QUARTERLY SHAREHOLDER ANALYSIS FEBRUARY 2016

Transcription

1 MIDCAP BIOTECH COMPANY QUARTERLY SHAREHOLDER ANALYSIS FEBRUARY 2016

2 Holders Overview CBAY US Equity MidCap Biotech Company Shareholder Overview Top Institutional Holders Institution Style City Recent Pos. % Inst Shs % Shs. Out. Δ Change Last Pos. 1 Woodford Investment Management, LLP Alternative Oxford 6,379, ,136 6,202,525 2 Fidelity Management & Research Company Growth Boston 4,723, ,915 4,702,797 3 T. Rowe Price Associates, Inc. Growth Baltimore 3,100, ,580 3,099,103 4 Wellington Management Company, LLP Value Boston 2,493, (19,773) 2,513,569 5 BlackRock Fund Advisors Index San Francisco 1,906, (47,768) 1,954,668 6 Capital World Investors (U.S.) Value Los Angeles 1,223, ,223,114 7 Visium Asset Management, L.P. Alternative New York 978, , ,427 8 State Street Global Advisors (SSgA) Index Boston 809, (159,371) 968,805 9 Palo Alto Investors, LLC Alternative Palo Alto 695, (400) 695, The Vanguard Group, Inc. Index Malvern 520, , , Citadel Advisors, LLC Alternative Chicago 469, (354,845) 824, Jennison Associates, LLC Growth New York 406, , , Oak Ridge Investments, LLC Aggressive Growth Chicago 376, (1,439) 378, AllianceBernstein, L.P. (U.S.) Value New York 367, ,280 45, Bellevue Asset Management AG GARP Küsnacht 351, , , Northern Trust Investments, Inc. Index Chicago 350, (389) 351, TIAA-CREF Investment Management Growth New York 324, , , Pinnacle Associates, LTD Growth New York 296, , Deutsche Bank Securities, Inc. Broker New York 279, , Invesco Advisers, Inc. Growth Atlanta 258, , , Rock Springs Capital Management, L.P. Alternative Baltimore 248, , Wells Capital Management, Inc. Aggressive Growth San Francisco 235, , Columbus Circle Investors Aggressive Growth Stamford 218, , , Geode Capital Management, LLC Index Boston 212, , , AXA Investment Managers (U.K.), LTD Growth London 193, ,298 4,200 Top 25 Holders 27,422, ,060,405 26,362,103 Most Recent Holdings Source: Ipreo

3 Holders Overview CBAY US Equity MidCap Biotech Company Shareholder Overview Institutional Style and Concentration Top Institutional Buyers / (Sellers) Yield, 0.0% Value, 16.4% Style Other, 16.0% K K K K K AllianceBernstein, L.P. (U.S.) Pinnacle Associates, LTD ( ) Deutsche Bank Securities, Inc. Wells Capital Management, Inc. ( ) AXA Investment Managers (U.K.), LTD K Woodford Investment Management, LLP Growth, 38.7% Multi- Strategy, 28.8% K K 90.0 K 62.5 K Lord, Abbett & Co., LLC (Asset Management) ( ) Voya Investment Management Company, LLC Ghost Tree Capital, LLC ( ) California Public Employees Retirement System K Westfield Capital Management Company, L.P. Concentration K Citadel Advisors, LLC Next 15 11% Remainder 11% K K K K Millennium Management, LLC Guggenheim Funds Investment Advisors, LLC (*) State Street Global Advisors (SSgA) Northern Trust Global Investments, LTD K BlackRock Fund Advisors Next 10 19% Top 5 59% K K K BNP Paribas Arbitrage S.A. (U.S.) Sphera Funds Management, LTD (*) Deutsche Asset & Wealth Management International Denotes investor that initiated position * Denotes investor that completely exited position Most Recent Holdings Source: Ipreo

4 Historical Ownership M idcap Biotech Company Historical Ownership Analysis Historical Ownership Shares Held (000s) Shares Held (000s) Institution Current Location Q4 '15 Q3 '15 Q2 '15 Q1 '15 Q4 '14 Q3 '14 Q2 '14 Q1 '14 1 Woodford Investment Management, LLP 6,380 Oxford 6,380 6,203 5,528 3,708 3,237 2,222 2,222 2 Fidelity Management & Research Compan 4,724 Boston 4,724 4,703 4,689 4,110 4,108 4,106 2,753 2,753 3 T. Rowe Price Associates, Inc. 3,101 Baltimore 3,101 3,099 3,475 3,439 3,436 2,946 2,936 2,255 4 Wellington Management Company, LLP 2,494 Boston 2,494 2,514 2,527 2,501 2,509 2,387 2,364 1,627 5 BlackRock Fund Advisors 1,907 San Francisco 1,907 1,955 1,788 1,616 1,500 1,270 1, Capital World Investors (U.S.) 1,223 Los Angeles 1,223 1,223 1,223 1,263 1,263 1,263 1, Visium Asset Management, L.P. 979 New York State Street Global Advisors (SSgA) 809 Boston ,066 1,190 1,150 1, Palo Alto Investors, LLC 696 Palo Alto The Vanguard Group, Inc. 520 Malvern Citadel Advisors, LLC 470 Chicago Jennison Associates, LLC 407 New York Oak Ridge Investments, LLC 377 Chicago AllianceBernstein, L.P. (U.S.) 368 New York Bellevue Asset Management AG 351 Küsnacht Northern Trust Investments, Inc. 351 Chicago TIAA-CREF Investment Management 325 New York Pinnacle Associates, LTD 296 New York Deutsche Bank Securities, Inc. 279 New York Invesco Advisers, Inc. 259 Atlanta Rock Springs Capital Management, L.P. 248 Baltimore Wells Capital Management, Inc. 235 San Francisco Columbus Circle Investors 219 Stamford Geode Capital Management, LLC 213 Boston AXA Investment Managers (U.K.), LTD 193 London Norges Bank Investment Management (N 190 Oslo AXA Investment Managers (Paris) 189 Paris La Défense Deutsche Asset & Wealth Management In 167 Frankfurt Voya Investment Management Company, 162 New York Deutsche Asset & Wealth Management In 160 Frankfurt Lord, Abbett & Co., LLC (Asset Managem 152 Jersey City Turner Investments, L.P. 150 Berwyn BlackRock Advisors, LLC 141 New York BNP Paribas Asset Management, Inc. 121 Boston Quantitative Management Associates, LLC 115 Newark Invesco PowerShares Capital Management 115 Wheaton Charles Schwab Investment Management, 108 San Francisco Eventide Asset Management, LLC 105 Boston BNY Asset Management 101 New York California Public Employees Retirement Syst 92 Sacramento Green and red cells indicate an increase or decrease of ownership from prior quarter, respectively. Blank cells indicate positions less than 500 shares.

5 Peer Holding Comparison MidCap Biotech Company Crossholdings Analysis Shows Ample Institutional Investor Penetration Opportunities Institutional Crossholders in C ompany and Peer Groups Co Total Peer Holdings Institution Style Equity AUM City State Position ($M) Δ Position ($M) Position ($M) Δ Position ($M) # Peers Held 1 Fidelity Management & Research Company Growth $803,471 M Boston MA / 6 2 Wellington Management Company, LLP Value $423,060 M Boston MA (1.3) / 6 3 Capital World Investors (U.S.) Value $527,508 M Los Angeles CA / 6 4 Capital Research Global Investors (U.S.) GARP $386,997 M Los Angeles CA / 6 5 OppenheimerFunds, Inc Growth $139,077 M New York NY / 6 6 T. Rowe Price Associates, Inc. Growth $514,135 M Baltimore MD / 6 7 Franklin Advisers, Inc. Value $108,492 M San Mateo CA (3.3) 4 / 6 8 Flagship Ventures Management, Inc. Venture Capital $266 M Cambridge MA / 6 9 Arch Venture Partners Venture Capital $782 M Chicago IL / 6 10 Jennison Associates, LLC Growth $104,758 M New York NY / 6 11 Primecap Management Company Growth $97,259 M Pasadena CA 88.4 (12.7) 2 / 6 12 Capital International Investors Growth $64,725 M Los Angeles CA / 6 13 ClearBridge Investments, LLC Growth $92,708 M New York NY / 6 14 Palo Alto Investors, LLC Alternative $1,797 M Palo Alto CA 47.4 (0.0) / 6 15 Eventide Asset Management, LLC Value $2,003 M Boston MA / 6 16 Delphi Ventures, Inc. Venture Capital $335 M Menlo Park CA / 6 17 OrbiMed Advisors, LLC Alternative $12,248 M New York 70.3 (15.9) 2 / 6 18 Point72 Asset Management, L.P. Alternative $11,238 M Stamford CT 0.0 (1.2) 65.4 (27.9) 1 / 6 19 Kleiner Perkins Caufield & Byers, L.P. Venture Capital $817 M Menlo Park CA / 6 20 New Enterprise Associates, Inc. Specialty $1,515 M Menlo Park / 6 21 Latterell Venture Partners, L.P. Venture Capital $68 M San Francisco CA / 6 22 Johnson & Johnson Innovation - JJDC, Inc. Venture Capital $840 M New Brunswick NJ / 6 23 Emerald Advisers, Inc. Aggressive Growth $4,015 M Lancaster / 6 24 The Vertical Group, L.P. Venture Capital $54 M Summit NJ / 6 25 Alta Partners Management Corp. Aggressive Growth $455 M San Francisco CA / 6 26 U.S. Venture Partners Venture Capital $264 M Menlo Park CA / 6 27 Partner Fund Management, L.P. (U.S.) Alternative $3,282 M San Francisco CA / 6 28 Gilder Gagnon Howe & Company, LLC Growth $6,218 M New York NY 42.8 (3.2) 2 / 6 29 Blue Ridge Capital, LLC Alternative $9,005 M New York NY / 6 30 Invus Public Equities Advisors, LLC Growth $4,201 M New York NY / 6 31 Ventures West Management, Inc. Venture Capital $60 M Vancouver / 6 32 Interwest Partners Venture Capital $301 M Menlo Park CA / 6 33 Bay City Capital, LLC Venture Capital $284 M San Francisco CA / 6 34 TIAA-CREF Investment Management Growth $255,050 M New York NY / 6 35 Baker Brothers Investments Alternative $12,298 M New York NY / 6 Peers Include: Agios Pharmaceuticals, Inc (AGIO), Bluebird Bio Inc. (BLUE), MacroGenics, Inc. (MGNX), OncoMed Pharmaceuticals, Inc. (OMED), Karyopharm Therapeutics Inc. (KPTI), Epizyme, Inc. (EPZM)

6 Peer Holding Comparison MidCap Biotech Company Crossholdings Analysis Shows Ample Institutional Investor Penetration Opportunities Institutional Crossholders in C ompany and Peer Groups CO Total Peer Holdings Current Position ($M) Institution Position ($M) Position ($M) # Peers Held AGIO BLUE MGNX OMED KPTI EPZM 1 Fidelity Management & Research Company / Wellington Management Company, LLP / Capital World Investors (U.S.) / Capital Research Global Investors (U.S.) / OppenheimerFunds, Inc / T. Rowe Price Associates, Inc / Franklin Advisers, Inc / Flagship Ventures Management, Inc / Arch Venture Partners / Jennison Associates, LLC / Primecap Management Company / Capital International Investors / ClearBridge Investments, LLC / Palo Alto Investors, LLC / Eventide Asset Management, LLC / Delphi Ventures, Inc / OrbiMed Advisors, LLC / Point72 Asset Management, L.P / Kleiner Perkins Caufield & Byers, L.P / New Enterprise Associates, Inc / Latterell Venture Partners, L.P / Johnson & Johnson Innovation - JJDC, Inc. (JJD / Emerald Advisers, Inc / The Vertical Group, L.P / Alta Partners Management Corp / U.S. Venture Partners / Partner Fund Management, L.P. (U.S.) / Gilder Gagnon Howe & Company, LLC / Blue Ridge Capital, LLC / Invus Public Equities Advisors, LLC / Ventures West Management, Inc / Interwest Partners / Bay City Capital, LLC / TIAA-CREF Investment Management / Baker Brothers Investments / Peers Include: Agios Pharmaceuticals, Inc (AGIO), Bluebird Bio Inc. (BLUE), MacroGenics, Inc. (MGNX), OncoMed Pharmaceuticals, Inc. (OMED), Karyopharm Therapeutics Inc. (KPTI), Epizyme, Inc. (EPZM)

7 Short Interest CBAY US Equity C o US Equity Date Short Position Avg Daily Volume SI Ratio SI % Float 1/29/2016 2,456, , /15/2016 2,092, , /31/2015 2,209, , /15/2015 2,398, , /30/2015 2,464, , /13/2015 2,453, , /30/2015 2,561, , /15/2015 2,720, , /30/2015 2,601, , /15/2015 2,657, , /31/2015 2,599, , /14/2015 2,509, , /31/2015 2,633, , /15/2015 2,889, , Days to Cover Short Interest Ratio Thousands 3,500 3,000 2,500 2,000 1,500 1, Short Positions Avg Daily Volume Short Position Source: Bloomberg

8 CBAY US Equity Sell-side Sentiment Analysis Co US Equity 100% 90% 80% Analyst Rating History vs. Price/Target $90 $80 $70 Analyst Firm Analyst Name Rating RBC Capital Markets Michael J Yee Outperform UBS Andrew Peters Buy Credit Suisse Kennen Mackay Outperform Wedbush Heather Behanna Outperform Oppenheimer & Co Christopher Marai Outperform Ladenburg Thalmann & Co Robert C Hazlett Buy 70% $60 60% 50% 40% $50 $40 30% $30 20% $20 10% $10 0% Jul-15 Oct-15 Jan-16 Buy Hold Sell Price Target $- Source: Bloomberg

9 CBAY US Equity Performance C o US Equity vs. BBC US EQUITY vs. SPX Index Cumulative Total Return Volume (Thousands) 2,000 1,500 1, /1/15 8/1/15 9/1/15 10/1/15 11/1/15 12/1/15 1/1/16 2/1/ C o US Equity BBC US EQUITY SPX Index C o US Equity 0 7/1/15 8/1/15 9/1/15 10/1/15 11/1/15 12/1/15 1/1/16 2/1/16 C o US Equity The Bioshares Biotechnology Clinical Trials Index (Nasdaq: BBC) comprised solely of pure-play biotechnology companies with an asset in Phase 1 to Phase 3 clinical trials and is therefore representative of the performance of the biotechnology companies with no approved products. Most biotechnology indexes include non-biotech companies and are dominated by large companies with approved products. The BBC should also reflect the volatility of clinical-stage companies, which is typically greater than those with approved products.