Healthcare investment specialist OrbiMed Advisors filed its second-quarter 13F for 2026, revealing a portfolio valued at $5.40 billion. The firm's top holdings show a continued strong conviction in biotechnology, with Edgewise Therapeutics (EWTX) representing a significant 11.68% of the portfolio. Other major positions included Elevation Oncology (ELVN) and pharmaceutical giant Eli Lilly (LLY).
A notable strategic shift during the quarter involved establishing new positions in major health insurance providers. OrbiMed initiated stakes in UnitedHealth Group (UNH) and Humana (HUM), signaling a potential new focus on the managed care sector. The firm also significantly increased its investment in Cogent Biosciences (COGT), more than quintupling its share count. During the second quarter, Cogent submitted three New Drug Applications for its lead candidate, bezuclastinib.
The filing also revealed several significant exits and reductions. OrbiMed completely divested its stakes in pharmaceutical company Pfizer (PFE) and life sciences firm Danaher (DHR). Pfizer reported a net loss for the second quarter of 2026, primarily due to intangible asset impairment charges. Additionally, the investor made a substantial reduction in its holdings of Alnylam Pharmaceuticals (ALNY), cutting the position by nearly 86%. These moves indicate a considerable reallocation of capital within the healthcare sector during the period.