OrbiMed Portfolio holdings
OrbiMed is an investment manager focused exclusively on healthcare, running public equity, private equity and private credit and royalty funds. The firm traces its origins to 1989, when Viren Mehta and Samuel Isaly, both pharmaceutical analysts at the bank S.G Warburg, set up the research and money-management firm Mehta & Isaly; in 1998 it split in two, with Isaly forming OrbiMed and Mehta forming Mehta Partners. Its public equity side covers long/short funds built around corporate events as well as closed-end investment trusts, and OrbiMed launched its first dedicated venture capital fund in 2000 and its first royalty and credit fund in 2011. Carl Gordon, Carter Neild and Geoffrey Hsu form the committee that leads the firm, which is owned and controlled by eight members.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Humana
HUM
|
+$104M |
| 2 |
Cigna
CI
|
+$77.7M |
| 3 |
PRNB
Principia Biopharma Inc. Common Stock
PRNB
|
+$73.5M |
| 4 |
Molina Healthcare
MOH
|
+$62.4M |
| 5 |
Crinetics Pharmaceuticals
CRNX
|
+$56.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alnylam Pharmaceuticals
ALNY
|
+$125M |
| 2 |
Biogen
BIIB
|
+$88.7M |
| 3 |
Select Medical
SEM
|
+$77.6M |
| 4 |
Merck
MRK
|
+$75.8M |
| 5 |
Amicus Therapeutics
FOLD
|
+$74.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 98.19% |
| 2 | Miscellaneous | 1.02% |
| 3 | Financials | 0.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
ALXN
1
DELISTED
Alexion Pharmaceuticals
ALXN
| $401M | 4.82% |
2,881,103
-243,500
| -8% | -$30.5M |
2013 Q2
21 quarters
|
|
|
TCDA
2
DELISTED
Tricida, Inc. Common Stock
TCDA
| $333M | 4.01% |
10,889,280
| – | – |
2018 Q2
1 quarter
|
|
|
3
Biogen
BIIB
$37.5B
| $322M | 3.87% |
910,300
-257,600
| -22% | -$88.7M |
2013 Q2
21 quarters
|
|
4
Vertex Pharmaceuticals
VRTX
$142B
| $308M | 3.72% |
1,600,500
-192,100
| -11% | -$34.2M |
2013 Q2
21 quarters
|
|
5
Boston Scientific
BSX
$60.8B
| $303M | 3.65% |
7,863,995
-1,710,700
| -18% | -$59.7M |
2014 Q1
18 quarters
|
|
6
Ascendis Pharma A/S
ASND
$16.5B
| $294M | 3.55% |
4,155,891
-257,400
| -6% | -$17.7M |
2015 Q1
14 quarters
|
|
|
7
Merck
MRK
$369B
| $251M | 3.03% |
3,714,531
-1,190,109
| -24% | -$75.8M |
2016 Q1
10 quarters
|
|
|
CELG
8
DELISTED
Celgene Corp
CELG
| $220M | 2.66% |
2,463,850
-106,800
| -4% | -$9.44M |
2013 Q2
21 quarters
|
|
|
AGN
9
DELISTED
Allergan plc
AGN
| $219M | 2.64% |
1,150,405
-135,800
| -11% | -$24.9M |
2013 Q2
21 quarters
|
|
|
WMGI
10
DELISTED
Wright Medical Group Inc
WMGI
| $187M | 2.25% |
6,439,568
+116,900
| +2% | +$3.15M |
2014 Q3
16 quarters
|
|
11
Viatris
VTRS
$21.9B
| $175M | 2.11% |
4,779,600
+1,076,800
| +29% | +$40.4M |
2017 Q1
6 quarters
|
|
12
Edwards Lifesciences
EW
$53B
| $172M | 2.08% |
2,971,800
+359,100
| +14% | +$17.6M |
2016 Q1
10 quarters
|
|
13
Thermo Fisher Scientific
TMO
$258B
| $163M | 1.96% |
668,000
+84,500
| +14% | +$19.4M |
2013 Q2
21 quarters
|
|
14
Regeneron Pharmaceuticals
REGN
$96B
| $159M | 1.92% |
394,400
+21,900
| +6% | +$8.33M |
2013 Q2
21 quarters
|
|
15
Jazz Pharmaceuticals
JAZZ
$14B
| $149M | 1.79% |
884,000
-156,100
| -15% | -$26.8M |
2013 Q2
21 quarters
|
|
16
Sarepta Therapeutics
SRPT
$1.97B
| $138M | 1.66% |
854,400
+401,800
| +89% | +$54.9M |
2017 Q4
3 quarters
|
|
|
17
Humana
HUM
$49.8B
| $133M | 1.6% |
393,000
+320,400
| +441% | +$104M |
2018 Q2
1 quarter
|
|
|
18
Cigna
CI
$78.8B
| $132M | 1.59% |
633,900
+419,100
| +195% | +$77.7M |
2017 Q2
5 quarters
|
|
19
Elevance Health
ELV
$91.1B
| $130M | 1.56% |
474,000
-57,800
| -11% | -$15M |
2018 Q2
1 quarter
|
|
20
Bristol-Myers Squibb
BMY
$128B
| $126M | 1.51% |
2,025,800
-354,500
| -15% | -$21M |
2013 Q2
21 quarters
|
|
21
Puma Biotechnology
PBYI
$539M
| $124M | 1.49% |
2,705,181
-27,700
| -1% | -$1.34M |
2014 Q2
17 quarters
|
|
|
CMTA
22
DELISTED
Clementia Pharmaceuticals Inc.
CMTA
| $116M | 1.4% |
10,425,225
| – | – |
2017 Q3
4 quarters
|
|
23
DaVita
DVA
$11.8B
| $104M | 1.25% |
1,445,700
-243,700
| -14% | -$17.2M |
2017 Q4
3 quarters
|
|
24
Inspire Medical Systems
INSP
$1.97B
| $103M | 1.24% |
2,444,221
| – | – |
2018 Q2
1 quarter
|
|
25
Illumina
ILMN
$35.6B
| $98.2M | 1.18% |
274,990
-17,476
| -6% | -$5.6M |
2013 Q2
21 quarters
|
|
Similar funds
OrbiMed's Q3 2018 Portfolio in Review
As of Q3 2018, OrbiMed held 170 positions worth $8.3B, down 0.98% from $8.38B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
OrbiMed withdrew a net $589M in Q3 2018, closing 20 positions and reducing 50 holdings. Its most notable exit was Alnylam Pharmaceuticals, an estimated $125M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 98% of assets, up from 98% a quarter earlier, followed by Miscellaneous and Financials.
Against the trend, OrbiMed opened a new position in Principia Biopharma Inc. Common Stock worth $76.1M.
- OrbiMed's largest Q3 2018 buy was Principia Biopharma Inc. Common Stock: 2,605,713 shares worth $76.1M.
- OrbiMed added most to Humana in Q3 2018, an estimated $104M increase.
- OrbiMed's biggest Q3 2018 reduction was Biogen, cutting an estimated $88.7M.
- OrbiMed fully exited Alnylam Pharmaceuticals in Q3 2018, selling an estimated $125M.
- OrbiMed's ten largest holdings make up 34% of its $8.3B portfolio in Q3 2018.
- OrbiMed opened 22 new positions and closed 20 in Q3 2018.
- OrbiMed's portfolio value fell 0.98% quarter-over-quarter to $8.3B.
Based on OrbiMed's 13F filing for Q3 2018, filed 14 Nov 2018.