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Bears raise their pressure on PharmaMar to 1.11% on the eve of their accounts

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The bears return to increase their pressure on PharmaMar. Just a few days before the pharmaceutical company publishes its accounts for the first half of the year this Thursday, 1.11% of the company’s share capital is taken by speculators who bet on its bearish continuity. An investment that, at market prices, is equivalent to 15.3 million dollars.

The hedge fund AHL Partners he was the last to join this siege. The fund declares a short position for 0.52% of PharmaMar’s share capital since July 23, as recorded in the records of the National Securities Market Commission (CNMV). It is the first time that this fund, relatively common among bears in the Spanish market, takes positions in the manufacturer of Aplidín.

Its entry has occurred in parallel with a new decline in the position that has accumulated for four months. Consonance Capital. From the 0.73% that it reached in April, to the 0.59% that it acknowledged in its last communication to the supervisor.

Bearish evolution

This percentage still holds the fund specialized in investment in the pharmaceutical sector as a relevant bass player. And it is that it continues to exceed the threshold of 0.5% of the capital that the Spanish supervisor has established to define this category, in line with what is applicable in the bulk of European markets.

Although, so far this year, PharmaMar accumulates a revaluation close to 5% in the stock market, in the last three months it has lost a hefty 20% of its capitalization. Of the 119.4 euros per share that it reached in February, up to 70 euros per title that its graphics strives to preserve in the last sessions, the setback is 40%.

Historical results

The analysts consulted explain that this decline is due in large part to the expectations that had been generated around the involvement of its drug Aplidin in the fight against Covid-19. Despite the fact that the studies developed to date certify its efficacy in patients with moderate infection, the delay in obtaining permits for the development of the phase III trial – currently underway – could have reduced the potential business of its application against the pandemic.

At the close of financial year 2020, PharmaMar published a historical profit of 137 million euros. A level that he attributed largely to the contribution of his antitumor Zepzelca, especially due to sales in the US through the marketing agreement signed with Jazz Pharmaceuticals.

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