Summary:
Every quarter we look at the 36 life science hedge funds to determine patterns and to see which tickers are most held by hedge funds
Previously we made available the list of tickers in the most hedge fund top 20s - See our previous blog HERE
See below to see which tickers were in the most hedge funds in general in Q3 & Q4 '22 as well as which were newly added
See more about our Q3 analysis HERE after subscribing. learn more here!
At BPIQ we track quarterly 13F filings for some of the largest, best known biotech hedge funds. For Q4 '22 we analyzed all 36 life science hedge funds known to us (see our previous blog HERE). We are now doing an additional analysis to see which tickers were held in the most hedge funds, (not just in the Top 20s likel previously). WEe are also analyzing how these holdings compare from Q3 to Q4 '22 and which htickers were added to the most hedge funds in those two quarters.
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Most common tickers in 36 hedge funds
See Table 1 for the tickers in the most hedge funds in Q4 '22. Contained are the tickers in at least 8 hedge funds (no matter if it was Top 20 or just anywhere in the funds). See more about our Q3 analysis HERE after subscribing.
Table 1. Tickers in at least 8 hedge funds at the end of Q4 '22
See our BPIQ Pro article HERE for top tickers in at least 5 hedge funds and more analysis from Q3 '22.
While there was quite a bit of overlap between these tickers in Q3 and Q4, we noticed four tickers that were in many funds in Q3 and Q4 and that were in more funds at the end of Q4 than in Q3. These tickers were ISEE, MRTX, VRDN, and COGT.
ISEE:
In 14 hedge funds in Q3 and 15 hedge funds in Q4
Readout in Q3 2022: Positive Ph3 data reported from Zimura on 9/6/22.
Stock moved +66%. Stock has been running up since then so likely why still in so many hedge funds
MRTX:
In 13 hedge funds in Q3 and 14 hedge funds in Q4
Readout in Q2 2022: late breaking NSCLC data on 6/6/2022. Stock jumped 36% then had some ups and downs until a big drop early Dec when Ph3 SAPPHIRE updated data was reported and NSCLC data was presented. many hedge funds still kept MRTX in Q4.
VRDN:
Iin 11 hedge funds in Q3 and 13 hedge funds in Q4
Big jump in August 16 and been running up since then. Positive initial data from Ph1/2 trial was reported in August, stock moved 49%.
COGT:
In 12 hedge funds in Q3 and 13 hedge funds in Q4
Stock jump on Jun 10 from positive Ph2 trial data - stock moved 59%.
All of these tickers were in at least 10 hedge funds in Q3, and all were in even more hedge funds in Q4. While MRTX saw a large drop in early December, hedge funds still seemed confident to keep the ticker in their holdings. As a reminder, we analyze holdings at the end of the quarter, so more funds may have held these tickers during the fourth quarter, but sold them before December 30. ISEE, VRDN, and COGT all saw run-ups in Q4.
Most common newly added tickers in Q3 and Q4
See Table 2 for the tickers that were newly added in the most funds in Q4.
Table 2. Most commonly added tickers in Q4 '22
Q4 most common new holdings:
IMVT:
IMVT focuses on autoimmune diseases.
In early September 2022, the company announced two new indications for Phase 2 batoclimab, CIDP and Graves’ Disease, with results expected in H12024 and H2 2023, respectively.
The stock went up after this announcement until January, where the stock slowly started to level out in the mid to upper teens.
VRNA:
VRNA focuses on respiratory disease.
VRNA was a common new stock for both Q3 and Q4 for hedge funds.
On May 3rd, 2022, the company announced that topline data from Phase 3 data from ENHANCE-2 trial would be reported in Q3 2022 and ENHANCE-1 would be around the end of 2022.
On December 20th, 2022 the company shared positive data from the ENHANCE trials, Ensiffentrine, for COPD.
The stock jumped up after that meeting and has been holding steady since.
CABA:
CABA uses T cell therapies for drug discovery in autoimmune diseases.
On November 10th, 2022, the company had a press release stating a number of different advances.
The company submitted an IND for CABA-201 and obtained an exclusive license from IASO biotherapeutics.
The company announced anticipated data readouts for DSG3-CAART in Q1 2023 and MuSK-CAART in Q1 2024.
After this, the company's stock went up until mid-February where it went down and has been holding steady since.
VKTX:
VKTX focuses on metabolic and endocrine disorder.
In December 2022 the company shared positive data about their NASH drug, VK2809, and anticipated more data for Q2 of 2023.
The company has seen a run-up since announcing this positive data in December with more data anticipated for Q2 2023.
Q3 most common new holdings:
See the most commonly added holdings in Q3 HERE after subscribing.
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