$PRTA Had to write this up. FINALLY not a freaking CVR opportunity... If you are in (biotech) special situations and do not know about this stock, you´re not doing your job. One of the very legit 10-30x opportunities in the market today. https://t.co/FrMXqpGRBw

$PTGX just HODLing let’s see what happens. Maybe we get a bhvn-like transaction. Congrats and shoutout AGoat1

$XBI The state of biotech: When the CIO of a multi-B $ hedge fund (RTW) hosts a podcast / interview with a CEO of one of his largest positions $AKRO, the video gets not even 600 views in 1 month. Cathie Wood´s pumpfest "Big Ideas 2025" has 250k 🤮 https://t.co/ykuiOQGr9w

Short due to vacation: Out of $VYNE $FGEN so these will naturally 5bag now. $SPRO took the 10-25% from buys, converted a small remainder into covered calls (Jan 2.5 C sells for 0.3). Trimming a lot across the board but wanted to share the above since I wrote about them.

$PALI this sent up $PTGX 1 bln$ with a 8-10% stake in the drug. This isn’t apples to apples for many reasons but still.

Vacationy mode for ~3 weeks don’t expect much from me. Not a lot to say anyway. Shitcos go up everyday, losing money on hedges, long just enough stuff to eeke out a profit. $ANAB great start though I think option market still mispricing what is effectively a 15-22$ special div.

$ITOS paid 27.6 cents vs last price of 10, quick and easy money. Some optionality left 🥳

New position for me today, I sold quite the chunk of $ANAB 20$ December Puts around the ~3.2$-mark. Like yesterday´s split-announcement a lot (focus on RoyaltyCo), though I don´t know enough about the clinical assets. If I put in the Jemperli analyst estimates in a DCF (10%

Coming back to $MRUS - a touch cheaper here at 93.78$ now. What is the market concerned about? $GMAB is trading really strong, so financing (which Is committed anyway) cannot be the issue? I suspect it´s somewhat liquidity-related / bio-funds exiting but probably mostly just the

$LVTX No idea really what´s going on, maybe something to do with winding down studies? Maybe LVTX wants to clear some stuff that XOMA wanted to put into the net cash schedule as liabs and LVTX is confident they can resolve that on better terms (see KRON?)? EPIX adjustment was

Bought some $MRUS here on the 3.2% absolute spread at 93.9$ but I´ll admit that I´m pretty lost on timing. There are some hints in docs, assuming mid-january for now (for a ~11% annualized return) but didn´t dive deep here.

$KALA fundamentally probably a zero but also maybe a 20-bagger. Interesting to watch imo: Apart from debt there is also a pretty large liquidation preference on all the preferred shares from Baker. But they have some pretty hefty milestones left (even after debt / liq pref) from

$RTW.LN $MRUS at 1.1% another decent win here, congratz 👍

@monaco_biotech

$XBI $BBC Great week in biotech, happy for everyone who got rewarded for binary risks. Plenty of cake to go around for the traders after the fact :) Here´s my personal dud of the week for your amusement (didn´t think the CRL was important, simply thought I´d get back in

$GUTS keeping my shares, even added some 1.10-1.15$. At least as of now (presentation/call pending) looks like bull case date. Let´s see if they get the volume for this, probably has to chew through a ton of shares from the warrants and 2 offerings

As $THTX gets delisted (Still long, still think there is potential juice in it from 0.3x, all a bit gambly since Q2 was so bad and hard to project from there) what is left currently in the CVR wonderland of misaligned incentives? $SCPH am long some, though the window for the

Think this shows how just sitting on information / watching for months can do a lot the second the dominoes fall. Obviously not for everyone as you need to do a lot of work which might never pay (rarely the case though imo) and sit at the desk when news hit. In my experience it

$RTW.LN Does not look like it but I bought a VERY large amount here as a surrogate for $QURE when it was still halted (prolly should´ve played CLPT but whatever). Downside to this is that they obviously own a lot of other stuff and this trade might go wrong due to beta/market

I knew almost nothing about $CLPT but I just thought it should be up a bit more vs QURE. You can also see that the stock I knew the least about was the shittiest trading with some in/out & fomo-stuff. Abandoned it to focus on the remainder of today´s action. Maybe I should buy

$QURE owned this on/off from Dec 2024. Might have even gotten up to speed thanks to the long halt, but I did a lot of work already and was anticipating the readout. Still very torn on how much to keep, this will be a battleground-stock 100%.