Cormorant Discloses 11.79% Stake in BlossomHill After IPO, Including Preferred Conversions
BLSM is trading near its 52-week low of $15.97 (2.1% above the low).
Summary
Cormorant Asset Management disclosed an 11.79% stake in BlossomHill Therapeutics after the IPO, including preferred stock conversions and a $5 million IPO purchase.
Key Events · Ownership and Investor Activity · BLSM
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Cormorant Holds 11.79% Stake
Cormorant Asset Management, LP beneficially owns 3,614,034 shares (11.79%) of BlossomHill Therapeutics, Inc. following the IPO.
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Preferred Stock Conversions
1,599,993 shares were issued upon conversion of Series A Preferred Stock and 1,701,541 shares upon conversion of Series B Preferred Stock, originally purchased for approximately $49,999,990.59.
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IPO Purchase
Cormorant Global Healthcare Master Fund, LP acquired 312,500 shares in the IPO at $16.00 per share for $5,000,000.
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Director's Option
Bihua Chen, a director of the Issuer, holds an option to purchase 23,904 shares at $16.00 per share, vesting monthly over three years from August 6, 2026.
Analysis · BLSM · Life Sciences
Following the IPO, Cormorant Asset Management—a major pre-IPO investor—now holds 3,614,034 shares, or 11.79%, of BlossomHill Therapeutics. The position includes 1,599,993 shares from the conversion of Series A Preferred and 1,701,541 shares from Series B Preferred, plus 312,500 shares purchased in the IPO at $16.00. Bihua Chen, a director of the company, controls the funds and holds an option for 23,904 shares. The filing also reveals registration rights that could lead to future share sales.
At the time of this filing, BLSM was trading at $16.30 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $501M. The 52-week trading range was $15.97 to $17.25. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.