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.
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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 | 0 | 1,871,258 | 0 | 6.5% | ||
| Citadel Advisors Holdings II | 0 | 1,871,258 | 0 | 6.5% | ||
| Citadel GP | 0 | 1,875,432 | 0 | 6.5% | ||
| Kenneth Griffin | 0 | 1,875,432 | 0 | 6.5% |
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Page 1 of 10 – SEC Filing
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
SCHEDULE
13G
(Rule 13d-102)
Information Statement Pursuant
to Rules 13d-1 and 13d-2
Under the Securities Exchange
Act of 1934
(Amendment No. )*
Inotek Pharmaceuticals Corporation
(Name of Issuer)
Common stock, par value $0.01
per share
(Title of Class of Securities)
45780V102
(CUSIP Number)
August
22, 2016
Date of Event Which Requires Filing
of the Statement
Check the appropriate box to designate
the rule pursuant to which this Schedule is filed:
| ¨ | Rule 13d-1(b) |
| x | 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 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).
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Page 2 of 10 – SEC Filing
| 1. | NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Citadel Advisors LLC |
| 2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ¨ (b)¨ |
| 3. | SEC USE ONLY |
| 4. | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 5. | SOLE VOTING POWER 0 |
| 6. | SHARED VOTING POWER
1,871,258 shares | |
| 7. | SOLE DISPOSITIVE POWER 0 | |
| 8. | SHARED DISPOSITIVE POWER See Row 6 above |
| 9. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON See Row 6 above |
| 10. | CHECK BOX IF THE AGGREGATE AMOUNT CERTAIN SHARES ¨ |
| 11. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.5%1 |
| 12. | TYPE OF REPORTING PERSON IA; OO; HC |
| 1 | The |
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Page 3 of 10 – SEC Filing
| 1. | NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Citadel Advisors Holdings II LP |
| 2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ¨ (b)¨ |
| 3. | SEC USE ONLY |
| 4. | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 5. | SOLE VOTING POWER 0 |
| 6. | SHARED VOTING POWER
1,871,258 shares | |
| 7. | SOLE DISPOSITIVE POWER 0 | |
| 8. | SHARED DISPOSITIVE POWER See Row 6 above |
| 9. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON See Row 6 above |
| 10. | CHECK BOX IF THE AGGREGATE AMOUNT CERTAIN SHARES ¨ |
| 11. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.5% |
| 12. | TYPE OF REPORTING PERSON PN; HC |
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Page 4 of 10 – SEC Filing
| 1. | NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Citadel GP LLC |
| 2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ¨ (b)¨ |
| 3. | SEC USE ONLY |
| 4. | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 5. | SOLE VOTING POWER 0 |
| 6. | SHARED VOTING POWER
1,875,432 shares | |
| 7. | SOLE DISPOSITIVE POWER 0 | |
| 8. | SHARED DISPOSITIVE POWER See Row 6 above. |
| 9. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON See Row 6 above. |
| 10. | CHECK BOX IF THE AGGREGATE AMOUNT CERTAIN SHARES ¨ |
| 11. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.5% |
| 12. | TYPE OF REPORTING PERSON OO; HC |
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Page 5 of 10 – SEC Filing
| 1. | NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Kenneth Griffin |
| 2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ¨ (b)¨ |
| 3. | SEC USE ONLY |
| 4. | CITIZENSHIP OR PLACE OF ORGANIZATION U.S. Citizen |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 5. | SOLE VOTING POWER 0 |
| 6. | SHARED VOTING POWER
1,875,432 shares | |
| 7. | SOLE DISPOSITIVE POWER 0 | |
| 8. | SHARED DISPOSITIVE POWER See Row 6 above |
| 9. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON See Row 6 above |
| 10. | CHECK BOX IF THE AGGREGATE AMOUNT CERTAIN SHARES ¨ |
| 11. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.5% |
| 12. | TYPE OF REPORTING PERSON IN; HC |
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Page 6 of 10 – SEC Filing
| Item 1(a) | Name of Issuer |
Inotek Pharmaceuticals Corporation
| Item 1(b) | Address of Issuer’s Principal Executive Offices 91 Hartwell Avenue, Lexington, MA 02421 |
| Item 2(a) | Name of Person Filing This Schedule 13G is being jointly filed by Citadel Advisors LLC (“Citadel Advisors”), Citadel Advisors Holdings II LP (“CAH2”), Citadel GP LLC (“CGP”) and Mr. Kenneth Griffin (collectively with Citadel Advisors, CAH2 and CGP, the “Reporting Persons”) with respect to shares of common stock (and options to purchase and/or other securities convertible into common stock) of the above-named issuer owned by Citadel Equity Fund Ltd., a Cayman Islands limited company (“CEF”), and Citadel Securities LLC, a Delaware limited liability company (“Citadel Securities”). |
| Citadel Advisors is the portfolio manager for CEF. CAH2 is the managing member of Citadel Advisors. CALC III LP, a Delaware limited partnership (“CALC3”), is the non-member manager of Citadel Securities. CGP is the general partner of CALC3 and CAH2. Mr. Griffin is the President and Chief Executive Officer of, and owns a controlling interest in, CGP. |
| The filing of this statement shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any securities covered by the statement other than the securities actually owned by such person (if any). |
| Item 2(b) | Address of Principal Business Office The address of the principal business office of each of the Reporting Persons is c/o Citadel LLC, 131 S. Dearborn Street, 32nd Floor, Chicago, Illinois 60603. |
| Item 2(c) | Citizenship Each of Citadel Advisors and CGP is organized as a limited liability company under the laws of the State of Delaware. CAH2 is organized as a limited partnership under the laws of the State of Delaware. Mr. Griffin is a U.S. citizen. |
| Item 2(d) | Title of Class of Securities Common stock, $0.01 par value |
| Item 2(e) | CUSIP Number 45780V102 |
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Page 7 of 10 – SEC Filing
| Item 3 | If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a: |
| (a) | ¨ Broker or dealer registered under Section 15 of the Exchange Act; |
| (b) | ¨ Bank as defined in Section 3(a)(6) of the Exchange Act; |
| (c) | ¨ Insurance company as defined in Section 3(a)(19) of the Exchange Act; |
| (d) | ¨ Investment company registered under Section 8 of the Investment Company Act; |
| (e) | ¨ An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); |
| (f) | ¨ An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); |
| (g) | ¨ A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); |
| (h) | ¨ A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act; |
| (i) | ¨ A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act; |
| (j) | ¨ Group, in accordance with Rule 13d-1(b)(1)(ii)(J). |
If filing as
a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution: ____________.
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Page 8 of 10 – SEC Filing
| Item 4 | Ownership |
| A. | Citadel Advisors LLC |
| (a) | Citadel Advisors may be deemed to beneficially own 1,871,258 shares of common stock. |
| (b) | The number of shares Citadel Advisors may be deemed to beneficially own constitutes approximately 6.5% of the common stock outstanding. |
| (c) | Number of shares as to which such person has: |
| (i) | sole power to vote or to direct the vote: 0 |
| (ii) | shared power to vote or to direct the vote: 1,871,258 |
| (iii) | sole power to dispose or to direct the disposition of: 0 |
| (iv) | shared power to dispose or to direct the disposition of: 1,871,258 |
| B. | Citadel Advisors Holdings II LP |
| (a) | CAH2 may be deemed to beneficially own 1,871,258 shares of common stock. |
| (b) | The number of shares CAH2 may be deemed to beneficially own constitutes approximately 6.5% of the common stock outstanding. |
| (c) | Number of shares as to which such person has: |
| (i) | sole power to vote or to direct the vote: 0 |
| (ii) | shared power to vote or to direct the vote: 1,871,258 |
| (iii) | sole power to dispose or to direct the disposition of: 0 |
| (iv) | shared power to dispose or to direct the disposition of: 1,871,258 |
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Page 9 of 10 – SEC Filing
| C. | Citadel GP LLC and Kenneth Griffin |
| (a) | CGP and Griffin may be deemed to beneficially own 1,875,432 shares of common stock. |
| (b) | The number of shares CGP and Griffin may be deemed to beneficially own constitutes approximately 6.5% of the common stock outstanding. |
| (c) | Number of shares as to which such person has: |
| (i) | sole power to vote or to direct the vote: 0 |
| (ii) | shared power to vote or to direct the vote: 1,875,432 |
| (iii) | sole power to dispose or to direct the disposition of: 0 |
| (iv) | shared power to dispose or to direct the disposition of: 1,875,432 |
| Item 5 | Ownership of Five Percent or Less of a Class If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following ¨. |
| Item 6 | Ownership of More than Five Percent on Behalf of Another Person |
| Not Applicable |
| Item 7 | Identification and Classification of the Subsidiary which Acquired the Security Being Reported on by the Parent Holding Company |
| See Item 2 above |
| Item 8 | Identification and Classification of Members of the Group |
| Not Applicable |
| Item 9 | Notice of Dissolution of Group |
| Not Applicable |
| Item 10 | Certification By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. |
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Page 10 of 10 – SEC Filing
After reasonable inquiry
and to the best of its knowledge and belief, the undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated this 29th day of August, 2016.
| CITADEL ADVISORS LLC | CITADEL ADVISORS HOLDINGS II LP | ||||
| By: | /s/ Mark Polemeni | By: | /s/ Mark Polemeni | ||
| Mark Polemeni, Authorized Signatory | Mark Polemeni, Authorized Signatory | ||||
| CITADEL GP LLC | KENNETH GRIFFIN | ||||
| By: | /s/ Mark Polemeni | By: | /s/ Mark Polemeni | ||
| Mark Polemeni, Authorized Signatory | Mark Polemeni, attorney-in-fact* | ||||
| * | Mark Polemeni is signing on behalf of Kenneth Griffin as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission on January 18, 2013, and hereby incorporated by reference herein. The power of attorney was filed as an attachment to a filing by Citadel Advisors LLC on Schedule 13G for TiVo Inc. |
