Oruka Therapeutics Shares Drop After Hours After Fairmount Unloads 3.55 Million Shares

Oruka Therapeutics Inc. (NASDAQ: ORKA ) shares fell in after-hours trading on Wednesday after SEC filings showed major shareholder Fairmount Healthcare Fund II sold a large block of shares worth about $300 million. ORKA closed Wednesday’s regular session at $93.29, down 1.98%. In after-hours trading, the stock fell to $86.07, down 7.74%. Oruka is a clinical-stage biotechnology company focused on developing therapies for chronic skin diseases, including psoriasis and other inflammatory conditions. Fairmount Sells Multi-Million Share Block A Schedule 13D amendment and Form 144 filing showed Fairmount Healthcare Fund II, a major institutional investor and existing Oruka shareholder, converted 42,641 shares of Series B non-voting preferred stock. The conversion was completed for no cash consideration under the company’s Series B preferred stock terms. Shortly after the conversion, Fairmou...