Former Family Office Manager overseeing Special Situations portfolio. Former CEO (9yrs!) of @LB_Pharma & Dad to the 2 lovely @PrenskyRoadTrip boys!
Upper West Side, Manhattan
Joined January 2011
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Exactly 10 years ago today - September 11, 2015 – my partners and I founded LB Pharmaceuticals. And yet here we are waiting for the first $LBRX trade to cross the tape.
While I am no longer day-to-day at the company, I am on the Board of Directors and I am extremely excited for what this management team is going to accomplish in the coming years.
To all of my fellow former colleagues, you will always be in my heart, and I wish you nothing but success upon success!
I couldn’t be any prouder of you and can’t wait to see your handiwork get into the hands of patients who need it the most.
With love —- Zach
Zachary Prensky retweeted
📷
One of Wall Street's Best Hedge Funds Just Blew a 44% Gain Because of AI Bets
Lockridge Okoth
At the end of June, Lone Pine Capital's flagship hedge fund was up 44% for the year. Three months later, almost all of it was gone after its bets on AI stocks turned.
The fund, called Cypress, finished September up just 0.6%, Bloomberg reported. Lone Pine manages about $19 billion. It had posted double-digit gains three years in a row. @jimcramer @tomkeene
$CRWV common has been commandeered by the 2033 2.875% convert holders who can short stock with impunity. Last trade was around 84, desk has plenty of sellers w/o buyers at this level so owners appear to be hedging in the common...
Just for reference, there are a bunch of convert trades on the tape from yesterday afternoon around 96 or close to par. The move down has been breathtaking for bondholders used to less volatility
Bloomberg: CoreWeave CEO Says Backlog Supports Debt Obligations $CRWV
(when you have to go on TV to defend your balance sheet / stock price things must be bad)
Zachary Prensky retweeted
Biotech has been just an absolute, total, unmitigated disaster of late. Carnage.
The sector needs M&A badly. If we can get something >$5B I suspect we will see a beautiful day for $XBI and a nice bounce for some of these “quality longs” that have just been lit on fire and thrown in the ditch over recent weeks.
Zachary Prensky retweeted
Fun bit of biotech history.
BMS acquired Amira in 2011 for $325M upfront for it's lead program against LPA1 for fibrosis. Amira was a "smart chemistry" play founded in 2005, backed by Versant with former Merck founders, including Peppi Prasit. That drug (BMS-986020/AM152) ended up seeing efficacy in Phase 2, but was terminated for hepatobiliary toxicity in 2018.
BMS scientists went back to discovery, armed with SAR from the first gen, and retooled to make admilparant... and here we are nearly a decade later with Phase 3 data.
LPA1 has been a well-credentialed fibrosis target for ages, and today's topline Ph 3 hit is the culmination of a continuous discovery and development campaign against LPA1 spanning over 20 years.
Drug R&D requires playing a very long game.
$BMY Phase 3 ALOFT-IPF Trial Evaluating Admilparant in Adults with Idiopathic Pulmonary Fibrosis Met Primary Endpoint
businesswire.com/news/home/2…
Zachary Prensky retweeted
"Our main message in client meetings was the following: the biggest systemic risk in the market next year is not France but “something going wrong” in the AI ecosystem: a safety event, a failed IPO, or disappointing revenues. Concentration risk is immense, and it is this dollar negative (and very bond positive) event risk that is most under-priced in markets at the moment."
- George Saravelos, Head of Deutsche FX research
Nikkei Asia has been right about $AAPL as often as I've hit a trifecta at Belmont Park
If you are looking for one short off the OpenAI annualized revenue story could have to be $ORCL. Debt rating is BBB- by S&P, which is just above junk. All that CapEx to support OpenAI, which appears to have much less revenue to pay Oracle!
BREAKING: Oracle is down almost -6% after the FT reported OpenAI's annualized revenue is $20 billion lower than previously signaled.
OpenAI told investors its annualized revenue was approaching $50 billion at the end of September.
$ORCL has a $300 billion cloud contract with OpenAI, so lower OpenAI revenue puts that contract at risk.
Zachary Prensky retweeted
ATT down 8% after hours. Verizon down 7%. T Mobile also down 7%.
We announced an agreement to acquire a nationwide low-band spectrum license portfolio that will pave the way for @Starlink to become a major mobile carrier in the US.
With this new spectrum and our Gen2 constellation, Starlink Mobile can ensure Americans have access to high-speed mobile broadband no matter where they are → spacex.com/updates#starlink-…
$SPY has finished down 1% or more on 17 trading days in 2026. That is 17 of 191 trading days in 2026 so far, or 8.9%.
If you analyse the OTM put spreads, they are priced for a 1% move closer to 20%.
Zachary Prensky retweeted
This is well written, well reasoned, and exactly how the case could have been decided differently.
But it was not.
Andrews did a strict constructionist posture on the facts of the case against $LQDA. We should expect he will continue in that mode.
$LQDA Courtesy of my friends Fable and Astra. I have tried to wrap my head around Andrews on-sale bar ruling for Claim 1 and I am strongly convinced he has got it wrong. Please refer to pages 41 to 50 of the Trial Opinion and decide for yourself.
Cantor note on $CMPS this morning. A calendar spread may be a fine way to play a January approval
