholders is expected to commence following the necessary regulatory filings later this year. For investors interested in comprehensive analysis of similar situations, InvestingPro offers detailed financial health scores and over 10 additional ProTips for Third Harmonic Bio, helping investors make more informed decisions about corporate actions like this one.
In other recent news, Third Harmonic Bio has announced a Plan of Liquidation and Dissolution, intending to liquidate the company and distribute remaining cash to shareholders. This plan, pending approval at the company’s annual meeting in June 2025, includes selling assets such as the THB335 program. The initial shareholder distribution is estimated between $246.6 million and $255.4 million. Meanwhile, Stifel, Morgan Stanley (NYSE:MS), and Raymond James have downgraded Third Harmonic Bio’s stock ratings, reflecting concerns over uncertainties and strategic shifts following Phase 1 data from THB335.
Stifel reduced its rating from Buy to Hold, adjusting the price target to $5.00, while Morgan Stanley moved from Overweight to Equalweight with a similar price target. Raymond James also downgraded the stock from Outperform to Market Perform. These downgrades come amid Third Harmonic Bio’s strategic review and a 50% workforce reduction. Despite these challenges, the company maintains a strong financial position with approximately $285 million in cash as of the end of 2024, projected to be between $262 million and $267 million by mid-2025. Third Harmonic Bio plans to continue developing THB335, aiming for Phase 2 readiness by mid-2025.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.