Biotech Portfolio Adjustments
Braidwell Cuts Neurocrine Stake by Nearly Half While Doubling Position in Nektar
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Key Points
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Bank of America Corp DE lifted its stake in Neurocrine Biosciences by 10.6% in the latest quarter, now owning 583,827 shares worth about $76.9 million, while hedge funds collectively own about 92.59% of NBIX.
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Nektar Therapeutics stock opened at $72.74, with a 50-day moving average of $71.31 and a 200-day moving average of $72.04, giving it a market capitalization around $2.48 billion and a negative trailing P/E of -10.86.
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Hinge Health’s chairman, Gabriel M.I. Mecklenburg, sold 83,334 shares of the company in the quarter.
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11.2 Capital Management LLC entered a new large position in Hinge Health in the second quarter, with the stake valued at roughly $204.6 million.
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ABS Investment Management LLC bought a new stake in Dianthus Therapeutics during the second quarter, valued at about $194.96 million.
Braidwell LP reshuffled its biotech portfolio in the second quarter, making bold moves across five companies. The fund slashed its Neurocrine Biosciences stake by nearly half, cutting 48.4% while keeping it as a top-15 holding worth about $56.7 million. Meanwhile, it more than doubled down on Nektar Therapeutics, buying 250,916 shares to reach a $33.1 million position.
The moves reveal a shifting strategy at the investment firm. Braidwell trimmed Hinge Health by 8.6% but kept it as its third-largest position at $110.4 million. It also cut Dianthus Therapeutics by 33.9% to $58.0 million while boosting Vera Therapeutics by 7.8% to $24.2 million.
Neurocrine Stake Drops Despite Growing Bank of America Interest
Braidwell's 48.4% cut in Neurocrine Biosciences stands out as the quarter's most dramatic move. The fund now holds 336,171 shares. This comes as Bank of America lifted its own stake by 10.6%, according to WatchlistNews, pushing the bank's holdings to 583,827 shares worth roughly $76.9 million. Hedge funds collectively own about 92.59% of the company.
Nektar Therapeutics Becomes a Major New Bet
Braidwell more than doubled its Nektar position, purchasing 250,916 new shares for a total stake of 473,617 shares worth about $33.1 million. WatchlistNews reports that Nektar opened the quarter at $72.74 with a 50-day moving average of $71.31. The stock carries a market cap around $2.48 billion but shows a negative trailing P/E ratio of -10.86, indicating the company remains unprofitable.
Hinge Health Remains Portfolio's Third-Largest Holding
Braidwell trimmed Hinge Health by 8.6% to 1,330,127 shares, yet the digital health company stays the fund's third-biggest position at roughly $110.4 million. New players jumped in during the quarter. WatchlistNews notes that 11.2 Capital Management entered a large new position valued at about $204.6 million. Chairman Gabriel M.I. Mecklenburg sold 83,334 shares in the same period.
Strategic Reductions in Dianthus and Tectonic
Braidwell cut Dianthus Therapeutics by 33.9%, leaving 594,562 shares worth about $58.0 million as the fund's 12th-largest holding. It also trimmed Tectonic Therapeutic by 29.5%, per WatchlistNews. These moves suggest Braidwell is rotating away from certain bets while ABS Investment Management bought a new Dianthus stake valued at roughly $194.96 million, showing fresh institutional interest in the space.
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