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A Biotech Pro Exited Novavax Stock

Here Are Three Stocks It Bought.
The biotech-focused Perceptive Advisors and its hedge fund, Perceptive Life Sciences, recently made big changes in its portfolio after strong performances.

Perceptive sold all its Novavax (ticker: NVAX) stock, and bought more BridgeBio Pharma (BBIO), SpringWorks Therapeutics (SWTX), and Aldeyra Therapeutics (ALDX) stock in the first quarter. The investment firm disclosed the trades, among others, in a restated form it filed with the Securities and Exchange Commission.

Perceptive declined to comment.

A few years ago, we noted the outperformance achieved by Perceptive, guided by CEO and portfolio manager Joseph Edelman. The fund has continued to top the market, notching returns of 52% and 29% in 2019 and 2020, respectively. By comparison, the iShares Nasdaq Biotechnology ETF (IBB) rose 25% and 26% in those years.

Perceptive owned 1 million Novavax shares at the end of 2020, and sold them all by the end of March.

Novavax stock was on fire in the first quarter, surging 62.6%. So far in the second, it has slipped 4.0%. By comparison, the IBB slipped about 1% in the first quarter, and so far in the second, it is up 5.5%.

Novavax made waves last week when data from a study showed its Covid-19 vaccine was 90% effective. Novavax’s vaccine could be an agent for price competition, and shares of rival vaccine makers slumped. By: Ed Lin

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