Redmile Group’s Top Q4 Moves as Its Long Positions Show Gains of 20% in 2015

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The San Francisco-based firm increased its position in Ironwood Pharmaceuticals Inc. (NASDAQ:IRWD) by a whopping 3.48 million shares during the October-to-December period to 3.67 million shares, worth $42.55 million. The commercial biotechnology company currently relies on its only commercial product called linaclotide, which was approved by the FDA in 2012 for the treatment of irritable bowel syndrome with constipation (IBS-C) or chronic-idiopathic constipation (CIC). The product is available to adults suffering from IBS-C in the United States under name LINZESS and to adults suffering from IBS-C in several European countries under name CONSTELLA. According to the recently-revealed fourth-quarter earnings report, LINZESS U.S. net sales grew by 53% year-on-year to $455 million in 2015. However, Ironwood Pharmaceuticals Inc. (NASDAQ:IRWD) plans to reach LINZESS annual net sales of at least $1 billion by 2020. Meanwhile, the stock is 40% in the red over the past 12 months, after having dropped by 20% in 2016. There were 20 hedge funds tracked by Insider Monkey with stakes in the company at the end of 2015, amassing nearly 19% of the company’s total outstanding shares. Samuel Isaly’s Orbimed Advisors is the largest equity holder of Ironwood Pharmaceuticals Inc. (NASDAQ:IRWD) within our database, holding 11.23 million shares as of December 31.

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Mr. Green’s fund added a 2.25 million-share position in Boston Scientific Corporation (NYSE:BSX) to its portfolio during the December quarter, which was valued at $41.51 million at the end of the quarter. The manufacturer of medical devices used in interventional medical specialties has seen its stock advance by 2% over the past 52 weeks. The company generated net sales of $7.48 billion in 2015, up from $7.38 billion reported for 2014. It is important to note that the company’s top-line results were severely impacted by foreign currency fluctuations. Boston Scientific Corporation (NYSE:BSX)’s net sales, excluding the impact of foreign currency and sales from divested businesses, increased $606 million or 8% year-over-year. Its adjusted net income increased to $1.27 billion or $0.93 per share from $1.13 billion or $0.84 per share reported for 2014. The number of smart money investors from our database with stakes in the company dropped to 33 from 37 during the final quarter of 2015. Israel Englander’s Millennium Management holds a stake of 6.06 million in Boston Scientific Corporation (NYSE:BSX) as of the end of the December quarter.

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Disclosure: None

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