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 |
LOGC
LogicBio Therapeutics, Inc. Common Stock
LOGC
|
+$78.1M |
| 2 |
Synthorx, Inc. Common Stock
THOR
|
+$77.1M |
| 3 |
CVS Health
CVS
|
+$59.3M |
| 4 |
CELG
Celgene Corp
CELG
|
+$58.5M |
| 5 |
Guardant Health
GH
|
+$56.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Jazz Pharmaceuticals
JAZZ
|
+$149M |
| 2 |
ALXN
Alexion Pharmaceuticals
ALXN
|
+$98.5M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$81.7M |
| 4 |
Vertex Pharmaceuticals
VRTX
|
+$81M |
| 5 |
Edwards Lifesciences
EW
|
+$79.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 98.03% |
| 2 | Miscellaneous | 1.18% |
| 3 | Financials | 0.78% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
TCDA
1
DELISTED
Tricida, Inc. Common Stock
TCDA
| $257M | 4.75% |
10,889,280
| – | – |
2018 Q2
2 quarters
|
|
2
Ascendis Pharma A/S
ASND
$16.4B
| $256M | 4.74% |
4,087,373
-68,518
| -2% | -$4.31M |
2015 Q1
15 quarters
|
|
3
Biogen
BIIB
$37.4B
| $251M | 4.65% |
835,249
-75,051
| -8% | -$24M |
2013 Q2
22 quarters
|
|
|
CELG
4
DELISTED
Celgene Corp
CELG
| $209M | 3.86% |
3,256,700
+792,850
| +32% | +$58.5M |
2013 Q2
22 quarters
|
|
5
Boston Scientific
BSX
$61B
| $205M | 3.78% |
5,790,400
-2,073,595
| -26% | -$75.2M |
2014 Q1
19 quarters
|
|
|
ALXN
6
DELISTED
Alexion Pharmaceuticals
ALXN
| $199M | 3.69% |
2,047,400
-833,703
| -29% | -$98.5M |
2013 Q2
22 quarters
|
|
7
Merck
MRK
$370B
| $191M | 3.53% |
2,614,760
-1,099,771
| -30% | -$77.6M |
2016 Q1
11 quarters
|
|
|
8
Vertex Pharmaceuticals
VRTX
$142B
| $188M | 3.47% |
1,133,200
-467,300
| -29% | -$81M |
2013 Q2
22 quarters
|
|
|
WMGI
9
DELISTED
Wright Medical Group Inc
WMGI
| $134M | 2.47% |
4,905,899
-1,533,669
| -24% | -$42.4M |
2014 Q3
17 quarters
|
|
|
AGN
10
DELISTED
Allergan plc
AGN
| $128M | 2.37% |
957,000
-193,405
| -17% | -$31.7M |
2013 Q2
22 quarters
|
|
|
CMTA
11
DELISTED
Clementia Pharmaceuticals Inc.
CMTA
| $123M | 2.27% |
10,425,225
| – | – |
2017 Q3
5 quarters
|
|
12
Viatris
VTRS
$21.9B
| $109M | 2.02% |
3,986,200
-793,400
| -17% | -$25.7M |
2017 Q1
7 quarters
|
|
13
Thermo Fisher Scientific
TMO
$256B
| $97.9M | 1.81% |
437,500
-230,500
| -35% | -$54.1M |
2013 Q2
22 quarters
|
|
|
14
DELISTED
Synthorx, Inc. Common Stock
THOR
| $92.4M | 1.71% |
+5,316,355
| New | +$77.1M |
2018 Q4
0 quarters
|
|
15
Cigna
CI
$78.9B
| $91.7M | 1.7% |
482,700
-151,200
| -24% | -$31.5M |
2017 Q2
6 quarters
|
|
16
Sarepta Therapeutics
SRPT
$1.96B
| $85.2M | 1.58% |
781,000
-73,400
| -9% | -$9.18M |
2017 Q4
4 quarters
|
|
17
Regeneron Pharmaceuticals
REGN
$95B
| $83M | 1.53% |
222,100
-172,300
| -44% | -$63.1M |
2013 Q2
22 quarters
|
|
18
Intuitive Surgical
ISRG
$153B
| $81.7M | 1.51% |
511,500
+234,900
| +85% | +$39.8M |
2013 Q4
20 quarters
|
|
19
Elevance Health
ELV
$90.9B
| $80.2M | 1.48% |
305,400
-168,600
| -36% | -$46.4M |
2018 Q2
2 quarters
|
|
20
Inspire Medical Systems
INSP
$1.97B
| $77.3M | 1.43% |
1,829,449
-614,772
| -25% | -$26.1M |
2018 Q2
2 quarters
|
|
21
Illumina
ILMN
$35.7B
| $73.8M | 1.36% |
252,785
-22,205
| -8% | -$6.88M |
2013 Q2
22 quarters
|
|
|
PRNB
22
DELISTED
Principia Biopharma Inc. Common Stock
PRNB
| $71.4M | 1.32% |
2,605,713
| – | – |
2018 Q3
1 quarter
|
|
|
23
Edwards Lifesciences
EW
$53.3B
| $71.3M | 1.32% |
1,396,800
-1,575,000
| -53% | -$79.7M |
2016 Q1
11 quarters
|
|
|
IMMU
24
DELISTED
Immunomedics Inc
IMMU
| $70.9M | 1.31% |
4,967,403
+638,830
| +15% | +$12.7M |
2015 Q3
13 quarters
|
|
|
LOGC
25
DELISTED
LogicBio Therapeutics, Inc. Common Stock
LOGC
| $67.3M | 1.24% |
+6,466,783
| New | +$78.1M |
2018 Q4
0 quarters
|
|
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OrbiMed's Q4 2018 Portfolio in Review
As of Q4 2018, OrbiMed held 165 positions worth $5.41B, down 35% from $8.3B the previous quarter. Its ten largest holdings account for 37% of the portfolio.
OrbiMed withdrew a net $1.5B in Q4 2018, closing 34 positions and reducing 46 holdings. Its most notable exit was Jazz Pharmaceuticals, an estimated $149M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 98% of assets, down from 98% a quarter earlier, followed by Miscellaneous and Financials.
Against the trend, OrbiMed opened a new position in LogicBio Therapeutics, Inc. Common Stock worth $67.3M.
- OrbiMed's largest Q4 2018 buy was LogicBio Therapeutics, Inc. Common Stock: 6,466,783 shares worth $67.3M.
- OrbiMed added most to Celgene Corp in Q4 2018, an estimated $58.5M increase.
- OrbiMed's biggest Q4 2018 reduction was Alexion Pharmaceuticals, cutting an estimated $98.5M.
- OrbiMed fully exited Jazz Pharmaceuticals in Q4 2018, selling an estimated $149M.
- OrbiMed's ten largest holdings make up 37% of its $5.41B portfolio in Q4 2018.
- OrbiMed opened 19 new positions and closed 34 in Q4 2018.
- OrbiMed's portfolio value fell 35% quarter-over-quarter to $5.41B.
Based on OrbiMed's 13F filing for Q4 2018, filed 14 Feb 2019.