Inotek Pharmaceuticals Corporation (ITEK) Stake Held by Adage Capital Partners Gp, L.L.C.
Adage Capital Partners Gp, L.L.C.
recently disclosed that they own a 5.6% stake in Inotek Pharmaceuticals Corporation (NASDAQ:ITEK) in a Form 13D disclosure that was filed with the SEC on Thursday, October 5th. The investor owns 1,500,000 shares of the stock valued at about $3,060,000. The reporting parties listed on the disclosure included Adage Capital Partners, LP, Adage Capital Partners GP, LLC, Adage Capital Advisors, LLC, Robert Atchinson and Phillip Gross. The filing is available through Edgar at this hyperlink.
Adage Capital Partners Gp, L.L.C.
provided the following explanation of their ownership:
The Reporting Persons acquired the shares of Common Stock to which this Schedule 13D relates for investment purposes in the ordinary course of business, and not with the purpose nor with the effect of changing or influencing the control or management of the Issuer. The Reporting Persons acquired the shares of Common Stock pursuant to investment strategies, including merger arbitrage and event driven strategies, because they believed that the shares of Common Stock reported herein, when purchased, represented an attractive investment opportunity. Accordingly, the Reporting Persons may not be eligible to report this position on a Schedule 13G. See Colish, Faith (NoAct., Available March 24,1980). On September 13,2017, the Issuer filed a Current Report on Form 8K disclosing it had entered into an
CUSIP No. 45780V102SCHEDULE 13DPage 9 of 13 Pages
Agreement and Plan of Merger dated as of September 12,2017 (the “Merger Agreement”) with Rome Merger Sub and Rocket Pharmaceuticals, Ltd. The transactions contemplated by the Merger Agreement are hereinafter referred to as the “Proposed Transaction”. Except as set forth herein, the Reporting Persons have no present plan or proposal that would relate to or result in any of the matters set forth in subparagraphs (a)(j) of Item 4 of Schedule 13D. The Reporting Persons have not entered into any agreement with any third party to act together for the purpose of acquiring, holding, voting or disposing of the shares of Common Stock reported herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and may from time to time engage in discussions with management, the Board of Directors, other shareholders of the Issuer and other relevant parties, including representatives of any of the foregoing, concerning matters with respect to the Reporting Persons investment in the shares of Common Stock, including, without limitation, the business, operations, governance, management, strategy and future plans of the Issuer. Depending on various factors, including, without limitation, the terms of the Proposed Transaction and any other offers or developments related thereto, the outcome of any discussions referenced above, the Issuers financial position and strategic direction, actions taken by the Board of Directors, price levels of the shares of Common Stock, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate, including, without limitation, purchasing additional shares of Common Stock or selling some or all of their shares of Common Stock, engaging in hedging or similar transactions with respect to the shares of Common Stock and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of Schedule 13D.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its position in Inotek Pharmaceuticals Corporation by 276.0% during the first quarter. Goldman Sachs Group Inc. now owns 58,758 shares of the biotechnology company’s stock valued at $118,000 after purchasing an additional 43,131 shares in the last quarter. LMR Partners LLP purchased a new stake in Inotek Pharmaceuticals Corporation during the second quarter valued at about $126,000. GSA Capital Partners LLP raised its position in Inotek Pharmaceuticals Corporation by 4.3% during the second quarter. GSA Capital Partners LLP now owns 156,300 shares of the biotechnology company’s stock valued at $297,000 after purchasing an additional 6,500 shares in the last quarter. Finally, Sabby Management LLC raised its position in Inotek Pharmaceuticals Corporation by 110.7% during the second quarter. Sabby Management LLC now owns 212,651 shares of the biotechnology company’s stock valued at $404,000 after purchasing an additional 111,721 shares in the last quarter. Institutional investors and hedge funds own 29.16% of the company’s stock.
Inotek Pharmaceuticals Corporation (NASDAQ ITEK) traded up 19.12% on Thursday, hitting $2.43. The stock had a trading volume of 7,245,655 shares. Inotek Pharmaceuticals Corporation has a 52-week low of $0.85 and a 52-week high of $9.57. The firm’s market cap is $65.63 million. The company’s 50 day moving average price is $1.28 and its 200 day moving average price is $1.54.
Inotek Pharmaceuticals Corporation (NASDAQ:ITEK) last released its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.47) by $0.23. Analysts expect that Inotek Pharmaceuticals Corporation will post ($1.05) EPS for the current year.
A number of equities research analysts have weighed in on ITEK shares. Canaccord Genuity set a $3.00 price target on Inotek Pharmaceuticals Corporation and gave the company a “buy” rating in a research report on Monday, June 26th. HC Wainwright downgraded Inotek Pharmaceuticals Corporation from a “buy” rating to a “neutral” rating and set a $2.00 price target on the stock. in a research report on Tuesday, July 11th. Finally, Zacks Investment Research downgraded Inotek Pharmaceuticals Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Inotek Pharmaceuticals Corporation has a consensus rating of “Hold” and a consensus price target of $3.80.
Inotek Pharmaceuticals Corporation Profile
Inotek Pharmaceuticals Corporation is a clinical-stage biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapies for glaucoma and other diseases of the eye. Its lead product candidate, trabodenoson, is a selective adenosine mimetic that the Company has designed to lower intraocular pressure (IOP) by restoring the eye’s natural pressure control mechanism.
Receive News & Ratings for Inotek Pharmaceuticals Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Inotek Pharmaceuticals Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.