BPIQ Q2 2022 Biotech Hedge Fund (13F) Analysis
- BiopharmIQ
- Aug 12, 2022
- 7 min read
Updated: Sep 22, 2022
SUMMARY
Biotech Hedge Funds Data Provides Investment Ideas for Retail Investors
We analyzed the Q2 2022 holdings of top biotech hedge funds
SGEN is found in the top 20 of 5 of the 11 funds we analyzed
SGEN, HLVX, BMRN, HZNP, XBI, ACLX were newly acquired by 2 funds
Detailed data from 11 funds is provided below, and can be found in our Q2 2022 Biotech Hedge Fund Google Sheet.
Instant Free Access to Pro Version of this Article
Which company was held in the most funds (7of 11)? Find out the answer and more in our Pro version of this article.
CLICK HERE to sign up for our FREE informative emails for biotech investors and you will get instant access to the full pro version of this article + more.
Intro
At BPIQ we track quarterly 13F filings for some of the largest biotech hedge funds. These filings provide valuable information, for example regarding the positions of each stock in the portfolio and the percent change from the prior quarter. Q2 2022 13F filings by the hedge funds with the Securities And Exchange Commission (SEC) must be made on or before August 15, 2022. They typically are made on or a few days before the deadline.
We focus on EcoR1, RA Capitol, Baker Brothers, Perceptive Advisors, Orbimed Partners, some of the largest and best known biotech hedge funds, and this quarter analyzed Opaleye, NEA Management, Cormorant, Logos, Casdin and Redmile Group too. Although like most biotech investors these funds had a tough year in 2021 (See "Hedge Funds Suffer Big Losses in Biotech Rout" (The Wall Street Journal 12/6/21)), these hedge fund portfolios provide investment ideas and can be used to confirm your favorite picks.
Results of Analysis
We posted detailed info for the Q2 holdings of these funds in our Q2 2022 Biotech Hedge Fund Google Sheet (https://bit.ly/3K62IQp). The sheet includes detailed info regarding all the holdings for all these funds, and changes from Q1 2022. Furthermore, we include details below, regarding the top holdings and more, for these top biotech hedge funds.
Performance And Cross-fund Holdings
The companies held by the most funds as of the end of Q2, holdings that were held by 3 or more funds, beat XBI's return by over 100% from the end of Q2 until 9/19/22! Thus, although a number of top picks of these funds did not do well, overall the 98 tickers that were in 3 or more funds, the most common picks across funds, beat XBI by over 100%. Some of the companies that were held by 3 or more funds included ABCL, ABSI, ACAD, ALGS, ALLK, APLS, ARQT, ASND, AVTE, BCEL and BMRN. The companies held in 5 or more funds were CRNX, DSGN, EWTX, MRTX, TVTX, and VRNA.
Which 2 companies were held in the most funds (6 & 7 of 11 funds)? Find out the answer and more in our Pro version of this article. CLICK HERE to sign up for our FREE informative emails for biotech investors and you will get instant access to the full pro version of this article.
Top 20 Holdings
SGEN is found in 5 of the 11 funds top 20 holdings, while HZNP is found in 4 of the 11 funds top 20 holdings that we analyzed. These were the only companies in the top 20 holdings of at least 4 of the funds. It is interesting that SGEN shows up on this top holding list since there has been much attention to the rumored possible acquisition of SGEN by MRK.
Closed Positions
ZNTL, RCUS, HLTH, GRPH, BCYC, PTGX, RPTX, NVAX, VERV, CGEM, HLXA, IGMS were the stocks whose positions were closed out by 2 of the hedge funds. The position of MRTX was closed out by 3 funds last quarter. The only company to be closed out by more than 2 funds). However, MRTX is still held by 5 of these 11 funds. This is interesting as MRTX's lead compound is the lead competitor for AMGN's KRAS inhibitor, LUMAKRAS. Recent data for LUMAKRAS was generally seen as disappointing and likely applicable to MRTX's compound as well. In Q2 MRTX stock dropped more than 20% during the quarter. The date that the position was closed is not included in the 13F filing. So it is not possible from the 13F filing to know whether a fund sold its MRTX position early in the quarter when MRTX was still above $85 per share, or in early June when it was below $50 per share, or at a date in between. Since the end of Q2 MRTX is currently up about 15%.
New Positions
Next, we analyzed the positions that were newly acquired by these biotech hedge funds in Q2 2022. SGEN, HLVX, BMRN, HZNP, XBI, ACLX were acquired by 2 funds. It is noteworthy that has word of a possible acquisition of SGEN by MRK surfaced last quarter, at least 2 of the biotech hedge funds added SGEN to their holdings. We don't know the exact timing from the 13F filing so we don't know if that was before or after the news broke.
Instant Free Access to Pro Version of this Article
Which company was held in the most funds (7of 11)? Find out the answer and more in our Pro version of this article.
CLICK HERE to sign up for our FREE informative emails for biotech investors and you will get instant access to the full pro version of this article with deeper analysis of the holdings of top biotech hedge funds that will give you more investment ideas. Plus, this free sign up gives you instant access to our free catalyst calendar, pipeline screener, hedge fund search engine + more.
Detailed Data
Table of Contents
EcoR1
Table EcoR1-1. The following stocks were added to the EcoR1 fund in Q2, 2022:
Table EcoR1-2. All of the shares of the following stocks were sold in the ECOR1 fund in Q2, 2022:
Table Eco-R1-3. ECOR1 Top 10 holdings Q2 2022
Perceptive
Table Perceptive-1. The following stocks were added to the Perceptive fund in Q2, 2022:
Table Perceptive-2. All of the shares of the following stocks were sold in the Perceptive fund in Q2, 2022:
Table Perceptive-3. Perceptive Top 10 holdings Q2 2022
RA Capital
Table RA-1. The following stocks were added to the RA cap fund in Q2, 2022:
Table RA-2. All of the shares of the following stocks were sold in the RA cap fund in Q2, 2022:
Table RA-3. RA cap Top 10 holdings Q2 2022
Orbimed
Table ORB-1. The following stocks were added to the Orbimed fund in Q2, 2022:
Table ORB-2. All of the shares of the following stocks were sold in the Orbimed fund in Q2, 2022:
Table ORB-3. Orbimed Top 10 holdings Q2 2022
Baker Bros
Table Baker-1. The following stocks were added to the Baker bros fund in Q2, 2022:
Table Baker-2. All of the shares of the following stocks were sold in the Baker bros fund in Q2, 2022:
Table Baker-3. Baker bros Top 10 holdings Q2 2022
Opaleye
Opal-1. The following stocks were added to the Opaleye fund in Q2, 2022:
Table Opal-2. All of the shares of the following stocks were sold in the Opaleye fund in Q2, 2022:
Table Opal-3. Opaleye Top 10 holdings Q2 2022
NEA Management
Table NEA-1. The following stocks were added to the NEA Management fund in Q2, 2022:
Table NEA-2. All of the shares of the following stocks were sold in the NEA Management fund in Q2, 2022:
Table NEA-3. NEA Management Top 10 holdings Q2 2022
Redmile Group
Table RED-1. The following stocks were added to the Redmile fund in Q2, 2022:
Table RED-2. All of the shares of the following stocks were sold in the Redmile fund in Q2, 2022:
Table RED-3. Redmile Top 10 holdings Q2 2022
Logos Global Management
Table LOGO-1. The following stocks were added to the Logos fund in Q2, 2022:
Table LOGO-2. All of the shares of the following stocks were sold in the Logos fund in Q2, 2022:
Table LOGO-3. Logos Top 10 holdings Q2 2022
Cormorant Asset Management
Table Corm-1. The following stocks were added to the Cormorant fund in Q2, 2022:
Table Corm-2. All of the shares of the following stocks were sold in the Cormorant fund in Q2, 2022:
Table Corm-3. Cormorant Top 10 holdings Q2 2022
Casdin Capital
Table Casdin-1. The following stocks were added to the Casdin fund in Q2, 2022:
Table Casdin-2. All of the shares of the following stocks were sold in the Casdin fund in Q2, 2022:
Table Casdin-3. Casdin Top 10 holdings Q2 2022
CLICK HERE to sign up for our FREE informative emails about biotech investing and you will get access to the full version of this post with deeper analysis that will give you more investment ideas. Plus, this will give you access to our free catalyst calendar, pipeline screener, and hedge fund search engine.
With an Amp Pro Which five companies were held in the top 20 of 3 of these funds? The position of which company was closed out by 3 funds last quarter (the only company to be closed out by more than 2 funds)? Find out these answers and more in our deeper analysis of these hedge fund holdings in our BPIQ Pro Q2 22 hedge fund forum post. With an Amp Pro subscription, you will get access to all our BPIQ Pro content and up to date info on the holdings of our 4 private, real money biotech investment accounts, run by long-time biotech investor and patent attorney Manny Vacchiano, JD, PhD, and more. Hurry to get in on our current special running until the end of the month: Learn more here.
Which five companies were held in the top 20 of 3 of these funds? The position of which company was closed out by 3 funds last quarter (the only company to be closed out by more than 2 funds)? Find out these answers and more in our deeper analysis of these hedge fund holdings in our BPIQ Pro Q2 22 hedge fund forum post. With an Amp Pro subscription, you will get access to all our BPIQ Pro content and up to date info on the holdings of our 4 private, real money biotech investment accounts, run by long-time biotech investor and patent attorney Manny Vacchiano, JD, PhD, and more. Hurry to get in on our current special running until the end of the month: Learn more here.
This article is NOT legal, investment or tax advice. Please do your own diligence before making any investments.
History:
Posted 8/19/22 by JM and updated 8/14/22 (EJV); wk of 8/21/22 JM; 8/29/22 (EJV); 9/6/22, 9/10/22 & 9/22/22 by EJV
Comments