The ‘hedge fund’ Consonance breaks with short positions in PharmaMar

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Goodbye to two months of bearish truce in PharmaMar. The pharmaceutical company has become the new speculative bet of Consonance Capital, an American hedge fund specialized in the medicine sector that has taken 0.52% short positions of its capital stock.

Consonance Capital’s bet rises to 9.37 million euros based on the current price of the company, which has risen by around 40% so far this year. Its breakthrough comes just two months after PharmaMar got rid of the last bear that accumulated relevant short positions against it, WorldQuant.

This is the first time that the US sector fund, which includes both long and short positions in its portfolio based on its opinion of each listed company, has entered PharmaMar’s capital. At least with relevant positions. In your latest position update, MacroGenics, Aptose Biosciences and Compugen were listed as their top bets on the downside.

Dividend by 15 times

Consonance Capital’s irruption occurred just a few days after PharmaMar announced a generous dividend increase. In the second year in which he will reward his actions, he has multiplied the payment with which he debuted in these struggles by 15, until reaching a total amount of 0.6 euros gross per share.

The dividend will be paid on April 15 And it will arrive while the Spanish pharmaceutical company is still pending that the use of its Aplidin for the treatment of Covid-19 patients can be approved. An objective for whose achievement it has already announced the launch of a study in the United Kingdom.

However, even without this powerful boost, the company has already seen a dramatic increase in operating numbers that translated into the highest profit on record in group history: 137 million euros. In addition, the company chaired by José María Fernández-Sousa, recorded revenues of 270 million euros, which represented a growth of 215% compared to last year.