We said it yesterday, and we’ll say it again – biotech is ht right now. The JP Morgan conference is drawing to a close, and with it, we have seen a flurry of deals done and data drop. Here’s the latest news form the institutional side of things, involving First light and Tearlab.
In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Tearlab Corp (NASDAQ:TEAR) reported that First Light Asset Management, Llc. has picked up 3,564,488 of common stock as of 2017-01-11.
The acquisition brings the aggregate amount owned by First Light Asset Management, Llc. to a total of 3,564,488 representing a 6.6% stake in the company.
For those not familiar with the company, TearLab Corporation is an in-vitro diagnostic company. The Company has commercialized a tear testing platform, the Osmolarity System, which enables eye care practitioners to test for sensitive and specific biomarkers using nanoliters of tear film at the point-of-care. The Company, through its subsidiary TearLab Research, Inc., develops technologies to enable eye care practitioners to test a range of biomarkers (chemistries, metabolites, genes and proteins) at the point-of-care. Its product, the TearLab Osmolarity System, enables the measurement of tear osmolarity in the doctor’s office. The TearLab Osmolarity System consists of approximately three components: the TearLab disposable, the TearLab Pen, and the TearLab Reader.
A glance at the company’s (NASDAQ:TEAR)’s key stats reveals a current market capitalization of 30.33 million based on 53.60 million shares outstanding and a price at last close of $0.573 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2016-05-31, Wright picked up 39,254 at a purchase price of $0.78. This brings their total holding to 847,632 as of the date of the filing.
On the sell side, the most recent transaction saw Biller unload 5,000 shares at a sale price of $4.61. This brings their total holding to 13,762.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on thh company as things move forward to see if its progress aligns with these transactions.
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