market folly

Andrew Spokes' hedge fund firm Farallon Capital has filed a 13G with the SEC regarding shares of Savara (SVRA).  Per the filing, Farallon now owns 9.5% of the company with over 2.22 million shares.

This is a newly disclosed equity stake and the filing was made due to activity on June 2nd.  It's worth noting that Savara recently closed on a merger with Mast Therapeutics in April of this year.  In conjunction with the merger, Master effected a 1 for 70 reverse stock split. 

Also, Savara this month completed an underwritten public offering of over 9 million shares of common stock at $4.75 per share.

Per Google Finance, Savara is "formerly Mast Therapeutics, Inc., is a clinical-stage pharmaceutical company. The Company is focused on the development and commercialization of novel therapies for the treatment of patients with rare respiratory diseases. Its pipeline includes AeroVanc, Molgradex and AIR001. AeroVanc is an inhaled formulation of vancomycin, which the Company is developing for the treatment of persistent methicillin-resistant Staphylococcus aureus, lung infection in cystic fibrosis patients. Molgradex is an inhaled formulation of recombinant human granulocyte-macrophage colony-stimulating factor. It is developing Molgradex for the treatment of autoimmune pulmonary alveolar proteinosis, a rare lung disease. AIR001 is a sodium nitrite solution for inhalation via nebulization. AIR001 is in Phase II clinical development for the treatment of heart failure with preserved ejection fraction, also known as diastolic heart failure or heart failure with preserved systolic function."