Q4 2025 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 Q4 2025. Across all 20 tracked funds, we see 109 genuinely new positions initiated, 199 existing positions increased, and 0 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.

109 stocks saw genuinely new positions from tracked funds this quarter. The most notable: - [PALI](/company/pali) (PALISADE BIO, INC.): 4 funds (Perceptive Advisors, Commodore Capital, RA Capital Management +1), $76.4M total value - [TERN](/company/tern) (Terns Pharmaceuticals Inc.): 3 funds (Avoro Capital Advisors, Baker Bros. Advisors, Rock Springs Capital), $218.5M total value - [GRAL](/company/gral) (GRAIL, Inc.): 3 funds (Deep Track Capital, RA Capital Management, Perceptive Advisors), $144.5M total value - [IVVD](/company/ivvd) (Invivyd, Inc.): 3 funds (Perceptive Advisors, BVF Partners, Eventide Asset Management), $116.4M total value - [EVMN](/company/evmn) (Evommune, Inc.): 3 funds (RA Capital Management, RTW Investments, Eventide Asset Management), $97.7M total value - [MDLN](/company/mdln) (Medline Inc.): 3 funds (RA Capital Management, Deerfield Management, RTW Investments), $27.9M total value - [CELC](/company/celc) (Celcuity Inc.): 2 funds (Avoro Capital Advisors, RTW Investments), $365.2M total value - [BCRX](/company/bcrx) (BIOCRYST PHARMACEUTICALS INC): 2 funds (RA Capital Management, Perceptive Advisors), $148.1M total value - [OLMA](/company/olma) (Olema Pharmaceuticals, Inc.): 2 funds (RA Capital Management, Eventide Asset Management), $79.2M total value - [MNMD](/company/mnmd) (Mind Medicine Inc.): 2 funds (Avoro Capital Advisors, RTW Investments), $71.0M 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.

199 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. - [PRAX](/company/prax) (Praxis Precision Medicines, Inc.): 6 funds adding (Perceptive Advisors, Baker Bros. Advisors, Driehaus Capital +3), $1.6B current value - [GPCR](/company/gpcr) (Structure Therapeutics Inc.): 6 funds adding (Avoro Capital Advisors, BVF Partners, Driehaus Capital +3), $953.3M current value - [CNTA](/company/cnta) (Centessa Pharmaceuticals plc): 5 funds adding (Avoro Capital Advisors, EcoR1 Capital, Deep Track Capital +2), $516.8M current value - [SYRE](/company/syre) (Spyre Therapeutics, Inc.): 5 funds adding (RTW Investments, Perceptive Advisors, Driehaus Capital +2), $433.2M current value - [INSP](/company/insp) (Inspire Medical Systems, Inc.): 5 funds adding (Deerfield Management, Eventide Asset Management, Driehaus Capital +2), $236.8M current value - [DYN](/company/dyn) (Dyne Therapeutics Inc.): 5 funds adding (Perceptive Advisors, Deep Track Capital, Rock Springs Capital +2), $167.0M current value - [KYMR](/company/kymr) (Kymera Therapeutics Inc.): 4 funds adding (Baker Bros. Advisors, Avoro Capital Advisors, Driehaus Capital +1), $1.4B current value - [CELC](/company/celc) (Celcuity Inc.): 4 funds adding (Perceptive Advisors, Deerfield Management, Driehaus Capital +1), $519.6M current value - [XENE](/company/xene) (Xenon Pharmaceuticals Inc.): 4 funds adding (Avoro Capital Advisors, Driehaus Capital, OrbiMed Advisors +1), $472.6M current value - [NRIX](/company/nrix) (Nurix Therapeutics Inc.): 4 funds adding (Redmile Group, Deep Track Capital, Baker Bros. Advisors +1), $442.9M current value

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.*