Billionaire Seth Klarman’s Baupost Group recently reported a new stake in Cascadian Therapeutics Inc. (NASDAQ:CASC), in a 13G filing with the SEC. Baupost Group has acquired 25 million common shares of the common, which account for 18.49% of its outstanding stock.
Cascadian Therapeutics, formerly known as Oncothyreon Inc., is a biopharmaceutical company that works on discovering a variety of therapeutic treatments to help patients who are suffering from cancer. Over the past 12 months, the company’s stock has lost 73.52%. In its financial report for the first quarter of 2016, Cascadian Therapeutics reported a net loss per share of $0.14, compared to a net loss of $0.08 per share for the same quarter of the previous year. Last month, Jefferies Group and Cowen and Company both reiterated their ‘Buy’ ratings on Cascadian Therapeutics’ stock, while Cantor Fitzgerald reiterated its ‘Hold’ rating, with the latter having a price target of $2.00 on the stock, which currently trades for $1.05.
As per our database, 12 investors were long the stock at the end of March, with Mark Lampert’s Biotechnology Value Fund / BVF Inc holding the biggest position, worth around $23.9 million. The second-most valuable position was disclosed by Kurt Von Emster’s VenBio Select Advisor, and worth approximately $5.2 million. Some other hedge funds with similar optimism encompassed Joseph Edelman’s Perceptive Advisors, Howard Guberman’s Gruss Asset Management, Hal Mintz’s Sabby Capital, and Mehdi Mahmud’s First Eagle Investment Management.
You can access the original SEC filing by clicking here.
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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 |
|---|---|---|---|---|---|---|
| The Baupost Group | 0 | 25,000,000 | 0 | 25,000,000 | 25,000,000 | 18.49% |
| SAK Corporation04-3334541 | 0 | 25,000,000 | 0 | 25,000,000 | 25,000,000 | 18.49% |
| Seth A. Klarman | 0 | 25,000,000 | 0 | 25,000,000 | 25,000,000 | 18.49% |
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Page 1 of 5 – SEC Filing
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
D.C. 20549
SCHEDULE
13G
13G
Under
the Securities Exchange Act of 1934
the Securities Exchange Act of 1934
(Amendment No.
n/a
)*
Cascadian Therapeutics, Inc.
(Name
of Issuer)
of Issuer)
Common Stock
(Title of Class of Securities)
14740B101
(CUSIP Number)
June 30, 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:
x
Rule
13d-1(b)
o
Rule
13d-1(c)
o
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 the
disclosures provided in a prior cover page.
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 the
disclosures provided in a prior cover page.
The
information required in 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).
information required in 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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Page 2 of 5 – SEC Filing
| CUSIP No. | 14740B101 |
| 1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | ||||
| The Baupost Group, L.L.C. 04-3402144 | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||
| (a) o | |||||
| (b) x | |||||
| 3 | SEC USE ONLY | ||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
| The Commonwealth of Massachusetts | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 5 | SOLE VOTING POWER | |||
| 0 | |||||
| 6 | SHARED VOTING POWER | ||||
| 25,000,000 | |||||
| 7 | SOLE DISPOSITIVE POWER | ||||
| 0 | |||||
| 8 | SHARED DISPOSITIVE POWER | ||||
| 25,000,000 | |||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
| 25,000,000 | |||||
| 10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
| o | |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
| 18.49% | |||||
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
| IA | |||||
FOOTNOTES | |||||
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Page 3 of 5 – SEC Filing
| CUSIP No. | 14740B101 |
| 1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | ||||
| SAK Corporation 04-3334541 | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||
| (a) o | |||||
| (b) x | |||||
| 3 | SEC USE ONLY | ||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
| The Commonwealth of Massachusetts | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 5 | SOLE VOTING POWER | |||
| 0 | |||||
| 6 | SHARED VOTING POWER | ||||
| 25,000,000 | |||||
| 7 | SOLE DISPOSITIVE POWER | ||||
| 0 | |||||
| 8 | SHARED DISPOSITIVE POWER | ||||
| 25,000,000 | |||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
| 25,000,000 | |||||
| 10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
| o | |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
| 18.49% | |||||
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
| HC | |||||
FOOTNOTES | |||||
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Page 4 of 5 – SEC Filing
| CUSIP No. | 14740B101 |
| 1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | ||||
| Seth A. Klarman | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||
| (a) o | |||||
| (b) x | |||||
| 3 | SEC USE ONLY | ||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
| The United States of America | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 5 | SOLE VOTING POWER | |||
| 0 | |||||
| 6 | SHARED VOTING POWER | ||||
| 25,000,000 | |||||
| 7 | SOLE DISPOSITIVE POWER | ||||
| 0 | |||||
| 8 | SHARED DISPOSITIVE POWER | ||||
| 25,000,000 | |||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
| 25,000,000 | |||||
| 10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
| o | |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
| 18.49% | |||||
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
| HC | |||||
FOOTNOTES | |||||
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Page 5 of 5 – SEC Filing
SIGNATURE
After
reasonable inquiry and to the best of my knowledge and belief, I certify that
the information set forth in this statement is true, complete and correct.
reasonable inquiry and to the best of my knowledge and belief, I certify that
the information set forth in this statement is true, complete and correct.
| The Baupost Group, L.L.C. | |||
| Date: July 08, 2016 | By: | /s/ Seth A. Klarman | |
Name: Seth A. Klarman | |||
Title: Chief Executive Officer and President | |||
| SAK Corporation | |||
| Date: July 08, 2016 | By: | /s/ Seth A. Klarman | |
Name: Seth A. Klarman | |||
Title: President | |||
| Seth A. Klarman | |||
| Date: July 08, 2016 | By: | /s/ Seth A. Klarman | |
Name: Seth A. Klarman | |||
| Footnotes: | Item 3, Item 4 and Item 7 This statement on Schedule 13G is being jointly filed by The Baupost Group, L.L.C. (“Baupost”), SAK Corporation and Seth A. Klarman. Baupost is a registered investment adviser and acts as an investment adviser and general partner to various private investment limited partnerships. Securities reported on this statement on Schedule 13G as being beneficially owned by Baupost were purchased on behalf of certain of such partnerships. SAK Corporation, as the Manager of Baupost, and Mr. Klarman, as the sole shareholder of SAK Corporation and a controlling person of Baupost, may be deemed to have beneficial ownership under Section 13 of the Securities Exchange Act of 1934, as amended, of the securities beneficially owned by Baupost. Pursuant to Rule 13d-4, Seth A. Klarman and SAK Corporation declare that the filing of this statement on Schedule 13G shall not be deemed an admission by either or both of them that they are, for the purposes of Section 13 of the Securities Exchange Act of 1934, as amended, the beneficial owner of any securities covered by this statement on Schedule 13G. |
| Attention: | Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001) |
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