Iterum Therapeutics PLC (NASDAQ: ITRM) is screaming for the top in the market this morning. However, if you’re on the hunt for press releases, you’re not going to find anything. Nonetheless, there was an SEC filing dropped yesterday that seems to be the cause of the excitement. Here’s what’s going on:
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ITRM Stock Climbs On Form SC 13G
As mentioned above, Iterum Therapeutics is flying in the market this morning, but the last news came early this week, when the company announced the submission of a New Drug Application to the FDA. Nonetheless, the gains seem to have been triggered by a filing with the SEC that was made yesterday.
The filing is a SC 13G, or Notice of Beneficial Ownership. According to the filing, big money is stepping into ITRM, which makes sense following the NDA news. In the filing, the following disclosures were made:
- RA Capital Management, L.P. RA Capital Management owns 10 million shares, representing 18.9% ownership in the company.
- Peter Kolchinsky. Peter Kolchinsky, co-founder of RA Capital Management, owns 10 million shares, representing 18.9% ownership in the company.
- Rajeev Shah. Partner at RA Capital Management and President of the Rockerfeller Foundation owns 10 Million shares, representing 18.9% ownership in the company.
- RA Capital Healthcare Fund, L.P. Finally, RA Capital Healthcare Fund owns 8,486,000 shares, representing 16.5% ownership in the company.
That’s a huge filing. Between the four parties, an ownership stake of 73.2% of ITRM was just announced.
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This Is Big News
The SEC Notice of Beneficial Interest was a massive disclosure. Big money has stepped in and acquired the vast majority, 73.2%, of the company. So, it only makes sense that investors are excited in the premarket hours this morning.
After all, Peter Kolchinsy, Rajeev Shah, and RA Capital aren’t likely to sink their money in something that doesn’t offer incredible potential. The fact that the group of investors saw so much value in the company that they have acquired the lion’s share of it further serves to validate the work that Iterum Therapeutics is doing.
There couldn’t be a better time either. ITRM recently submitted an NDA to the FDA, meaning that it may be opening the door to a new revenue stream in just a few short months, which could take the company to the next level. All in all, ITRM stock is one to watch closely.
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