Biotech Buyside Study

Stifel

Research

24 Pages

Stifel updates its biotech buyside study using Form ADV, 13F, 13G and 13D data to map who owns public biotech. The punchline is that passive ownership remains large, but specialist healthcare funds came out of the downturn healthier, larger and more important to capital formation.

Key Takeaways

Passive Ownership Dominates: Top tracked funds held $1.1 trillion of biotech stocks, while index and quant funds controlled $423.3 billion, nearly half of holdings.
Specialists Rebuilt Scale: Specialist funds hold $464 billion of biotech assets, with 237 specialist life sciences funds and 158 healthcare-only specialist funds tracked today.
PIPE Market Deepens: 50 funds joined 9+ PIPE/RD transactions over 40 months, with RA Capital at 53 and Janus and Adage each at 43.
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