Endocyte, Inc. (ECYT) and Overstock.com, Inc. (OSTK) Activist Update

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Venrock Healthcare Capital Partners Ii, L.p. has filed an SC 13G form with the Securities and Exchange Commission (SEC) disclosing ownership of 4,300,000 shares of Endocyte, Inc. (NASDAQ:ECYT). This represents 8.9 percent ownership of the company. Endocyte, Inc. has declared a standard industrial code (sic) of 2834 which is the “Pharmaceutical Preparations” industry.

Morgan Stanley has filed an SC 13G/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 2,861,813 shares of Overstock.com, Inc. (NASDAQ:OSTK). This represents 11.4 percent ownership of the company. Previously, Morgan Stanley had reported owning 2,485,921 shares, indicating an increase of 15.12 percent. Overstock.com, Inc. has declared a standard industrial code (sic) of 5961 which is the “Catalog and Mail-Order Houses” industry.

By Overstock Coliseum (Own work) [CC0], via Wikimedia Commons

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.

New Activist Investor Filings

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.

Howard Bancorp, Inc. (HBMD) – Priam Capital Fund I, Lp has filed a new SC 13D, reporting a 14.96% ownership stake in Howard Bancorp.

Amber Road, Inc. (AMBR) – Altai Capital Management, L.P. has filed a new SC 13D, reporting a 5.83% ownership stake in Amber Road.

RAIT Financial Trust (RAS) – Frischer Charles has filed a new SC 13D, reporting a 6.34% ownership stake in RAIT Financial Trust.

Managed Duration Investment Grade Municipal Fund (MZF) – Karpus Management, Inc. has filed a new SC 13D, reporting a 24.95% ownership stake in Managed Duration Investment Grade Municipal Fund. This is an increase of 177.22% from their previous filing.

Howard Bancorp, Inc. (HBMD) – Patriot Financial Partners II, L.P. has filed a new SC 13D, reporting a 8.80% ownership stake in Howard Bancorp.

Amended Activist Investor Filings

Genomic Health, Inc. (GHDX) – Baker Brothers Advisors LP has filed an amended Schedule 13D/A, reporting a 40.40% ownership stake in Genomic Health. This is a decrease of 1.22% from their previous filing.

Fifth Street Senior Floating Rate Corp. (FSFR) – Oaktree Capital Management LP has filed an amended Schedule 13D/A, reporting a 28.40% ownership stake in Fifth Street Senior Floating Rate.

Bravo Brio Restaurant Group, Inc. (BBRG) – Philotimo Fund, LP has filed an amended Schedule 13D/A, reporting a 3.60% ownership stake in Bravo Brio Restaurant Group. This is a decrease of 32.08% from their previous filing.

Six Flags Entertainment Corp (SIX) – Jaffer Rehan has filed an amended Schedule 13D/A, reporting a 9.29% ownership stake in Six Flags Entertainment. This is a decrease of 6.54% from their previous filing.

CVR Partners, LP (UAN) – Blackstone Holdings I L.P. has filed an amended Schedule 13D/A, reporting a 4.90% ownership stake in CVR Partners. This is a decrease of 10.91% from their previous filing.

Tempur Sealy International, Inc. (TPX) – H Partners Management, Llc has filed an amended Schedule 13D/A, reporting a 13.46% ownership stake in Tempur Sealy International. This is a decrease of 14.81% from their previous filing.

New York & Company, Inc. (NWY) – Philotimo Fund, LP has filed an amended Schedule 13D/A, reporting a 8.30% ownership stake in New York. This is an increase of 13.70% from their previous filing.

Centennial Resource Development, Inc. (CDEV) – Centennial Resource Development, Llc has filed an amended Schedule 13D/A, reporting a 4.50% ownership stake in Centennial Resource Development. This is a decrease of 57.14% from their previous filing.

Pershing Gold Corporation (PGLC) – Honig Barry C has filed an amended Schedule 13D/A, reporting a 33.39% ownership stake in Pershing Gold. This is an increase of 12.50% from their previous filing.

CONMED Corp. (CNMD) – Scopia Capital Management Lp has filed an amended Schedule 13D/A, reporting a 7.80% ownership stake in CONMED. This is a decrease of 12.36% from their previous filing.

Beasley Broadcast Group, Inc. (BBGI) – Gamco Investors, Inc. Et Al has filed an amended Schedule 13D/A, reporting a 9.11% ownership stake in Beasley Broadcast Group. This is a decrease of 8.99% from their previous filing.

Calgon Carbon Corp. (CCC) – Gamco Investors, Inc. Et Al has filed an amended Schedule 13D/A, reporting a 0.00% ownership stake in Calgon Carbon. This is a decrease of 100.00% from their previous filing.

Lifetime Brands, Inc. (LCUT) – Mill Road Capital II, L.P. has filed an amended Schedule 13D/A, reporting a 7.90% ownership stake in Lifetime Brands. This is a decrease of 28.18% from their previous filing.

JetPay Corporation (JTPY) – Wles, L.p. has filed an amended Schedule 13D/A, reporting a 9.65% ownership stake in JetPay.

New Passive Investor Filings

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.

Bright Scholar Education Holdngs Ltd (BEDU) – Tiger Global Management Llc has filed a new SC 13G, reporting a 5.80% ownership stake in Bright Scholar Education Holdngs.

Rosetta Genomics, Ltd. (ROSG) – Sabby Management, LLC has filed a new SC 13G, reporting a 5.93% ownership stake in Rosetta Genomics. This is an increase of 56.88% from their previous filing.

Freshpet, Inc. (FRPT) – Armistice Capital, Llc has filed a new SC 13G, reporting a 6.40% ownership stake in Freshpet. This is an increase of 52.38% from their previous filing.

Papa John’s International, Inc. (PZZA) – Eminence Capital, Lp has filed a new SC 13G, reporting a 6.50% ownership stake in Papa John’s International.

Aytu BioScience, Inc. (AYTU) – Highbridge Capital Management Llc has filed a new SC 13G, reporting a 7.91% ownership stake in Aytu BioScience.

Endocyte, Inc. (ECYT) – Venrock Healthcare Capital Partners Ii, L.p. has filed a new SC 13G, reporting a 8.90% ownership stake in Endocyte.

Walter Investment Management Corp. (WAC) – Oaktree Capital Management LP has filed a new SC 13G, reporting a 18.50% ownership stake in Walter Investment Management.

Seritage Growth Properties (SRG) – EdgePoint Investment Group Inc. has filed a new SC 13G, reporting a 13.40% ownership stake in Seritage Growth Properties.

Canada Goose Holdings Inc (GOOS) – Price T Rowe Associates Inc /md/ has filed a new SC 13G, reporting a 10.90% ownership stake in Canada Goose Holdings.

Jason Industries, Inc. (JASN) – Fields ephraim has filed a new SC 13G, reporting a 5.00% ownership stake in Jason Industries.

Amended Passive Investor Filings

Overstock.com, Inc. (OSTK) – Morgan Stanley has filed an amended Schedule 13D/A, reporting a 11.40% ownership stake in Overstock.com. This is an increase of 15.15% from their previous filing.

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