ODT - Odonate rises after Ikarian Capital lifted stake

JuSun/iStock via Getty Images Odonate Therapeutics (ODT) has added ~14.7% in the post-market after the company submitted a regulatory filing to indicate that Ikarian Capital has raised its stake at the company to more than 5%. The biotech firm held a 3.5% stake at Odonate in late March with ~1.34M shares. The latest 13-G filing indicates Ikarian now owns ~2.0M of shares implying a ~5.2% ownership. Odonate has lost ~92.1% of its value over the past year driven by a sharp decline in March on the decision to terminate the development of its orally administered chemotherapy agent tesetaxel. The event prompted Jefferies to downgrade the stock to neutral from hold. At the time, the analyst Michael Yee predicted Odonate could be a “reverse-merger candidate.”

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Odonate rises after Ikarian Capital lifted stake