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Trius Therapeutics, AŞ Message Board

  • nivasvs nivasvs Mar 13, 2012 5:00 PM Flag

    New TSRX report from Zacks with $11 target

    The story is getting better and better by each passing day.

    Jason Napodano of Zacks issued another report on TSRX with $11 price target. Very nice summary of what is happening with PPS.

    "Trius stock has been under heavy selling pressure since the middle of January 2012 when Sofinnova Venture Partners VII, L.P. (SVP), one of the company s venture capital backers, distributed 3.6 million shares of common stock without consideration to its partners pro rata. With an average daily volume of only 150k shares, working through the 3.6 million shares was painful. That amount of stock hitting the market caused a meaningful sell-off in the shares, down from $7 before the news to a low of $5.25 shortly after.

    This news was followed by the 9.9 million share public offering a week later, which raised $48.4 million in net proceeds. As noted above, the timing of the offering was questioned by investors, having just witnessed the stock drop 25% on SVP s exit a week before. Plus, the fact that SVP has a member on the Trius Board (Michael Powell, Ph.D.) and that current CEO, Jeffery Stein, was a former partner at SVP, raised eyebrows. We do note that SVP had a previously agreed upon distribution agreement (AKA - an exit plan) for the shares. Sofinnova Venture Partners owned over 12% of the company prior to the distribution."

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