Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Warden Capital Hawkins Entrekin | “Uniqure is a biotech that has developed a promising treatment for Huntington's disease, a relatively rare, 100% fatal neurodegenerative disease. It published results in September, the stock skyrocketed to ~$70, then in November the FDA changed tack on what seems to have been previously agreed to guidance accepting an external control group for an accelerated approval and the stock crashed down into the $20s (where I first bought). Then in March, the FDA fully refused to even consider Qure's accelerated application, saying Qure needed to run a full phase 3, and the stock crashed down to as low as $9/share, below cash balances. I doubled down near these lows, believing that if the drug worked (and no one really seems to think it doesn't), that worst case you waited out the phase 3 (which Qure had cash to complete), and best case the FDA could change its mind either via personnel change, when additional data came out (they have year 4 data slated for September), or Qure could monetize via approvals abroad (which they are pursuing). In an absolute whirlwind of a few months, the former FDA leadership was canned after what they did to Qure and several other promising disease treatments, and the new FDA interim leaders have allowed Qure to proceed with a filing for accelerated approval, with the stock now trading around $40s/share. I will be honest and admit I didn't think it would happen this quickly, but what a ride! Sadly for me I subscribe to some levels of risk/concentration management and sold some of my position after the initial pop from the lows around $10. But we still have a large position here. I was a bit worried about competition but after Roche pulled its latest trial I am increasingly convinced that drugs which lower wild type Huntingtins protein across the whole brain or body, which essentially all the major competitors do, are problematic. This then makes Qure's approach of selective targeting of the striatum all the more strategic, and I think there is still significant upside from here if Qure can get full approval.” | NEUTRAL | Q2 2026 Jul 23, 2026 | View Pitch |
Cedar Grove Capital Management Paul Cerro | “Our biggest contributors of the quarter were The Oncology Institute (TOI), Hims and Hers Health (HIMS), and uniQure NV (QURE). During the quarter, we made investments into both QURE and CLPT, exploiting a potential mispricing that traders had opened the door to. The premise was that changes to the Center for Biologics Evaluation and Research (CBER) department at the FDA could allow these companies to gain favor again as potentially viable options for patients seeking treatment. QURE being for Huntington's disease, while CLPT being the delivery system for various neurological therapies. Given that this was a speculative investment, we sized them both appropriately and were pleased that the FDA gave QURE the 'ok' to file for accelerated approval after rejecting its clinical trial data last year. This optimism spilled to CLPT since QURE's Huntington's disease therapy is administered using CLPT's technology. We'll be keeping an eye on developments in QURE, though do not expect filing until late Q3, which, if accepted, could mean that an FDA decision might arrive before the end of the year.” | BULL | Q2 2026 Jul 15, 2026 | View Pitch |
Warden Capital Hawkins Entrekin | “One of those is that I have been ramping up non CRE investments, an interesting example of which is uniQure. This is a biotech stock which has a potential groundbreaking gene therapy for Huntington's disease called AMT-130. They presented their initial results back in September which showed disease progression slowing by ~75% 3 years after treatment, and the stock rocketed up to as high as $70/share. In a twist, the FDA came in 2 months later and rescinded their previous agreement to use an external matched control group to compare Qure's treatment to, which has caused the stock to crash down to its current price of ~$23/share. What is interesting here to me is that very few argue that the drug isn't effective – the worst case scenario seems to be that the FDA makes Qure do a randomized phase 3 control study. Qure has a significant amount of cash on hand (~$700mm as of Q3, relative to its ~$200mm/year burn rate), and could fund a trial if they had to worst case. Ultimately, if the therapy works, and we should know this with a very high degree of certainty by August, it is really hard for me to imagine this treatment not getting approved. There is some risk here, but the balance of upside vs downside feels very favorable to me. BSD Analysis: uniQure is approaching a critical clinical inflection point in early 2026, with major data readouts expected for its Fabry disease and Huntington's disease programs in the first half of the year. The company's 2026 investment thesis is anchored by a strong cash position of $694 million, providing a financial runway that extends into 2029. Recent clinical results for its Huntington's program (AMT-130) showed a statistically significant 75% slowing in disease progression, a major milestone that has significantly de-risked the platform. For 2026, the primary catalyst remains the potential for regulatory milestones that could unlock an additional $100 million in term loans. While the stock remains in a high-risk R&D phase, the refinancing of its debt to extend the term to 2030 and the successful upsized public offering in late 2025 have provided the stability needed to execute its clinical pipeline. For biotech-focused investors, the H1 2026 updates will be the ultimate signal for the company's transition toward commercial-stage gene therapy.” | BULL | Q4 2025 Feb 2, 2026 | View Pitch |
Alger Small Cap Focus Fund Amy Zhang | “uniQure is a biotechnology company developing AMT-130, an investigational gene therapy for Huntington's disease—an area with no approved disease-modifying treatments. Shares were highly volatile in 2025, surging after the company reported three-year Phase 1/2 data indicating meaningfully slower disease progression versus an external control cohort. However, shares detracted during the quarter after FDA feedback signaled that the external-control dataset may no longer be adequate as primary evidence to support an accelerated approval filing, increasing regulatory uncertainty and likely extending the timeline despite the encouraging efficacy signal. BSD Analysis: uniQure is a gene therapy company with deep expertise in AAV-based delivery systems. Its lead programs target rare and high-unmet-need neurological and genetic diseases. Clinical timelines are long, and valuation is highly sensitive to trial outcomes. The company's manufacturing capabilities add strategic value beyond any single asset. Partnerships help offset funding risk but don't eliminate dilution. Success would reposition uniQure as a platform player rather than a single-drug biotech. This is binary science with potentially massive upside.” | BULL | Q4 2025 Jan 8, 2026 | View Pitch |
Apis Flagship Fund Daniel Barker | “UniQure detracted about 1.1% during the quarter. BSD Analysis: uniQure is one of the original gene therapy pioneers, now grinding through the long and expensive process of turning science into durable revenue. Its hemophilia B therapy validated the platform, even if commercial uptake has been slower than early hype suggested. The real value lies in the broader pipeline and the company's manufacturing and delivery know-how, which are hard-won and hard to replicate. Cash burn and timelines remain investor pain points, but strategic partnerships help offset risk. The gene therapy market is consolidating toward players with proven vectors and regulatory experience. uniQure fits that bill better than most small-cap peers. This is a credibility play in a sector that's done pretending.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
