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 |
Disc Medicine
IRON
|
+$97.9M |
| 2 |
UnitedHealth
UNH
|
+$60M |
| 3 |
Ionis Pharmaceuticals
IONS
|
+$51.5M |
| 4 |
CINC
CinCor Pharma, Inc. Common Stock
CINC
|
+$37.9M |
| 5 |
Tenet Healthcare
THC
|
+$26.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TCDA
Tricida, Inc. Common Stock
TCDA
|
+$108M |
| 2 |
argenx
ARGX
|
+$94.8M |
| 3 |
AbbVie
ABBV
|
+$80.5M |
| 4 |
Pfizer
PFE
|
+$57.8M |
| 5 |
Guardant Health
GH
|
+$53.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 98.41% |
| 2 | Miscellaneous | 1.59% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
SVA
1
DELISTED
Sinovac Biotech, Ltd
SVA
| $340M | 6.5% |
2,718,735
| – | – |
2022 Q2
2 quarters
|
|
|
2
UnitedHealth
UNH
$365B
| $202M | 3.86% |
380,500
+113,300
| +42% | +$60M |
2020 Q4
8 quarters
|
|
3
Bristol-Myers Squibb
BMY
$128B
| $186M | 3.56% |
2,584,900
| – | – |
2019 Q4
12 quarters
|
|
4
Boston Scientific
BSX
$60.7B
| $180M | 3.45% |
3,898,200
| – | – |
2014 Q1
35 quarters
|
|
5
Humana
HUM
$49.3B
| $179M | 3.42% |
348,700
| – | – |
2019 Q3
13 quarters
|
|
6
BioMarin Pharmaceuticals
BMRN
$11.3B
| $167M | 3.2% |
1,615,210
-102,100
| -6% | -$9.6M |
2021 Q3
5 quarters
|
|
7
Intuitive Surgical
ISRG
$153B
| $165M | 3.15% |
620,500
+47,800
| +8% | +$11.7M |
2013 Q4
36 quarters
|
|
8
DELISTED
SpringWorks Therapeutics
SWTX
| $137M | 2.61% |
5,250,000
-275,926
| -5% | -$6.8M |
2019 Q3
13 quarters
|
|
9
Edgewise Therapeutics
EWTX
$4.16B
| $130M | 2.49% |
14,567,176
| – | – |
2021 Q1
7 quarters
|
|
10
Sarepta Therapeutics
SRPT
$1.96B
| $126M | 2.41% |
972,300
+53,800
| +6% | +$6.23M |
2017 Q4
20 quarters
|
|
|
VRNA
11
DELISTED
Verona Pharma
VRNA
| $119M | 2.29% |
4,572,289
-1,122,552
| -20% | -$14.9M |
2017 Q2
22 quarters
|
|
12
Stryker
SYK
$113B
| $118M | 2.25% |
481,000
+57,900
| +14% | +$13.1M |
2020 Q3
9 quarters
|
|
|
SGEN
13
DELISTED
Seagen Inc. Common Stock
SGEN
| $117M | 2.25% |
913,812
+151,212
| +20% | +$19.5M |
2021 Q3
5 quarters
|
|
14
Compass Therapeutics
CMPX
$138M
| $112M | 2.15% |
22,362,850
+402,000
| +2% | +$1.6M |
2021 Q4
4 quarters
|
|
15
Thermo Fisher Scientific
TMO
$256B
| $111M | 2.13% |
202,200
| – | – |
2013 Q2
38 quarters
|
|
|
THRX
16
DELISTED
Theseus Pharmaceuticals, Inc. Common Stock
THRX
| $85.8M | 1.64% |
17,233,668
+192,000
| +1% | +$1.12M |
2021 Q4
4 quarters
|
|
17
Neurocrine Biosciences
NBIX
$14.9B
| $82.1M | 1.57% |
687,700
-208,845
| -23% | -$24.5M |
2018 Q1
19 quarters
|
|
18
Keros Therapeutics
KROS
$218M
| $80.6M | 1.54% |
1,679,417
| – | – |
2020 Q2
10 quarters
|
|
19
Evolent Health
EVH
$476M
| $79.3M | 1.52% |
2,824,832
+830,115
| +42% | +$23.8M |
2021 Q3
5 quarters
|
|
20
Vertex Pharmaceuticals
VRTX
$142B
| $78.4M | 1.5% |
271,500
-101,700
| -27% | -$31M |
2013 Q2
38 quarters
|
|
21
Natera
NTRA
$59.4B
| $78.2M | 1.5% |
1,946,353
+441,200
| +29% | +$18.2M |
2015 Q3
29 quarters
|
|
22
DELISTED
Terns Pharmaceuticals
TERN
| $77.6M | 1.48% |
7,619,135
+137,931
| +2% | +$918K |
2021 Q1
7 quarters
|
|
|
23
Ionis Pharmaceuticals
IONS
$7.23B
| $75.3M | 1.44% |
1,993,600
+1,224,700
| +159% | +$51.5M |
2022 Q2
2 quarters
|
|
24
ARS Pharmaceuticals
SPRY
$338M
| $74.6M | 1.43% |
8,740,887
| – | – |
2020 Q4
8 quarters
|
|
25
Biogen
BIIB
$37.3B
| $71.5M | 1.37% |
258,200
+33,600
| +15% | +$9.49M |
2013 Q2
38 quarters
|
|
Similar funds
OrbiMed's Q4 2022 Portfolio in Review
As of Q4 2022, OrbiMed held 139 positions worth $5.23B, down 3% from $5.39B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
OrbiMed withdrew a net $204M in Q4 2022, closing 24 positions and reducing 20 holdings. Its most notable exit was Tricida, Inc. Common Stock, an estimated $108M 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.
Against the trend, OrbiMed opened a new position in Horizon Therapeutics Public Limited Company Ordinary Shares worth $19.5M.
- OrbiMed's largest Q4 2022 buy was Horizon Therapeutics Public Limited Company Ordinary Shares: 171,000 shares worth $19.5M.
- OrbiMed added most to Disc Medicine in Q4 2022, an estimated $97.9M increase.
- OrbiMed's biggest Q4 2022 reduction was argenx, cutting an estimated $94.8M.
- OrbiMed fully exited Tricida, Inc. Common Stock in Q4 2022, selling an estimated $108M.
- OrbiMed's ten largest holdings make up 35% of its $5.23B portfolio in Q4 2022.
- OrbiMed opened 8 new positions and closed 24 in Q4 2022.
- OrbiMed's portfolio value fell 3% quarter-over-quarter to $5.23B.
Based on OrbiMed's 13F filing for Q4 2022, filed 14 Feb 2023.