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Asset Manager ← All Institutions

SPHERA FUNDS MANAGEMENT LTD.

Q4 2025 · Filed 2026-02-17
Market Value
$434M
+14.9%
Holdings
106
-1
New Purchases
18
Added To
29
Closed
26
Reduced
23
Top 10 Concentration
36.5%
Turnover
41.5%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
COGT 3.10% 0.37% +2.72% $13M
SNDX 3.69% 1.58% +2.11% $16M
BMRN 2.01% 0.00% +2.01% $9M
SRRK 1.61% 0.00% +1.61% $7M
MLYS 3.76% 2.21% +1.55% $16M
BCRX 1.51% 0.00% +1.51% $7M
WVE 1.60% 0.10% +1.50% $7M
BBIO 1.90% 0.56% +1.34% $8M
VOR 1.24% 0.00% +1.24% $5M
KOD 1.13% 0.00% +1.13% $5M
ENPH 1.38% 0.25% +1.13% $6M
TNGX 1.11% 0.00% +1.11% $5M
APLS 1.45% 0.38% +1.07% $6M
CYBN 1.56% 0.58% +0.98% $7M
TARA 0.80% 0.00% +0.80% $3M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
NICE 0.00% 6.03% -6.03% $0
QQQ 0.00% 3.65% -3.65% $0
TSEM 3.32% 5.97% -2.65% $14M
CDTX 0.00% 1.92% -1.92% $0
CLBT 0.00% 1.47% -1.47% $0
RAPP 0.00% 1.24% -1.24% $0
RARE 1.59% 2.81% -1.21% $7M
IMVT 0.00% 1.10% -1.10% $0
CYTK 1.34% 2.35% -1.01% $6M
RZLT 0.00% 0.91% -0.91% $0
AMZN 0.00% 0.80% -0.80% $0
META 0.00% 0.76% -0.76% $0
ORA 0.00% 0.74% -0.74% $0
VRNS 0.40% 1.12% -0.73% $2M
IDYA 0.00% 0.72% -0.72% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 10 $40M 9.3%
Large Cap 18 $139M 31.9%
Mid Cap 28 $109M 25.2%
Small Cap 33 $128M 29.4%
Micro Cap 17 $18M 4.2%

Portfolio Analytics

Avg Market Cap
$108.1B
Median Market Cap
$2.1B
Avg P/E
46.9
Median P/E
31.5
Avg Dividend Yield
0.00%
Avg Beta
0.81
# Stocks
104
# ETFs / Funds
2

Top Holdings (106 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 TEVA 8.08% 1,123,525 $35M $31.21 $5M -383,500 -25.4%
2 BIIB 3.84% 94,738 $17M $175.99 $5M +12,000 +14.5%
3 MLYS 3.76% 449,003 $16M $36.29 $8M +229,093 +104.2%
4 SNDX 3.69% 762,563 $16M $21.01 $10M +374,847 +96.7%
5 NVMI 3.62% 47,846 $16M $328.39 $2M +3,950 +9.0%
6 TSEM 3.32% 122,513 $14M $117.42 -$8M -189,289 -60.7%
7 COGT 3.10% 378,500 $13M $35.52 $12M +279,974 +284.2%
8 SNY 2.68% 239,515 $12M $48.46 $1M +20,000 +9.1%
9 LLY 2.24% 9,040 $10M $1,074.68 $2M -1,000 -10.0%
10 FOLD 2.16% 658,377 $9M $14.24 $2M -332,765 -33.6%
11 IMTX 2.08% 861,105 $9M $10.50 $4M +278,000 +47.7%
12 BMRN 2.01% 147,000 $9M $59.43 +147,000 NEW
13 BBIO 1.90% 107,746 $8M $76.49 $6M +67,000 +164.4%
14 ORIC 1.89% 1,004,378 $8M $8.18 $3M +572,685 +132.7%
15 DYN 1.77% 392,894 $8M $19.56 $2M -33,624 -7.9%
16 TRVI 1.73% 598,534 $7M $12.52 $2M -45,423 -7.0%
17 JNJ 1.71% 35,831 $7M $206.95 -$156K -5,000 -12.2%
18 SVRA 1.64% 1,178,164 $7M $6.03 $2M -172,169 -12.8%
19 SRRK 1.61% 158,265 $7M $44.05 +158,265 NEW
20 WVE 1.60% 408,166 $7M $17.00 $7M +358,166 +716.3%
21 RARE 1.59% 300,623 $7M $23.00 -$4M -51,935 -14.7%
22 CYBN 1.56% 825,576 $7M $8.18 $5M +455,200 +122.9%
23 ANNX 1.52% 1,316,212 $7M $5.02 $1M -478,175 -26.6%
24 BCRX 1.51% 837,889 $7M $7.80 +837,889 NEW
25 CLDX 1.50% 239,764 $7M $27.16 $1M +32,000 +15.4%
26 APLS 1.45% 250,961 $6M $25.12 $5M +187,301 +294.2%
27 GSK 1.38% 122,000 $6M $49.04 $717K
28 ENPH 1.38% 186,500 $6M $32.05 $5M +159,800 +598.5%
29 NVO 1.36% 115,677 $6M $50.88 $22K +10,000 +9.5%
30 CYTK 1.34% 91,717 $6M $63.54 -$3M -69,800 -43.2%
31 ABBV 1.33% 25,256 $6M $228.49 -$77K
32 SEDG 1.31% 196,536 $6M $28.85 $454K +55,570 +39.4%
33 ACAD 1.31% 212,202 $6M $26.71 $2M +63,302 +42.5%
34 VOR 1.24% 410,417 $5M $13.08 +410,417 NEW
35 MRK 1.18% 48,600 $5M $105.26 $1M
36 NVS 1.18% 37,000 $5M $137.87 $356K
37 KOD 1.13% 175,500 $5M $27.96 +175,500 NEW
38 TNGX 1.11% 544,563 $5M $8.86 +544,563 NEW
39 ATXS 1.07% 355,725 $5M $13.09 $3M +104,500 +41.6%
40 CAMT 0.97% 39,498 $4M $106.35 $1M +10,450 +36.0%
41 RVMD 0.96% 52,500 $4M $79.65 $1M -7,500 -12.5%
42 AMD 0.89% 18,040 $4M $214.16 $1M +2,570 +16.6%
43 CLYM 0.86% 932,247 $4M $4.00 $3M +497,410 +114.4%
44 ELVN 0.81% 226,765 $3M $15.40 $79K +60,000 +36.0%
45 TARA 0.80% 650,000 $3M $5.33 +650,000 NEW
46 AVGO 0.78% 9,755 $3M $346.10 $1M +3,200 +48.8%
47 ELDN 0.74% 2,132,131 $3M $1.51 -$96K +851,898 +66.5%
48 BIOA 0.74% 243,035 $3M $13.23 +243,035 NEW
49 CRVS 0.72% 407,709 $3M $7.70 $135K
50 ESLT 0.71% 5,340 $3M $577.71 -$351K -1,400 -20.8%
51 KURA 0.71% 295,522 $3M $10.39 $898K +50,000 +20.4%
52 MAZE 0.69% 71,843 $3M $41.43 -$1M -82,500 -53.5%
53 ZIM 0.67% 136,005 $3M $21.23 +136,005 NEW
54 GPCR 0.66% 41,000 $3M $69.55 -$2M -132,931 -76.4%
55 EVMN 0.66% 166,147 $3M $17.12 +166,147 NEW
56 0LOV.L 0.61% 343,678 $3M $7.72 $2M +265,371 +338.9%
57 AMGN 0.57% 7,500 $2M $327.31 -$226K -2,000 -21.1%
58 NRIX 0.54% 124,000 $2M $18.97 +124,000 NEW
59 JANX 0.50% 157,840 $2M $13.80 $80K +72,000 +83.9%
60 PFE 0.49% 86,000 $2M $24.90 -$50K
61 TSHA 0.47% 368,146 $2M $5.50 $690K -40,000 -9.8%
62 CTNM 0.46% 173,475 $2M $11.43 +173,475 NEW
63 MDGL 0.44% 3,300 $2M $582.34 +3,300 NEW
64 PHVS 0.41% 63,953 $2M $27.75 -$1M -55,453 -46.4%
65 VRNS 0.40% 52,500 $2M $32.80 -$3M -21,400 -29.0%
66 VTYX 0.37% 180,114 $2M $9.03 $258K -260,000 -59.1%
67 IBIT 0.34% 30,055 $1M $49.65 $98K +8,600 +40.1%
68 DAWN 0.31% 145,371 $1M $9.32 $118K -30,000 -17.1%
69 VYGR 0.31% 339,761 $1M $3.93 $402K +140,000 +70.1%
70 TRDA 0.26% 110,942 $1M $10.28 +110,942 NEW
71 TNYA 0.25% 1,500,000 $1M $0.71 +1,500,000 NEW
72 CATX 0.22% 349,973 $962K $2.75 -$788K -160,370 -31.4%
73 BMY 0.22% 17,500 $944K $53.94 $155K
74 PEPG 0.18% 121,467 $791K $6.51 -$1K -50,000 -29.2%
75 STTK 0.16% 195,212 $713K $3.65 +195,212 NEW
76 HOWL 0.09% 626,810 $397K $0.63 -$838K
77 PRLD 0.08% 122,752 $356K $2.90 +122,752 NEW
78 OKUR 0.04% 60,454 $175K $2.90 $9K
79 MREO 0.02% 255,400 $106K $0.42 +255,400 NEW
80 APLT —% 50,000 $5K $0.10 -$25K
81 CEVA —% -$2M -81,085 -100.0% SOLD
82 ROIV —% -$644K -42,571 -100.0% SOLD
83 DSGN —% -$165K -21,918 -100.0% SOLD
84 META —% -$3M -3,924 -100.0% SOLD
85 QQQ —% -$14M -22,960 -100.0% SOLD
86 NICE —% -$23M -157,400 -100.0% SOLD
87 CLBT —% -$6M -298,948 -100.0% SOLD
88 MLTX —% -$509K -71,010 -100.0% SOLD
89 ARWR —% -$431K -12,496 -100.0% SOLD
90 IMVT —% -$4M -256,743 -100.0% SOLD
91 MIST —% -$2M -820,000 -100.0% SOLD
92 LRMR —% -$841K -260,385 -100.0% SOLD
93 RAPP —% -$5M -157,533 -100.0% SOLD
94 PCVX —% -$2M -50,000 -100.0% SOLD
95 IDYA —% -$3M -100,000 -100.0% SOLD
96 QURE —% -$1M -24,900 -100.0% SOLD
97 PMN —% -$125K -295,187 -100.0% SOLD
98 TECX —% -$2M -115,908 -100.0% SOLD
99 BCAX —% -$1M -85,747 -100.0% SOLD
100 AMZN —% -$3M -13,760 -100.0% SOLD

Options Breakdown

12 Calls $18M Call Value 3 Puts $9M Put Value 0.46 P/C Ratio

Top Calls

SymbolSharesValueStatus
RARE 350,000 $8M NEW
NICE 55,700 $6M NEW
TLT 47,000 $4M
BBIO $0 SOLD
TRVI $0 SOLD
CDTX $0 SOLD
MLTX $0 SOLD
GPCR $0 SOLD
SRPT $0 SOLD
TVTX $0 SOLD

Top Puts

SymbolSharesValueStatus
XBI 70,000 $9M NEW
ELDN $0 SOLD
QURE $0 SOLD

New Positions

SymbolValue% Port
BMRN $9M 2.01%
SRRK $7M 1.61%
BCRX $7M 1.51%
VOR $5M 1.24%
KOD $5M 1.13%
TNGX $5M 1.11%
TARA $3M 0.80%
BIOA $3M 0.74%
ZIM $3M 0.67%
EVMN $3M 0.66%
NRIX $2M 0.54%
CTNM $2M 0.46%
MDGL $2M 0.44%
TRDA $1M 0.26%
TNYA $1M 0.25%

Sold Out Positions

SymbolValue% Port
ORA —%
CMMB —%
BCAX —%
AMZN —%
IMNM —%
ARWR —%
CLBT —%
DSGN —%
LRMR —%
MIST —%
MLTX —%
META —%
PCVX —%
RAPP —%
RZLT —%
View SEC EDGAR Filings for SPHERA FUNDS MANAGEMENT LTD. →

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