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 |
Alector
ALEC
|
+$249M |
| 2 |
Neurocrine Biosciences
NBIX
|
+$112M |
| 3 |
Teva Pharmaceutical Industries Limited
TEVA
|
+$71.9M |
| 4 |
ENDP
Endo International plc
ENDP
|
+$58M |
| 5 |
AVDR
Avedro, Inc Common Stock
AVDR
|
+$53M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CELG
Celgene Corp
CELG
|
+$259M |
| 2 |
Biogen
BIIB
|
+$235M |
| 3 |
AGN
Allergan plc
AGN
|
+$128M |
| 4 |
CVS Health
CVS
|
+$52M |
| 5 |
Centene
CNC
|
+$48.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 97.6% |
| 2 | Miscellaneous | 1.26% |
| 3 | Financials | 1.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Ascendis Pharma A/S
ASND
$16.5B
| $467M | 7.23% |
3,970,673
-116,700
| -3% | -$10.2M |
2015 Q1
16 quarters
|
|
|
TCDA
2
DELISTED
Tricida, Inc. Common Stock
TCDA
| $421M | 6.51% |
10,889,280
| – | – |
2018 Q2
3 quarters
|
|
|
CMTA
3
DELISTED
Clementia Pharmaceuticals Inc.
CMTA
| $272M | 4.21% |
10,425,225
| – | – |
2017 Q3
6 quarters
|
|
|
ALXN
4
DELISTED
Alexion Pharmaceuticals
ALXN
| $265M | 4.1% |
1,957,200
-90,200
| -4% | -$11.2M |
2013 Q2
23 quarters
|
|
|
5
Alector
ALEC
$240M
| $247M | 3.82% |
+13,182,329
| New | +$249M |
2019 Q1
0 quarters
|
|
6
Boston Scientific
BSX
$60.9B
| $222M | 3.44% |
5,790,400
| – | – |
2014 Q1
20 quarters
|
|
7
Merck
MRK
$371B
| $214M | 3.31% |
2,693,465
+78,705
| +3% | +$5.89M |
2016 Q1
12 quarters
|
|
8
Vertex Pharmaceuticals
VRTX
$142B
| $176M | 2.72% |
955,300
-177,900
| -16% | -$32.9M |
2013 Q2
23 quarters
|
|
|
9
Neurocrine Biosciences
NBIX
$15B
| $162M | 2.5% |
1,833,200
+1,339,000
| +271% | +$112M |
2018 Q1
4 quarters
|
|
10
Viatris
VTRS
$21.9B
| $138M | 2.13% |
4,861,800
+875,600
| +22% | +$25.5M |
2017 Q1
8 quarters
|
|
11
Edwards Lifesciences
EW
$53.4B
| $137M | 2.12% |
2,145,000
+748,200
| +54% | +$42.7M |
2016 Q1
12 quarters
|
|
|
WMGI
12
DELISTED
Wright Medical Group Inc
WMGI
| $132M | 2.04% |
4,187,799
-718,100
| -15% | -$21.8M |
2014 Q3
18 quarters
|
|
13
Thermo Fisher Scientific
TMO
$258B
| $122M | 1.9% |
447,300
+9,800
| +2% | +$2.44M |
2013 Q2
23 quarters
|
|
14
Intuitive Surgical
ISRG
$154B
| $120M | 1.86% |
630,900
+119,400
| +23% | +$21.2M |
2013 Q4
21 quarters
|
|
15
Guardant Health
GH
$23.9B
| $118M | 1.82% |
1,534,464
| – | – |
2018 Q4
1 quarter
|
|
16
DELISTED
Synthorx, Inc. Common Stock
THOR
| $108M | 1.68% |
5,316,355
| – | – |
2018 Q4
1 quarter
|
|
17
Sarepta Therapeutics
SRPT
$1.96B
| $98.7M | 1.53% |
828,400
+47,400
| +6% | +$6.09M |
2017 Q4
5 quarters
|
|
18
Elevance Health
ELV
$91.4B
| $93.3M | 1.44% |
325,200
+19,800
| +6% | +$5.73M |
2018 Q2
3 quarters
|
|
19
Bausch Health
BHC
$3.2B
| $92.4M | 1.43% |
3,740,700
+140,400
| +4% | +$3.35M |
2018 Q3
2 quarters
|
|
|
PRNB
20
DELISTED
Principia Biopharma Inc. Common Stock
PRNB
| $88.6M | 1.37% |
2,605,713
| – | – |
2018 Q3
2 quarters
|
|
21
Regeneron Pharmaceuticals
REGN
$93.9B
| $88.2M | 1.37% |
214,800
-7,300
| -3% | -$3.01M |
2013 Q2
23 quarters
|
|
22
DELISTED
Deciphera Pharmaceuticals, Inc. Common Stock
DCPH
| $84M | 1.3% |
3,618,171
+1,175,971
| +48% | +$30.8M |
2017 Q3
6 quarters
|
|
23
Inspire Medical Systems
INSP
$2B
| $83.5M | 1.29% |
1,471,000
-358,449
| -20% | -$19.4M |
2018 Q2
3 quarters
|
|
|
IMMU
24
DELISTED
Immunomedics Inc
IMMU
| $82M | 1.27% |
4,270,403
-697,000
| -14% | -$11.2M |
2015 Q3
14 quarters
|
|
25
eHealth
EHTH
$16.1M
| $73.6M | 1.14% |
1,181,214
+81,214
| +7% | +$4.48M |
2015 Q1
16 quarters
|
|
Similar funds
OrbiMed's Q1 2019 Portfolio in Review
As of Q1 2019, OrbiMed held 155 positions worth $6.46B, up 19% from $5.41B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
OrbiMed withdrew a net $262M in Q1 2019, closing 30 positions and reducing 25 holdings. Its most notable exit was Allergan plc, an estimated $128M 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 Alector worth $247M.
- OrbiMed's largest Q1 2019 buy was Alector: 13,182,329 shares worth $247M.
- OrbiMed added most to Neurocrine Biosciences in Q1 2019, an estimated $112M increase.
- OrbiMed's biggest Q1 2019 reduction was Celgene Corp, cutting an estimated $259M.
- OrbiMed fully exited Allergan plc in Q1 2019, selling an estimated $128M.
- OrbiMed's ten largest holdings make up 40% of its $6.46B portfolio in Q1 2019.
- OrbiMed opened 25 new positions and closed 30 in Q1 2019.
- OrbiMed's portfolio value rose 19% quarter-over-quarter to $6.46B.
Based on OrbiMed's 13F filing for Q1 2019, filed 15 May 2019.