May. 16 at 12:48 PM
$TCRX The fundamentally strong setup just got further strengthened: BVF upped shares by 5.98% to 5.58M, likely purposefully capped at 9.99% to maximise economic exposure without triggering additional SEC obligations. Millennium increased position by +261%, Two Sigma by +86%, Jacobs Levy by +330%, Renaissance Technologies by +20%, and D.E. Shaw by +360% — all building at average costs between
$1.07 and
$1.49, above current price. Most relevant are Lynx1 at 15% and BVF at 9.99%, both activists with 12-18 month forcing horizons and board-level leverage with a clear mandate to drive an outcome. BVF would not have added and Lynx1 would have surely cut its 15% position by now if conviction had weakened.
(TCRX trades at 30% discount to net cash. The company holds
$95M cash with runway to H2 2027, while the market cap sits at ~
$65M at
$1.0. You are buying
$95M of cash for
$65M and getting the entire pipeline, two pharma collabs, and a board assembled for transaction — for free.)
