Peter Kolchinsky’s RA Capital Management reported 7.32% passive stake in Endocyte Inc. (ECYT). According to a regulatory filing, now RA Capital Management has 2.62 million shares in the stock. RA Capital Management initiated its ECYT position during the third quarter and reported 393 thousand shares at the end of September, so its position is up 566% now. The filing also indicates that Peter Kolchinsky bought the shares on December 13th when ECYT dropped more than 60% within one day. The stock is currently trading at $3.42, losing 56% in 2011.
In the third quarter, Anand Parekh’s Alyeska Investment Group had the most in ECYT, with 1.16 million shares. Samuel Isaly’s OrbiMed Advisors had 769 thousand shares, and Jacob Gottlieb’s Visium Asset Management had 555 thousand shares in the stock.
Peter Kolchinsky is the co-founder and general partner of RA Capital Management. He graduated from Harvard with a Ph.D. in virology in 2001. After graduation he got $4 Million from Vertex Pharma co-founder Rich Aldrich and started picking biotech stocks at RA Capital. In 2002 he broke even when the S&P 500 index lost 22%. By the end of 2003, the initial $4 Million investment became $13 Million. Boston-based RA Capital invests in companies with promising drugs and technologies.
According to Google Finance, Endocyte, Inc. “is a biopharmaceutical company. The Company is engaged in developing therapies for the treatment of cancer and inflammatory diseases. Endocyte uses its technology to create small molecule drug conjugates (SMDCs), and companion imaging diagnostics. It is developing a number of different targeting ligands for a range of cancers and inflammatory diseases.”