Q2 2026 13F Filings: Where Biotech Hedge Funds Are Investing

The latest round of 13F filings reveals what the top specialist biotech hedge funds did with their portfolios during Q2 2026. Across all 20 tracked funds, we see 89 genuinely new positions initiated, 210 existing positions increased, and 543 complete exits. These filings are reported with a 45-day delay, so they reflect portfolio decisions made during the quarter, not real-time activity. But the pattern of accumulation and liquidation across multiple specialist funds reveals where institutional conviction is building — and where it's evaporating.

89 stocks saw genuinely new positions from tracked funds this quarter. The most notable: - [PBLS](/company/pbls) (Parabilis Medicines, Inc.): 7 funds (RA Capital Management, Cormorant Asset Management, Deerfield Management +4), $1.0B total value - [COAG](/company/coag) (Hemab Therapeutics Holdings, Inc.): 6 funds (RA Capital Management, Deep Track Capital, Avoro Capital Advisors +3), $547.4M total value - [KLRA](/company/klra) (Kailera Therapeutics, Inc.): 5 funds (RTW Investments, Deep Track Capital, Eventide Asset Management +2), $280.0M total value - [KARD](/company/kard) (Kardigan, Inc.): 5 funds (Perceptive Advisors, Deep Track Capital, Eventide Asset Management +2), $223.0M total value - [AVLN](/company/avln) (Avalyn Pharma Inc.): 5 funds (Perceptive Advisors, Eventide Asset Management, Deerfield Management +2), $190.8M total value - [ODTX](/company/odtx) (Odyssey Therapeutics, Inc.): 5 funds (OrbiMed Advisors, Deerfield Management, EcoR1 Capital +2), $97.3M total value - [AURA](/company/aura) (Aura Biosciences, Inc.): 4 funds (OrbiMed Advisors, RA Capital Management, EcoR1 Capital +1), $65.1M total value - [DFTX](/company/dftx) (Definium Therapeutics, Inc.): 3 funds (RA Capital Management, Cormorant Asset Management, Rock Springs Capital), $96.1M total value - [SNSE](/company/snse) (Sensei Biotherapeutics, Inc.): 3 funds (Avoro Capital Advisors, Baker Bros. Advisors, RA Capital Management), $86.3M total value - [ALT](/company/alt) (Altimmune, Inc.): 3 funds (Deep Track Capital, RA Capital Management, Cormorant Asset Management), $82.1M total value When multiple specialist funds independently initiate positions in the same stock during the same quarter, it represents a strong convergence signal. See the convergence screener for the complete list.

210 stocks saw existing positions increased. Funds adding to positions they already own is a strong conviction signal — they've done the work and are doubling down. - [TNGX](/company/tngx) (Tango Therapeutics Inc.): 7 funds adding (RTW Investments, Deep Track Capital, Deerfield Management +4), $897.4M current value - [RVMD](/company/rvmd) (Revolution Medicines Inc.): 6 funds adding (Baker Bros. Advisors, BVF Partners, Deerfield Management +3), $3.3B current value - [SYRE](/company/syre) (Spyre Therapeutics, Inc.): 6 funds adding (Perceptive Advisors, RTW Investments, Driehaus Capital +3), $1.0B current value - [CYTK](/company/cytk) (Cytokinetics Incorporated): 6 funds adding (Avoro Capital Advisors, RTW Investments, Foresite Capital +3), $796.9M current value - [AVTX](/company/avtx) (Avalo Therapeutics, Inc.): 6 funds adding (Deep Track Capital, Avoro Capital Advisors, BVF Partners +3), $189.6M current value - [CELC](/company/celc) (Celcuity Inc.): 5 funds adding (Avoro Capital Advisors, RTW Investments, Perceptive Advisors +2), $1.2B current value - [RYTM](/company/rytm) (Rhythm Pharmaceuticals Inc.): 5 funds adding (Perceptive Advisors, RTW Investments, Rock Springs Capital +2), $822.9M current value - [TARS](/company/tars) (Tarsus Pharmaceuticals Inc.): 5 funds adding (Deep Track Capital, RTW Investments, Tang Capital Management +2), $560.5M current value - [GPCR](/company/gpcr) (Structure Therapeutics Inc.): 5 funds adding (Deep Track Capital, OrbiMed Advisors, RTW Investments +2), $551.9M current value - [IDYA](/company/idya) (IDEAYA Biosciences Inc.): 5 funds adding (Baker Bros. Advisors, Deerfield Management, Redmile Group +2), $328.0M current value

543 stocks saw complete exits from tracked funds. - [RNA](/company/rna) (Avidity Biosciences Inc.): exited by Driehaus Capital, Avoro Capital Advisors, EcoR1 Capital, Baker Bros. Advisors, RA Capital Management, OrbiMed Advisors, Commodore Capital, Cormorant Asset Management, Deep Track Capital, Tang Capital Management, RTW Investments, Casdin Capital, Deerfield Management, Eventide Asset Management - [CNTA](/company/cnta) (Centessa Pharmaceuticals plc): exited by Driehaus Capital, Avoro Capital Advisors, EcoR1 Capital, Baker Bros. Advisors, Perceptive Advisors, Rock Springs Capital, Commodore Capital, Cormorant Asset Management, Deep Track Capital, Tang Capital Management, BVF Partners, RTW Investments, Eventide Asset Management - [AKRO](/company/akro) (Akero Therapeutics Inc.): exited by Avoro Capital Advisors, EcoR1 Capital, Baker Bros. Advisors, OrbiMed Advisors, Perceptive Advisors, Rock Springs Capital, Commodore Capital, Cormorant Asset Management, Deep Track Capital, RTW Investments, Redmile Group, Deerfield Management, Eventide Asset Management - [APLS](/company/apls) (Apellis Pharmaceuticals Inc.): exited by Driehaus Capital, Avoro Capital Advisors, EcoR1 Capital, OrbiMed Advisors, Perceptive Advisors, Rock Springs Capital, Cormorant Asset Management, Deep Track Capital, RTW Investments, Redmile Group, Deerfield Management, Eventide Asset Management - [SRPT](/company/srpt) (Sarepta Therapeutics Inc.): exited by Avoro Capital Advisors, EcoR1 Capital, RA Capital Management, OrbiMed Advisors, Perceptive Advisors, Rock Springs Capital, Cormorant Asset Management, Deep Track Capital, Tang Capital Management, Redmile Group, Eventide Asset Management - [MRSN](/company/mrsn) (Mersana Therapeutics Inc.): exited by Avoro Capital Advisors, EcoR1 Capital, Baker Bros. Advisors, OrbiMed Advisors, Rock Springs Capital, Commodore Capital, Cormorant Asset Management, Deep Track Capital, RTW Investments, Redmile Group, Deerfield Management - [EXAS](/company/exas) (Exact Sciences Corporation): exited by Driehaus Capital, RA Capital Management, OrbiMed Advisors, Perceptive Advisors, Rock Springs Capital, Deep Track Capital, RTW Investments, Casdin Capital, Deerfield Management, Eventide Asset Management - [ETNB](/company/etnb) (89bio Inc.): exited by Driehaus Capital, Avoro Capital Advisors, RA Capital Management, Rock Springs Capital, Cormorant Asset Management, Deep Track Capital, BVF Partners, RTW Investments, Redmile Group, Eventide Asset Management - [TERN](/company/tern) (Terns Pharmaceuticals Inc.): exited by Driehaus Capital, Avoro Capital Advisors, Baker Bros. Advisors, OrbiMed Advisors, Perceptive Advisors, Rock Springs Capital, Commodore Capital, Cormorant Asset Management, Deep Track Capital, Deerfield Management - [VRNA](/company/vrna) (Verona Pharma plc): exited by Driehaus Capital, EcoR1 Capital, Baker Bros. Advisors, RA Capital Management, OrbiMed Advisors, Perceptive Advisors, Cormorant Asset Management, Deep Track Capital, RTW Investments, Eventide Asset Management Exits are important signals — when a specialist fund with deep biotech expertise liquidates an entire position, it often reflects a changed thesis, not just portfolio rebalancing.

13F filings are a starting point, not a trading signal. The data is 45+ days old by the time it's public, and prices may have moved significantly since then. The value of 13F analysis is in identifying where informed capital is flowing. When multiple specialist funds build positions in the same stock, it suggests a thesis that independent analysts arrived at separately. That convergence signal is the most powerful insight from 13F data. For individual company analysis, visit the company page to see fund ownership alongside insider trades, upcoming catalysts, short interest, and cash runway — the full context that makes 13F data actionable. *This article is generated from SEC EDGAR 13F filings and does not constitute investment advice.*