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Asset Manager ← All Institutions

DEERFIELD MANAGEMENT COMPANY, L.P.

Q4 2025 · Filed 2026-02-17
Market Value
$6.3B
+10.9%
Holdings
167
+11
New Purchases
30
Added To
34
Closed
32
Reduced
41
Top 10 Concentration
59.0%
Turnover
37.1%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
COGT 5.10% 2.29% +2.81% $321M
CELC 2.72% 0.64% +2.08% $171M
VERA 3.26% 1.86% +1.40% $206M
ARWR 1.93% 0.60% +1.33% $122M
STOK 0.92% 0.00% +0.92% $58M
LNTH 0.88% 0.00% +0.88% $55M
INSP 2.21% 1.37% +0.84% $139M
SVRA 1.30% 0.50% +0.80% $82M
GPCR 0.85% 0.18% +0.66% $53M
RVMD 3.66% 3.00% +0.66% $231M
BLTE 0.59% 0.00% +0.59% $37M
ACHC 1.02% 0.52% +0.50% $64M
TNGX 0.41% 0.00% +0.41% $26M
LEGN 2.05% 1.70% +0.35% $129M
CMPX 0.31% 0.00% +0.31% $19M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MRUS 0.00% 5.05% -5.05% $0
BMY 0.00% 1.86% -1.86% $0
MRK 0.00% 1.52% -1.52% $0
PFE 0.00% 1.48% -1.48% $0
CNC 4.21% 5.69% -1.47% $265M
INSM 0.00% 1.19% -1.19% $0
ZBIO 0.00% 0.61% -0.61% $0
NEO 0.00% 0.60% -0.60% $0
CNMD 0.03% 0.63% -0.60% $2M
CRMD 0.20% 0.68% -0.48% $13M
IRON 0.64% 1.07% -0.43% $41M
CERT 1.09% 1.45% -0.36% $69M
NBIX 2.67% 2.93% -0.26% $168M
CGEM 0.06% 0.31% -0.24% $4M
VTRS 4.00% 4.20% -0.21% $252M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 2 $460K 0.0%
Large Cap 43 $1.5B 23.9%
Mid Cap 53 $3.5B 55.3%
Small Cap 52 $1.1B 17.6%
Micro Cap 17 $200M 3.2%

Portfolio Analytics

Avg Market Cap
$17.6B
Median Market Cap
$3.0B
Avg P/E
37.9
Median P/E
25.8
Avg Dividend Yield
0.00%
Avg Beta
1.01
# Stocks
167
# ETFs / Funds
0

Top Holdings (167 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NUVL 27.56% 17,248,450 $1.7B $100.59 $179M -742,574 -4.1%
2 COGT 5.10% 9,043,903 $321M $35.52 $191M -9,215 -0.1%
3 CNC 4.21% 6,447,998 $265M $41.15 -$57M -2,598,002 -28.7%
4 VTRS 4.00% 20,206,170 $252M $12.45 $13M -3,892,913 -16.1%
5 RVMD 3.66% 2,894,613 $231M $79.65 $60M -755,729 -20.7%
6 UTHR 3.30% 425,993 $208M $487.25 $29M
7 VERA 3.26% 4,059,695 $206M $50.64 $100M +418,538 +11.5%
8 CELC 2.72% 1,714,000 $171M $99.74 $135M +980,470 +133.7%
9 NBIX 2.67% 1,184,345 $168M $141.83 $2M
10 IONS 2.49% 1,979,669 $157M $79.11 $27M
11 INSP 2.21% 1,505,872 $139M $92.23 $61M +458,178 +43.7%
12 LEGN 2.05% 5,932,000 $129M $21.74 $32M +2,969,662 +100.2%
13 BKD 1.99% 11,637,032 $126M $10.79 $27M -4,610 -0.0%
14 ARWR 1.93% 1,832,946 $122M $66.39 $87M +839,946 +84.6%
15 LRMR 1.85% 30,606,974 $117M $3.81 $18M
16 CPRX 1.82% 4,911,161 $115M $23.34 $17M -63,606 -1.3%
17 AHCO 1.82% 11,477,730 $114M $9.96 $12M
18 BCRX 1.78% 14,341,000 $112M $7.80 $19M +2,172,000 +17.9%
19 SPRY 1.39% 7,503,812 $87M $11.65 $12M
20 PHVS 1.38% 3,126,042 $87M $27.75 $26M +683,578 +28.0%
21 SVRA 1.30% 13,569,000 $82M $6.03 $53M +5,605,000 +70.4%
22 IDYA 1.18% 2,153,043 $74M $34.57 $16M
23 CERT 1.09% 7,808,605 $69M $8.81 -$14M +1,069,068 +15.9%
24 BIO 1.09% 226,070 $68M $302.99 $5M
25 ACHC 1.02% 4,520,000 $64M $14.19 $35M +3,331,000 +280.1%
26 BBOT 0.97% 4,885,446 $61M $12.52 $5M
27 STOK 0.92% 1,823,500 $58M $31.74 +1,823,500 NEW
28 LNTH 0.88% 827,999 $55M $66.55 +827,999 NEW
29 GPCR 0.85% 767,993 $53M $69.55 $43M +394,586 +105.7%
30 NVST 0.79% 2,280,498 $50M $21.71 $3M -13,538 -0.6%
31 EHAB 0.70% 4,747,746 $44M $9.22 $6M
32 KYMR 0.69% 561,170 $44M $77.81 $11M -11,088 -1.9%
33 CDNA 0.66% 2,191,000 $41M $18.84 $9M
34 IRON 0.64% 511,163 $41M $79.41 -$20M -408,240 -44.4%
35 SION 0.63% 970,590 $40M $41.14 $11M
36 BLTE 0.59% 233,813 $37M $159.96 +233,813 NEW
37 DAWN 0.55% 3,723,131 $35M $9.32 $2M -982,282 -20.9%
38 PHR 0.54% 1,999,045 $34M $16.92 $8M +882,293 +79.0%
39 EMBC 0.52% 2,752,031 $33M $11.88 -$4M +131,610 +5.0%
40 VCYT 0.49% 726,000 $31M $42.10 $6M
41 BBNX 0.45% 938,308 $29M $30.47 $5M -230,107 -19.7%
42 VTR 0.44% 354,000 $27M $77.38 $3M
43 ALNY 0.43% 67,935 $27M $397.65 -$4M
44 TNGX 0.41% 2,906,946 $26M $8.86 +2,906,946 NEW
45 XENE 0.39% 542,020 $24M $44.82 $3M
46 SYRE 0.37% 710,626 $23M $32.76 $13M +96,961 +15.8%
47 FHTX 0.31% 3,649,211 $20M $5.40 $4M +393,697 +12.1%
48 CMPX 0.31% 3,606,000 $19M $5.37 +3,606,000 NEW
49 EWTX 0.30% 765,694 $19M $24.82 $7M
50 KYTX 0.30% 2,000,000 $19M $9.40 +2,000,000 NEW
51 TSHA 0.24% 2,722,165 $15M $5.50 -$3M -2,663,835 -49.5%
52 CRMD 0.20% 1,107,944 $13M $11.63 -$26M -2,215,889 -66.7%
53 TOI 0.19% 3,360,052 $12M $3.56 $235K
54 MDLN 0.17% 260,000 $11M $42.00 +260,000 NEW
55 OMDA 0.14% 553,107 $9M $15.78 -$4M
56 CALC 0.14% 1,300,000 $9M $6.59 $5M
57 PBH 0.07% 69,669 $4M $61.69 $269K +5,106 +7.9%
58 CGEM 0.06% 386,169 $4M $10.35 -$13M -2,540,844 -86.8%
59 VEEV 0.06% 17,711 $4M $223.23 +17,711 NEW
60 RDNT 0.06% 49,951 $4M $71.35 $522K +10,038 +25.1%
61 LH 0.06% 13,825 $3M $250.88 $3M +12,768 +1208.0%
62 ENOV 0.05% 127,270 $3M $26.64 $1M +58,057 +83.9%
63 ALHC 0.05% 164,345 $3M $19.75 $1M +61,403 +59.6%
64 DGX 0.05% 18,392 $3M $173.53 +18,392 NEW
65 TMDX 0.05% 25,492 $3M $121.65 $2M +12,740 +99.9%
66 PODD 0.05% 10,616 $3M $284.24 $2M +6,136 +137.0%
67 ANNX 0.05% 583,913 $3M $5.02 $1M
68 BLFS 0.05% 120,211 $3M $24.18 $70K +9,016 +8.1%
69 CHE 0.04% 6,215 $3M $427.86 $571K +1,551 +33.2%
70 WOOF 0.04% 936,309 $3M $2.81 +936,309 NEW
71 KIDS 0.04% 144,220 $3M $17.76 -$1M -49,889 -25.7%
72 CI 0.04% 9,203 $3M $275.23 +9,203 NEW
73 TRUP 0.04% 66,438 $2M $37.37 $14K +9,393 +16.5%
74 RMD 0.04% 10,104 $2M $240.87 +10,104 NEW
75 BSX 0.04% 24,941 $2M $95.35 -$679K -6,371 -20.4%
76 DVA 0.04% 20,909 $2M $113.61 -$92K +2,342 +12.6%
77 DOCS 0.04% 51,942 $2M $44.28 +51,942 NEW
78 DXCM 0.03% 32,943 $2M $66.37 $687K +10,656 +47.8%
79 IRTC 0.03% 12,099 $2M $177.44 -$822K -5,163 -29.9%
80 CNMD 0.03% 52,555 $2M $40.60 -$34M -707,641 -93.1%
81 MASI 0.03% 16,147 $2M $130.06 +16,147 NEW
82 LMAT 0.03% 25,815 $2M $81.10 -$528K -4,144 -13.8%
83 TXG 0.03% 126,574 $2M $16.31 -$989K -134,614 -51.5%
84 ATRC 0.03% 52,076 $2M $39.56 -$1M -35,493 -40.5%
85 AVNS 0.03% 167,061 $2M $11.23 $455K +44,162 +35.9%
86 CRVL 0.03% 27,629 $2M $67.67 -$470K -2,587 -8.6%
87 CAH 0.03% 8,985 $2M $205.50 +8,985 NEW
88 GDRX 0.03% 660,133 $2M $2.71 +660,133 NEW
89 SGRY 0.03% 112,623 $2M $15.45 +112,623 NEW
90 ALGN 0.03% 11,000 $2M $156.15 -$2M -21,789 -66.5%
91 ADUS 0.03% 15,871 $2M $107.39 +15,871 NEW
92 MMSI 0.03% 18,798 $2M $88.14 -$2M -23,048 -55.1%
93 NHC 0.03% 12,085 $2M $137.09 -$115K -2,499 -17.1%
94 ALEC 0.03% 1,055,192 $2M $1.56 -$1M
95 EHC 0.03% 15,259 $2M $106.14 +15,259 NEW
96 VREX 0.02% 131,745 $2M $11.65 -$2M -153,462 -53.8%
97 HQY 0.02% 16,231 $1M $91.61 $818K +9,171 +129.9%
98 ABT 0.02% 11,449 $1M $125.29 +11,449 NEW
99 MMS 0.02% 16,606 $1M $86.32 +16,606 NEW
100 SYK 0.02% 3,551 $1M $351.47 $513K +1,563 +78.6%

Options Breakdown

0 Calls $0 Call Value 1 Puts $29M Put Value

Top Puts

SymbolSharesValueStatus
MRNA 1,000,000 $29M

New Positions

SymbolValue% Port
STOK $58M 0.92%
LNTH $55M 0.88%
BLTE $37M 0.59%
TNGX $26M 0.41%
CMPX $19M 0.31%
KYTX $19M 0.30%
MDLN $11M 0.17%
VEEV $4M 0.06%
DGX $3M 0.05%
WOOF $3M 0.04%
CI $3M 0.04%
RMD $2M 0.04%
DOCS $2M 0.04%
MASI $2M 0.03%
CAH $2M 0.03%

Sold Out Positions

SymbolValue% Port
BMY —%
GMED —%
BAX —%
DHR —%
PEN —%
PFE —%
SCI —%
EBS —%
TMO —%
OGN —%
MOH —%
MRK —%
WAT —%
HAE —%
CYH —%
View SEC EDGAR Filings for DEERFIELD MANAGEMENT COMPANY, L.P. →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms