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Asset Manager ← All Institutions

First Light Asset Management, LLC

Q4 2025 · Filed 2026-02-17
Market Value
$1.3B
+22.2%
Holdings
45
-1
New Purchases
5
Added To
14
Closed
13
Reduced
13
Top 10 Concentration
58.1%
Turnover
40.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SIBN 7.71% 2.68% +5.03% $99M
AXGN 13.31% 9.84% +3.48% $171M
PVLA 5.77% 3.22% +2.55% $74M
MDGL 3.03% 0.50% +2.52% $39M
WVE 2.45% 0.00% +2.45% $32M
VERA 3.42% 1.40% +2.02% $44M
NEO 9.17% 7.28% +1.90% $118M
TNDM 1.86% 0.00% +1.86% $24M
IRON 3.23% 1.45% +1.78% $42M
SLP 2.79% 1.10% +1.69% $36M
SEPN 1.35% 0.00% +1.35% $17M
EWTX 3.04% 2.18% +0.86% $39M
RYTM 2.46% 1.73% +0.73% $32M
GH 2.34% 1.66% +0.68% $30M
ATRC 3.61% 2.98% +0.63% $47M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
PHLT 0.00% 8.60% -8.60% $0
CNTA 4.43% 8.37% -3.94% $57M
LENZ 0.00% 3.07% -3.07% $0
CDTX 0.00% 2.66% -2.66% $0
MRUS 0.00% 2.00% -2.00% $0
ADMA 0.00% 1.49% -1.49% $0
ORGO 1.56% 3.00% -1.45% $20M
HCAT 2.40% 3.64% -1.24% $31M
AMLX 3.15% 4.33% -1.18% $41M
CAI 0.00% 1.13% -1.13% $0
MDXG 1.60% 2.42% -0.82% $21M
RARE 0.00% 0.82% -0.82% $0
RGEN 0.00% 0.53% -0.53% $0
GPCR 0.00% 0.52% -0.52% $0
ANAB 2.44% 2.88% -0.44% $31M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 3 $69M 5.4%
Mid Cap 21 $577M 44.9%
Small Cap 16 $441M 34.3%
Micro Cap 5 $199M 15.4%

Portfolio Analytics

Avg Market Cap
$3.2B
Median Market Cap
$2.2B
Avg P/E
143.4
Median P/E
127.7
Avg Dividend Yield
—%
Avg Beta
0.99
# Stocks
44
# ETFs / Funds
1

Top Holdings (45 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 AXGN 13.31% 5,233,326 $171M $32.73 $68M -572,404 -9.9%
2 NEO 9.17% 10,035,063 $118M $11.76 $41M +107,794 +1.1%
3 SIBN 7.71% 5,032,904 $99M $19.72 $71M +3,115,001 +162.4%
4 PVLA 5.77% 709,141 $74M $104.67 $40M +167,597 +30.9%
5 CNTA 4.43% 2,278,940 $57M $25.01 -$31M -1,356,876 -37.3%
6 CRNX 4.32% 1,194,263 $56M $46.55 $16M +252,747 +26.8%
7 ATRC 3.61% 1,175,445 $47M $39.56 $15M +285,083 +32.0%
8 VERA 3.42% 869,676 $44M $50.64 $29M +362,579 +71.5%
9 IRON 3.23% 523,167 $42M $79.41 $26M +291,981 +126.3%
10 AMLX 3.15% 3,355,539 $41M $12.08 -$5M -343 -0.0%
11 EWTX 3.04% 1,573,701 $39M $24.82 $16M +158,707 +11.2%
12 MDGL 3.03% 66,831 $39M $582.34 $34M +55,292 +479.2%
13 TWST 2.81% 1,140,771 $36M $31.72 $3M -54,112 -4.5%
14 SLP 2.79% 1,968,917 $36M $18.23 $24M +1,201,157 +156.4%
15 RYTM 2.46% 295,844 $32M $107.04 $13M +115,360 +63.9%
16 WVE 2.45% 1,853,851 $32M $17.00 +1,853,851 NEW
17 ANAB 2.44% 646,238 $31M $48.48 $1M -343,923 -34.7%
18 HCAT 2.40% 12,910,941 $31M $2.39 -$7M -525,279 -3.9%
19 GH 2.34% 294,751 $30M $102.14 $13M +14,750 +5.3%
20 IRTC 2.12% 153,871 $27M $177.44 $627K -1,228 -0.8%
21 ESTA 2.11% 373,082 $27M $72.88 $10M -45,276 -10.8%
22 MASS 1.97% 4,836,186 $25M $5.25 $3M +2,325,690 +92.6%
23 KRMD 1.90% 4,210,512 $24M $5.81 $7M -317,225 -7.0%
24 TNDM 1.86% 1,089,493 $24M $21.98 +1,089,493 NEW
25 NPCE 1.62% 1,349,482 $21M $15.44 $7M -10,589 -0.8%
26 MDXG 1.60% 3,039,341 $21M $6.77 -$5M -613,611 -16.8%
27 ORGO 1.56% 3,862,820 $20M $5.18 -$12M -3,635,091 -48.5%
28 SEPN 1.35% 620,811 $17M $27.88 +620,811 NEW
29 ABVX 0.93% 88,674 $12M $134.85 $4M -7,281 -7.6%
30 BFLY 0.83% 2,812,131 $11M $3.80 $9M +1,684,133 +149.3%
31 DYN 0.24% 155,231 $3M $19.56 +155,231 NEW
32 IWO 0.02% 760 $245K $323.01 +760 NEW
33 PHLT —% -$91M -11,718,612 -100.0% SOLD
34 CAI —% -$12M -403,924 -100.0% SOLD
35 ALHC —% -$4M -203,138 -100.0% SOLD
36 TECX —% -$3M -202,393 -100.0% SOLD
37 ADMA —% -$16M -1,069,233 -100.0% SOLD
38 RGEN —% -$6M -41,427 -100.0% SOLD
39 GPCR —% -$6M -197,350 -100.0% SOLD
40 EVH —% -$5M -545,282 -100.0% SOLD
41 CDTX —% -$28M -292,657 -100.0% SOLD
42 MRUS —% -$21M -224,080 -100.0% SOLD
43 LENZ —% -$32M -693,044 -100.0% SOLD
44 RARE —% -$9M -285,699 -100.0% SOLD
45 RDNT —% -$3M -42,280 -100.0% SOLD

New Positions

SymbolValue% Port
WVE $32M 2.45%
TNDM $24M 1.86%
SEPN $17M 1.35%
DYN $3M 0.24%
IWO $245K 0.02%

Sold Out Positions

SymbolValue% Port
EVH —%
ADMA —%
LENZ —%
CAI —%
GPCR —%
ALHC —%
RARE —%
RDNT —%
TECX —%
RGEN —%
MRUS —%
CDTX —%
PHLT —%
View SEC EDGAR Filings for First Light Asset Management, LLC →

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