Bristol Myers Squibb Co. (BMY), Alkermes Plc (ALKS) & More: How Opus Point’s Bet on Healthcare Sector Paid Off?

Opus Point Partners Management is a New York-based fund led by Michael S. Weiss and Lindsay A. Rosenwald. Opus Point’s equity portfolio is worth $178.32 million as of the end of September, up from $103.54 million at the end of June. The fund invests mainly in healthcare stocks, which amass around 73% of its equity portfolio.

Based on our methodology, the fund had a return of 12.56% last quarter. In our calculations, we only used the fund’s 35 long positions in companies valued at least $1.0 billion. In this article, we’ll discuss three stocks that rank among Opus Point’s top picks, Bristol Myers Squibb Co. (NYSE:BMY),  Alkermes Plc (NASDAQ:ALKS), and AstraZeneca plc (ADR) (NYSE:AZN), as well as one stock in which the fund closed its stake in the third quarter.

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In Bristol Myers Squibb Co. (NYSE:BMY), Opus Point Partners Management inched up its stake by 5% to 75,686 shares worth $4.08 million during the third quarter. The fund increased its exposure to the company as the stock lost 26.7% between July and September. At the end of June, 61 funds followed by us, up by 3% over the quarter. The largest stake in Bristol Myers Squibb Co. (NYSE:BMY) was held by Adage Capital Management, which reported holding $396.8 million worth of stock as of the end of June. It was followed by OrbiMed Advisors with a $371.8 million position. Other investors bullish on the company included Citadel Investment Group, Columbus Circle Investors, and Partner Fund Management.

Opus Point Partners Management reported ownership of 81,677 shares of Alkermes Plc (NASDAQ:ALKS) valued at $3.84 million as of the end of September. During the third quarter, the stock appreciated by 8.8%. There were 25 funds from our database long Alkermes Plc (NASDAQ:ALKS) at the end of June, down by one fund over the quarter. Among these funds, Woodford Investment Management, led by Neil Woodford, held the biggest position in Alkermes Plc (NASDAQ:ALKS), which was worth $325.7 million at the end of June. It was followed by D. E. Shaw, with a $60.6 million position. Other hedge funds and institutional investors that hold long positions consist of Stephen DuBois’s Camber Capital Management, Ken Griffin’s Citadel Investment Group and Paul Marshall and Ian Wace’s Marshall Wace LLP.

After having increased the position by 37% during the second quarter, Opus Point further added 11,437 shares of AstraZeneca plc (ADR) (NYSE:AZN) to its stake in the following three months, and disclosed a $3.94 million stake containing 120,000 shares in its latest 13F filing. Meanwhile, the stock gained 10.3% during the third quarter. The number of funds from our database long AstraZeneca plc (ADR) (NYSE:AZN) increased by 33% to 24 during the second quarter. Among the funds, tracked by Insider Monkey, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital had the most valuable position in AstraZeneca plc (ADR) (NYSE:AZN), worth close to $244.6 million at the end of June. Sitting at the No. 2 spot was Renaissance Technologies holding a $180.1 million stake. Remaining peers that hold long positions consist of Israel Englander’s Millennium Management, D. E. Shaw’s D E Shaw and Dmitry Balyasny’s Balyasny Asset Management.

On the other hand, Opus Point closed its stake in Medivation Inc (NASDAQ:MDVN) during the third quarter amid a 35.1% jump registered by the stock during the same period. Previously, the fund had held 51,561 shares worth $3.11 million at the end of June. There were 65 funds tracked by us bullish on Medivation Inc (NASDAQ:MDVN) heading into the third quarter, up by 33% over the quarter. More specifically, The largest stake in Medivation Inc (NASDAQ:MDVN) was held by York Capital Management, which reported holding $305.9 million worth of stock as of the end of June. was followed by Tourbillon Capital Partners with a $284.9 million position. Other investors bullish on the company included Knoll Capital Management, Pentwater Capital Management, and Eton Park Capital.

Disclosure: none