ValueWalk

Agenus Inc. (AGEN) and LendingClub Corp. (LC) Activist Update

Point72 Asset Management, L.P. has filed an SC 13G form with the Securities and Exchange Commission (SEC) disclosing ownership of 6,144,144 shares of Agenus Inc. (NASDAQ:AGEN). This represents 6.0 percent ownership of the company. Agenus Inc. has declared a standard industrial code (sic) of 2836 which is the “Biological Products, Except Diagnostic Substances (Biotech)” industry.

Shanda Media LTD has filed an SC 13D/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 97,814,405 shares of LendingClub Corp. (NYSE:LC). This represents 23.4 percent ownership of the company. Previously, Shanda Media LTD had reported owning 85,313,151 shares, indicating an increase of 14.65 percent. LendingClub Corp. has declared a standard industrial code (sic) of 7389 which is the “Business Services, Not Elsewhere Classified” industry.

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.

Forum Merger Corporation (FMCI) – Clearlake Capital Partners Iii (master), L.p. has filed a new SC 13D, reporting a 54.70% ownership stake in Forum Merger.

Immersion Corporation (IMMR) – Shannon River Fund Management LLC has filed a new SC 13D, reporting a 6.09% ownership stake in Immersion. This is an increase of 93.95% from their previous filing.

The9 Ltd. (NCTY) – Splendid Days Ltd has filed a new SC 13D, reporting a 14.10% ownership stake in The9.

eHi Car Services Ltd. (EHIC) – Bpea Teamsport Ltd has filed a new SC 13D, reporting a 14.20% ownership stake in eHi Car Services.

The9 Ltd. (NCTY) – Jupiter Explorer Ltd has filed a new SC 13D, reporting a 12.50% ownership stake in The9.

eHi Car Services Ltd. (EHIC) – Zhang Ray Ruiping has filed a new SC 13D, reporting a 13.40% ownership stake in eHi Car Services. This is an increase of 10.74% from their previous filing.

Amended Activist Investor Filings

Resolute Energy Corporation (REN) – Fir Tree Inc. has filed an amended Schedule 13D/A, reporting a 7.15% ownership stake in Resolute Energy. This is a decrease of 20.29% from their previous filing.

Evolent Health Inc. (EVH) – Unitedhealth Group Inc has filed an amended Schedule 13D/A, reporting an updated ownership stake in Evolent Health.

CSI Compressco LP (CCLP) – Tetra Technologies Inc has filed an amended Schedule 13D/A, reporting a 38.98% ownership stake in CSI Compressco. This is a decrease of 6.19% from their previous filing.

Nordstrom, Inc. (JWN) – Nordstrom Bruce A has filed an amended Schedule 13D/A, reporting a 15.50% ownership stake in Nordstrom. This is an increase of 4.66% from their previous filing.

Madison Strategic Sector Premium Fund (MSP) – Karpus Management, Inc. has filed an amended Schedule 13D/A, reporting a 24.70% ownership stake in Madison Strategic Sector Premium Fund. This is an increase of 5.11% from their previous filing.

Tintri, Inc. (TNTR) – Insight Venture Partners VIII, L.P. has filed an amended Schedule 13D/A, reporting a 17.00% ownership stake in Tintri.

Key Technology, Inc. (KTEC) – Gamco Investors, Inc. Et Al has filed an amended Schedule 13D/A, reporting a 2.28% ownership stake in Key Technology. This is an increase of 12.87% from their previous filing.

Babcock & Wilcox Enterprises Inc. (BW) – Steel Partners Holdings L.p. has filed an amended Schedule 13D/A, reporting a 13.20% ownership stake in Babcock & Wilcox Enterprises. This is an increase of 3.12% from their previous filing.

Norwegian Cruise Line Holdings Ltd (NCLH) – Star NCLC Holdings Ltd. has filed an amended Schedule 13D/A, reporting a 1.41% ownership stake in Norwegian Cruise Line Holdings. This is a decrease of 74.82% from their previous filing.

Asanko Gold Inc. (AKG) – Gold Mountains Asset Management Ltd has filed an amended Schedule 13D/A, reporting a 13.70% ownership stake in Asanko Gold. This is an increase of 17.09% from their previous filing.

Lawson Products, Inc. (LAWS) – King Luther Capital Management Corp has filed an amended Schedule 13D/A, reporting a 27.60% ownership stake in Lawson Products. This is an increase of 5.34% from their previous filing.

LendingClub Corp. (LC) – Shanda Media LTD has filed an amended Schedule 13D/A, reporting a 23.40% ownership stake in LendingClub. This is an increase of 13.59% from their previous filing.

Juno Therapeutics, Inc. (JUNO) – Celgene Corp /de/ has filed an amended Schedule 13D/A, reporting a 85.40% ownership stake in Juno Therapeutics. This is an increase of 780.41% from their previous filing.

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.

Sunesis Pharmaceuticals, Inc. (SNSS) – Boxer Capital, LLC has filed a new SC 13G, reporting a 6.20% ownership stake in Sunesis Pharmaceuticals.

Easterly Acquisition Corp. (EACQ) – Summit Partners Public Asset Management, Llc has filed a new SC 13G, reporting a 9.30% ownership stake in Easterly Acquisition.

Bandwidth Inc. (BAND) – Bowen Susan has filed a new SC 13G, reporting a 20.80% ownership stake in Bandwidth.

Agenus Inc. (AGEN) – Point72 Asset Management, L.P. has filed a new SC 13G, reporting a 6.00% ownership stake in Agenus.

Bandwidth Inc. (BAND) – Kaestner Henry R. has filed a new SC 13G, reporting a 36.30% ownership stake in Bandwidth.

EXACT Sciences Corp. (EXAS) – Lone Pine Capital Llc has filed a new SC 13G, reporting a 5.30% ownership stake in EXACT Sciences.

Bandwidth Inc. (BAND) – Murdock John C. has filed a new SC 13G, reporting a 14.70% ownership stake in Bandwidth.

Bandwidth Inc. (BAND) – Morken David A. has filed a new SC 13G, reporting a 42.60% ownership stake in Bandwidth.

Western Asset High Income Opportunity Income Fund, Inc. (HIO) – Saba Capital Management, L.P. has filed a new SC 13G, reporting a 5.73% ownership stake in Western Asset High Income Opportunity Income Fund.

Corium International, Inc. (CORI) – Rtw Investments, Llc has filed a new SC 13G, reporting a 5.29% ownership stake in Corium International. This is an increase of 12.31% from their previous filing.

Iconix Brand Group, Inc. (ICON) – Radcliffe Capital Management, L.P. has filed a new SC 13G, reporting a 9.50% ownership stake in Iconix Brand Group.

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