Why I think Dr Bianca Ogden's Platinum International Health Sciences Fund is building a large position in Radiopharm Theranostics, and they are BULLISH on RAD's future
I've been wanting to do some analysis on RAD's broker data and I think I might finally be onto something. In the past month or two, I've been analysing and sharing broker data on HC, trying to figure out who is buying and selling stock in RAD. In particular, I've been tracking buys from stockbroker company Instinet (initially I thought they were acting as an arbitrage between RAD and RADX (buy low on the ASX, sell high on the Nasdaq), but I think it might be the Platinum International Health Sciences Fund managed by Dr Bianca Ogden.
Who is Dr Bianca Ogden?
Dr Bianca Ogden is a portolio manager for Platinum Asset Management and specialises in emerging and mature Healthcare stocks around Australia and the world. She's probably one of the biggest names in healthcare investing and was an early backer of companies like Telix (TLX.asx), and more recently Amplia Therapeutics (ATX.asx) and Clarity Pharmaceuticals (CU6.asx), where she has a large holding with each and participated in both company's most recent capital raise, investing millions in each. You can find more about her on her bio page: https://www.platinum.com.au/our-team/dr-bianca-ogden
Essentially Dr Bianca Ogden knows her stuff, and having her on company registers is a huge sign of confidence.
Company Broker Report - 1 Year
If we refer to RAD's broker data for Instinet over the past 1 year, we can see a massive 40m share dump across many months, and then something changed on March 3rd 2025 where investors trading under Instinet started buying up stock. March 3rd 2025 was precisely when we saw a massive 7.7m ADR volume spike on RADX, which spilled over to RAD. I don't think it was Platinum who caused the volume spike on RADX, but we still don't understand why it happened in the first place (other than "account balancing").
I don't want to go on a tangent about selling by Instinet from October 29th 2024 until February 2025, but it was most likely a different fund who participated in the $70m raise in June 2024 as Platinum didn't participate in the raise (which we can confirm by checking the T20 holders at the end of this presentation, and Platinum also aren't on the T20 options holders for RADOA in this announcement (funds who received RADOA participated in the June 2024 raise). I believe the selling between October 2024 until February 2025 was probably a fund managed by Australian Ethical, but that's for another time.
Comparing Instinet buying/selling patterns with other small-cap ASX biotech companies
On the ASX, when investors reach a threshold of owning >5% of stock in a company, they need to lodge a Substantial Holding notice with the ASX, and any +/- 1% move will trigger a Change Of Substantial Holding until they go back below 5%, but investors under 5% don't need to disclose anything, giving them an opportunity to accummulate undetected, but there are some patterns we can use by comparing similar Instinet buys/sells with other Aussie biotech companies.
For some background, Dr Bianca Ogden releases a monthly report and a quarterly report about Platinum Health's Top 10 stocks in the fund with added commentary which are both extremely insightful about the day-to-day of the fund. In the top 10 positions list, we can see three ASX biotech companies; SNT, ATX, and CU6. I'll be looking at SNT and ATX as they both have a much lower market cap and it's easier to track Platinum Health's buys/sells to Instinet using broker data. PER also came up in my research, so I'll include them in the examples below (PER is currently not in Platinum Health's top 10 positions list).
Example 1 - Syntara Limited (SNT)
From April 1st 2025 until April 23rd 2025, SNT experienced heavy selling from Instinet, and the sells can be tracked to a Change in Substantial Holding submitted by Platinum: https://www.marketindex.com.au/asx/snt/announcements/change-in-substantial-holding-2A1592733
Example 2 - Amplia Therapeutics (ATX)In July 2025, ATX experienced heavy selling from Instinet, and the sells can be tracked to a Change in Substantial Holding submitted by Platinum:
https://www.marketindex.com.au/asx/atx/announcements/change-in-substantial-holding-2A1610704
Example 3 - Percheron Therapeutics (PER)From September 2024 until October 2024, PER experienced heavy selling from Instinet, and the sells can be tracked to a Change in Substantial Holding submitted by Platinum:
https://www.marketindex.com.au/asx/per/announcements/change-in-substantial-holding-3A655768ConclusionI like to do a three-strike rule. If the same coincidence happens three different times across three separate companies in the same biotech space, then the coincidences have an extremely high probability of being true. If Platinum Health is shown buying/selling using Instinet across three example ASX biotech companies, and now we see 45m shares being bought on market in RAD over the past 6 months by Instinet, then there's a high possibility that Dr Bianca Ogden is building a massive position in RAD, and using expected high volume days to try and gobble as many shares as she can for her Platinum Health fund.
Oh, and one last funny little coincidence, Dr Bianca Ogden is active on RAD's social media accounts and liked a post shared by RAD's CEO Riccardo Canevari. The linkedin post was about RAD receiving NDA approval for RV-01, announced on July 28th 2025. 1 week later on August 4th, an investor buying under Instinet makes an on-market purchase of 10m shares - is it Platinum Health?
https://www.linkedin.com/posts/riccardo-canevari-7239931_today-we-announced-that-the-us-food-fda-has-activity-7355493503281287169-StxZ/
IMO DYOR
(20min delay)