According to a recent 13G filing with the US Securities and Exchange Commission, billionaire Steve Cohen‘s Point72 Asset Management owns more than 3.72 million shares of Pernix Therapeutics Holdings, Inc. (NASDAQ:PTX), which amass 5.8% of the company’s outstanding stock. This is significantly more compared to 1.05 million shares Point72 Asset Management disclosed in its last 13F filing (for the end of 2015).
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On Monday, the market reacted positively to Cohen initiating , sending Pernix’s stock as high as 70% in pre-market, as traders are trying to piggyback on the move. Pernix Therapeutics is scheduled to release its financial results on Thursday and analysts are currently projecting a net loss of $0.06 per share, higher than the loss of $0.11 reported a year earlier and revenue of $44.55 million, which represents an estimated growth of nearly 32% on the year.
Pernix Therapeutics Holdings, Inc. (NASDAQ:PTX) is a pharmaceutical company that works on developing products for somewhat neglected therapeutic areas, such as central nervous system, counting both psychiatry and neurology. Over the past 12 months, the company’s shares have dropped by 88.75%. At the end March, Brean Capital reiterated its “Buy” rating and $5.00 price target on the stock.
Among the hedge funds tracked by Insider Monkey, 14 reported long positions in this stock, at the end of December, with Kevin Kotler’s Broadfin Capital holding the biggest position worth about $18 million in stock, and Behzad Aghazadeh’s venBio Select Advisor holding the second most valuable position, worth around $15.2 million. Remaining professional money managers that have reported long positions include Dennis Purcell’s Aisling Capital and Samuel Isaly’s OrbiMed Advisors.
However the number of funds long the stock declined by three during the fourth quarter. Among the investors who lost interest in Pernix Therapeutics and sold off their positions are Steven Boyd’s Armistice Capital, which cut the biggest stake, valued at $15.2 million in stock and Dov Gertzulin’s DG Capital Management, which unloaded about $2.2 million worth of stock.
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 |
|---|---|---|---|---|---|---|
| Point7 | 0 | 3,724,344 | 0 | 3,724,344 | 3,724,344 | 5.8% |
| Point7 | 0 | 3,724,344 | 0 | 3,724,344 | 3,724,344 | 5.8% |
| Cubist Systematic Strategies | 0 | 200 | 0 | 200 | 200 | Less than 0.1% |
| Steven A. Cohen | 0 | 3,724,544 | 0 | 3,724,544 | 3,724,544 | 5.8% |
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Page 1 of 9 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
(Amendment No. )*
PERNIX THERAPEUTICS HOLDINGS, INC.
(Name of Issuer)
Common Stock, Par Value $0.01 Per Share
(Title of Class of Securities)
71426V108
(CUSIP Number)
April 28, 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:
| ☐ | 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 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 9 – SEC Filing
| CUSIP No. 71426V108 | 13G | Page 2 of 9 Pages |
| 1 | NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Point72 Asset Management, L.P. | ||
| 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 3,724,344 (see Item 4) | ||
| 7 | SOLE DISPOSITIVE POWER 0 | ||
| 8 | SHARED DISPOSITIVE POWER 3,724,344 (see Item 4) | ||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,724,344 (see Item 4) | ||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐ | ||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.8% (see Item 4) | ||
| 12 | TYPE OF REPORTING PERSON* PN | ||
*SEE INSTRUCTION BEFORE FILLING OUT
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Page 3 of 9 – SEC Filing
| CUSIP No. 71426V108 | 13G | Page 3 of 9 Pages |
| 1 | NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Point72 Capital Advisors, Inc. | ||
| 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 3,724,344 (see Item 4) | ||
| 7 | SOLE DISPOSITIVE POWER 0 | ||
| 8 | SHARED DISPOSITIVE POWER 3,724,344 (see Item 4) | ||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,724,344 (see Item 4) | ||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐ | ||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.8% (see Item 4) | ||
| 12 | TYPE OF REPORTING PERSON* CO | ||
*SEE INSTRUCTION BEFORE FILLING OUT
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Page 4 of 9 – SEC Filing
| CUSIP No. 71426V108 | 13G | Page 4 of 9 Pages |
| 1 | NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Cubist Systematic Strategies, 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 200 (see Item 4) | ||
| 7 | SOLE DISPOSITIVE POWER 0 | ||
| 8 | SHARED DISPOSITIVE POWER 200 (see Item 4) | ||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 200 (see Item 4) | ||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐ | ||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) Less than 0.1% (see Item 4) | ||
| 12 | TYPE OF REPORTING PERSON* OO | ||
*SEE INSTRUCTION BEFORE FILLING OUT
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Page 5 of 9 – SEC Filing
| CUSIP No. 71426V108 | 13G | Page 5 of 9 Pages |
| 1 | NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Steven A. Cohen | ||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☒ | ||
| 3 | SEC USE ONLY | ||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION United States | ||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 5 | SOLE VOTING POWER 0 | |
| 6 | SHARED VOTING POWER 3,724,544 (see Item 4) | ||
| 7 | SOLE DISPOSITIVE POWER 0 | ||
| 8 | SHARED DISPOSITIVE POWER 3,724,544 (see Item 4) | ||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,724,544 (see Item 4) | ||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐ | ||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.8% (see Item 4) | ||
| 12 | TYPE OF REPORTING PERSON* IN | ||
*SEE INSTRUCTION BEFORE FILLING OUT
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Page 6 of 9 – SEC Filing
| Item 1(a) | Name of Issuer: |
| Pernix Therapeutics Holdings, Inc. | |
| Item 1(b) | Address of Issuer’s Principal Executive Offices: |
| 10 North Park Place, Suite 201, Morristown, New Jersey 07960 | |
| Item 2(a) | Name of Person Filing: |
| This statement is filed by: (i) Point72 Asset Management, L.P. (“Point72 Asset Management”) with respect to shares of Common Stock, $0.01 par value per share (“Shares”), of the Issuer held by certain investment funds it manages; (ii) Point72 Capital Advisors, Inc. (“Point72 Capital Advisors Inc.”) with respect to Shares held by certain investment funds managed by Point72 Asset Management; (iii) Cubist Systematic Strategies, LLC (“Cubist Systematic Strategies”) with respect to Shares held by certain investment funds it manages; and (iv) Steven A. Cohen with respect to Shares beneficially owned by Point72 Asset Management, Point72 Capital Advisors Inc., and Cubist Systematic Strategies. | |
| Point72 Asset Management, Point72 Capital Advisors Inc., Cubist Systematic Strategies and Steven A. Cohen have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13G as Exhibit 99.1, pursuant to which they have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) of the Act. | |
| Item 2(b) | Address or Principal Business Office: |
| The address of the principal business office of (i) Point72 Asset Management, Point72 Capital Advisors Inc. and Mr. Cohen is 72 Cummings Point Road, Stamford, CT 06902; and (ii) Cubist Systematic Strategies is 330 Madison Avenue, New York, NY 10173. | |
| Item 2(c) | Citizenship: |
| Point72 Asset Management is a Delaware limited partnership. Point72 Capital Advisors Inc. is a Delaware corporation. Cubist Systematic Strategies is a Delaware limited liability company. Mr. Cohen is a United States citizen. | |
| Item 2(d) | Title of Class of Securities: |
| Common Stock, par value $0.01 per share | |
| Item 2(e) | CUSIP Number: |
| 71426V108 | |
| Item 3 | Not Applicable |
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Page 7 of 9 – SEC Filing
| Item 4 | Ownership: |
| The percentages used herein are calculated based upon the Shares of common stock issued and outstanding as of April 1, 2016, as reported on the Issuer’s Definitive Proxy Statement on DEF 14A filed with the Securities and Exchange Commission on April 14, 2016. | |
| As of the close of business on April 28, 2016: | |
| 1. Point72 Asset Management, L.P. | |
| (a) Amount beneficially owned: 3,724,344 | |
| (b) Percent of class: 5.8% | |
| (c)(i) Sole power to vote or direct the vote: -0- | |
| (ii) Shared power to vote or direct the vote: 3,724,344 | |
| (iii) Sole power to dispose or direct the disposition: -0- | |
| (iv) Shared power to dispose or direct the disposition: 3,724,344 | |
| 2. Point72 Capital Advisors, Inc. | |
| (a) Amount beneficially owned: 3,724,344 | |
| (b) Percent of class: 5.8% | |
| (c)(i) Sole power to vote or direct the vote: -0- | |
| (ii) Shared power to vote or direct the vote: 3,724,344 | |
| (iii) Sole power to dispose or direct the disposition: -0- | |
| (iv) Shared power to dispose or direct the disposition: 3,724,344 | |
| 3. Cubist Systematic Strategies, LLC | |
| (a) Amount beneficially owned: 200 | |
| (b) Percent of class: less than 0.1% | |
| (c)(i) Sole power to vote or direct the vote: -0- | |
| (ii) Shared power to vote or direct the vote: 200 | |
| (iii) Sole power to dispose or direct the disposition: -0- | |
| (iv) Shared power to dispose or direct the disposition: 200 | |
| 4. Steven A. Cohen | |
| (a) Amount beneficially owned: 3,724,544 | |
| (b) Percent of class: 5.8% | |
| (c)(i) Sole power to vote or direct the vote: -0- | |
| (ii) Shared power to vote or direct the vote: 3,724,544 | |
| (iii) Sole power to dispose or direct the disposition: -0- | |
| (iv) Shared power to dispose or direct the disposition: 3,724,544 | |
| Point72 Asset Management, Point72 Capital Advisors Inc., Cubist Systematic Strategies and Mr. Cohen own directly no Shares. Pursuant to an investment management agreement, Point72 Asset Management maintains investment and voting power with respect to the securities held by certain investment funds it manages. Point72 Capital Advisors Inc. is the general partner of Point72 Asset Management. Pursuant to an investment management agreement, Cubist Systematic Strategies maintains investment and voting power with respect to the securities held by certain investment funds it manages. Mr. Cohen controls each of Point72 Capital Advisors Inc. and Cubist Systematic Strategies. By reason of the provisions of Rule 13d-3 of the Securities Exchange Act of 1934, as amended, each of (i) Point72 Asset Management, Point72 Capital Advisors Inc. and Mr. Cohen may be deemed to beneficially own 3,724,344 Shares (constituting approximately 5.8% of the Shares outstanding); and (ii) Cubist Systematic Strategies and Mr. Cohen may be deemed to beneficially own 200 Shares (constituting less than 0.1% of the Shares outstanding). Each of Point72 Asset Management, Point72 Capital Advisors Inc., Cubist Systematic Strategies and Mr. Cohen disclaims beneficial ownership of any of the securities covered by this statement. | |
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Page 8 of 9 – SEC Filing
| 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 five 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: |
| Not Applicable | |
| 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 the signatory certifies that, to the best of his 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 9 of 9 – SEC Filing
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: April 29, 2016
POINT72 ASSET MANAGEMENT, L.P.
By: /s/ Kevin J. O’Connor
Name: Kevin J. O’Connor
Title: Authorized Person
POINT72 CAPITAL ADVISORS, INC.
By: /s/ Kevin J. O’Connor
Name: Kevin J. O’Connor
Title: Authorized Person
CUBIST SYSTEMATIC STRATEGIES, LLC
By: /s/ Kevin J. O’Connor
Name: Kevin J. O’Connor
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Kevin J. O’Connor
Name: Kevin J. O’Connor
Title: Authorized Person
Page 9 of 9
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