Pale Fire Capital SE 4

What Happened

• Pale Fire Capital SE (reported jointly with related Pale Fire entities and two control persons) disclosed three open-market purchases of Phreesia (PHR) common stock (transaction code P) on Mar 17–19, 2026. The purchases were: 303,300 shares at a weighted average price of $11.20 for $3,395,807 (3/17); 519,196 shares at $11.15 for $5,790,645 (3/18); and 780,009 shares at $11.69 for $9,118,227 (3/19). Total acquired = 1,602,505 shares for about $18,304,679. These were purchases (buying shares), which are generally interpreted as a positive trading signal versus sales.

Key Details

• Dates & prices:
  • 2026-03-17: 303,300 shares @ weighted avg $11.20 (prices ranged $11.1619–$11.2004) — $3,395,807 (F2)
  • 2026-03-18: 519,196 shares @ weighted avg $11.15 (prices ranged $11.0633–$11.1683) — $5,790,645 (F4)
  • 2026-03-19: 780,009 shares @ weighted avg $11.69 (prices ranged $11.3943–$11.7713) — $9,118,227 (F5)
• Aggregate: 1,602,505 shares purchased for ≈ $18.30M.
• Shares owned after transaction: filing notes the Reporting Persons are part of a group that beneficially owns more than 10% of Phreesia, but the exact post-transaction share total is not specified in this Form 4 (see F1/F3).
• Filing & formality: Form 4 was filed on 2026-03-19 covering trades on 3/17–3/19; the filing appears timely. Footnotes explain the joint filing structure and the relationships among Pale Fire entities and named control persons (F1, F3).
• Transaction type: Open-market purchases (code P). Weighted-average prices reported with ranges; Reporting Persons offered to provide per-transaction breakdowns on request (F2–F5).

Context

• This is an institutional 10%+ owner (Pale Fire Capital and related entities), not an individual executive. Institutional buys can reflect portfolio-level decisions rather than insider knowledge of near-term company events.
• No options exercises, awards, gifts, or tax-withholding events are involved—these were straight purchases in the open market.
• The filing disclaims broader beneficial ownership beyond pecuniary interest per the footnotes; interpret this as reporting of an institutional stake increase rather than a management trading signal.