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13G Filing: Scopia Capital Raises Stake in Insys Therapeutics, Inc. (INSY)

Matt Sirovich and Jeremy Mindich‘s Scopia Capital has disclosed a position in Insys Therapeutics Inc (NASDAQ:INSY) via a 13G filing with the US Securities and Exchange Commission. According to the filing, Scopia owns some 7.43 million shares of Insys, which represent 10.40% of the company’s outstanding common stock. This compares with the 5.82 million shares of Insys that Scopia reported in its latest 13F filing, for the end of the fourth quarter of 2015. It’s also important to mention that Scopia boosted its stake by 238% during the fourth quarter.

Insys Therapeutics Inc (NASDAQ:INSY) shareholders have witnessed an increase in hedge fund sentiment lately. At the end of the fourth quarter, a total of 20 of the hedge funds tracked by Insider Monkey were bullish on this stock, up by 33% from the previous quarter. With the smart money’s sentiment swirling, there exists a few key hedge fund managers who were increasing their holdings meaningfully (or already accumulated large positions).

According to Insider Monkey’s hedge fund database, Scopia Capital has the number one position in Insys Therapeutics Inc (NASDAQ:INSY), followed by OrbiMed Advisors, managed by Samuel Isaly, which holds a $125 million position as of December 31; the fund has 1.1% of its 13F portfolio invested in the stock. Some other members of the smart money with similar optimism contain Mitchell Blutt’s Consonance Capital Management, Solomon Kumin’s Folger Hill Asset Management and Joel Greenblatt’s Gotham Asset Management.

Consequently, some big names were leading the bulls’ herd. Folger Hill Asset Management, managed by Solomon Kumin, established the biggest position in Insys Therapeutics Inc (NASDAQ:INSY). Folger Hill Asset Management had $28.6 million invested in the company at the end of the quarter. Joel Greenblatt’s Gotham Asset Management also initiated a $23.8 million position during the quarter. The other funds with brand new INSY positions are Eric Chen’s Antipodean Advisors, Christopher R. Hansen’s Valiant Capital, and Phill Gross and Robert Atchinson’s Adage 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
Scopia Capital Management 0 7,434,936 0 7,434,936 7,434,936 10.40%
Scopia Management, Inc 0 7,434,936 0 7,434,936 7,434,936 10.40%
Matthew Sirovich 0 7,434,936 0 7,434,936 7,434,936 10.40%
Jeremy Mindich 0 7,434,936 0 7,434,936 7,434,936 10.40%
Matt Sirovich And Jeremy Mindich
Matt Sirovich And Jeremy Mindich
Scopia Capital

Page 1 of 12 SEC Filing

UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.
1)*
Insys Therapeutics, Inc.
(Name of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
45824V209
(CUSIP Number)
February 29,
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)
_________
(1) 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 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).
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