This Fund Disclosed Selling $18 Million in Alphatec Last Quarter. The Stock Just Tanked 20% After Earnings
Key Points
Western Standard sold 1,232,881 shares of Alphatec Holdings, with an estimated transaction value of $17.95 million based on quarterly average pricing.
The quarter-end value of the Alphatec Holdings position decreased by $26.17 million, reflecting both share sales and price movement.
This trade represented a 9.44% shift relative to Western Standard's 13F reportable assets under management.
After the sale, the fund holds 22,493 Alphatec Holdings shares valued at $244,724.
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On May 5, 2026, Western Standard disclosed in an SEC filing that it sold 1,232,881 shares of Alphatec Holdings (NASDAQ:ATEC), an estimated $17.95 million trade based on quarterly average pricing.
What happened
According to an SEC filing dated May 5, 2026, Western Standard reduced its holdings in Alphatec Holdings (NASDAQ:ATEC) by 1,232,881 shares during the first quarter. The estimated value of the shares sold was $17.95 million based on the mean unadjusted close for the quarter. The quarter-end value of the remaining stake reflects a $26.17 million decrease, a figure that includes both share sales and price changes.
What else to know
- After this sale, the Alphatec Holdings position accounts for 0.13% of Western Standard's reported U.S. equity assets.
- Top holdings as of the filing:
- NYSE:GDOT: $39.79 million (20.9% of AUM)
- NYSE:CODI: $24.66 million (13.0% of AUM)
- NYSE:TFX: $22.11 million (11.6% of AUM)
- NASDAQ:IOSP: $16.56 million (8.7% of AUM)
- NYSE:OSG: $10.45 million (5.5% of AUM)
- As of May 4, 2026, Alphatec Holdings shares were priced at $10.33, down 13.8% over one year and underperforming the S&P 500 by 40.54 percentage points. However, shares plunged more than 20% to about $8.12 in after-hours trading on Tuesday following worse-than-expected results.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close May 4, 2026) | $10.33 |
| Market capitalization | $1.55 billion |
| Revenue (TTM) | $764.15 million |
| Net income (TTM) | ($143.36 million) |
Company snapshot
- Alphatec offers a portfolio of spinal surgery solutions including neural monitoring systems, minimally invasive access platforms, fixation systems, interbody implants, and biologics
- The firm generates revenue primarily through the sale of proprietary medical devices and biologics to hospitals and surgical centers, leveraging a direct sales force and independent distributors
- It serves orthopedic and neurosurgeons specializing in spinal disorders across the United States, with a focus on complex and degenerative spine procedures
Alphatec Holdings is a U.S.-based medical technology company specializing in innovative surgical solutions for spinal disorders. The company pursues growth by expanding its differentiated product portfolio and investing in technologies that enhance surgical outcomes and patient safety. Its competitive edge stems from a focus on surgeon-driven innovation and a broad suite of proprietary systems tailored to complex spine procedures.
What this transaction means for investors
The timing of this disclosure is interesting because it happened not long before Alphatec reported first-quarter results after Tuesday’s market close that very much disappointed investors. Revenue came in at $192 million, up 14% year over year but missing analyst projections by about 4%, with surgical revenue climbing 17% and case volumes up 21%. Meanwhile, margins improved, with adjusted EBITDA hitting $21 million and expanding meaningfully. But the market was clearly looking for more, and the company lowered parts of its full-year outlook, which triggered a more than 20% drop in after-hours trading.
So you have a business that is improving, but still not hitting the bar investors set for it, and that gap is where volatility lives. For long-term investors, however, it’s still important to separate execution from expectations. The core story, surgeon adoption and procedural growth, still looks intact, but until the company proves it can consistently beat and raise, the stock might very well be priced around short-term sentiment.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Teleflex. The Motley Fool has a disclosure policy.
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