Billionaire Ken Griffin‘s Citadel Investment Group recently filed a Form 13G in which it reported raising its stake in Inotek Pharmaceuticals Corp (NASDAQ:ITEK) to 1.88 million common shares, which represent 6.5% of the company’s outstanding stock. This indicates a huge increase in the stake as the fund previously held only 16,909 shares, according to its last 13F filing, for the end of June.
Inotek Pharmaceuticals, as the name suggests it, is a clinical-stage biopharmaceutical company that mainly works on developing therapeutics to treat glaucoma and other eye diseases. Recently, the company reported the finalization of the recruitment phase of MATrX-1, the first phase 3 clinical trial of Trabodenoson, the company’s lead candidate, for the treatment of glaucoma. Over the past 12 months, Inotek Pharmaceuticals’ stock is down by 42.85%. For the second quarter of 2016, the company disclosed a loss per share of $0.33, and a net loss of $8.69 million, compared to a loss per share of $0.15 and a net loss of $2.39 million for the same quarter in the previous year. Earlier this month, Piper Jaffray Cos. reiterated its ‘Buy’ rating on Inotek Pharmaceuticals’ stock with a price target of $24.
The number of hedge funds from our database long Inotek Pharmaceuticals (NASDAQ:ITEK) increased by one during the second quarter, and there were 12 hedge funds with positions in the company at the end of June. Among them were James A. Silverman’s Opaleye Management, which held a $4.8 million worth a position, Phill Gross and Robert Atchinson’s Adage Capital Management, with a position valued at $3.5 million, Principal Global Investors’ Columbus Circle Investors, Hal Mintz’ Sabby Capital, and Efrem Kamen’s Pura Vida Investments.
Brian Ashford-Russell And Tim Woolley’s Polar Capital initiated a new position in Inotek Pharmaceuticals (NASDAQ:ITEK), during the quarter, and had invested $504,000, while Gregory Fraser, Rudolph Kluiber, And Timothy Krochuk’s GRT Capital Partners also acquired a new position, worth $427,000.
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|
|Citadel Advisors Holdings II||0||1,871,258||0||6.5%|
Page 1 of 10 – SEC Filing
AND EXCHANGE COMMISSION
Information Statement Pursuant
to Rules 13d-1 and 13d-2
Under the Securities Exchange
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(Amendment No. )*
Inotek Pharmaceuticals Corporation
Common stock, par value $0.01
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