Opaleye Management Inc. 4
4 · Eton Pharmaceuticals, Inc. · Filed Jul 7, 2026
Research Summary
AI-generated summary of this filing
Eton (ETON) 10% Owner Opaleye Management Sells Shares
What Happened Opaleye Management, Inc. — reported as a 10% owner (manager of Opaleye, L.P. and a separately managed account) — sold a total of 126,685 Eton Pharmaceuticals (ETON) shares in multiple open‑market transactions between July 2 and July 7, 2026, for aggregate proceeds of approximately $4,768,638. Individual reported trades:
- 2026-07-02: 65,000 shares @ $37.39 — $2,430,032
- 2026-07-02: 25,000 shares @ $37.39 — $934,628
- 2026-07-06: 10,000 shares @ $38.00 — $380,000
- 2026-07-07: 20,000 shares @ $38.37 — $767,456
- 2026-07-07: 6,685 shares @ $38.37 — $256,522
All transactions are sales (S) — generally a neutral or liquidity event for institutional holders rather than a purchase signal.
Key Details
- Transaction dates/prices: July 2 (sales at weighted avg ~$37.39; detailed range reported as $37.05–$37.85), July 6–7 (sales at weighted avg ~$38.00–$38.37; detailed range reported as $38.00–$38.565). Footnotes F3 and F4 note weighted‑average reporting and that multiple price points were involved.
- Total shares sold: 126,685; total proceeds reported: ~$4,768,638.
- Shares owned after transaction: not specified in the provided excerpt of the filing.
- Notable footnotes: F1–F2 explain holdings are owned directly by the Fund and a Managed Account for which Opaleye acts as investment/portfolio manager; F5 states Opaleye disclaims beneficial ownership except to the extent of pecuniary interest.
- Filing timeliness: Form filed 2026‑07‑07 reporting transactions beginning 2026‑07‑02. Form 4s are typically required within two business days of a reportable transaction; the filing date and transaction dates suggest checking the full SEC filing for any late‑filing flag (none explicitly provided here).
Context
- Opaleye is a large institutional holder (10% owner) and the trades appear to be institutional sales — such activity can reflect portfolio rebalancing, liquidity needs, or other account management rather than insider sentiment about company fundamentals. The filing’s footnotes clarify that the shares are held through funds/managed accounts and that Opaleye disclaims beneficial ownership beyond its pecuniary interest.
Insider Transaction Report
Form 4
Opaleye Management Inc.
10% Owner
Transactions
- Sale
Common Stock, par value $0.001 per share
[F3][F1][F5]2026-07-02$37.39/sh−65,000$2,430,032→ 2,710,000 total(indirect: By Opaleye, L.P.) - Sale
Common Stock, par value $0.001 per share
[F3][F2][F5]2026-07-02$37.39/sh−25,000$934,628→ 60,000 total(indirect: By Managed Account) - Sale
Common Stock, par value $0.001 per share
[F1][F5]2026-07-06$38.00/sh−10,000$380,000→ 2,700,000 total(indirect: By Opaleye, L.P.) - Sale
Common Stock, par value $0.001 per share
[F4][F1][F5]2026-07-07$38.37/sh−20,000$767,456→ 2,680,000 total(indirect: By Opaleye, L.P.) - Sale
Common Stock, par value $0.001 per share
[F4][F2][F5]2026-07-07$38.37/sh−6,685$256,522→ 53,315 total(indirect: By Managed Account)
Footnotes (5)
- [F1]Represents securities owned directly by Opaleye, L.P. (the "Fund"). As the investment manager of the Fund, Opaleye Management, Inc. may be deemed to beneficially own the securities owned directly by the Fund.
- [F2]Securities owned by a separately managed account (the "Managed Account"). As the portfolio manager of the Managed Account, Opaleye Management, Inc. may be deemed to beneficially own the securities owned directly by the Managed Account.
- [F3]The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $37.05 to $37.85 inclusive. The reporting person undertakes to provide, upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each price.
- [F4]The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $38.00 to $38.565 inclusive. The reporting person undertakes to provide, upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each price.
- [F5]Opaleye Management, Inc. disclaims beneficial ownership of the shares reported herein except to the extent of its pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that Opaleye Management, Inc. is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or for any other purpose.
Signature
Opaleye Management, Inc., By: /s/ James Silverman, President|2026-07-07