Orbimed Advisors Further Cuts Exposure To Intercept Pharmaceuticals Inc. (ICPT)

Orbimed Advisors, led by Samuel Isaly, has disclosed cutting its position in Intercept Pharmaceuticals Inc. (NASDAQ:ICPT). According to the filing, Orbimed Advisors sold 111,258 shares of the company at an average price of nearly $300 apiece. Following the sale, Orbimed Advisors holds 1.49 million shares of Intercept Pharmaceuticals Inc. (NASDAQ:ICPT), down from 1.66 shares the fund reported previously.

Intercept Pharmaceuticals Inc (NASDAQ:ICPT)

Intercept Pharmaceuticals Inc. (NASDAQ:ICPT) is a clinical stage biopharmaceutical company focused on the development and commercialization of novel bile acid therapeutics to treat chronic liver and intestinal diseases. Four months ago, Orbimed Advisors reported selling approximately 81,305 shares of Intercept Pharmaceuticals Inc. (NASDAQ:ICPT).

For the second quarter of 2014, the company reported net income of $33.5 million for the second quarter of 2014, compared to a net loss of $13.5 million for the second quarter of 2013. In April, the company completed an underwritten public offering of 1 million shares of common stock, of which 600,000 shares were sold by the company and 400,000 shares were sold by certain selling stockholders. The public offering price was $320.00 per share, according to a press release.

Also, in April, Intercept Pharmaceuticals Inc. (NASDAQ:ICPT) appointed Rachel McMinn to the newly created position of chief strategy officer. Dr. McMinn is responsible for leading corporate strategy and business development, according to a statement.

Other hedge fund holding stakes in Intercept Pharmaceuticals Inc. (NASDAQ:ICPT) include Viking Global, managed by Andreas Halvorsen, which owns 208,077 shares, and Sectoral Asset Management, led by Jerome Pfund and Michael Sjostrom, which holds 73,993 shares of the company.

Orbimed Advisors is a large health care fund investing in companies at various stages from venture capital to the public markets. The fund tends to focus on pharmaceutical and medical device companies as opposed to hospitals and insurers- products, one might say, as opposed to services. The market value of the fund’s equity portfolio amounted to $8.5 billion as of the end of the second quarter of 2014.

Disclosure: none

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