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Inotek Pharmaceuticals Corp (ITEK): Great Point Partners Adds to Its Position

Jeffrey Jay and David Kroin‘s Great Point Partners has raised its stake in Inotek Pharmaceuticals Corp (NASDAQ:ITEK) to 1.37 million shares, which represent 5.07% of the float, according to a new 13G filing with the US Securities and Exchange Commission. Previously, the fund’s stake consisted of 94,077 shares as reported in its last 13F filing (for the end of September).

As the name suggests it, Inotek Pharmaceutical Corporation is a clinical-stage biopharmaceutical company, whose main focus is on discovering various therapeutics for different eye disorders. Yesterday, the company announced top-line results for MATrX-1, First Phase 3 Trial of Trabodenoson for glaucoma, and in the report it was stated that “the trial did not achieve its primary endpoint of superiority in reduction of intraocular pressure”, but it did, however, achieve some important secondary endpoints. Over the past 12 months, the company’s shares have lost 84.55%. In its last financial report, for the third quarter of 2016, Inotek Pharmaceutical Corporation disclosed a loss per share of $0.41, which compares to a loss per share of $2.48 for the corresponding period in 2015.

Recently HC Wainwright reiterated its ‘Buy’ rating on Inotek Pharmaceutical Corporation’s stock, with a price target of $7, while Canaccord Genuity set a price target to $9, and kept ‘Buy’ rating as well, and Piper Jaffray Companies downgraded its rating on the stock to ‘Neutral’ from ‘Overweight’.

According to Insider Monkey’s hedge fund database, 16 investors held long positions in Inotek Pharmaceuticals Corp (NASDAQ:ITEK) at the end of the third quarter of 2016, up by two from the previous quarter. The most bullish investor among them was Samuel Isaly’s OrbiMed Advisors, which held $17.5 million worth a position. The second largest stake was reported by Steve Cohen’s Point72 Asset Management, worth around $8.3 million. Some other investors with similar enthusiasm included Phill Gross and Robert Atchinson’s Adage Capital Management, James A. Silverman’s Opaleye Management and Israel Englander’s Millennium Management.

Consequently, specific money managers were breaking ground themselves. DAFNA Capital Management, led by Nathan Fischel, established the most outsized position in Inotek Pharmaceuticals Corp (NASDAQ:ITEK). DAFNA Capital Management had $2.2 million invested in the company at the end of the quarter. Ken Greenberg and David Kim’s Ghost Tree Capital also initiated a $1.6 million position during the quarter. The following funds were also among the new ITEK investors: Dmitry Balyasny’s Balyasny Asset Management and Glenn Russell Dubin’s Highbridge Capital Management.

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
Great Point Partners 0 1,366,500 0 1,366,500 1,366,500 5.07%
Dr. Jeffrey R. Jay, M.D 0 1,366,500 0 1,366,500 1,366,500 5.07%
Mr. David Kroin 0 1,366,500 0 1,366,500 1,366,500 5.07%

Page 1 of 10 – SEC Filing


Page 2 of 10 – SEC Filing

1.

NAMES OF REPORTING PERSONS

Great Point Partners, LLC

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I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):

37-1475292

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)

[_]

(b)

[_]

3. SEC USE ONLY
4.

CITIZENSHIP OR PLACE OF ORGANIZATION

USA

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5.

SOLE VOTING POWER

0

6.

SHARED VOTING POWER

1,366,500

7.

SOLE DISPOSITIVE POWER

0

8.

SHARED DISPOSITIVE POWER

1,366,500

9.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,366,500

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)

5.07%1

12.

TYPE OF REPORTING PERSON (See Instructions)

IA


Page 3 of 10 – SEC Filing

1.

NAMES OF REPORTING PERSONS

Dr. Jeffrey R. Jay, M.D.

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I.R.S. IDENTIFICATION NO. OF ABOVE PERSON...


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