An SEC proposal for a new filing threshold

Under a proposal by the Securities and Exchange Commission, all but the largest hedge funds will be allowed to keep their stock positions secret instead of disclosing them in quarterly filings. If the new rule is adopted, the biotech investing hoi polloi will no longer be privy to which stocks are being bought and sold each quarter by Cormorant Asset Management, EcoR1, Camber Capital, Ikarian Capital, and other health care hedge funds that manage less than $3.5 billion in assets.

That's because $3.5 billion is the new reporting threshold for so-called 13F filings proposed by the SEC. The reporting threshold is currently $100 million.

RA Capital manages nearly $5 billion, so biotech investors will still be able to emulate the investing acumen of virologist Peter Kolchinsky. And thank goodness for that.