A newly amended 13D filing with the US SEC revealed that Leonard A. Potter’s Wildcat Capital Management LLC has sent a new letter to the board of Sorrento Therapeutics Inc. (NASDAQ:SRNE) repeating their demands that the company terminate the pending Financing Transaction, remove Dr. Ji as CEO of the company and to appoint three directors nominated by the Wildcat Shareholders. All these demands are for the objective of achieving the maximum shareholder value for stopping the completion of the value destroying sale of nearly half the equity in the company. Wildcat Capital Management LLC currently owns 2.8 million common shares of Sorrento Therapeutics (NASDAQ:SRNE), which account 7.0% of the company’s outstanding stock. This is a slight increase in the number of shares, compared to 2.6 million shares Wildcat Capital Management disclosed in a previous 13D filing, which accounted for 6.8% of the total amount of shares.
Sorrento Therapeutics (NASDAQ:SRNE) is a biopharmaceutical company with a main focus on discovering a variety of medical therapeutics that should answer many unresolved medical issues such as the treatment of chronic cancer pain, across the US, Europe and international markets. Year-to-date, Sorrento’s stock is down by 37.66%. A month ago, FBR & Co. and Rodman & Renshaw cut their price targets to $16 and $30 from $21 and $40 respectively, but maintained their ‘Outperform’ and ‘Buy’ ratings on Sorrento’s stock.
The number of hedge fund long Sorrento Therapeutics (NASDAQ:SRNE) has decreased by two, and 11 hedge funds reported long positions in this stock at the end of December. Wildcat Capital Management held the largest position, followed by Bihua Chen’s Cormorant Asset Management, with a stake worth around $18.3 million. Other investors that were bullish on this stock encompassed venBio Select Advisor, and Israel Englander’s Millennium Management.
Among the investors who sold off their positions in Sorrento Therapeutics (NASDAQ:SRNE) heading into 2016 are Hal Mintz’s Sabby Capital, which dropped an estimated $1.9 million in stock, and D. E. Shaw’s D E Shaw, which dumped about $0.4 million worth.
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|
|Wildcat Capital Management||0||2,676,193||0||2,676,193||2,676,193||6.7%|
|Wildcat Liquid Alpha||0||184,000||0||184,000||184,000||0.5%|
|Infinity Q Capital Management||0||123,597||0||123,597||123,597||0.3%|
|Infinity Q Management Equity||0||123,597||0||123,597||123,597||0.3%|
|Infinity Q Diversified Alpha Fund||0||123,597||0||123,597||123,597||0.3%|
|Bonderman Family Limited Partnership||0||2,799,790||0||2,799,790||2,799,790||7.0%|
|Leonard A. Potter||0||2,799,790||0||2,799,790||2,799,790||7.0%|
Page 1 of 15 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
(Amendment No. 3)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 240.13d-2(a)
|Sorrento Therapeutics, Inc.|
|(Name of Issuer)|
|Common Stock, par value $0.0001 per share|
|(Title of Class of Securities)|
|May 10, 2016|
|(Date of Event which Requires Filing of this Statement)|
If the filing person has previously filed a statement on Schedule
13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box. ☐☐
Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7
for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 15 Pages)
* 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 disclosures provided in a prior cover page.
The information required on 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).