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 |
Eli Lilly
LLY
|
+$105M |
| 2 |
Biogen
BIIB
|
+$66.5M |
| 3 |
Elevance Health
ELV
|
+$65.4M |
| 4 |
Scholar Rock
SRRK
|
+$27.5M |
| 5 |
argenx
ARGX
|
+$24.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Humana
HUM
|
+$115M |
| 2 |
MRTX
Mirati Therapeutics, Inc. Common Stock
MRTX
|
+$85.3M |
| 3 |
Baxter International
BAX
|
+$84.5M |
| 4 |
Cigna
CI
|
+$66.2M |
| 5 |
AbbVie
ABBV
|
+$49.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 97.96% |
| 2 | Miscellaneous | 1.02% |
| 3 | Industrials | 1.01% |
| 4 | Consumer Staples | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
SVA
1
DELISTED
Sinovac Biotech, Ltd
SVA
| $340M | 6.79% |
2,718,735
| – | – |
2022 Q2
6 quarters
|
|
|
2
Biogen
BIIB
$37.5B
| $214M | 4.28% |
827,600
+270,800
| +49% | +$66.5M |
2013 Q2
42 quarters
|
|
|
3
Eli Lilly
LLY
$1.27T
| $213M | 4.25% |
365,400
+179,400
| +96% | +$105M |
2023 Q1
3 quarters
|
|
4
Boston Scientific
BSX
$61B
| $191M | 3.82% |
3,306,800
| – | – |
2014 Q1
39 quarters
|
|
5
Intuitive Surgical
ISRG
$154B
| $168M | 3.36% |
499,000
| – | – |
2013 Q4
40 quarters
|
|
6
Edgewise Therapeutics
EWTX
$4.15B
| $159M | 3.18% |
14,567,176
| – | – |
2021 Q1
11 quarters
|
|
7
BioMarin Pharmaceuticals
BMRN
$11.3B
| $152M | 3.03% |
1,571,410
-43,800
| -3% | -$3.87M |
2021 Q3
9 quarters
|
|
8
DELISTED
RayzeBio, Inc. Common Stock
RYZB
| $147M | 2.94% |
2,365,213
-257,696
| -10% | -$6.41M |
2023 Q3
1 quarter
|
|
9
Enliven Therapeutics
ELVN
$3.28B
| $125M | 2.49% |
8,998,338
| – | – |
2020 Q1
15 quarters
|
|
10
DELISTED
SpringWorks Therapeutics
SWTX
| $118M | 2.35% |
3,219,359
-749,229
| -19% | -$19.6M |
2019 Q3
17 quarters
|
|
11
Merck
MRK
$371B
| $115M | 2.3% |
1,055,000
| – | – |
2023 Q3
1 quarter
|
|
12
Ionis Pharmaceuticals
IONS
$7.23B
| $104M | 2.09% |
2,064,797
-104,703
| -5% | -$5.02M |
2022 Q2
6 quarters
|
|
13
Disc Medicine
IRON
$3.55B
| $98.3M | 1.96% |
1,702,237
-567,400
| -25% | -$29.1M |
2021 Q1
11 quarters
|
|
|
GRCL
14
DELISTED
Gracell Biotechnologies Inc. American Depositary Shares
GRCL
| $93.5M | 1.87% |
9,308,726
| – | – |
2021 Q1
11 quarters
|
|
15
Tenet Healthcare
THC
$21.9B
| $92.5M | 1.85% |
1,224,400
| – | – |
2021 Q3
9 quarters
|
|
16
Evolent Health
EVH
$465M
| $90.7M | 1.81% |
2,746,532
-149,100
| -5% | -$4.22M |
2021 Q3
9 quarters
|
|
17
United Therapeutics
UTHR
$25.9B
| $84.9M | 1.7% |
386,100
-15,800
| -4% | -$3.64M |
2023 Q2
2 quarters
|
|
18
Xtant Medical Holdings
XTNT
$39.6M
| $82.6M | 1.65% |
73,114,592
| – | – |
2013 Q2
42 quarters
|
|
19
Stryker
SYK
$113B
| $80.6M | 1.61% |
269,000
| – | – |
2020 Q3
13 quarters
|
|
|
20
Scholar Rock
SRRK
$5.26B
| $79.8M | 1.59% |
4,245,000
+2,211,211
| +109% | +$27.5M |
2022 Q2
6 quarters
|
|
21
Thermo Fisher Scientific
TMO
$258B
| $76.3M | 1.52% |
143,800
| – | – |
2013 Q2
42 quarters
|
|
|
VRNA
22
DELISTED
Verona Pharma
VRNA
| $75.1M | 1.5% |
3,777,778
| – | – |
2017 Q2
26 quarters
|
|
23
Vaxcyte
PCVX
$9.8B
| $72.4M | 1.45% |
1,153,091
+145,943
| +14% | +$7.58M |
2020 Q2
14 quarters
|
|
|
THRX
24
DELISTED
Theseus Pharmaceuticals, Inc. Common Stock
THRX
| $71.7M | 1.43% |
17,713,600
| – | – |
2021 Q4
8 quarters
|
|
25
Vertex Pharmaceuticals
VRTX
$142B
| $71.3M | 1.42% |
175,200
+9,800
| +6% | +$3.62M |
2013 Q2
42 quarters
|
|
Similar funds
OrbiMed's Q4 2023 Portfolio in Review
As of Q4 2023, OrbiMed held 142 positions worth $5.01B, up 6.4% from $4.71B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
OrbiMed withdrew a net $363M in Q4 2023, closing 32 positions and reducing 27 holdings. Its most notable exit was Mirati Therapeutics, Inc. Common Stock, an estimated $85.3M 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 Miscellaneous and Industrials.
Against the trend, OrbiMed opened a new position in Elevance Health worth $66.7M.
- OrbiMed's largest Q4 2023 buy was Elevance Health: 141,500 shares worth $66.7M.
- OrbiMed added most to Eli Lilly in Q4 2023, an estimated $105M increase.
- OrbiMed's biggest Q4 2023 reduction was Humana, cutting an estimated $115M.
- OrbiMed fully exited Mirati Therapeutics, Inc. Common Stock in Q4 2023, selling an estimated $85.3M.
- OrbiMed's ten largest holdings make up 36% of its $5.01B portfolio in Q4 2023.
- OrbiMed opened 15 new positions and closed 32 in Q4 2023.
- OrbiMed's portfolio value rose 6.4% quarter-over-quarter to $5.01B.
Based on OrbiMed's 13F filing for Q4 2023, filed 14 Feb 2024.