Healthcare Hedge Fund Orbimed’s Top Picks and New Move

A 7.69 million share stake in Bristol-Myers Squibb Co (NYSE:BMY) valued at $453.86 million was Orbimed’s second largest holding. The $107.55 billion market-cap company’s recent ventures in the hot area of immuno-oncology has led to its stock price gaining some 25% over the last year. The company recently gained two regulatory approvals for its PD-1 inhibitor Opdivo which treats patients with unresectable (cannot be removed by surgery) or metastatic (advanced) melanoma, who no longer respond to other drugs. Among the hedge funds that we track, 50 had investments totaling $1.44 billion in the company at the end of the fourth quarter compared to 48 funds with $1.37 billion at the end of the previous quarter. Phil Gross and Robert Atchinson’s Adage Capital Management was one of these investors with 4.78 million shares valued at $282.06 million.

Lastly, Orbimed increased its stake in Amgen, Inc. (NASDAQ:AMGN) by 4% during the fourth quarter to 2.70 million shares valued at $431.36 million. Amgen was one of Dan Loeb’s top picks, as his fund Third Point held some 10.67 million shares valued at $1.70 billion according to its latest 13F filing. In regards to the various drugs in its pipeline, Amgen, Inc. (NASDAQ:AMGN) is set to clear ten milestones during 2015. Most analysts are keeping their eyes on Repatha, previously called evolacumab, which is used for the treatment of hypercholesterolemia/hyperlipidemia. Consensus estimate sales in 2019 for Repatha are $1.86 billion. The drug will have its global regulatory review this year. The second prominent drug is Kyprolis, which treats relapsed multiple myeloma and will also undergo global regulatory review this year. The stock is up by nearly 31% over the last 52 weeks.

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