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 |
SpringWorks Therapeutics
SWTX
|
+$175M |
| 2 |
Humana
HUM
|
+$51M |
| 3 |
MRTX
Mirati Therapeutics, Inc. Common Stock
MRTX
|
+$50.2M |
| 4 |
BLU
BELLUS Health Inc.
BLU
|
+$49.6M |
| 5 |
Ultragenyx Pharmaceutical
RARE
|
+$41M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Agilent Technologies
A
|
+$66.7M |
| 2 |
Boston Scientific
BSX
|
+$62.9M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$61M |
| 4 |
Merck
MRK
|
+$51.7M |
| 5 |
Illumina
ILMN
|
+$51.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 97.59% |
| 2 | Financials | 1.42% |
| 3 | Miscellaneous | 1% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Ascendis Pharma A/S
ASND
$16.5B
| $358M | 6.8% |
3,719,173
-127,500
| -3% | -$14.2M |
2015 Q1
18 quarters
|
|
|
TCDA
2
DELISTED
Tricida, Inc. Common Stock
TCDA
| $343M | 6.51% |
11,114,280
| – | – |
2018 Q2
5 quarters
|
|
|
3
Boston Scientific
BSX
$60.8B
| $214M | 4.07% |
5,268,700
-1,483,800
| -22% | -$62.9M |
2014 Q1
22 quarters
|
|
4
Alector
ALEC
$241M
| $181M | 3.43% |
12,532,329
-650,000
| -5% | -$11.7M |
2019 Q1
2 quarters
|
|
|
PRVL
5
DELISTED
Prevail Therapeutics Inc. Common Stock
PRVL
| $170M | 3.22% |
13,822,463
| – | – |
2019 Q2
1 quarter
|
|
|
6
Merck
MRK
$369B
| $164M | 3.12% |
2,047,897
-645,568
| -24% | -$51.7M |
2016 Q1
14 quarters
|
|
|
ALXN
7
DELISTED
Alexion Pharmaceuticals
ALXN
| $163M | 3.09% |
1,663,285
-262,800
| -14% | -$29.6M |
2013 Q2
25 quarters
|
|
|
8
DELISTED
SpringWorks Therapeutics
SWTX
| $161M | 3.05% |
+7,406,307
| New | +$175M |
2019 Q3
0 quarters
|
|
9
Vertex Pharmaceuticals
VRTX
$142B
| $143M | 2.72% |
846,400
-126,900
| -13% | -$22.4M |
2013 Q2
25 quarters
|
|
10
Neurocrine Biosciences
NBIX
$14.9B
| $142M | 2.69% |
1,575,170
-258,030
| -14% | -$24.1M |
2018 Q1
6 quarters
|
|
11
Edwards Lifesciences
EW
$53.3B
| $112M | 2.12% |
1,523,400
-621,600
| -29% | -$43.7M |
2016 Q1
14 quarters
|
|
12
Intuitive Surgical
ISRG
$153B
| $111M | 2.11% |
616,800
-14,100
| -2% | -$2.44M |
2013 Q4
23 quarters
|
|
|
TPTX
13
DELISTED
Turning Point Therapeutics, Inc. Common Stock
TPTX
| $103M | 1.96% |
2,745,327
+177,777
| +7% | +$7.74M |
2019 Q2
1 quarter
|
|
14
Thermo Fisher Scientific
TMO
$256B
| $102M | 1.94% |
351,900
-110,900
| -24% | -$31.8M |
2013 Q2
25 quarters
|
|
15
Iovance Biotherapeutics
IOVA
$3.81B
| $101M | 1.92% |
5,548,326
| – | – |
2015 Q1
18 quarters
|
|
16
Natera
NTRA
$59.2B
| $98.4M | 1.87% |
3,000,128
-224,200
| -7% | -$6.63M |
2015 Q3
16 quarters
|
|
|
AVDR
17
DELISTED
Avedro, Inc Common Stock
AVDR
| $96.3M | 1.83% |
4,240,128
| – | – |
2019 Q1
2 quarters
|
|
18
Inspire Medical Systems
INSP
$1.97B
| $89.8M | 1.7% |
1,471,000
| – | – |
2018 Q2
5 quarters
|
|
19
DELISTED
Synthorx, Inc. Common Stock
THOR
| $86.5M | 1.64% |
5,316,355
| – | – |
2018 Q4
3 quarters
|
|
20
NextCure
NXTC
$28.7M
| $83.6M | 1.59% |
225,918
| – | – |
2019 Q2
1 quarter
|
|
21
DELISTED
Deciphera Pharmaceuticals, Inc. Common Stock
DCPH
| $83.5M | 1.58% |
2,460,571
-1,157,600
| -32% | -$34.3M |
2017 Q3
8 quarters
|
|
|
WMGI
22
DELISTED
Wright Medical Group Inc
WMGI
| $79.2M | 1.5% |
3,837,250
-350,549
| -8% | -$8.34M |
2014 Q3
20 quarters
|
|
23
eHealth
EHTH
$15.9M
| $74.6M | 1.42% |
1,117,414
+207,600
| +23% | +$18.7M |
2015 Q1
18 quarters
|
|
24
Bausch Health
BHC
$3.1B
| $72.4M | 1.37% |
3,312,300
-428,400
| -11% | -$9.8M |
2018 Q3
4 quarters
|
|
|
LOGC
25
DELISTED
LogicBio Therapeutics, Inc. Common Stock
LOGC
| $69.9M | 1.33% |
6,466,783
| – | – |
2018 Q4
3 quarters
|
|
Similar funds
OrbiMed's Q3 2019 Portfolio in Review
As of Q3 2019, OrbiMed held 148 positions worth $5.27B, down 18% from $6.46B the previous quarter. Its ten largest holdings account for 39% of the portfolio.
OrbiMed withdrew a net $403M in Q3 2019, closing 32 positions and reducing 35 holdings. Its most notable exit was Agilent Technologies, an estimated $66.7M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 98% of assets, up from 97% a quarter earlier, followed by Financials and Miscellaneous.
Against the trend, OrbiMed opened a new position in SpringWorks Therapeutics worth $161M.
- OrbiMed's largest Q3 2019 buy was SpringWorks Therapeutics: 7,406,307 shares worth $161M.
- OrbiMed added most to Ultragenyx Pharmaceutical in Q3 2019, an estimated $41M increase.
- OrbiMed's biggest Q3 2019 reduction was Boston Scientific, cutting an estimated $62.9M.
- OrbiMed fully exited Agilent Technologies in Q3 2019, selling an estimated $66.7M.
- OrbiMed's ten largest holdings make up 39% of its $5.27B portfolio in Q3 2019.
- OrbiMed opened 20 new positions and closed 32 in Q3 2019.
- OrbiMed's portfolio value fell 18% quarter-over-quarter to $5.27B.
Based on OrbiMed's 13F filing for Q3 2019, filed 14 Nov 2019.