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Idera Pharmaceuticals, Inc. (IDRA) and Auris Medical Holding AG (EARS) Activist Update

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Baker Brothers Advisors LP has filed an SC 13D/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 38,956,461 shares of Idera Pharmaceuticals, Inc. (NASDAQ:IDRA). This represents 18.0 percent ownership of the company. Previously, Baker Brothers Advisors LP had reported owning 18,619,136 shares, indicating an increase of 109.23 percent. Idera Pharmaceuticals, Inc. has declared a standard industrial code (sic) of 2836 which is the “Biological Products, Except Diagnostic Substances (Biotech)” industry.

Sofinnova Capital VII FCPR has filed an SC 13D/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 5,384,450 shares of Auris Medical Holding AG (NASDAQ:EARS). This represents 8.8 percent ownership of the company.

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.

Scorpio Tankers Inc. (SBNB) – Lolli-ghetti Annalisa has filed a new SC 13D, reporting a 5.50% ownership stake in Scorpio Tankers.

Amended Activist Investor Filings

Idera Pharmaceuticals, Inc. (IDRA) – Baker Brothers Advisors LP has filed an amended Schedule 13D/A, reporting a 18.00% ownership stake in Idera Pharmaceuticals. This is an increase of 81.82% from their previous filing.

Fluidigm Corp. (FLDM) – Levin Capital Strategies, L.p. has filed an amended Schedule 13D/A, reporting a 32.20% ownership stake in Fluidigm. This is an increase of 4.89% from their previous filing.

Match Group, Inc. (MTCH) – Blatt Gregory R has filed an amended Schedule 13D/A, reporting a 4.30% ownership stake in Match Group. This is a decrease of 27.12% from their previous filing.

Norwegian Cruise Line Holdings Ltd (NCLH) – Apollo Management Holdings GP, LLC has filed an amended Schedule 13D/A, reporting a 15.00% ownership stake in Norwegian Cruise Line Holdings. This is a decrease of 21.05% from their previous filing.

AllianceBernstein Holding L.P. (AB) – Axa Financial Inc has filed an amended Schedule 13D/A, reporting a 3.90% ownership stake in AllianceBernstein Holding. This is a decrease of 2.50% from their previous filing.

Tintri, Inc. (TNTR) – New Enterprise Associates 12, Limited Partnership has filed an amended Schedule 13D/A, reporting a 19.30% ownership stake in Tintri.

Morgan Stanley India Investment Fund, Inc. (IIF) – City Of London Investment Group Plc has filed an amended Schedule 13D/A, reporting a 25.20% ownership stake in Morgan Stanley India Investment Fund. This is a decrease of 3.82% from their previous filing.

Finjan Holdings, Inc. (FNJN) – Bcpi I L P has filed an amended Schedule 13D/A, reporting a 4.90% ownership stake in Finjan Holdings. This is a decrease of 25.76% from their previous filing.

Swiss Helvetia Fund, Inc. (SWZ) – Bulldog Investors, LLC has filed an amended Schedule 13D/A, reporting an updated ownership stake in Swiss Helvetia Fund.

Auris Medical Holding AG (EARS) – Sofinnova Capital VII FCPR has filed an amended Schedule 13D/A, reporting a 8.80% ownership stake in Auris Medical Holding.

CIRCOR International, Inc. (CIR) – Gamco Investors, Inc. Et Al has filed an amended Schedule 13D/A, reporting a 7.22% ownership stake in CIRCOR International. This is a decrease of 20.40% from their previous filing.

ViewRay, Inc. (VRAY) – Orbimed Advisors Llc has filed an amended Schedule 13D/A, reporting a 13.13% ownership stake in ViewRay. This is a decrease of 9.57% from their previous filing.

TICC Capital Corp. (TICC) – Cohen Jonathan H has filed an amended Schedule 13D/A, reporting a 2.60% ownership stake in TICC Capital. This is a decrease of 44.80% from their previous filing.

Park Hotels & Resorts Inc. (PK) – HNA Tourism Group Co., Ltd. has filed an amended Schedule 13D/A, reporting a 24.90% ownership stake in Park Hotels & Resorts. This is a decrease of 0.40% from their previous filing.

Aqua Metals, Inc. (AQMS) – Philotimo Fund, LP has filed an amended Schedule 13D/A, reporting a 7.90% ownership stake in Aqua Metals. This is an increase of 21.54% 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.

Transdigm Group, Inc. (TDG) – Tiger Global Management Llc has filed a new SC 13G, reporting a 5.30% ownership stake in Transdigm Group. This is an increase of 43.24% from their previous filing.

Kingsway Financial Services Inc. (KFS) – Yorkmont Capital Partners, LP has filed a new SC 13G, reporting a 8.30% ownership stake in Kingsway Financial Services.

Aytu BioScience, Inc. (AYTU) – Empery Asset Management, LP has filed a new SC 13G, reporting a 9.38% ownership stake in Aytu BioScience.

Walter Investment Management Corp. (WAC) – Cqs (us), Llc has filed a new SC 13G, reporting a 13.75% ownership stake in Walter Investment Management.

Black Diamond, Inc. (BDE) – Brown Advisory Inc has filed a new SC 13G, reporting a 5.17% ownership stake in Black Diamond. This is an increase of 15.14% from their previous filing.

Amended Passive Investor Filings

First Horizon National Corp. (FHN) – State Street Corp has filed an amended Schedule 13D/A, reporting a 5.15% ownership stake in First Horizon National. This is a decrease of 28.27% from their previous filing.

Proteostasis Therapeutics, Inc. (PTI) – Jennison Associates Llc has filed an amended Schedule 13D/A, reporting a 10.50% ownership stake in Proteostasis Therapeutics. This is an increase of 12.90% from their previous filing.

Citizens First Corp. (CZFC) – Service Capital Advisors, Llc has filed an amended Schedule 13D/A, reporting a 0.00% ownership stake in Citizens First.

ARC Group Worldwide, Inc. (ARCW) – First Eagle Investment Management, LLC has filed an amended Schedule 13D/A, reporting a 9.32% ownership stake in ARC Group Worldwide. This is a decrease of 21.42% from their previous filing.

Marriott Vacations Worldwide Corp (VAC) – Marriott John W Iii has filed an amended Schedule 13D/A, reporting an updated ownership stake in Marriott Vacations Worldwide.

Ooma Inc. (OOMA) – Stang Eric B has filed an amended Schedule 13D/A, reporting a 7.60% ownership stake in Ooma. This is an increase of 41.26% from their previous filing.

Motorcar Parts of America, Inc. (MPAA) – River Road Asset Management, LLC has filed an amended Schedule 13D/A, reporting a 4.90% ownership stake in Motorcar Parts of America. This is a decrease of 2.00% from their previous filing.

BroadSoft, Inc. (BSFT) – Brown Advisory Inc has filed an amended Schedule 13D/A, reporting a 0.00% ownership stake in BroadSoft. This is a decrease of 100.00% from their previous filing.

Deltic Timber Corp. (DEL) – Brown Advisory Inc has filed an amended Schedule 13D/A, reporting a 0.00% ownership stake in Deltic Timber. This is a decrease of 100.00% from their previous filing.

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