Deerfield Management Portfolio
13F Holdings & Position Changes — Last filed Feb 17, 2026
13F Holdings & Position Changes — Last filed Feb 17, 2026
Multi-strategy healthcare fund with one of the longest track records in the space. Deerfield invests across public equity, private equity, structured credit, and royalties in healthcare. Known for creative financing structures and deep industry relationships across pharma and biotech.
Deerfield Management is a $16B biotech-focused hedge fund managed by James Flynn. As of their latest 13F filing (Q4 2025), the fund holds 123 positions worth $6.4B. This quarter they initiated 4 new positions and exited 542. Their largest holding is NUVL ($1.7B).
Deerfield initiated 4 new positions and increased 55 this quarter. Portfolio grew +50.7% to $6.4B. 1000 upcoming catalysts across holdings. 20 insider buys detected in portfolio companies.
Portfolio Value (13F)
$6.4B
Holdings
123
Top 10 Concentration
58.3%
QoQ Change
+50.7%
Turnover
1.7%
Portfolio Value Trend
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| # | Ticker | Company | Change | Value | % of Portfolio | SI % Float ? | Trend |
|---|---|---|---|---|---|---|---|
| 1 | NUVL | Nuvalent Inc. | Decreased | $1.7B | 27.25% | 12.2% | |
| 2 | COGT | Cogent Biosciences Inc. | Decreased | $321.2M | 5.04% | 7.1% | |
| 3 | PRAX | Praxis Precision Medicines, Inc. | Increased↑2Q | $266.3M | 4.18% | 13.6% | |
| 4 | VTRS | Viatris Inc. | Decreased | $251.6M | 3.95% | 3.3% | — |
| 5 | RVMD | Revolution Medicines Inc. | Decreased | $230.6M | 3.62% | 6.4% | — |
| 6 | UTHR | United Therapeutics Corporation | $207.6M | 3.26% | 6.8% | — | |
| 7 | VERA | Vera Therapeutics Inc. | Increased | $205.6M | 3.23% | 14.9% | — |
| 8 | CELC | Celcuity Inc. | Increased↑2Q | $171.0M | 2.68% | 27.9% | |
| 9 | NBIX | Neurocrine Biosciences Inc. | $168.0M | 2.64% | 7.8% | ||
| 10 | IONS | Ionis Pharmaceuticals Inc. | $156.6M | 2.46% | 13.1% |
Share changes reflect active decisions. Value changes include price moves.
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Deerfield Management held 123 biotech stocks in their 13F portfolio this quarter. Their top positions include NUVL, COGT, PRAX, VTRS, RVMD. The full holdings table is available on BiotechEdge with position sizes, quarter-over-quarter changes, and AI analysis.
Deerfield Management's tracked biotech portfolio is worth $6.4B across 123 positions, with total assets under management of approximately $16B. Portfolio values are based on 13F filings with the SEC.
Deerfield Management initiated 4 new positions this quarter, including STOK, BLTE, MDLN, ABBV. They also increased 55 existing positions.
Deerfield Management fully exited 542 positions this quarter, including GHM, HZNP, CBIO, LECO, NVAX and 537 more. They also trimmed 38 existing positions.
Multi-strategy healthcare fund with one of the longest track records in the space. Deerfield invests across public equity, private equity, structured credit, and royalties in healthcare. Known for creative financing structures and deep industry relationships across pharma and biotech.
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Start 14-Day Free Trial| 3 |
| PRAX |
| Praxis Precision Medicines, Inc. |
| Increased |
| 903,351 |
| $266.3M |
| 4.18% |
| 4 | VTRS | Viatris Inc. | Decreased | 20,206,170 | $251.6M | 3.95% | — |
| 5 | RVMD | Revolution Medicines Inc. | Decreased | 2,894,613 | $230.6M | 3.62% | — |
| 6 | UTHR | United Therapeutics Corporation | 425,993 | $207.6M | 3.26% | — |
| 7 | VERA | Vera Therapeutics Inc. | Increased | 4,059,695 | $205.6M | 3.23% | — |
| 8 | CELC | Celcuity Inc. | Increased | 1,714,000 | $171.0M | 2.68% |
| 9 | NBIX | Neurocrine Biosciences Inc. | 1,184,345 | $168.0M | 2.64% |
| 10 | IONS | Ionis Pharmaceuticals Inc. | 1,979,669 | $156.6M | 2.46% |
| 11 | NAMSW | NewAmsterdam Pharma Co N.V. | Decreased | 4,257,576 | $148.2M | 2.33% |
| 12 | INSP | Inspire Medical Systems, Inc. | Increased | 1,505,872 | $138.9M | 2.18% |
| 13 | LEGN | Legend Biotech Corporation | Increased | 5,932,000 | $129.0M | 2.03% |
| 14 | INDV | Indivior Pharmaceuticals, Inc. | Decreased | 3,393,063 | $121.7M | 1.91% |
| 15 | ARWR | Arrowhead Pharmaceuticals Inc. | Increased | 1,832,946 | $121.7M | 1.91% |
| 16 | LRMR | Larimar Therapeutics, Inc. | 30,606,974 | $116.6M | 1.83% |
| 17 | CPRX | Catalyst Pharmaceuticals Inc. | Decreased | 4,911,161 | $114.6M | 1.80% |
| 18 | AHCO | AdaptHealth Corp. | 11,477,730 | $114.3M | 1.80% |
| 19 | BCRX | Biocryst Pharmaceuticals Inc. | Increased | 14,341,000 | $111.9M | 1.76% |
| 20 | SPRY | ARS Pharmaceuticals, Inc. | 7,503,812 | $87.4M | 1.37% |
| 21 | PHVS | Pharvaris N.V. | Increased | 3,126,042 | $86.7M | 1.36% |
| 22 | SVRA | Savara Inc. | Increased | 13,569,000 | $81.8M | 1.28% | — |
| 23 | IDYA | IDEAYA Biosciences Inc. | 2,153,043 | $74.4M | 1.17% |
| 24 | CERT | Certara Inc. | Increased | 7,808,605 | $68.8M | 1.08% |
| 25 | ACAD | ACADIA Pharmaceuticals Inc. | Increased | 4,520,000 | $64.1M | 1.01% |
| 26 | BBIO | BridgeBio Pharma Inc. | 4,885,446 | $61.2M | 0.96% |
| 27 | STOK | Stoke Therapeutics, Inc. | New | 1,823,500 | $57.9M | 0.91% | — |
| 28 | LNTH | Lantheus Holdings Inc. | Increased | 827,999 | $55.1M | 0.87% | — |
| 29 | GPCR | Structure Therapeutics Inc. | Increased | 767,993 | $53.4M | 0.84% |
| 30 | NVST | Envista Holdings Corp. | Decreased | 2,280,498 | $49.5M | 0.78% |
| 31 | EHAB | Enhabit, Inc. | 4,747,746 | $43.8M | 0.69% |
| 32 | KYMR | Kymera Therapeutics Inc. | Decreased | 561,170 | $43.7M | 0.69% |
| 33 | CDNA | CareDx Inc. | 2,191,000 | $41.3M | 0.65% |
| 34 | IRON | Disc Medicine Inc. | Decreased | 511,163 | $40.6M | 0.64% |
| 35 | SION | Sionna Therapeutics, Inc. | 970,590 | $39.9M | 0.63% | — |
| 36 | BLTE | Belite Bio, Inc. | New | 233,813 | $37.4M | 0.59% | — |
| 37 | DAWN | Day One Biopharmaceuticals Inc. | Decreased | 3,723,131 | $34.7M | 0.54% |
| 38 | PHR | Phreesia, Inc. | Increased | 1,999,045 | $33.8M | 0.53% |
| 39 | EMBC | Embecta Corp. | Increased | 2,752,031 | $32.7M | 0.51% |
| 40 | VCYT | Veracyte, Inc. | 726,000 | $30.6M | 0.48% | — |
| 41 | BBNX | Beta Bionics, Inc. | Decreased | 938,308 | $28.6M | 0.45% |
| 42 | VTR | Ventas, Inc. | 354,000 | $27.4M | 0.43% | — |
| 43 | ALNY | Alnylam Pharmaceuticals Inc. | 67,935 | $27.0M | 0.42% |
| 44 | TNGX | Tango Therapeutics Inc. | Increased | 2,906,946 | $25.8M | 0.40% | — |
| 45 | XENE | Xenon Pharmaceuticals Inc. | 542,020 | $24.3M | 0.38% | — |
| 46 | SYRE | Spyre Therapeutics, Inc. | Increased | 710,626 | $23.3M | 0.37% | — |
| 47 | FHTX | Foghorn Therapeutics Inc. | Increased | 3,649,211 | $19.7M | 0.31% |
| 48 | CMPS | COMPASS Pathways plc | Increased | 3,606,000 | $19.4M | 0.30% | — |
| 49 | EWTX | Edgewise Therapeutics, Inc. | 765,694 | $19.0M | 0.30% |
| 50 | KYTX | Kyverna Therapeutics, Inc. | Increased | 2,000,000 | $18.8M | 0.30% | — |
| 51 | TSHA | Taysha Gene Therapies, Inc. | Decreased | 2,722,165 | $15.0M | 0.24% |
| 52 | CRMD | CorMedix Inc. | Decreased | 1,107,944 | $12.9M | 0.20% |
| 53 | TOIIW | Oncology Institute, Inc. | 4,610,052 | $12.1M | 0.19% |
| 54 | MNPR | Monopar Therapeutics | Increased | 170,558 | $11.1M | 0.17% |
| 55 | MDLN | Medline Inc. | New | 260,000 | $10.9M | 0.17% | — |
| 56 | OMDA | Omada Health, Inc. | 553,107 | $8.7M | 0.14% |
| 57 | CALC | CalciMedica, Inc. | 1,300,000 | $8.6M | 0.13% |
| 58 | CGEM | Cullinan Therapeutics, Inc. | Decreased | 386,169 | $4.0M | 0.06% |
| 59 | VEEV | Veeva Systems Inc. | Increased | 17,711 | $4.0M | 0.06% | — |
| 60 | RDNT | RadNet, Inc. | Increased | 49,951 | $3.6M | 0.06% |
| 61 | LH | Labcorp Holdings Inc. | Increased | 13,825 | $3.5M | 0.05% |
| 62 | ENOV | Enovis Corp. | Increased | 127,270 | $3.4M | 0.05% |
| 63 | ALHC | Alignment Healthcare, Inc. | Increased | 164,345 | $3.2M | 0.05% |
| 64 | DGX | Quest Diagnostics Inc. | Increased | 18,392 | $3.2M | 0.05% | — |
| 65 | TMDX | TransMedics Group, Inc. | Increased | 25,492 | $3.1M | 0.05% | — |
| 66 | PODD | Insulet Corp. | Increased | 10,616 | $3.0M | 0.05% |
| 67 | ANNX | Annexon Biosciences Inc. | 583,913 | $2.9M | 0.05% |
| 68 | BLFS | Biolife Solutions Inc. | Increased | 120,211 | $2.9M | 0.05% |
| 69 | KIDS | Orthopediatrics Corp. | Decreased | 144,220 | $2.6M | 0.04% |
| 70 | CI | Cigna Group | Increased | 9,203 | $2.5M | 0.04% | — |
| 71 | TRUP | Trupanion, Inc. | Increased | 66,438 | $2.5M | 0.04% | — |
| 72 | RSMDF | Resmed Inc. | Increased | 10,104 | $2.4M | 0.04% | — |
| 73 | BSX | Boston Scientific Corp. | Decreased | 24,941 | $2.4M | 0.04% |
| 74 | DVA | Davita Inc. | Increased | 20,909 | $2.4M | 0.04% |
| 75 | DOCS | Doximity Inc. | Increased | 51,942 | $2.3M | 0.04% | — |
| 76 | DXCM | DexCom Inc. | Increased | 32,943 | $2.2M | 0.03% |
| 77 | CNMD | Conmed Corp. | Decreased | 52,555 | $2.1M | 0.03% |
| 78 | MASI | Masimo Corporation | Increased | 16,147 | $2.1M | 0.03% | — |
| 79 | LMAT | Lemaitre Vascular Inc. | Decreased | 25,815 | $2.1M | 0.03% |
| 80 | TXG | 10x Genomics Inc. | Decreased | 126,574 | $2.1M | 0.03% |
| 81 | ATRC | AtriCure, Inc. | Decreased | 52,076 | $2.1M | 0.03% |
| 82 | NHC | National Healthcare Corp. | Increased | 22,369 | $1.9M | 0.03% |
| 83 | CRVL | Corvel Corp. | Decreased | 27,629 | $1.9M | 0.03% |
| 84 | CAH | Cardinal Health Inc. | Increased | 8,985 | $1.8M | 0.03% | — |
| 85 | GDRX | GoodRx Holdings Inc. | Increased | 660,133 | $1.8M | 0.03% | — |
| 86 | SGRY | Surgery Partners, Inc. | Increased | 112,623 | $1.7M | 0.03% | — |
| 87 | ALGN | Align Technology Inc. | Decreased | 11,000 | $1.7M | 0.03% |
| 88 | ADUS | Addus HomeCare Corp. | Increased | 15,871 | $1.7M | 0.03% | — |
| 89 | MMSI | Merit Medical Systems Inc. | Decreased | 18,798 | $1.7M | 0.03% |
| 90 | ALEC | Alector Inc. | 1,055,192 | $1.6M | 0.03% |
| 91 | EHC | Encompass Health Corp. | Increased | 15,259 | $1.6M | 0.03% | — |
| 92 | VREX | Varex Imaging Corp. | Decreased | 131,745 | $1.5M | 0.02% | — |
| 93 | HQY | Healthequity, Inc. | Increased | 16,231 | $1.5M | 0.02% |
| 94 | MMS | Maximus, Inc. | Increased | 16,606 | $1.4M | 0.02% | — |
| 95 | SYK | Stryker Corp. | Increased | 3,551 | $1.2M | 0.02% |
| 96 | ATEC | Alphatec Holdings, Inc. | Decreased | 57,277 | $1.2M | 0.02% |
| 97 | STAA | Staar Surgical CO | Decreased | 51,894 | $1.2M | 0.02% | — |
| 98 | EW | Edwards Lifesciences Corp. | Increased | 13,702 | $1.2M | 0.02% |
| 99 | UFPT | Ufp Technologies Inc. | Decreased | 5,098 | $1.1M | 0.02% | — |
| 100 | KVUE | Kenvue Inc. | Decreased | 65,344 | $1.1M | 0.02% |
| 101 | MDXG | MiMedx Group Inc. | Increased | 160,419 | $1.1M | 0.02% |
| 102 | ITGR | Integer Holdings Corp. | Increased | 13,326 | $1.0M | 0.02% |
| 103 | RVTY | Revvity, Inc. | Decreased | 10,323 | $999K | 0.02% | — |
| 104 | AZTA | Azenta Inc. | Decreased | 25,835 | $859K | 0.01% |
| 105 | ARVN | Arvinas Inc. | Increased | 68,057 | $807K | 0.01% | — |
| 106 | ZTS | Zoetis Inc. | Decreased | 5,698 | $717K | 0.01% | — |
| 107 | SDGR | Schrodinger Inc. | Increased | 33,987 | $608K | 0.01% | — |
| 108 | TNDM | Tandem Diabetes Care Inc. | Increased | 26,090 | $573K | 0.01% |
| 109 | RXST | RxSight Inc. | Increased | 52,257 | $545K | 0.01% | — |
| 110 | ABBV | AbbVie Inc. | New | 2,014 | $460K | 0.01% | — |
| 111 | HROW | Harrow, Inc. | Increased | 8,693 | $426K | 0.01% | — |
| 112 | XERS | Xeris Biopharma Holdings, Inc. | Decreased | 52,230 | $410K | 0.01% | — |
| 113 | RGEN | Repligen Corporation | Decreased | 2,199 | $360K | 0.01% | — |
| 114 | STE | Steris Plc | Decreased | 1,352 | $343K | 0.01% | — |
| 115 | BRBR | Bellring Brands, Inc. | Decreased | 11,996 | $321K | 0.01% |
| 116 | ISRG | Intuitive Surgical Inc. | Decreased | 483 | $274K | 0.00% |
| 117 | PHGE | BiomX Inc. | Decreased | 131,270 | $245K | 0.00% |
| 118 | HUM | Humana Inc. | 917 | $235K | 0.00% |
| 119 | ABEO | Abeona Therapeutics Inc. | Increased | 40,000 | $211K | 0.00% | — |
| 120 | NUVB | Nuvation Bio Inc. | 166,666 | $55K | 0.00% |
| 121 | BFLY | Butterfly Network, Inc. | 733,333 | $13K | 0.00% |
| 122 | PMVP | PMV Pharmaceuticals, Inc. | 8,790 | $11K | 0.00% |
| 123 | MYGN | Myriad Genetics Inc. | 505 | $3K | 0.00% |