OrbiMed Advisors, a major healthcare-focused investment firm, significantly cut its stake in Disc Medicine by 66.51% during the second quarter of 2026. According to a mid-August SEC filing, which reflects trades made between April and June, OrbiMed's position decreased from over 1 million shares to approximately 357,540. The reported value of the holding dropped from $68.26 million to $26.15 million.
This portfolio adjustment occurred as Disc Medicine advanced its clinical pipeline. The company is anticipating pivotal topline data from its Phase 3 APOLLO trial for bitopertin in the fourth quarter of 2026. This trial is critical for the company, as the drug received a Complete Response Letter from the FDA in February 2026, which requested additional data to show clinical benefit.