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Inotek Pharmaceuticals Corp (ITEK): Great Point Partners Adds to Its Position

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Jeffrey Jay and David Kroin‘s Great Point Partners has raised its stake in Inotek Pharmaceuticals Corp (NASDAQ:ITEK) to 1.37 million shares, which represent 5.07% of the float, according to a new 13G filing with the US Securities and Exchange Commission. Previously, the fund’s stake consisted of 94,077 shares as reported in its last 13F filing (for the end of September).

As the name suggests it, Inotek Pharmaceutical Corporation is a clinical-stage biopharmaceutical company, whose main focus is on discovering various therapeutics for different eye disorders. Yesterday, the company announced top-line results for MATrX-1, First Phase 3 Trial of Trabodenoson for glaucoma, and in the report it was stated that “the trial did not achieve its primary endpoint of superiority in reduction of intraocular pressure”, but it did, however, achieve some important secondary endpoints. Over the past 12 months, the company’s shares have lost 84.55%. In its last financial report, for the third quarter of 2016, Inotek Pharmaceutical Corporation disclosed a loss per share of $0.41, which compares to a  loss per share of $2.48 for the corresponding period in 2015.

Recently HC Wainwright reiterated its ‘Buy’ rating on Inotek Pharmaceutical Corporation’s stock, with a price target of $7, while Canaccord Genuity set a price target to $9, and kept ‘Buy’ rating as well, and Piper Jaffray Companies downgraded its rating on the stock to ‘Neutral’ from ‘Overweight’.

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According to Insider Monkey’s hedge fund database, 16 investors held long positions in Inotek Pharmaceuticals Corp (NASDAQ:ITEK) at the end of the third quarter of 2016, up by two from the previous quarter. The most bullish investor among them was Samuel Isaly’s OrbiMed Advisors, which held $17.5 million worth a position. The second largest stake was reported by Steve Cohen’s Point72 Asset Management, worth around $8.3 million. Some other investors with similar enthusiasm included Phill Gross and Robert Atchinson’s Adage Capital Management, James A. Silverman’s Opaleye Management and Israel Englander’s Millennium Management.

Consequently, specific money managers were breaking ground themselves. DAFNA Capital Management, led by Nathan Fischel, established the most outsized position in Inotek Pharmaceuticals Corp (NASDAQ:ITEK). DAFNA Capital Management had $2.2 million invested in the company at the end of the quarter. Ken Greenberg and David Kim’s Ghost Tree Capital also initiated a $1.6 million position during the quarter. The following funds were also among the new ITEK investors: Dmitry Balyasny’s Balyasny Asset Management and Glenn Russell Dubin’s Highbridge Capital Management.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Great Point Partners 0 1,366,500 0 1,366,500 1,366,500 5.07%
Dr. Jeffrey R. Jay, M.D 0 1,366,500 0 1,366,500 1,366,500 5.07%
Mr. David Kroin 0 1,366,500 0 1,366,500 1,366,500 5.07%

Jeffrey Jay And David Kroin
Jeffrey Jay And David Kroin
Great Point Partners

Page 1 of 10 – SEC Filing

UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Schedule 13G


Under the Securities Exchange Act of 1934

(Amendment No. )*

 

 

Inotek Pharmaceuticals Corp
(Name of Issuer)
Common Stock
(Title of Class of Securities)
45780V102
(CUSIP Number)
December 21, 2016
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[X] Rule 13d-1(b)
[_] Rule 13d-1(c)
[_] Rule 13d-1(d)

*The remainder of this
cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder
of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of
1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, see the Notes).

Persons who respond to the collection
of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

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