When a person or group of persons acquires beneficial ownership of more than 5% of a company’s equity securities, they are required to file a Schedule 13D or 13G with the SEC.
If these groups intend to influence management into changing the business strategy, they are considered “activist” investors. There is considerable academic research that suggest activist investors contribute to excess returns in equities in the subsequent twelve months after the event.
Investors that acquire 10% or more of a company’s shares, or that gain a board seat, are considered insiders by the SEC and are subject to stricter insider trading filing requirements.
Investors that acquire more than 5% of the shares of a company and intend to influence management are considered activist investors and must file a 13D, and investors that acquire more than 5% of the shares of a company but have no intention of influencing management are considered passive investors and must file a 13G.
Here are 11 recent notable filings:
New Passive Investor Filings
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) – GREAT POINT PARTNERS LLC has filed a new SC 13G, reporting a 9.75% ownership stake in Arena Pharmaceuticals.
AzurRx BioPharma, Inc. (NASDAQ:AZRX) – BALK MATTHEW has filed a new SC 13G, reporting a 18.60% ownership stake in AzurRx BioPharma.
Enstar Group Limited (NASDAQ:ESGR) – BECK MACK & OLIVER LLC has filed a new SC 13G, reporting a 4.91% ownership stake in Enstar Group. This is a decrease of 1.60% from their previous filing.
Amended Activist Investor Filings
Incyte Corp. (NASDAQ:INCY) – Baker Brothers Advisors LP has filed an amended Schedule 13D/A, reporting a 16.70% ownership stake in Incyte.
Ixia (NASDAQ:XXIA) – Katelia Capital Group Ltd. has filed an amended Schedule 13D/A, reporting a 0.00% ownership stake in Ixia. This is a decrease of 100.00% from their previous filing.
Biglari Holdings Inc. (NYSE:BH) – GAMCO INVESTORS, INC. ET AL has filed an amended Schedule 13D/A, reporting a 1.12% ownership stake in Biglari Holdings. This is an increase of 2.75% from their previous filing.
Castlight Health, Inc. (NYSE:CSLT) – SAP SE has filed an amended Schedule 13D/A, reporting a 9.30% ownership stake in Castlight Health. This is a decrease of 16.96% from their previous filing.
SteadyMed Ltd. (NASDAQ:STDY) – ORBIMED ADVISORS LLC has filed an amended Schedule 13D/A, reporting a 14.60% ownership stake in SteadyMed. This is an increase of 2.82% from their previous filing.
Amended Passive Investor Filings
Teladoc, Inc. (NYSE:TDOC) – CHP III LP has filed an amended Schedule 13D/A, reporting a 4.60% ownership stake in Teladoc. This is a decrease of 52.58% from their previous filing.
KLR Energy Acquisition Corp. (NASDAQ:KLREW) – Weiss Asset Management LP has filed an amended Schedule 13D/A, reporting a 0.00% ownership stake in KLR Energy Acquisition. This is a decrease of 100.00% from their previous filing.
JRjr33, Inc. (YSEMKT:JRJR) – Huckleberry Investments LLP has filed an amended Schedule 13D/A, reporting a 14.90% ownership stake in JRjr33. This is an increase of 70.29% from their previous filing.
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