Dell falls as soft current quarter guide offsets Q2 beat, full-year outlook lift
These acquisitions increase the total shares owned by the funds to 8,807,805 for Averill Master Fund and 1,068,701 for Averill Madison Master Fund, as indicated in the filing. With a market capitalization of $306 million, InvestingPro analysis suggests the stock is currently overvalued. Subscribers can access 8 additional ProTips and comprehensive financial metrics in the Pro Research Report. With a market capitalization of $306 million, InvestingPro analysis suggests the stock is currently overvalued. Subscribers can access 8 additional ProTips and comprehensive financial metrics in the Pro Research Report.
The purchases were made in multiple open market transactions by the funds managed by Suvretta Capital. The shares are directly held by either Averill Master Fund or Averill Madison Master Fund. Aaron Cowen, associated with Suvretta Capital, is noted as a ten percent owner, with the transactions reflecting indirect ownership through the funds. The company maintains strong liquidity with a current ratio of 25.5x and minimal debt on its balance sheet.
These acquisitions increase the total shares owned by the funds to 8,807,805 for Averill Master Fund and 1,068,701 for Averill Madison Master Fund, as indicated in the filing.
In other recent news, Benitec Biopharma has completed significant stock and warrant offerings, enhancing its financial flexibility. The company finalized both an underwritten offering and a registered direct offering, resulting in an increase in outstanding common stock and warrants. Benitec Biopharma now reports having 25,546,288 shares of common stock issued and outstanding. Additionally, the company has common warrants outstanding that are exercisable for 5,876,866 shares of common stock and pre-funded warrants exercisable for an aggregate of 15,270,807 shares. In another development, Benitec entered into a Registration Rights Agreement with Averill Master Fund, Ltd. and Averill Madison Master Fund, Ltd., facilitating the resale of shares acquired in the direct offering. On the clinical front, H.C. Wainwright maintained a Buy rating on Benitec BioPharma, highlighting progress in its Phase 1b/2a clinical trial for BB-301, which shows promise in treating oculopharyngeal muscular dystrophy. Interim results from this study revealed sustained improvements in swallowing function for subjects treated with BB-301. Furthermore, JMP analysts reaffirmed a Market Outperform rating with an $18.00 price target, citing optimism about Benitec’s "silence and replace" strategy and upcoming data presentations at the MDA Conference.
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