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Laughing Water Capital's investment thesis on Theravance ($TBPH) — Q2 2026 | Buyside Digest

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$TBPHNASDAQTheravance

NEUTRAL

Laughing Water Capital—TBPH

Fund Letter

Q2 2026

Published July 17, 2026

View Fund Profile

$17.03USD

—

$17.03Pitched

-0.0% since pitch

Market Cap$877.7M

P/E (TTM)N/A

52-Wk RangeN/A

Div. YieldN/A

Technical Chart

From the Fund Letter

Laughing Water Capital returned 39.8% net in Q2 2026, bringing year-to-date returns to 33.6% and 10-year annualized returns to 20.0%. The exceptional quarter...

— Matthew Sweeney

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Other investors who've written on Theravance

Summers Value FundBULL

Pitched Apr 25, 2026

The fund initiated a position in Theravance after its primary development asset failed, triggering a major restructuring and transition to a highly profitable royalty model. The core value...

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