Feb. 17 at 4:49 PM
$NVCR
Soleus Capital — a high-conviction, hands-on biotech fund — holding ~7.6% of
$NVCR is a major vote of confidence for long-term investors, especially after the CMS setback where real fixes are required.
What really matters in situations like this is whether there are serious owners pushing for real changes - and Soleus is exactly that kind of holder.
Despite a modest ~11% trim, Soleus has invested
$150M+ since Q1’23. NVCR remains their 4th largest position (~4% of the portfolio) — real skin in the game.
This is a fund that pushes for change, not one that plays to lose — likely influencing the CEO transition (Cordova) and the shift toward profitability and tighter execution.
This matters. Unlike Fidelity or BlackRock — where NVCR is immaterial — Soleus is highly exposed and incentivized to demand proper governance, operational discipline, and results.
Also worth noting: Morgan Stanley increased exposure in Q4, adding 4M+ shares (+453%) to reach ~4.5% ownership, per the latest 13F.
