Retrophin Inc. (RTRX): Scopia Capital Adds To Its Stake

Matt Sirovich and Jeremy Mindich‘s Scopia Capital  has recently filed an amended 13G with the SEC, in which reported holding 3.84 million common shares of Retrophin Inc. (NASDAQ:RTRX) that amass 10.4% of the company’s outstanding stock. This represents a slight increase in the stake, as the fund previously owned close to 3.6 million shares, according to its latest 13F filing for the reporting period of March 31.

Retrophin is a biopharmaceutical company that works on discovering and producing various therapeutics that should help treat the patients who are suffering from serious or rare illnesses. Recently, the company has reported good results from its physician-initiated treatment with RE-024 in two adults who are suffering from a rare disease called Pantothenate Kinase-Associated Neurodegeneration. Year-to-date, the Retrophin’s stock is down by 4.25%. According to its last financial report for the first quarter of 2016, the company had revenue of $29 million, which was below the estimates of $31 million, while earnings per share were $0.31, significantly above the estimates of a loss per share of $0.22.  Recently, JMP Securities reiterated its ‘Buy’ rating on Retrophin’s stock, and Leering Swann also reiterated its ‘Buy’ rating, but with a price target of $27.00.

The number of smart investors from our database who are supporting Retrophin (NASDAQ:RTRX) increased by 4 recently, and at the end of March, there were 22 funds with positions in the company. Among them, the biggest position was held by Scopia Capital, and the second largest stake was reported by Joseph Edelman’s Perceptive Advisors, valued at $41 million. Some other investors long the stock included Kevin Kotler’s Broadfin Capital, Mitchell Blutt’s Consonance Capital Management, and Oleg Nodelman’s EcoR1 Capital.

Jeremy Mindich - Scopia Capital

Among the biggest new Retrophin’s investors during the first quarter were Hal Mintz’ Sabby Capital, which had $4.9 million invested in the company, and Paul Orlin and Alex Porter’s Amici Capital, which initiated a position worth around $4.7 million. Remaining hedge funds with new stakes in the company included Scott Scher & Michael Prober’s Clovis Capital Management, and Jim Simons’s Renaissance Technologies.

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
Scopia Capital Management 0 3,811,821 0 3,811,821 3,811,821 10.4%
Scopia Management, Inc 0 3,811,821 0 3,811,821 3,811,821 10.4%
Matthew Sirovich 8,750 3,811,821 8,750 3,811,821 3,820,571 10.4%
Jeremy Mindich 0 3,811,821 0 3,811,821 3,811,821 10.4%

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Page 1 of 12 – SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

SCHEDULE
13G/A

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

Retrophin,
Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

761299106

(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)

¨ Rule 13d-1(c)

¨ Rule 13d-1(d)

(1) The remainder of this cover page shall be filled out for a reporting persons 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).

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Page 2 of 12 – SEC Filing


CUSIP
No.      761299106                

  1. 

NAME OF
REPORTING PERSONS:

Scopia Capital Management LP

  2.

CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP (SEE INSTRUCTIONS)

(a)  ¨        (b)  ¨

  3.

SEC USE ONLY

  4.

CITIZENSHIP OR PLACE OF
ORGANIZATION

Delaware

NUMBER OF SHARES
BENEFICIALLY OWNED BY EACH REPORTING PERSON

WITH

5. 

SOLE VOTING POWER

0

6.

SHARED VOTING POWER

3,811,821

7.

SOLE DISPOSITIVE POWER

0

8.

SHARED DISPOSITIVE POWER

3,811,821

  9.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

3,811,821

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)

10.4%

12.

TYPE OF REPORTING PERSON (SEE
INSTRUCTIONS)

PN, IA

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Page 3 of 12 – SEC Filing


CUSIP
No.      761299106                

  1. 

NAME OF
REPORTING PERSONS:

Scopia Management, Inc.

  2.

CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP (SEE INSTRUCTIONS)

(a)  ¨        (b)  ¨

  3.

SEC USE ONLY

  4.

CITIZENSHIP OR PLACE OF
ORGANIZATION

New York

NUMBER OF SHARES
BENEFICIALLY OWNED BY EACH REPORTING PERSON

WITH

5. 

SOLE VOTING POWER

0

6.

SHARED VOTING POWER

3,811,821

7.

SOLE DISPOSITIVE POWER

0

8.

SHARED DISPOSITIVE POWER

3,811,821

  9.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

3,811,821

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)

10.4%

12.

TYPE OF REPORTING PERSON (SEE
INSTRUCTIONS)

CO, HC

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Page 4 of 12 – SEC Filing


CUSIP
No.      761299106                

  1. 

NAME OF
REPORTING PERSONS:

Matthew Sirovich

  2.

CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP (SEE INSTRUCTIONS)

(a)  ¨        (b)  ¨

  3.

SEC USE ONLY

  4.

CITIZENSHIP OR PLACE OF
ORGANIZATION

United States

NUMBER OF SHARES
BENEFICIALLY OWNED BY EACH REPORTING PERSON

WITH

5. 

SOLE VOTING POWER

8,750

6.

SHARED VOTING POWER

3,811,821

7.

SOLE DISPOSITIVE POWER

8,750

8.

SHARED DISPOSITIVE POWER

3,811,821

  9.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

3,820,571

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)

10.4%

12.

TYPE OF REPORTING PERSON (SEE
INSTRUCTIONS)

IN, HC

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Page 5 of 12 – SEC Filing


CUSIP
No.      761299106                

  1. 

NAME OF
REPORTING PERSONS:

Jeremy Mindich

  2.

CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP (SEE INSTRUCTIONS)

(a)  ¨        (b)  ¨

  3.

SEC USE ONLY

  4.

CITIZENSHIP OR PLACE OF
ORGANIZATION

United States

NUMBER OF SHARES
BENEFICIALLY OWNED BY EACH REPORTING PERSON

WITH

5. 

SOLE VOTING POWER

0

6.

SHARED VOTING POWER

3,811,821

7.

SOLE DISPOSITIVE POWER

0

8.

SHARED DISPOSITIVE POWER

3,811,821

  9.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

3,811,821

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)

10.4%

12.

TYPE OF REPORTING PERSON (SEE
INSTRUCTIONS)

IN, HC

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Page 6 of 12 – SEC Filing


CUSIP
No.      761299106                

Item 1. (a). Name of Issuer:

Retrophin, Inc. (the Issuer)

(b). Address of Issuers Principal Executive Offices:

12255 El Camino Real, Suite 250

San Diego, CA 92130

Item 2. (a). Name of Person Filing:

Scopia Capital Management LP

Scopia
Management, Inc.

Matthew Sirovich

Jeremy
Mindich

(b). Address or Principal Business Office or, if None, Residence:

Scopia Capital Management LP

152 West 57th
Street, 33rd Floor

New York, NY 10019

Scopia Management, Inc.

Matthew Sirovich

Jeremy Mindich

c/o Scopia Capital Management LP

152 West 57th Street, 33rd Floor

New York, NY 10019

(c). Citizenship:

Scopia Capital Management LP Delaware limited partnership

Scopia Management, Inc. New York corporation

Matthew
Sirovich United States citizen

Jeremy Mindich United States citizen

(d). Title of Class of Securities:

Common Stock, par value $0.0001 per share

(e). CUSIP Number:

761299106

Item 3. If this statement is filed pursuant to §§.240.13d-1(b) or 240.13d-2(b), or (c), check whether the person filing is a:
(a)    ¨ Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
(b)    ¨ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

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Page 7 of 12 – SEC Filing


(c) ¨ Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
(d) ¨ Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e) x An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f) ¨ An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g) x A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);
(h) ¨ A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C.1813);
(i) ¨ A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j) ¨ A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J);
(k) ¨ Group, in accordance with §240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution:
Item 4. Ownership.
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
Scopia Capital Management LP
(a) Amount beneficially owned:

3,811,821

(b) Percent of class:

10.4%

(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote               0,
(ii) Shared power to vote or to direct the vote 3,811,821,
(iii) Sole power to dispose or to direct the disposition of               0,
(iv) Shared power to dispose or to direct the disposition of 3,811,821.

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Page 8 of 12 – SEC Filing


Scopia Management, Inc.
(a) Amount beneficially owned:
3,811,821                                  
(b) Percent of class:
10.4%                                   
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote               0,
(ii) Shared power to vote or to direct the vote 3,811,821,
(iii) Sole power to dispose or to direct the disposition of               0,
(iv) Shared power to dispose or to direct the disposition of 3,811,821.
Matthew Sirovich
(a) Amount beneficially owned:
3,820,571                                  
(b) Percent of class:
10.4%                                   
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote         8,750,
(ii) Shared power to vote or to direct the vote 3,811,821,
(iii) Sole power to dispose or to direct the disposition of         8,750,
(iv) Shared power to dispose or to direct the disposition of 3,811,821.
Jeremy Mindich
(a) Amount beneficially owned:
3,811,821                                  

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Page 9 of 12 – SEC Filing


(b) Percent of class:

10.4%

(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote               0,
(ii) Shared power to vote or to direct the vote 3,811,821,
(iii) Sole power to dispose or to direct the disposition of               0,
(iv) Shared power to dispose or to direct the disposition of 3,811,821.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ¨.
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response
to this item and, if such interest relates to more than five percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of
employee benefit plan, pension fund or endowment fund is not required.

All securities reported in this Schedule 13G amendment are directly held by advisory clients of
Scopia Capital Management LP. With the exception of Scopia Windmill Fund LP, none of such advisory clients individually holds more than 5% of the Issuers outstanding shares.

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company or Control person has filed this schedule, pursuant to Rule 13d-1(b) (1) (ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the
relevant subsidiary.

N/A

Item 8. Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to ss.240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed
this schedule pursuant to §§ 240.13d-1(c) or §§ 240.13d-1(d), attach an exhibit stating the identity of each member of the group.

N/A

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Page 10 of 12 – SEC Filing


Item 9.

Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the
group, in their individual capacity. See Item 5.

N/A

Item 10.

Certification.
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or
with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

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Page 11 of 12 – 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.

July 11, 2016

(Date)
SCOPIA CAPITAL MANAGEMENT LP

By: /s/ Samantha Nasello

Name: Samantha Nasello
Title: CCO
SCOPIA MANAGEMENT, INC.

By: /s/ Aaron Morse

Name: Aaron Morse
Title: Vice President

By: /s/ Matthew Sirovich

Name: Matthew Sirovich

By: /s/ Jeremy Mindich

Name: Jeremy Mindich

Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including
all exhibits. See Rule 13d-7 for other parties for whom copies are to be sent.

Attention. Intentional misstatements or omissions of fact constitute
Federal criminal violations (see 18 U.S.C. 1001).

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Page 12 of 12 – SEC Filing


EXHIBIT INDEX

99.1 Joint Filing Agreement, dated as of July 11, 2016, by and among the Reporting Persons

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