I spent last weekend with an old friend from my Goldman days, and watching him care for his mother, who’s deep into Alzheimer’s, reminded me why I’ve been tracking Biogen (BIIB) so closely. The disease is brutal, and for the longest time, the investment thesis around Alzheimer’s therapeutics felt more like charity than capitalism. But […]
Category Archives: Biotech Letter
Mad Hedge Biotech and Healthcare Letter October 9, 2025 Fiat Lux Featured Trade: (NO USE CRYING OVER SPILLED GLP-1S) (HIMS), (MRNS), (CRQTX), (TDOC), (NVO), (LLY), (PFE), (IDRSF)
I was having drinks last month with my venture capitalist friend Brad, who kept bragging about his “contrarian” bet on telehealth. After his third Negroni, he confessed he’d dumped his entire Hims & Hers (HIMS) position the day the FDA yanked semaglutide off the shortage list. “Lost 42% in a week,” he muttered. “Never touching […]
Mad Hedge Biotech and Healthcare Letter October 7, 2025 Fiat Lux Featured Trade: (WHEN THE LONGSHIP EVERYONE ABANDONED SETS SAIL) (VKTX), (NVO), (LLY)
Let me tell you about the worst day I’ve had watching a biotech stock in years. August 19, 2025. Viking Therapeutics (VKTX) reported its oral VK2735 data, and the stock dropped 40% before I could finish my morning coffee. My phone exploded with panicked messages from people who’d clearly only read the headlines. “High discontinuation […]
Mad Hedge Biotech and Healthcare Letter October 2, 2025 Fiat Lux Featured Trade: (THE DIVIDEND KING THAT KEEPS GROWING ITS KINGDOM) (ABBV), (WBA), (AMGN), (GILD)
A Chicago lawyer named Russ Gremel walked into a brokerage in 1945 with $1,000 and a theory so simple it barely qualified as an investment thesis. He figured people would always need medicine and women would always buy makeup, so he bought shares in Walgreens (WBA) and promptly forgot about them. Seventy years later, when […]
Mad Hedge Biotech and Healthcare Letter September 30, 2025 Fiat Lux Featured Trade: (WHY ISN’T ANYONE WATCHING THIS BIOTECH DO EVERYTHING RIGHT?) (REGN), (SNY), (AMGN), (RHHBY), (MRK), (BMY), (NVO), (FUJIY)
Here’s a test of whether your analyst does actual homework or just regurgitates press releases: ask them about Regeneron’s (REGN) development balance with Sanofi (SNY). I can almost guarantee the blank stares that usually follow. That obscure line item buried in the 10-Q filing dropped $253 million last quarter to $1.2 billion, which means Regeneron’s […]
Mad Hedge Biotech and Healthcare Letter September 25, 2025 Fiat Lux Featured Trade: (WHY THIS BIOTECH OWNS THE AGING POPULATION TRADE) (AMGN), (NVO), (LLY)