Retrophin Inc. (RTRX): Scopia Capital Adds To Its Stake

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Matt Sirovich and Jeremy Mindich‘s Scopia Capital  has recently filed an amended 13G with the SEC, in which reported holding 3.84 million common shares of Retrophin Inc. (NASDAQ:RTRX) that amass 10.4% of the company’s outstanding stock. This represents a slight increase in the stake, as the fund previously owned close to 3.6 million shares, according to its latest 13F filing for the reporting period of March 31.

Retrophin is a biopharmaceutical company that works on discovering and producing various therapeutics that should help treat the patients who are suffering from serious or rare illnesses. Recently, the company has reported good results from its physician-initiated treatment with RE-024 in two adults who are suffering from a rare disease called Pantothenate Kinase-Associated Neurodegeneration. Year-to-date, the Retrophin’s stock is down by 4.25%. According to its last financial report for the first quarter of 2016, the company had revenue of $29 million, which was below the estimates of $31 million, while earnings per share were $0.31, significantly above the estimates of a loss per share of $0.22.  Recently, JMP Securities reiterated its ‘Buy’ rating on Retrophin’s stock, and Leering Swann also reiterated its ‘Buy’ rating, but with a price target of $27.00.

The number of smart investors from our database who are supporting Retrophin (NASDAQ:RTRX) increased by 4 recently, and at the end of March, there were 22 funds with positions in the company. Among them, the biggest position was held by Scopia Capital, and the second largest stake was reported by Joseph Edelman’s Perceptive Advisors, valued at $41 million. Some other investors long the stock included Kevin Kotler’s Broadfin Capital, Mitchell Blutt’s Consonance Capital Management, and Oleg Nodelman’s EcoR1 Capital.

Jeremy Mindich - Scopia Capital

Among the biggest new Retrophin’s investors during the first quarter were Hal Mintz’ Sabby Capital, which had $4.9 million invested in the company, and Paul Orlin and Alex Porter’s Amici Capital, which initiated a position worth around $4.7 million. Remaining hedge funds with new stakes in the company included Scott Scher & Michael Prober’s Clovis Capital Management, and Jim Simons’s Renaissance Technologies.

You can access the original SEC filing by clicking here.

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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 3,811,821 0 3,811,821 3,811,821 10.4%
Scopia Management, Inc 0 3,811,821 0 3,811,821 3,811,821 10.4%
Matthew Sirovich 8,750 3,811,821 8,750 3,811,821 3,820,571 10.4%
Jeremy Mindich 0 3,811,821 0 3,811,821 3,811,821 10.4%

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Page 1 of 12 – SEC Filing







Under the Securities Exchange Act of 1934

(Amendment No. 1)*




(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)


(CUSIP Number)

June 30, 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:

x Rule

¨ Rule 13d-1(c)

¨ Rule 13d-1(d)

(1) The remainder of this cover page shall be filled out for a reporting persons 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 (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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