Jason Karp‘s Tourbillon Capital Partners has retaken a stake in Sarepta Therapeutics Inc (NASDAQ:SRPT) after having sold off its previous position in the stock during the second quarter. A new 13G filing with the SEC shows that Tourbillon has amassed a position of just over 3.33 million shares, or 6.2% of the outstanding shares. Tourbillon owned over 805,000 shares of the company at the end of March, but sold out of that position during the second quarter. While it appears that the fund missed out on the recent run-up in the stock, it was not going to miss out on taking advantage of the recent pullback. Sarepta shares have gained 115% since the end of June, but have lost 34% since October 6.
Sarepta Therapeutics Inc (NASDAQ:SRPT) shares more than doubled in mid-September after the FDA granted accelerated approval for its Duchenne’s treatment Exondys 51 (eteplirsen). The acceptance of the treatment, which didn’t appear to be any more effective than BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)’s rejected DMD candidate (which the company halted development on afterwards), came as a surprise to many, and has caused a good deal of controversy. PTC Therapeutics, Inc. (NASDAQ:PTCT) shares were hammered earlier this month after its own DMD treatment was also rejected (again) by the FDA.
Shares of Sarepta Therapeutics Inc (NASDAQ:SRPT) have fallen off in recent weeks after the company revealed that reimbursement takes 30-90 days, which caused some analysts to cut their near-term sales forecasts for the drug. However, multiple analysts have called the recent selling overdone, and have price targets on the stock that suggest 50%+ upside potential.
Sarepta Therapeutics Inc (NASDAQ:SRPT) was held in the portfolios of 20 of the hedge funds in our database at the end of June, up by one quarter-over-quarter. Those investors owned $309 million worth of the company’s shares, and included Joseph Edelman’s Perceptive Advisors (3.77 million shares), Steve Cohen’s Point72 Asset Management (2.75 million shares), and Hal Mintz’s Sabby Capital (783,497 shares).
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 |
|---|---|---|---|---|---|---|
| Tourbillon Capital Partners | 0 | 3,332,300 | 0 | 3,332,300 | 3,332,300 | 6.2% |
| Jason H. Karp | 0 | 3,332,300 | 0 | 3,332,300 | 3,332,300 | 6.2% |
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