Best Biotech PMs?
Who are the best biotech PMs across all MMs? What differentiates PMs in terms of alpha generation and how do they deal with tight risk limits?
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There aren't too many Biotech PM's across the MM's as volatility in biotech doesn't really jive well with the MM model. The PM's I can identify off of the top of my head are....
Dan Krizek - Surveyor
Isai Peimer - BAM
Carlo Casulo - North Rock
Jackie Hua - Walleye
Eric Shen - AB Arya
Jingwen Wang - Verition
Are they smid-cap clinical stage or commercial stage / large pharma or both? Any of them do privates?
Mainly SMID but some do a bit in pharma. The first two do privates as well.
Uhh, two or three of those don't belong with the rest, in terms of being near the top of the group. Would also add people like Alex Silverstein at Point72 (couple others there as well but smaller size)
Can you give any other specific names at P72?
Who you thinking of smaller size?
lol at Casulo and Hua being mentioned in the same breath as Krizek. What are you smoking bro. Jackie is running like $300M lol but yes basically same level as the Passaic guys I’m sure
haahahahahahhahahahaha jackie hua, north rock and jingwen. quality shitpost.
Pretty sure Jackie and Jingwen have been fired...anybody know if Victor Gezunterman at MLP is biotech only?
Have it on good accord as of last week that Jackie is serving out her non-compete and has raised some capital for her own fund. No numbers given, assume it's in the LSD hundred sticks max
del
As mentioned, very few “biotech only” books out there. The most common setup is a biotech carve out within a larger healthcare book that could be diversified across all HC verticals or at minimum includes large cap pharma
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Aren’t Silverstein and krizeks team really the only ones running sizable biotech only books?
Is Silverstein biotech only? I thought he was healthcare agnostic...
He is not biotech only. He is diversified healthcare like most MM HC PMs are
Krizek is the best
How good ?
David Shaw just got hired at ExodusPoint...he might be biotech only
He's not...he's really large cap biopharma
Jerry Yang at P72 and Michael Corvelli at Hudson Bay
Jerry? Really?
Besides poor perform he’s a pain to work for.
I feel bad for the poor analyst that hit his car in Stam
Thought on Jeff Green at MLP? He’s been around 4ever
He's HC generalist....his strategy in biotech is not sophisticated. Just trades consensus view across a large universe of names and trusts that consensus will be right the majority of the time. Doesn't do deep work on any individual name.
I mean the Passaic PM has to go be up there too?
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Isn't Passaic run by Mike? Also I thought they diversified into other verticals outside of HC.
On the SM side, anyone who is up YTD lol
saw Janus was in an article?
I believe Suvretta was mentioned in the same article - I’d assume they’re doing decently given they short + a couple of big wins earlier in the year. I also heard Frazier had been doing decently end of March/early April - that was at the bottom so they should be flat at least even after the Prasad pullback. Not technically a biotech fund, but Nantahala also shorts and had a couple of bigs wins this year too.
Would be curious if anyone’s heard of any other YTD SM returns - my sense is most LOs or SMs in the -10%-15% camp with a view stragglers highlighted in the II article.
Darwin lol
85% concentration in brensocatib god bless that man’s soul
Rod Lim is top PM. I follow many of his twitter accounts.
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Do MM PM's, even the ones that do SM-style SMID biopharma work hold through the swings and wait for readouts/m&a like everyone else or are they still betting on vol and quarters like the rest of the MM's
Quarters matter once the company starts selling product (or receiving royalties on a commercial product). Otherwise, if you're investing in clinical stage names....the quarters don't matter so much.
I'm talking specifically about MM's risk limits not allowing them to trade like that within biopharma - EWTX was lights out and every pod sold off on the slightest discrepancy. They're so tightly controlled they trade the little dips for every stock - just asking if the names everyone's said that supposedly do real biotech investing do that too
Anybody have a sense of the size of the books these guys run (Krizek, Brodsky, Silverstein, Yang)? Largest biotech books in MMs?
Brodsky had one associate, and didn't do biotech, but regardless, total book sizes are in the $3-7B range for the largest healthcare books out there, of which clinical biotech is no more than $400M-2B, if they do anything there.
Got it, thanks -- besides Brodksy, how large are the teams wrt analysts/associates?
Rod Wong has been around for a long time and his firm seems quite institutional
Who are the big biotech/HC players at MLP besides Greene?
Is it worth joining an MM as a junior if it's not with one of these established PMs? Have had a couple offers with newish biotech/pharma PMs and really wondering how much PM experience/track record should go into a decision.
In this sector? Definitely want to be under someone who has ridden the ups and downs and shown a repeatable process.Managing risk in such a volatile sector is difficult. Probably in a pretty good place if you land in a pod led by someone who was previously an analyst under the top MM PMs in biotech.
Anyone at Baly/Corbets?
Isai Peimer at Baly. Very active over the last year.
David Corwin at Corbets
Isai Peimer as mentioned above is the big gun at BAM, has the flexible mandate to do privates
Jing Ge is a partner of the firm and been out of the game since bubble crashed, but I know he is getting back into it
Scott Kay more on the large cap side but think he has an APM running biotech carve
Who are considered the top biotech SMs? Larger than $5B
Baker, Perceptive, Avoro, RTW, Orbi, Deerfield, Paradigm
How do the newer funds compare to these guys? Commodore, Deep Track etc?
PMs at RedMile in SF are quite good, as well as most people at Palo Alto Investors, if anyone is looking for Bay Area names.
Will add BVF and Ecor1 to this list, although the latter has struggled.
Woodline and Viking also have SF presence, but biotech tends to be in the NYC offices.
How does Woodline fare for biotech?
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