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PFM Health Sciences, LP

Q4 2025 · Filed 2026-02-17
Market Value
$880M
-18.6%
Holdings
89
+18
New Purchases
30
Added To
10
Closed
18
Reduced
31
Top 10 Concentration
45.3%
Turnover
53.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GKOS 2.59% 0.00% +2.59% $23M
TMO 2.50% 0.10% +2.39% $22M
MDT 2.33% 0.00% +2.33% $21M
SYK 2.03% 0.00% +2.03% $18M
UNH 1.90% 0.00% +1.90% $17M
NBIX 2.63% 0.74% +1.89% $23M
AMRX 2.10% 0.33% +1.77% $18M
DXCM 1.71% 0.00% +1.71% $15M
CNC 3.39% 1.90% +1.50% $30M
CAH 1.46% 0.00% +1.46% $13M
TFX 1.42% 0.00% +1.42% $12M
BBIO 2.66% 1.57% +1.09% $23M
ADMA 2.63% 1.60% +1.03% $23M
WAT 1.86% 0.85% +1.01% $16M
GILD 0.99% 0.00% +0.99% $9M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
LLY 8.34% 15.89% -7.55% $73M
MCK 0.00% 5.17% -5.17% $0
ABC 0.00% 2.33% -2.33% $0
ISRG 0.99% 3.20% -2.21% $9M
OM 0.22% 2.26% -2.04% $2M
HCA 0.74% 2.59% -1.86% $6M
ANTM 0.00% 1.82% -1.82% $0
NTRA 0.00% 1.72% -1.72% $0
CVS 0.97% 2.42% -1.45% $9M
SPY 0.00% 1.31% -1.31% $0
MRUS 0.00% 1.14% -1.14% $0
AKRO 0.00% 1.09% -1.09% $0
REGN 0.00% 1.03% -1.03% $0
IRTC 0.00% 1.03% -1.03% $0
VRNA 0.00% 0.79% -0.79% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 4 $110M 12.5%
Large Cap 40 $518M 58.9%
Mid Cap 27 $175M 19.9%
Small Cap 13 $54M 6.1%
Micro Cap 5 $24M 2.7%

Portfolio Analytics

Avg Market Cap
$52.9B
Median Market Cap
$9.9B
Avg P/E
32.6
Median P/E
29.0
Avg Dividend Yield
0.00%
Avg Beta
0.86
# Stocks
88
# ETFs / Funds
1

Top Holdings (89 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 THC 8.98% 397,767 $79M $198.72 -$15M -63,887 -13.8%
2 LLY 8.34% 68,289 $73M $1,074.68 -$98M -156,850 -69.7%
3 AXSM 5.22% 251,562 $46M $182.64 -$18M -278,770 -52.6%
4 PEN 5.13% 145,171 $45M $310.91 -$4M -49,914 -25.6%
5 UTHR 3.75% 67,743 $33M $487.25 -$7M -27,907 -29.2%
6 CNC 3.39% 725,424 $30M $41.15 $9M +151,064 +26.3%
7 BBIO 2.66% 306,506 $23M $76.49 $6M -20,668 -6.3%
8 ADMA 2.63% 1,270,894 $23M $18.24 $6M +89,883 +7.6%
9 NBIX 2.63% 163,197 $23M $141.83 $15M +105,951 +185.1%
10 GKOS 2.59% 201,676 $23M $112.91 +201,676 NEW
11 TMO 2.50% 37,915 $22M $579.45 $21M +35,601 +1538.5%
12 EW 2.39% 246,835 $21M $85.25 -$9M -134,489 -35.3%
13 ICLR 2.39% 115,336 $21M $182.22 -$2M -18,347 -13.7%
14 MDT 2.33% 213,796 $21M $96.06 +213,796 NEW
15 NEO 2.26% 1,694,051 $20M $11.76 $3M -514,479 -23.3%
16 MRK 2.25% 187,834 $20M $105.26 -$75K -48,634 -20.6%
17 AMRX 2.10% 1,465,480 $18M $12.60 $15M +1,109,662 +311.9%
18 SYK 2.03% 50,852 $18M $351.47 +50,852 NEW
19 UNH 1.90% 50,539 $17M $330.11 +50,539 NEW
20 WAT 1.86% 43,208 $16M $379.83 $7M +12,457 +40.5%
21 DXCM 1.71% 227,357 $15M $66.37 +227,357 NEW
22 CNTA 1.68% 591,601 $15M $25.01 -$1M -74,595 -11.2%
23 CAH 1.46% 62,341 $13M $205.50 +62,341 NEW
24 UHS 1.42% 57,409 $13M $218.02 -$11M -58,851 -50.6%
25 TFX 1.42% 102,395 $12M $122.04 +102,395 NEW
26 RVMD 1.37% 151,453 $12M $79.65 -$3M -179,616 -54.2%
27 ISRG 0.99% 15,410 $9M $566.36 -$26M -61,993 -80.1%
28 GILD 0.99% 71,018 $9M $122.74 +71,018 NEW
29 JAZZ 0.98% 50,511 $9M $170.00 +50,511 NEW
30 CVS 0.97% 107,767 $9M $79.36 -$18M -238,912 -68.9%
31 SNY 0.97% 176,413 $9M $48.46 +176,413 NEW
32 IQV 0.97% 37,852 $9M $225.41 +37,852 NEW
33 ITGR 0.95% 106,585 $8M $78.43 +106,585 NEW
34 0I3I.L 0.94% 100,802 $8M $81.96 $3M +26,439 +35.5%
35 VEEV 0.82% 32,489 $7M $223.23 -$5M -9,014 -21.7%
36 OSCR 0.82% 499,837 $7M $14.37 -$8M -320,805 -39.1%
37 BLLN 0.81% 87,547 $7M $81.84 +87,547 NEW
38 CGON 0.77% 163,967 $7M $41.52 $449K +6,093 +3.9%
39 VKTX 0.76% 188,956 $7M $35.18 $2M +5,418 +3.0%
40 ALGN 0.75% 42,304 $7M $156.15 +42,304 NEW
41 HCA 0.74% 13,865 $6M $466.86 -$22M -51,908 -78.9%
42 PSNL 0.73% 805,817 $6M $7.96 +805,817 NEW
43 VERA 0.62% 107,690 $5M $50.64 -$9M -405,995 -79.0%
44 CMPS 0.61% 779,618 $5M $6.90 -$4M -883,218 -53.1%
45 SNDX 0.58% 242,967 $5M $21.01 $1M -13,521 -5.3%
46 GPCR 0.54% 68,248 $5M $69.55 $2M -46,825 -40.7%
47 ELAN 0.53% 207,311 $5M $22.63 +207,311 NEW
48 BTSG 0.50% 118,525 $4M $37.45 +118,525 NEW
49 RYTM 0.49% 40,210 $4M $107.04 -$560K -7,952 -16.5%
50 ABVX 0.49% 31,878 $4M $134.86 +31,878 NEW
51 MDGL 0.48% 7,258 $4M $582.34 +7,258 NEW
52 DNTH 0.47% 99,576 $4M $41.21 $1M +31,736 +46.8%
53 MOH 0.45% 22,802 $4M $173.54 +22,802 NEW
54 CLDX 0.41% 133,161 $4M $27.16 +133,161 NEW
55 MDLN 0.41% 85,000 $4M $42.00 +85,000 NEW
56 ARGX 0.40% 4,202 $4M $840.95 -$1M -2,201 -34.4%
57 BLTE 0.36% 19,823 $3M $159.96 +19,823 NEW
58 FTRE 0.32% 165,439 $3M $17.25 +165,439 NEW
59 MBX 0.28% 79,310 $3M $31.54 -$1M -142,195 -64.2%
60 CGEM 0.27% 227,003 $2M $10.35 +227,003 NEW
61 TARS 0.25% 27,338 $2M $81.88 +27,338 NEW
62 OM 0.22% 530,796 $2M $3.71 -$22M -1,199,125 -69.3%
63 MLYS 0.20% 47,637 $2M $36.29 +47,637 NEW
64 AMLX 0.18% 134,549 $2M $12.08 -$4M -301,607 -69.2%
65 CRBU 0.17% 957,787 $2M $1.59 -$2M -401,044 -29.5%
66 QURE 0.11% 39,499 $945K $23.93 -$2M -6,854 -14.8%
67 TECX 0.10% 42,724 $891K $20.86 +42,724 NEW
68 IRON 0.10% 11,002 $874K $79.41 -$1M -21,537 -66.2%
69 RZLT 0.06% 206,265 $487K $2.36 -$4M -246,468 -54.4%
70 NPCE 0.02% 11,329 $175K $15.44 +11,329 NEW
71 TMCI 0.01% 50,000 $122K $2.45 +50,000 NEW
72 HUM —% -$949K -3,648 -100.0% SOLD
73 TEVA —% -$7M -356,818 -100.0% SOLD
74 SPY —% -$14M -21,210 -100.0% SOLD
75 BSX —% -$3M -28,648 -100.0% SOLD
76 AKRO —% -$12M -248,079 -100.0% SOLD
77 ARQT —% -$7M -360,460 -100.0% SOLD
78 HIMS —% -$1M -22,915 -100.0% SOLD
79 ABC —% -$25M -80,493 -100.0% SOLD
80 HOWL —% -$790K -401,110 -100.0% SOLD
81 ANTM —% -$20M -60,776 -100.0% SOLD
82 REGN —% -$11M -19,890 -100.0% SOLD
83 VRNA —% -$9M -80,416 -100.0% SOLD
84 IRTC —% -$11M -64,998 -100.0% SOLD
85 MRUS —% -$12M -130,742 -100.0% SOLD
86 WST —% -$5M -18,365 -100.0% SOLD
87 MCK —% -$56M -72,313 -100.0% SOLD
88 ELVN —% -$3M -156,463 -100.0% SOLD
89 NTRA —% -$19M -115,596 -100.0% SOLD

Options Breakdown

4 Calls $15M Call Value 2 Puts $0 Put Value 0.0 P/C Ratio

Top Calls

SymbolSharesValueStatus
CNC 372,300 $15M NEW
HUM $0 SOLD
XBI $0 SOLD
BSX $0 SOLD

Top Puts

SymbolSharesValueStatus
LQDA $0 SOLD
IWM $0 SOLD

New Positions

SymbolValue% Port
GKOS $23M 2.59%
MDT $21M 2.33%
SYK $18M 2.03%
UNH $17M 1.90%
DXCM $15M 1.71%
CAH $13M 1.46%
TFX $12M 1.42%
GILD $9M 0.99%
JAZZ $9M 0.98%
SNY $9M 0.97%
IQV $9M 0.97%
ITGR $8M 0.95%
BLLN $7M 0.81%
ALGN $7M 0.75%
PSNL $6M 0.73%

Sold Out Positions

SymbolValue% Port
TEVA —%
WST —%
HIMS —%
MCK —%
BSX —%
HUM —%
HOWL —%
ELVN —%
IRTC —%
REGN —%
ARQT —%
SPY —%
NTRA —%
AKRO —%
MRUS —%
View SEC EDGAR Filings for PFM Health Sciences, LP →

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