Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
“In April, only two short months after announcing strategic alternatives, Third Harmonic Bio (THRD) announced it would be liquidating and returning cash to shareholders. The liquidation was approved almost unanimously (other similarly situated biotechs should take note), the initial distribution is scheduled to take place in the third quarter with an estimated total of $5.30-$5.44/share (the initial distribution will likely be 90-95% of this value). This doesn't include any proceeds from the sale of THB335 (here's what appears to be the asset sale deck). Along with AVTE or ABIO, a model for other broken biotechs to follow. BSD Analysis: Third Harmonic Bio, Inc. (THRD) Third Harmonic is a high-risk gamble on whether a selective oral KIT inhibitor can successfully treat mast cell-driven diseases like Chronic Inducible Urticaria without debilitating liver toxicity. The prior Phase 1b trial for its lead asset, THB001, was prematurely halted due to drug-induced liver injury, sending the stock tumbling. The "edgy" thesis assumes that the company can successfully reformulate or re-dose THB001, or pivot to a different asset, leveraging the initial proof-of-concept data that demonstrated rapid and sustained clinical efficacy in cold urticaria patients. This is a deep-value call on an innovative mechanism—mast cell depletion—that offers a breakthrough if the safety profile can be successfully managed.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
