Jason Karp‘s Tourbillon Capital Partners has retaken a stake in Sarepta Therapeutics Inc (NASDAQ:SRPT) after having sold off its previous position in the stock during the second quarter. A new 13G filing with the SEC shows that Tourbillon has amassed a position of just over 3.33 million shares, or 6.2% of the outstanding shares. Tourbillon owned over 805,000 shares of the company at the end of March, but sold out of that position during the second quarter. While it appears that the fund missed out on the recent run-up in the stock, it was not going to miss out on taking advantage of the recent pullback. Sarepta shares have gained 115% since the end of June, but have lost 34% since October 6.
Sarepta Therapeutics Inc (NASDAQ:SRPT) shares more than doubled in mid-September after the FDA granted accelerated approval for its Duchenne’s treatment Exondys 51 (eteplirsen). The acceptance of the treatment, which didn’t appear to be any more effective than BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)’s rejected DMD candidate (which the company halted development on afterwards), came as a surprise to many, and has caused a good deal of controversy. PTC Therapeutics, Inc. (NASDAQ:PTCT) shares were hammered earlier this month after its own DMD treatment was also rejected (again) by the FDA.
Shares of Sarepta Therapeutics Inc (NASDAQ:SRPT) have fallen off in recent weeks after the company revealed that reimbursement takes 30-90 days, which caused some analysts to cut their near-term sales forecasts for the drug. However, multiple analysts have called the recent selling overdone, and have price targets on the stock that suggest 50%+ upside potential.
Sarepta Therapeutics Inc (NASDAQ:SRPT) was held in the portfolios of 20 of the hedge funds in our database at the end of June, up by one quarter-over-quarter. Those investors owned $309 million worth of the company’s shares, and included Joseph Edelman’s Perceptive Advisors (3.77 million shares), Steve Cohen’s Point72 Asset Management (2.75 million shares), and Hal Mintz’s Sabby Capital (783,497 shares).
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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 |
|---|---|---|---|---|---|---|
| Tourbillon Capital Partners | 0 | 3,332,300 | 0 | 3,332,300 | 3,332,300 | 6.2% |
| Jason H. Karp | 0 | 3,332,300 | 0 | 3,332,300 | 3,332,300 | 6.2% |
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Page 1 of 8 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(RULE 13D – 102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(b)
(Amendment No. )*
Sarepta Therapeutics, Inc.
(Name of Issuer)
Common Stock with $0.0001 par value
(Title of Class of Securities)
803607100
(CUSIP Number)
October 27, 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:
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] 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 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 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).
Page 2 of 8 – SEC Filing
| 1. | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
| Tourbillon Capital Partners LP | |
| 2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
| (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 |
| 3,332,300 | |
| 7. | SOLE DISPOSITIVE POWER |
| 0 | |
| 8. | SHARED DISPOSITIVE POWER |
| 3,332,300 | |
| 9. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| 3,332,300 | |
| 10. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] |
| 11. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) |
| 6.2% | |
| 12. | TYPE OF REPORTING PERSON |
| PN, IA | |
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Page 3 of 8 – SEC Filing
| 1. | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
| Jason H. Karp | |
| 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 |
| 3,332,300 | |
| 7. | SOLE DISPOSITIVE POWER |
| 0 | |
| 8. | SHARED DISPOSITIVE POWER |
| 3,332,300 | |
| 9. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| 3,332,300 | |
| 10. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] |
| 11. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) |
| 6.2% | |
| 12. | TYPE OF REPORTING PERSON |
| IN | |
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Page 4 of 8 – SEC Filing
| Item 1(a). | Name of Issuer: |
Sarepta Therapeutics, Inc. (the “Issuer”)
| Item 1(b). | Address of Issuer’s Principal Executive Offices: |
215 First Street, Suite 415
Cambridge, MA 02142
Cambridge, MA 02142
| Item 2(a). | Name of Persons Filing: |
The names of the persons filing this statement on Schedule 13G are Tourbillon Capital Partners LP (“Tourbillon Capital Partners”) and Jason H. Karp (together, the “Reporting Persons”). Mr. Karp is the Chief Executive Officer of Tourbillon Capital Partners.
| Item 2(b). | Address of Principal Business Office or, if None, Residence: |
The address of the principal business office of each of the Reporting Persons is 888 Seventh Avenue, 32nd Floor, New York, NY 10019.
| Item 2(c). | Citizenship: |
Tourbillon Capital Partners is a Delaware limited partnership. Mr. Karp is a citizen of the United States of America.
| Item 2(d). | Title of Class of Securities: |
Common Stock with $0.0001 par value (the “Common Stock”)
| Item 2(e). | CUSIP Number: |
803607100
| Item 3. | If This Statement is Filed Pursuant to Rule 13d 1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a: |
| (a) | [ ] | Broker or dealer registered under Section 15 of the Exchange Act. | |
| (b) | [ ] | Bank as defined in Section 3(a)(6) of the Exchange Act. | |
| (c) | [ ] | Insurance company defined in Section 3(a)(19) of the Exchange Act. | |
| (d) | [ ] | Investment company registered under Section 8 of the Investment Company Act. | |
| (e) | [ ] | Investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E). | |
| (f) | [ ] | Employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F). | |
| (g) | [ ] | Parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G). | |
| (h) | [ ] | Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act. | |
| (i) | [ ] | Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act; | |
| (j) | [ ] | Non-U.S. institution in accordance with Section 240.13d-1(b)(1)(ii)(J). | |
| (k) | [ ] | Group, in accordance with Rule 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: ____ |
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Page 5 of 8 – SEC Filing
| Item 4. | Ownership. |
Provide the following information regarding the aggregate number and percentage of the class of securities of the Issuer.
| (a) | Amount beneficially owned: |
As of the close of business on October 27, 2016, the Reporting Persons may be deemed to have beneficially owned 3,332,300 shares of Common Stock, including 1,399,300 shares of Common Stock underlying currently exercisable options.
| (b) | Percent of class: |
The aggregate percentage of Common Stock reported owned by each person named herein is based upon 53,644,264 shares of Common Stock outstanding as of September 27, 2016 following the conclusion of the Company’s previously announced underwritten public offering, which included the exercise, in full, of the underwriters’ option, as disclosed in the Issuer’s Prospectus Supplement filed pursuant to Rule 424(b)(5) of the Securities Act of 1933, as amended, with the Securities and Exchange Commission (“SEC”) on September 23, 2016 and Current Report on Form 8-K filed with the SEC on September 30, 2016. As of the close of business on October 27, 2016, the Reporting Persons may be deemed to have beneficially owned approximately 6.2% of the shares of Common Stock outstanding.
| (c) | Number of shares as to which such person has: |
| (i) | Sole power to vote or to direct the vote: |
See Cover Pages Items 5-9.
| (ii) | Shared power to vote or to direct the vote |
See Cover Pages Items 5-9.
| (iii) | Sole power to dispose or to direct the disposition of |
See Cover Pages Items 5-9.
| (iv) | Shared power to dispose or to direct the disposition of |
See Cover Pages Items 5-9.
| 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 Persons have 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. |
Not applicable.
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company. |
Not applicable.
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Page 6 of 8 – SEC Filing
| Item 8. | Identification and Classification of Members of the Group. |
See Exhibit A.
| Item 9. | Notice of Dissolution of Group. |
Not applicable.
| Item 10. | Certification. |
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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 7 of 8 – SEC Filing
SIGNATURES
After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies that the information with respect to it set forth in this statement is true, complete, and correct.
| Dated: | October 28, 2016 |
TOURBILLON CAPITAL PARTNERS LP
By: /s/ Brian A. Kessler
Brian A. Kessler,
Chief Financial Officer
/s/ Jason H. Karp
Jason H. Karp
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Page 8 of 8 – SEC Filing
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13G with respect to the Common Stock with $0.0001 par value, of Sarepta Therapeutics, Inc. dated October 28, 2016, and any amendments thereto signed by each of the undersigned shall be, filed on behalf of each of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended.
| Dated: | October 28, 2016 |
TOURBILLON CAPITAL PARTNERS LP
By: /s/ Brian A. Kessler
Brian A. Kessler,
Chief Financial Officer
/s/ Jason H. Karp
Jason H. Karp
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