Jason Karp

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.

Jason Karp - Tourbillon Capital Partners

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).

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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%
Jason Karp
Jason Karp
Tourbillon Capital Partners

Page 1 of 8 – SEC Filing

 

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
SCHEDULE 13G
(RULE 13D – 102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(b)
(Amendment No. )*
Sarepta Therapeutics, Inc.
(Name of Issuer)
Common Stock with $0.0001 par value
(Title of Class of Securities)
803607100
(CUSIP Number)
October 27, 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)
*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 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 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).