Deerfield Management Company, L.P.
Net seller this quarter
$9.59B
71
-$285M
47.9%
Holdings
| Company | Value | % of portfolio | % of company | POSITION CHANGE qoq % | First reported |
|---|---|---|---|---|---|
| Q2 2026 | |||||
| NUVL | $2.13B | 22.22% | 551.18% | Not reported | Q3 2021 |
 RVMD | $448M | 4.67% | 1.12% | +4.1% | Q1 2020 |
 PRAX | $323M | 3.36% | 3.45% | Not reported | Q4 2020 |
 VTRS | $321M | 3.35% | 1.74% | Not reported | Q4 2020 |
 CNC | $315M | 3.28% | 0.99% | -17.2% | Q4 2013 |
 UTHR | $248M | 2.58% | 1.07% | Not reported | Q1 2025 |
 LEGN | $235M | 2.45% | 2.20% | +5.9% | Q4 2024 |
 COGT | $194M | 2.02% | 2.92% | -44.7% | Q4 2020 |
 GMAB | $189M | 1.97% | Not reported | +178.8% | Q1 2026 |
 BKD | $187M | 1.95% | 4.87% | Not reported | Q3 2015 |
 VERA | $168M | 1.75% | 5.46% | +5.2% | Q1 2023 |
 IONS | $157M | 1.64% | 1.20% | Not reported | Q4 2016 |
 CELC | $152M | 1.58% | 2.97% | -15.3% | Q3 2025 |
 BCRX | $151M | 1.57% | 5.91% | +0.4% | Q3 2013 |
 NAMS | $145M | 1.51% | 3.62% | Not reported | Q4 2022 |
 ACHC | $133M | 1.39% | 4.97% | Not reported | Q4 2017 |
 TNGX | $131M | 1.37% | 2.49% | +1.1% | Q3 2023 |
 AHCO | $120M | 1.25% | 8.42% | Not reported | Q4 2019 |
 PHVS | $117M | 1.22% | 5.18% | +8.0% | Q1 2021 |
 ARWR | $113M | 1.18% | 0.98% | -11.7% | Q4 2013 |
 DNTH | $110M | 1.14% | 2.05% | +10.4% | Q1 2026 |
 LRMR | $109M | 1.13% | 34.28% | Not reported | Q2 2020 |
 MLYS | $107M | 1.11% | 4.48% | Not reported | Q1 2023 |
 IDYA | $101M | 1.06% | 2.82% | +77.4% | Q2 2019 |
 XENE | $97.5M | 1.02% | 1.67% | Not reported | Q2 2025 |
 SVRA | $83.6M | 0.87% | 6.61% | Not reported | Q3 2018 |
 LNTH | $83.5M | 0.87% | 1.15% | -9.1% | Q1 2024 |
 SNDX | $82.6M | 0.86% | 4.24% | Not reported | Q1 2017 |
 BMRN | $76.3M | 0.80% | 0.69% | +56.5% | Q2 2013 |
 PFE | $73.2M | 0.76% | 0.05% | Not reported | Q2 2013 |
 INDV | $67.7M | 0.71% | 1.35% | -46.8% | Q3 2024 |
 BIO | $66.4M | 0.69% | 0.82% | Not reported | Q3 2023 |
 SPRY | $60.1M | 0.63% | 7.55% | Not reported | Q4 2022 |
 STOK | $59.7M | 0.62% | 2.92% | Not reported | Q4 2025 |
 GPCR | $58.3M | 0.61% | 0.51% | +41.4% | Q1 2023 |
 NVST | $58.2M | 0.61% | 1.36% | Not reported | Q3 2024 |
 INSP | $57.9M | 0.60% | 4.49% | -52.0% | Q3 2018 |
 CDNA | $56.9M | 0.59% | 3.88% | -8.8% | Q3 2014 |
 BSX | $56.1M | 0.59% | 0.09% | Not reported | Q2 2015 |
 BLTE | $55M | 0.57% | 0.91% | +17.5% | Q4 2025 |
 PBLS | $51.5M | 0.54% | 1.54% | New | Q2 2026 |
 CERT | $49.2M | 0.51% | 4.93% | -3.8% | Q4 2020 |
 IRON | $48.1M | 0.50% | 1.71% | Not reported | Q2 2023 |
 BBOT | $37.2M | 0.39% | 6.10% | Not reported | Q3 2025 |
 TYRA | $32.5M | 0.34% | 1.70% | +85.3% | Q3 2021 |
 MNPR | $30M | 0.31% | 4.82% | Not reported | Q3 2025 |
 SION | $30M | 0.31% | 1.51% | -29.9% | Q1 2025 |
 AVLN | $24.1M | 0.25% | 1.65% | New | Q2 2026 |
 FHTX | $21.4M | 0.22% | 7.48% | Not reported | Q1 2022 |
 BBNX | $20.7M | 0.22% | 2.94% | Not reported | Q1 2025 |
| Q1 2026 | |||||
| NUVL | $1.77B | 20.85% | 551.18% | Not reported | Q3 2021 |
| COGT | $348M | 4.11% | 5.30% | Not reported | Q4 2020 |
| PRAX | $310M | 3.66% | 3.46% | +6.6% | Q4 2020 |
| VTRS | $273M | 3.22% | 1.75% | Not reported | Q4 2020 |
| UTHR | $271M | 3.20% | 1.08% | +7.3% | Q1 2025 |
| RVMD | $223M | 2.64% | 1.15% | -20.7% | Q1 2020 |
| CELC | $196M | 2.31% | 3.55% | Not reported | Q3 2025 |
| CNC | $194M | 2.29% | 1.20% | -8.2% | Q4 2013 |
| LRMR | $160M | 1.89% | 34.28% | +16.3% | Q2 2020 |
| BKD | $159M | 1.88% | 4.87% | Not reported | Q3 2015 |
| VERA | $150M | 1.77% | 5.82% | -8.3% | Q1 2023 |
| IONS | $149M | 1.75% | 1.19% | Not reported | Q4 2016 |
| BCRX | $143M | 1.69% | 5.92% | +4.9% | Q3 2013 |
| INSP | $139M | 1.64% | 9.39% | +79.5% | Q3 2018 |
| LEGN | $139M | 1.64% | 2.08% | +29.6% | Q4 2024 |
| AHCO | $137M | 1.61% | 8.44% | Not reported | Q4 2019 |
| NAMS | $137M | 1.61% | 3.66% | +2.4% | Q4 2022 |
| ACHC | $106M | 1.25% | 4.98% | Not reported | Q4 2017 |
| ARWR | $98.6M | 1.16% | 1.12% | -14.2% | Q4 2013 |
| CPRX | $97.6M | 1.15% | 3.23% | -19.7% | Q3 2022 |
| INDV | $94.4M | 1.11% | 2.48% | -8.7% | Q3 2024 |
| XENE | $94M | 1.11% | 1.67% | +198.1% | Q2 2025 |
| PHVS | $88.3M | 1.04% | 4.79% | Not reported | Q1 2021 |
| SNDX | $88.3M | 1.04% | 4.27% | Not reported | Q1 2017 |
| TNGX | $86.8M | 1.02% | 2.88% | +42.7% | Q3 2023 |
| DNTH | $85.6M | 1.01% | 1.87% | New | Q1 2026 |
| PFE | $85.4M | 1.01% | 0.05% | Not reported | Q2 2013 |
 NBIX | $80.4M | 0.95% | 0.61% | -48.5% | Q1 2014 |
| DAWN | $79.8M | 0.94% | 3.60% | Not reported | Q2 2021 |
| SVRA | $74.1M | 0.87% | 6.62% | Not reported | Q3 2018 |
| EHAB | $66.9M | 0.79% | 9.36% | Not reported | Q3 2022 |
| GMAB | $66.1M | 0.78% | Not reported | New | Q1 2026 |
| BIO | $63M | 0.74% | 0.82% | Not reported | Q3 2023 |
| LNTH | $62.8M | 0.74% | 1.27% | Not reported | Q1 2024 |
| SPRY | $60.3M | 0.71% | 7.56% | Not reported | Q4 2022 |
| STOK | $59.4M | 0.70% | 2.93% | Not reported | Q4 2025 |
| NVST | $56.1M | 0.66% | 1.35% | -3.1% | Q3 2024 |
| IDYA | $51M | 0.60% | 1.74% | -28.9% | Q2 2019 |
| BLTE | $48.5M | 0.57% | 0.77% | +30.0% | Q4 2025 |
| BMRN | $48.1M | 0.57% | 0.44% | Not reported | Q2 2013 |
 KYMR | $46.7M | 0.55% | 0.68% | Not reported | Q4 2024 |
| CERT | $44.5M | 0.53% | 5.09% | Not reported | Q4 2020 |
| BBOT | $43.7M | 0.52% | 6.10% | Not reported | Q3 2025 |
| IRON | $42M | 0.50% | 1.72% | +28.5% | Q2 2023 |
| SION | $38.9M | 0.46% | 2.15% | Not reported | Q1 2025 |
| CDNA | $38M | 0.45% | 4.27% | Not reported | Q3 2014 |
| GPCR | $37M | 0.44% | 0.36% | Not reported | Q1 2023 |
 VCYT | $23.4M | 0.28% | 0.91% | Not reported | Q2 2015 |
 ALNY | $22.5M | 0.27% | 0.05% | Not reported | Q2 2013 |
 EMBC | $22.4M | 0.26% | 4.27% | -7.9% | Q4 2023 |
| Q4 2025 | |||||
| NUVL | $1.74B | 22.16% | 551.18% | -4.1% | Q3 2021 |
| COGT | $321M | 4.10% | 5.62% | -0.1% | Q4 2020 |
| PRAX | $266M | 3.40% | 3.59% | +7.4% | Q4 2020 |
| CNC | $265M | 3.39% | 1.31% | -28.7% | Q4 2013 |
| VTRS | $252M | 3.21% | 1.75% | -16.2% | Q4 2020 |
| RVMD | $231M | 2.94% | 1.47% | -20.7% | Q1 2020 |
| UTHR | $208M | 2.65% | 0.98% | Not reported | Q1 2025 |
| VERA | $206M | 2.63% | 6.35% | +11.5% | Q1 2023 |
| CELC | $171M | 2.18% | 3.55% | +133.7% | Q3 2025 |
| NBIX | $168M | 2.15% | 1.18% | Not reported | Q1 2014 |
| IONS | $157M | 2.00% | 1.21% | Not reported | Q4 2016 |
| NAMS | $146M | 1.87% | 3.64% | -2.4% | Q4 2022 |
| INSP | $139M | 1.77% | 5.27% | +43.7% | Q3 2018 |
| LEGN | $129M | 1.65% | 1.60% | +100.3% | Q4 2024 |
| BKD | $126M | 1.60% | 4.89% | 0.0% | Q3 2015 |
| INDV | $122M | 1.55% | 2.72% | -51.4% | Q3 2024 |
| ARWR | $122M | 1.55% | 1.33% | +84.6% | Q4 2013 |
| LRMR | $117M | 1.49% | 36.84% | Not reported | Q2 2020 |
| CPRX | $115M | 1.46% | 4.01% | -1.3% | Q3 2022 |
| AHCO | $114M | 1.46% | 8.47% | Not reported | Q4 2019 |
| BCRX | $112M | 1.43% | 6.73% | +17.9% | Q3 2013 |
| SPRY | $87.4M | 1.12% | 7.56% | Not reported | Q4 2022 |
| PHVS | $86.7M | 1.11% | 4.79% | +28.0% | Q1 2021 |
| SVRA | $81.8M | 1.04% | 6.63% | +70.4% | Q3 2018 |
| IDYA | $74.4M | 0.95% | 2.45% | Not reported | Q2 2019 |
| CERT | $68.8M | 0.88% | 4.91% | +15.9% | Q4 2020 |
| BIO | $68.5M | 0.87% | 0.82% | Not reported | Q3 2023 |
| ACHC | $64.1M | 0.82% | 5.00% | +280.2% | Q4 2017 |
| BBOT | $61.2M | 0.78% | 6.11% | Not reported | Q3 2025 |
| STOK | $57.9M | 0.74% | 3.09% | New | Q4 2025 |
| LNTH | $55.1M | 0.70% | 1.28% | Not reported | Q1 2024 |
| GPCR | $53.4M | 0.68% | 0.36% | +105.7% | Q1 2023 |
| NVST | $49.5M | 0.63% | 1.39% | -0.6% | Q3 2024 |
| EHAB | $43.8M | 0.56% | 9.36% | Not reported | Q3 2022 |
| KYMR | $43.7M | 0.56% | 0.69% | -1.9% | Q4 2024 |
| CDNA | $41.3M | 0.53% | 4.30% | Not reported | Q3 2014 |
| IRON | $40.6M | 0.52% | 1.35% | -44.4% | Q2 2023 |
| SION | $39.9M | 0.51% | 2.17% | Not reported | Q1 2025 |
| BLTE | $37.4M | 0.48% | 0.59% | New | Q4 2025 |
| DAWN | $34.7M | 0.44% | 3.62% | -20.9% | Q2 2021 |
 PHR | $33.8M | 0.43% | 3.32% | +79.0% | Q2 2022 |
| EMBC | $32.7M | 0.42% | 4.65% | +5.0% | Q4 2023 |
| VCYT | $30.6M | 0.39% | 0.91% | Not reported | Q2 2015 |
| BBNX | $28.6M | 0.37% | 2.12% | -19.7% | Q1 2025 |
 VTR | $27.4M | 0.35% | 0.07% | Not reported | Q2 2025 |
| ALNY | $27M | 0.35% | 0.05% | Not reported | Q2 2013 |
| TNGX | $25.8M | 0.33% | 2.14% | Not reported | Q3 2023 |
| XENE | $24.3M | 0.31% | 0.68% | Not reported | Q2 2025 |
 SYRE | $23.3M | 0.30% | 0.91% | +15.8% | Q4 2024 |
| FHTX | $19.7M | 0.25% | 6.44% | +12.1% | Q1 2022 |
| Q3 2025 | |||||
| NUVL | $1.56B | 23.75% | 574.91% | Not reported | Q3 2021 |
| CNC | $323M | 4.93% | 1.84% | +184.0% | Q4 2013 |
| MRUS | $287M | 4.38% | 4.02% | -10.0% | Q4 2021 |
| VTRS | $239M | 3.64% | 2.07% | +0.3% | Q4 2020 |
| UTHR | $179M | 2.73% | 0.99% | -21.2% | Q1 2025 |
| RVMD | $170M | 2.60% | 1.92% | +7.9% | Q1 2020 |
| INDV | $168M | 2.57% | 5.60% | -33.9% | Q3 2024 |
| NBIX | $166M | 2.54% | 1.19% | +1.4% | Q1 2014 |
| COGT | $130M | 1.98% | 6.47% | +242.9% | Q4 2020 |
| IONS | $130M | 1.98% | 1.23% | Not reported | Q4 2016 |
| NAMS | $121M | 1.85% | 3.77% | -16.6% | Q4 2022 |
| VERA | $106M | 1.62% | 5.71% | +8.8% | Q1 2023 |
 BMY | $105M | 1.61% | 0.11% | Not reported | Q4 2023 |
| AHCO | $103M | 1.57% | 8.48% | +15.9% | Q4 2019 |
| LRMR | $98.9M | 1.51% | 35.76% | +44.2% | Q2 2020 |
| BKD | $98.6M | 1.51% | 4.90% | -24.2% | Q3 2015 |
| CPRX | $98M | 1.50% | 4.04% | +72.8% | Q3 2022 |
| LEGN | $96.6M | 1.47% | 0.81% | Not reported | Q4 2024 |
| BCRX | $92.4M | 1.41% | 5.78% | +159.4% | Q3 2013 |
 MRK | $86.4M | 1.32% | 0.04% | +20.1% | Q2 2013 |
| PFE | $84.2M | 1.29% | 0.06% | -23.3% | Q2 2013 |
| CERT | $82.4M | 1.26% | 4.23% | +71.7% | Q4 2020 |
| INSP | $77.7M | 1.19% | 3.61% | +648.4% | Q3 2018 |
| SPRY | $75.4M | 1.15% | 7.59% | -22.8% | Q4 2022 |
 INSM | $67.8M | 1.04% | 0.22% | -32.8% | Q2 2013 |
| BIO | $63.4M | 0.97% | 0.82% | Not reported | Q3 2023 |
| PHVS | $60.9M | 0.93% | 4.49% | +21.1% | Q1 2021 |
| IRON | $60.8M | 0.93% | 2.63% | Not reported | Q2 2023 |
| IDYA | $58.6M | 0.89% | 2.46% | -45.0% | Q2 2019 |
| BBOT | $56.6M | 0.86% | 6.17% | New | Q3 2025 |
| NVST | $46.7M | 0.71% | 1.39% | +3.5% | Q3 2024 |
| PRAX | $44.6M | 0.68% | 3.97% | +22.4% | Q4 2020 |
 CRMD | $38.7M | 0.59% | 4.24% | New | Q3 2025 |
| EHAB | $38M | 0.58% | 9.37% | -0.7% | Q3 2022 |
| EMBC | $37M | 0.56% | 4.48% | -4.7% | Q4 2023 |
| CELC | $36.2M | 0.55% | 1.70% | New | Q3 2025 |
 CNMD | $35.8M | 0.55% | 2.46% | +8.6% | Q4 2023 |
 ZBIO | $34.7M | 0.53% | 3.70% | Not reported | Q3 2024 |
 NEO | $34.3M | 0.52% | 3.45% | +107.1% | Q2 2024 |
| ARWR | $34.2M | 0.52% | 0.73% | Not reported | Q4 2013 |
| DAWN | $33.2M | 0.51% | 4.58% | +26.4% | Q2 2021 |
| KYMR | $32.4M | 0.49% | 0.80% | -12.4% | Q4 2024 |
| CDNA | $31.9M | 0.49% | 4.26% | Not reported | Q3 2014 |
| ALNY | $31M | 0.47% | 0.05% | -53.2% | Q2 2013 |
| ACHC | $29.4M | 0.45% | 1.31% | Not reported | Q4 2017 |
| SION | $28.5M | 0.44% | 2.18% | Not reported | Q1 2025 |
| SVRA | $28.4M | 0.43% | 4.61% | Not reported | Q3 2018 |
| PHR | $26.3M | 0.40% | 1.86% | +10.1% | Q2 2022 |
| VCYT | $24.9M | 0.38% | 0.92% | +16.2% | Q2 2015 |
| VTR | $24.8M | 0.38% | 0.08% | Not reported | Q2 2025 |