Biotech
Qube Research & Technologies Increases its Short Position in Grifols to 1.23%
Qube Research & Technologies increases its short position on Grifols to 1.23%, up from 1.19%, amid market volatility due to the conflict with Gotham City Research. The estimated value is over 1.8 million euros. WorldQuant fund also holds a 0.51% short position in Grifols. The legal dispute between Grifols and Gotham continues in a New York court
Volatility continues in the Spanish pharmaceutical market in the context of the conflict between Grifols and Gotham City Research. Qube Research & Technologies has increased its short position on the multinational blood products company to 1.23%, from the 1.19% previously declared , as notified to the National Securities Market Commission (Cnmv).
That extra 0.04% is equivalent to just over 170,000 shares which, taking into account that the price increase occurred this Monday, would be valued above 1.8 million euros , since the shares of the Spanish company ended yesterday’s session trading at 10.69 euros.
This is an estimated calculation, since it is not possible to know the average price at which the Qube Research fund has built its position. Subsequently, the possible profit of this operation will also be affected by the average purchase price of the shares (in short positions you first sell, and then buy), the possible cost of leverage and the consideration offered to the holders from whom the has borrowed these shares.
For its part, the WorldQuant fund also has an open short position in the Catalan company that amounts to 0.51% , as reported to the CNMV on January 31st.
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Qube Research increases stake in Grifols, while the legal dispute between Grifols and Gotham continues in a New York court
These operations took place after Grifols notified the CNMV on January 26th that, following reports that questioned its accounting and solvency, it had filed a lawsuit against Gotham City Research before the Southern District Court of New York. The lawsuit also referred to the director and founder of the fund, Daniel Yu, General Industrial Partners, Cyrus de Weck and its investees to request compensation for the financial and reputational damages caused to the company and its shareholders.
The complaint alleges that the defendants obtained “a considerable short position” in the multinational blood products company, subsequently publishing and distributing a report “containing falsehoods about Grifols’ accounting, communications, finances, and integrity.”
In this lawsuit, the Spanish company requests the application of precautionary measures so that the defendants recant and do not persist in their actions, while at the same time claiming financial compensation that, however, has not been quantified.
Qube Research and BlackRock increased their stakes in Grifols, despite the lawsuit.
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(Featured image by Markus Spiske via Unsplash)
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First published in PlantaDoce. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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