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

Published on April 11, 2016 at 10:29 am by Insider Monkey Staff in Hedge Funds

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

UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*

a

Retrophin, Inc.
(Name of Issuer)
Common Stock,
par value $0.0001 per share
(Title of Class of Securities)
761299106
(CUSIP Number)
March 21,
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)
[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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Page 2 of 14 – SEC Filing

CUSIP No.
761299106
1.
NAME OF REPORTING PERSONS:  Scopia Capital Management LP
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)  [_]
(b)  [X]
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
3,598,222
7.
SOLE DISPOSITIVE POWER
0
8.
SHARED DISPOSITIVE POWER
3,598,222
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,598,222
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.86%
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN, IA

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Page 3 of 14 – SEC Filing

CUSIP No.
761299106
1.
NAME OF REPORTING PERSONS:  Scopia Management, Inc.
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)  [_]
(b)  [X]
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
3,598,222
7.
SOLE DISPOSITIVE POWER
0
8.
SHARED DISPOSITIVE POWER
3,598,222
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,598,222
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.86%
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO

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Page 4 of 14 – SEC Filing

CUSIP No.
761299106
1.
NAME OF REPORTING
PERSONS:  Scopia Windmill Fund LP
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)  [_]
(b)  [X]
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
1,891,512
7.
SOLE DISPOSITIVE POWER
0
8.
SHARED DISPOSITIVE POWER
1,891,512
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,891,512
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.18%
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN, FI

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Page 5 of 14 – SEC Filing

CUSIP No.
761299106
1.
NAME OF REPORTING PERSONS:  Scopia Capital GP LLC
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)  [_]
(b)  [X]
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
3,598,222
7.
SOLE DISPOSITIVE POWER
0
8.
SHARED DISPOSITIVE POWER
3,598,222
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,598,222
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.86%
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO

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Page 6 of 14 – SEC Filing

CUSIP No.
761299106
1.
NAME OF REPORTING PERSONS:  Matthew Sirovich
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)  [_]
(b)  [X]
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
8,750
6.
SHARED VOTING POWER
3,598,222
7.
SOLE DISPOSITIVE POWER
8,750
8.
SHARED DISPOSITIVE POWER
3,598,222
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,606,972
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.88%
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN

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Page 7 of 14 – SEC Filing

CUSIP No.
761299106
1.
NAME OF REPORTING PERSONS:  Jeremy Mindich
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)  [_]
(b)  [X]
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
3,598,222
7.
SOLE DISPOSITIVE POWER
0
8.
SHARED DISPOSITIVE POWER
3,598,222
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,598,222
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.86%
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN

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Page 8 of 14 – SEC Filing

CUSIP No.
761299106
Item 1.
(a).
Name of Issuer:
Retrophin, Inc.
(b).
Address of Issuer’s Principal Executive Offices:
1255 El Camino
Real, Suite 250
San Diego, CA 92130
Item 2.
(a).
Name of Person Filing:
Scopia Capital Management LP
Scopia Management, Inc.
Scopia Windmill
Fund LP
Scopia Capital GP LLC
Matthew Sirovich
Jeremy Mindich
(b).
Address or Principal Business Office or, if None, Residence:
Scopia Capital Management LP
152 West 57th Street, 33rd Floor
New York, NY 10019
Scopia Management, Inc.
Scopia Windmill Fund LP
Scopia Capital GP LLC
Matthew Sirovich
Jeremy Mindich
c/o Scopia Capital Management LP
152 West 57th Street, 33rd Floor
New York, NY 10019
(c).
Citizenship:
Scopia Capital Management LP – Delaware limited partnership
Scopia Management, Inc. – New York corporation
Scopia Windmill
Fund LP – Delaware limited partnership
Scopia Capital GP LLC – Delaware limited liability company
Matthew Sirovich – United States citizen
Jeremy Mindich
– United States citizen
(d).
Title of Class of Securities:
Common Stock, par
value $0.0001 per share
(e).
CUSIP Number:
761299106
Item 3.
If this statement is filed pursuant to §§.240.13d-1(b) or 240.13d-2(b), or (c), check whether the person filing is a:
(a)
[_]
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
(b)
[_]
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c)
[_]
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
(d)
[_]
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e)
[_]
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
[_]
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
[_]
A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);
(h)
[_]
A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C.1813);
(i)
[_]
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
[_]
A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J);
(k)
[_]
Group, in accordance with §240.13d-1(b)(1)(ii)(K).  If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution:

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Page 9 of 14 – SEC Filing

CUSIP No.
761299106
Item 4.
Ownership.
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
Scopia Capital Management LP
(a)
Amount beneficially owned:
3,598,222
(b)
Percent of class:
9.86%
(c)
Number of shares as to which the person has:
(i)
Sole power to vote or to direct the vote
0
,
(ii)
Shared power to vote or to direct the vote
3,598,222
 ,
(iii)
Sole power to dispose or to direct the disposition of
0
,
(iv)
Shared power to dispose or to direct the disposition of
3,598,222
 .
Scopia Management, Inc.
(a)
Amount beneficially owned:
3,598,222
(b)
Percent of class:
9.86%
(c)
Number of shares as to which the person has:
(i)
Sole power to vote or to direct the vote
0
,
(ii)
Shared power to vote or to direct the vote
3,598,222
 ,
(iii)
Sole power to dispose or to direct the disposition of
0
,
(iv)
Shared power to dispose or to direct the disposition of
3,598,222
 .

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Page 10 of 14 – SEC Filing

Scopia
Windmill Fund LP
(a)
Amount beneficially owned:
1,891,512
(b)
Percent of class:
5.18%
(c)
Number of shares as to which the person has:
(i)
Sole power to vote or to direct the vote
0
,
(ii)
Shared power to vote or to direct the vote
1,891,512
 ,
(iii)
Sole power to dispose or to direct the disposition of
0
,
(iv)
Shared power to dispose or to direct the disposition of
1,891,512
 .
Scopia Capital GP LLC
(a)
Amount beneficially owned:
3,598,222
(b)
Percent of class:
9.86%
(c)
Number of shares as to which the person has:
(i)
Sole power to vote or to direct the vote
0
,
(ii)
Shared power to vote or to direct the vote
3,598,222
(iii)
Sole power to dispose or to direct the disposition of
0
,
(iv)
Shared power to dispose or to direct the disposition of
3,598,222

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Page 11 of 14 – SEC Filing

Matthew Sirovich
(a)
Amount beneficially owned:
3,606,972
(b)
Percent of class:
9.88%
(c)
Number of shares as to which the person has:
(i)
Sole power to vote or to direct the vote
8,750
,
(ii)
Shared power to vote or to direct the vote
3,598,222
 ,
(iii)
Sole power to dispose or to direct the disposition of
8,750
,
(iv)
Shared power to dispose or to direct the disposition of
3,598,222
 .
Jeremy Mindich
(a)
Amount beneficially owned:
3,598,222
(b)
Percent of class:
9.86%
(c)
Number of shares as to which the person has:
(i)
Sole power to vote or to direct the vote
  0
,
(ii)
Shared power to vote or to direct the vote
3,598,222
 ,
(iii)
Sole power to dispose or to direct the disposition of
  0
,
(iv)
Shared power to dispose or to direct the disposition of
3,598,222
 .

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Page 12 of 14 – 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.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than five percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
All
securities reported in this Schedule 13G amendment are owned by advisory clients of Scopia Capital Management LP.  With
the exception of Scopia Windmill Fund LP, none of such advisory clients individually own more than 5% of the Issuer’s
outstanding shares.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company or Control person has filed this schedule, pursuant to Rule 13d-1(b) (1) (ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary.
N/A
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to ss.240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §§ 240.13d-1(c) or §§ 240.13d-1(d), attach an exhibit stating the identity of each member of the group.
N/A
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
N/A
Item 10.
Certification.
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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 13 of 14 – SEC Filingargear

 ll
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.
March 31, 2016
(Date)
SCOPIA CAPITAL MANAGEMENT LP
By: /s/ Samantha Nasello
Name:  Samantha Nasello
Title:  CCO
SCOPIA MANAGEMENT, INC.
By: /s/ Aaron Morse
Name:  Aaron Morse
Title:  Vice President
By: /s/ Matthew Sirovich
Name:  Matthew Sirovich
By: /s/ Jeremy Mindich
Name:  Jeremy Mindich
SCOPIA WINDMILL
FUND LP
By: /s/ Aaron Morse
Name:  Aaron Morse
Title:  COO
SCOPIA CAPITAL GP LLC
By: /s/ Aaron Morse
Name:  Aaron Morse
Title:  Vice President
Note.  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties for whom copies are to be sent.
Attention.  Intentional misstatements or omissions of fact constitute Federal criminal violations (see 18 U.S.C. 1001).

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Page 14 of 14 – SEC Filing

Exhibit A
AGREEMENT
The
undersigned agree that this Schedule 13G dated March 31, 2016 relating to the Common Stock, par value $0.0001 per share of
Retrophin, Inc. shall be filed on behalf of the undersigned.
SCOPIA CAPITAL MANAGEMENT LP
By: /s/ Samantha Nasello
Name:  Samantha Nasello
Title:  CCO
SCOPIA MANAGEMENT, INC.
By: /s/ Aaron Morse
Name:  Aaron Morse
Title:  Vice President
By: /s/ Matthew Sirovich
Name:  Matthew Sirovich
By: /s/ Jeremy Mindich
Name:  Jeremy Mindich
SCOPIA WINDMILL
FUND LP
By: /s/ Aaron Morse
Name:  Aaron Morse
Title:  COO
SCOPIA CAPITAL GP LLC
By: /s/ Aaron Morse
Name:  Aaron Morse
Title:  Vice President

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