James E. Flynn, manager of Deerfield Management, recently contacted Gregory W. Scott, a member of the Board of Adeptus Health Inc. (NYSE:ADPT) concerning the composition of the Board and the company’s search for a new Chief Executive Officer to replace Thomas S. Hall, who is planning to retire around the middle of 2017. Deerfield Management, which is a long-term investor in the company that holds 1.60 million of its Class A shares, accounting for 9.79% of the float, asked for more information concerning the company and its plans in order to assess the possibility of an additional transaction involving the fund and/or its affiliates. Hence, Deerfield Management will further interact with the company’s management and will continue to assess its investment.
Adeptus Health is a healthcare provider which runs free-standing emergency rooms. Since the beginning of the year, the company’s stock has lost 25.42%. In its financial report for the second quarter of 2016, Adeptus Health reported earnings per share of $0.48, below the analysts’ consensus estimate of $0.51, and revenue of $100.17 million, above the estimates of $93.92 million. Recently, Goldman Sachs set a price target of $80 and a ‘Buy’ rating on Adeptus Health’s stock, while Jefferies Group lowered its price target on it to $77 from $100, but also has a ‘Buy’ rating.
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The number of hedge funds in our database long Adeptus Health (NYSE:ADPT) decreased by one in the second quarter, as at the end of June there were 24 investors bullish on the stock. Among them were Dmitry Balyasny’s Balyasny Asset Management, which held a position valued at $9.63 million, Benjamin A. Smith’s Laurion Capital Management, with a position worth around $951,000, Mark Coe’s Coe Capital Management, and Ken Griffin’s Citadel Investment Management.
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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 |
|---|---|---|---|---|---|---|
| Deerfield Mgmt | 0 | 1,600,861 | 0 | 1,600,861 | 1,600,861 | 9.79% |
| Deerfield Management Company | 0 | 1,600,861 | 0 | 1,600,861 | 1,600,861 | 9.79% |
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Page 1 of 9 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
[Rule 13d-101]
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO § 24.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO § 240.13D-2(a)
(Amendment No. )*
Adeptus Health Inc.
(Name of Issuer)
Class A Common Stock
(Title of Class of Securities)
006855100
(CUSIP Number)
| David Clark Elliot Press Deerfield Mgmt, L.P. 780 Third Avenue, 37th Floor New York, New York 10017 (212) 551-1600 With a copy to: Mark D. Wood, Esq. Jonathan D. Weiner, Esq. Katten Muchin Rosenman LLP 575 Madison Avenue New York, New York 10022 (212) 940-8800 |
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
September 16, 2016
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box x.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 13 Pages)
* 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 (“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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