Founded in 2017 by Michael Gelband and Hyung Lee, ExodusPoint opened its doors to outside capital in 2018. Leveraging a multifaceted approach to investing, ExodusPoint raised over $8 billion for its debut and recently announced plans to raise $2 billion more back in November.
Combing through hundreds of different holdings comprising over $5 billion in managed 13F securities in the recent Form 13F-HR filed by Exoduspoint Capital Management, LP, we can see that the fund owns shares in three different biotech companies with cannabinoid-related drugs in development.
All three of the stocks are listed on the NASDAQ, which means that they can all be traded commission-free on Robinhood as well as many other brokerage platforms.
In alphabetical order…
Cara Therapeutics, Inc. (NASDAQ:CARA)
Cara’s product pipeline includes an in-development drug nicknamed CR701, which selectively modulates
peripheral cannabinoid receptors. Studies on the effects of cannabis have led to the discovery of an endogenous system of ligands in humans involved in a number of physiological processes, including pain and inflammation.
CR701 is a peripherally-restricted, mixed-CB1/CB2 receptor agonist that selectively interacts with these cannabinoid receptor subtypes with no-off target activities. The compound is orally bioavailable, active in preclinical models of inflammatory and neuropathic pain, and does not produce the side effects characteristic of centrally-active cannabinoids, such as sedation and hypothermia.
ExodusPoint Capital Management owns 20,755 shares of CARA as of the recent filing.
Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP)
Out of a handful of drugs under development, Corbus’ product pipeline includes Lenabasum, is a rationally-designed, oral, small-molecule that selectively binds as an agonist to the CB2 cannabinoid receptors.
Lenabasum has demonstrated favorable safety and tolerability profiles in clinical studies to date, and additional clinical studies are being conducted and/or planned to confirm these results and support applications for regulatory approval.
ExodusPoint Capital Management owns 10,897 shares of CRBP as of the recent filing.
Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE)
Zynerba’s product pipeline includes two drugs being developed: ZYN001 and ZYN002. ZYN001 is a THC Pro-Drug Patch providing transdermal THC delivery for fibromyalgia and peripheral neuropathic pain. ZYN002 is a synthetic CBD gel providing transdermal non-psychoactive CBD delivery for epilepsy, osteoarthritis, as well as Fragile X syndrome.
ExodusPoint Capital Management owns 13,290 shares of ZYNE as of the recent filing.
One More!
In addition to the three stocks mentioned above, ExodusPoint Capital Management also owns 26,984 shares of AbbVie, Inc. (NYSE:ABBV).
Since the mid ’80s, AbbVie has marketed a drug called Marinol. Marinol is a dronabinol capsule that is chemically identical to tetrahydrocannabinol, a.k.a. THC.
Conclusion
While these four positions aren’t large relative to the fund’s massive size, we notice as much from the three cannabinoid biotech stocks they own as we do from the cannabinoid biotech stocks they don’t own.
For instance, ExodusPoint Capital Management doesn’t own any shares of GW Pharmaceuticals Plc (NASDAQ:GWPH), and they’re considered to be one of the leaders.
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