Retrophin, Inc. (RTRX): Hedge Funds Are Crazy About This Fallen Angel

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Retrophin, Inc. (NASDAQ:RTRX) shares were trading as high as $37 last summer but like most small-cap biotech stocks lost a large chunk of its value since then. One hedge fund, Scopia Capital in particular, believes the decline made the stock more attractive. Jeremy Mindich’s Scopia Capital owned only 1% of Retrophin Inc. at the end of December when the stock was trading near $20 per share. Scopia Capital boosted its stake to 9.9% through March 21st as Retrophin lost 30% of its value. Now it is probably the largest hedge fund shareholder of the biotech stock.

Scopia Capital isn’t the only hedge fund that is bullish about the stock. If other hedge funds didn’t start selling their holdings, hedge funds own close to half of Retrophin’s outstanding shares now. Mitchell Blutt’s Consonance Capital, Kevin Kotler’s Broadfin, Joe Edelman’s Perceptive Advisors (by the way, Perceptive Advisors was one of the best performing hedge funds in 2015, returning 50%), and Oleg Nodelman’s EcoR1 Capital are among hedge funds with large Rethophin Inc. positions.

You can find the details of Scopia Capital’s filing below:

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 3,598,222 0 3,598,222 3,598,222 9.86%
Scopia Management, Inc 0 3,598,222 0 3,598,222 3,598,222 9.86%
Scopia Windmill Fund 0 1,891,512 0 1,891,512 1,891,512 5.18%
Scopia Capital GP 0 3,598,222 0 3,598,222 3,598,222 9.86%
Matthew Sirovich 8,750 3,598,222 8,750 3,598,222 3,606,972 9.88%
Jeremy Mindich 0 3,598,222 0 3,598,222 3,598,222 9.86%

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Page 1 of 14 – SEC Filing

Under the Securities Exchange Act of 1934
(Amendment No. )*


Retrophin, Inc.
(Name of Issuer)
Common Stock,
par value $0.0001 per share
(Title of Class of Securities)
(CUSIP Number)
March 21,
(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)
[X]      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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