Ra Capital Management, L.P., alongside its affiliated investment funds and managing members, has disclosed the sale of 678,226 shares of Werewolf Therapeutics, Inc. (NASDAQ:HOWL) common stock. The aggregate value of these transactions stands at $253,568. The divestment activity took place over a three-day window from June 9 through June 11, 2026. Share prices during this period fluctuated between $0.37 and $0.38. This selling activity coincides with a challenging market environment for HOWL, which is currently trading near its 52-week low of $0.35. Over the past 12 months, the stock has experienced a significant decline of approximately 69%.
Despite the substantial price drop, certain analytical perspectives suggest the stock may be undervalued. Independent analysis indicates a fair value estimate of $0.50, which is higher than the current trading price of $0.39. The company's market capitalization is reported at $18.95 million. The sales were executed indirectly through two primary vehicles: RA Capital Healthcare Fund, L.P. and RA Capital Nexus Fund II, L.P. RA Capital Management, L.P. acts as the investment manager for these funds. Additionally, Dr. Peter Kolchinsky and Mr. Rajeev Shah, who serve as managing members of the general partner for RA Capital Management, L.P., are listed as reporting persons associated with these holdings.
On June 9, the reporting entities sold a combined 369,800 shares. This initial batch included 345,235 shares from the RA Capital Healthcare Fund and 24,565 shares from the Nexus Fund II. The weighted average price for this day's transactions was $0.37 per share. Individual trade prices varied between $0.36 and $0.3791. Financial health assessments rate the company's overall condition as weak, although the balance sheet shows a position where cash exceeds debt.
Trading activity continued on June 10 with the sale of 45,923 additional shares. The RA Capital Healthcare Fund disposed of 42,872 shares, while the Nexus Fund II sold 3,051 shares. The weighted average price for June 10 was also $0.37 per share. Prices during this session ranged from $0.3627 to $0.3791. The final day of reported transactions, June 11, saw the sale of 262,503 shares. RA Capital Healthcare Fund sold 245,066 shares, and the Nexus Fund II sold 17,437 shares. The weighted average price for June 11 was $0.38 per share, with individual prices ranging from $0.3636 to $0.3945.
Following these transactions, the RA Capital Healthcare Fund retains a position of 5,076,685 shares in Werewolf Therapeutics common stock. The Nexus Fund II holds 361,229 shares. The reporting persons have disclaimed beneficial ownership of the reported securities, limiting their claim to their respective pecuniary interest.