Biotech Smart Money Moves — September 2026: What 20 Specialist Funds Bought in Q2 2026

In Q2 2026, the 20 specialist biotech hedge funds tracked by BiotechEdge opened 135 new positions worth $4.3B, added to 361 existing holdings, trimmed 253, and exited 1,694 positions outright — 2,443 material moves in total. The data reflects holdings as of 2026-06-30, disclosed in 13F filings during August 2026; 13F filings are due within 45 days of quarter-end, so this is the freshest complete picture of specialist positioning available. Nineteen of the twenty tracked funds filed material moves this quarter.

The largest new biotech positions initiated by specialist funds this quarter, ranked by reported position value. Two names drew multi-fund buying — the convergence pattern this report tracks every month: 1. PBLS Parabilis Medicines, Inc. — RA Capital Management, $791.9M 2. COAG Hemab Therapeutics Holdings, Inc. — RA Capital Management, $286.8M 3. KLRA Kailera Therapeutics, Inc. — RTW Investments, $237.4M 4. KARD Kardigan, Inc. — Perceptive Advisors, $195.6M 5. AAVXF Abivax S.A. — RA Capital Management, $150.9M 6. ORKA Oruka Therapeutics, Inc. — RA Capital Management, $148.0M 7. COAG Hemab Therapeutics Holdings, Inc. — Deep Track Capital, $132.3M 8. PBLS Parabilis Medicines, Inc. — Cormorant Asset Management, $126.3M 9. AVLN Avalyn Pharma Inc. — Perceptive Advisors, $88.1M 10. NTLA Intellia Therapeutics Inc. — RA Capital Management, $76.6M Convergence watch: PBLS Parabilis Medicines, Inc. was bought by four funds (RA Capital $791.9M, Cormorant $126.3M, Deerfield $51.5M, Casdin $17.7M), and COAG Hemab Therapeutics Holdings, Inc. by three (RA Capital $286.8M, Deep Track $132.3M, Avoro $70.7M). When multiple specialists independently open the same name in the same quarter, it is worth more attention than any single fund's buy.

Positions specialist funds sold out of completely this quarter. Exited positions report a current value of zero, so exits are ranked by their last reported value before the sale: 1. APLS Apellis Pharmaceuticals Inc. — Avoro Capital Advisors, previously $491.7M 2. CNTA Centessa Pharmaceuticals plc — Avoro Capital Advisors, previously $454.0M 3. JAZZ Jazz Pharmaceuticals plc — EcoR1 Capital, previously $322.6M 4. TERN Terns Pharmaceuticals Inc. — Avoro Capital Advisors, previously $300.2M 5. CNTA Centessa Pharmaceuticals plc — EcoR1 Capital, previously $238.3M 6. APGE Apogee Therapeutics Inc. — RTW Investments, previously $234.2M 7. CNTA Centessa Pharmaceuticals plc — Perceptive Advisors, previously $208.9M 8. IRTC iRhythm Holdings, Inc. — RTW Investments, previously $196.9M 9. APLS Apellis Pharmaceuticals Inc. — Deep Track Capital, previously $182.3M 10. CRNX Crinetics Pharmaceuticals Inc. — EcoR1 Capital, previously $155.7M Rotation signal: Avoro Capital exited its two largest prior holdings — APLS Apellis Pharmaceuticals Inc. (previously $491.7M) and CNTA Centessa Pharmaceuticals plc (previously $454.0M) — plus TERN Terns Pharmaceuticals Inc. ($300.2M). Three separate funds (Avoro, EcoR1, Perceptive) all exited Centessa in the same quarter.

The largest increases to existing positions this quarter — funds doubling down on names they already own. Ranked by the size of the add: 1. RVMD Revolution Medicines Inc. — Baker Bros. Advisors, +$1.2B (now $2.1B) 2. INCY Incyte Corporation — Baker Bros. Advisors, +$593.6M (now $3.5B) 3. RVMD Revolution Medicines Inc. — BVF Partners, +$277.5M (now $555.3M) 4. ARWR Arrowhead Pharmaceuticals Inc. — Avoro Capital Advisors, +$254.7M (now $925.6M) 5. ALNY Alnylam Pharmaceuticals Inc. — Deep Track Capital, +$248.3M (now $248.3M) 6. DFTX Definium Therapeutics, Inc. — Avoro Capital Advisors, +$243.7M (now $338.2M) 7. XOMAP XOMA Royalty Corp. — BVF Partners, +$241.5M (now $322.7M) 8. RVMD Revolution Medicines Inc. — Deerfield Management, +$224.6M (now $448.0M) 9. MANE Veradermics, Inc. — Deep Track Capital, +$214.3M (now $245.9M) 10. QURE uniQure N.V. — Avoro Capital Advisors, +$212.4M (now $309.9M) Conviction read: Baker Bros. made the quarter's two largest adds — RVMD Revolution Medicines Inc. (+$1.2B, now $2.1B) and INCY Incyte Corporation (+$593.6M, now $3.5B). Three funds added to Revolution Medicines in the same quarter (Baker Bros., BVF Partners, Deerfield), a convergence pattern on an existing holding.

The largest reductions to existing positions this quarter, ranked by the size of the trim. A trim is not an exit — the fund still holds the name — but sustained trimming across funds can precede exits: 1. SMMT Summit Therapeutics Inc. — Baker Bros. Advisors, -$212.3M (now $477.7M) 2. SRRK Scholar Rock Holding Corp. — Redmile Group, -$208.6M (now $237.1M) 3. COGT Cogent Biosciences Inc. — Deerfield Management, -$154.4M (now $193.7M) 4. CELC Celcuity Inc. — Baker Bros. Advisors, -$150.2M (now $828.1M) 5. COGT Cogent Biosciences Inc. — RTW Investments, -$120.7M (now $89.4M) 6. NUVL Nuvalent Inc. — RA Capital Management, -$105.7M (now $153.9M) 7. BSX Boston Scientific Corp. — OrbiMed Advisors, -$86.2M (now $63.3M) 8. INSP Inspire Medical Systems, Inc. — Deerfield Management, -$81.6M (now $57.9M) 9. NUVL Nuvalent Inc. — Commodore Capital, -$73.1M (now $12.3M) 10. PRAX Praxis Precision Medicines, Inc. — Cormorant Asset Management, -$71.0M (now $214.3M)

A one-line read on every tracked fund's Q2 2026 activity. Boxer Capital filed no material biotech moves this quarter. [Avoro Capital Advisors](/fund/avoro-capital-advisors) opened 2 new positions, added to 11 existing holdings, trimmed 3, exited 53 positions outright. Its biggest add was ARWR Arrowhead Pharmaceuticals Inc. (+$254.7M, now $925.6M). Its largest exit was APLS Apellis Pharmaceuticals Inc. (previously $491.7M). [Baker Bros. Advisors](/fund/baker-bros-advisors) opened 6 new positions, added to 17 existing holdings, trimmed 8, exited 70 positions outright. Its biggest add was RVMD Revolution Medicines Inc. (+$1.2B, now $2.1B). Its largest exit was AAVXF Abivax S.A. (previously $97.5M). [BVF Partners](/fund/bvf-partners) opened 4 new positions, added to 6 existing holdings, trimmed 8, exited 42 positions outright. Its biggest add was RVMD Revolution Medicines Inc. (+$277.5M, now $555.3M). [Casdin Capital](/fund/casdin-capital) opened 5 new positions, added to 10 existing holdings, trimmed 3, exited 36 positions outright. Its biggest add was RLAY Relay Therapeutics Inc. (+$156.6M, now $300.0M). [Commodore Capital](/fund/commodore-capital) opened 2 new positions, added to 8 existing holdings, trimmed 9, exited 59 positions outright. Its largest new buy was EDIT Editas Medicine Inc. at $28.8M. Its largest exit was ERAS Erasca Inc. (previously $51.4M). [Cormorant Asset Management](/fund/cormorant-asset-management) opened 9 new positions, added to 6 existing holdings, trimmed 28, exited 71 positions outright. Its largest new buy was PBLS Parabilis Medicines, Inc. at $126.3M. [Deep Track Capital](/fund/deep-track-capital) opened 12 new positions, added to 26 existing holdings, trimmed 15, exited 96 positions outright. Its biggest add was ALNY Alnylam Pharmaceuticals Inc. (+$248.3M, now $248.3M). Its largest exit was APLS Apellis Pharmaceuticals Inc. (previously $182.3M). [Deerfield Management](/fund/deerfield-management) opened 6 new positions, added to 14 existing holdings, trimmed 10, exited 260 positions outright. Its biggest add was RVMD Revolution Medicines Inc. (+$224.6M, now $448.0M). Its largest exit was CPRX Catalyst Pharmaceuticals Inc. (previously $97.6M). [Driehaus Capital](/fund/driehaus-capital) opened 8 new positions, added to 56 existing holdings, trimmed 21, exited 125 positions outright. Its biggest add was DFTX Definium Therapeutics, Inc. (+$210.3M, now $322.0M). Its largest exit was NHC National Healthcare Corp. (previously $89.9M). [EcoR1 Capital](/fund/ecor1-capital) opened 6 new positions, added to 4 existing holdings, trimmed 4, exited 87 positions outright. Its largest new buy was FULC Fulcrum Therapeutics Inc. at $24.0M. Its largest exit was JAZZ Jazz Pharmaceuticals plc (previously $322.6M). [Eventide Asset Management](/fund/eventide-asset-management) opened 13 new positions, added to 36 existing holdings, trimmed 18, exited 84 positions outright. Its largest new buy was AVLN Avalyn Pharma Inc. at $45.3M. Its largest exit was IRTC iRhythm Holdings, Inc. (previously $89.8M). [Foresite Capital](/fund/foresite-capital) opened 1 new position, added to 2 existing holdings, exited 10 positions outright. Its largest new buy was CRNX Crinetics Pharmaceuticals Inc. at $5.6M. [OrbiMed Advisors](/fund/orbimed-advisors) opened 15 new positions, added to 42 existing holdings, trimmed 25, exited 112 positions outright. Its largest new buy was ODTX Odyssey Therapeutics, Inc. at $56.2M. Its largest exit was PFE Pfizer Inc. (previously $54.7M). [Perceptive Advisors](/fund/perceptive-advisors) opened 9 new positions, added to 36 existing holdings, trimmed 26, exited 131 positions outright. Its biggest add was SYRE Spyre Therapeutics, Inc. (+$192.7M, now $383.5M). Its largest exit was CNTA Centessa Pharmaceuticals plc (previously $208.9M). [RA Capital Management](/fund/ra-capital-management) opened 14 new positions, added to 10 existing holdings, trimmed 11, exited 91 positions outright. Its biggest add was ARTV Artiva Biotherapeutics, Inc. (+$110.7M, now $174.2M). Its largest exit was PRAX Praxis Precision Medicines, Inc. (previously $120.4M). [Redmile Group](/fund/redmile-group) opened 4 new positions, added to 5 existing holdings, trimmed 23, exited 54 positions outright. Its largest new buy was CLYM Climb Bio, Inc. at $16.0M. [Rock Springs Capital](/fund/rock-springs-capital) opened 12 new positions, added to 38 existing holdings, trimmed 29, exited 80 positions outright. Its largest new buy was AVLN Avalyn Pharma Inc. at $21.8M. [RTW Investments](/fund/rtw-investments) opened 4 new positions, added to 28 existing holdings, trimmed 8, exited 73 positions outright. Its biggest add was ORKA Oruka Therapeutics, Inc. (+$197.8M, now $298.7M). Its largest exit was APGE Apogee Therapeutics Inc. (previously $234.2M). [Tang Capital Management](/fund/tang-capital-management) opened 3 new positions, added to 6 existing holdings, trimmed 4, exited 160 positions outright. Its largest new buy was NVCT Nuvectis Pharma, Inc. at $28.5M. Its largest exit was KALV KalVista Pharmaceuticals, Inc. (previously $92.1M).

The next data drop — Q3 2026 13F filings — lands in mid-October. Three things to watch: 1. Does the Parabilis/Hemab convergence broaden? Four funds opened PBLS Parabilis Medicines, Inc. and three opened COAG Hemab Therapeutics Holdings, Inc. in Q2. If more specialists join in Q3, the convergence signal strengthens. 2. Baker Bros. follow-through. The $1.2B add to RVMD Revolution Medicines Inc. and $593.6M add to INCY Incyte Corporation are the quarter's biggest conviction statements. Q3 filings show whether they kept buying. 3. Avoro's rotation. Avoro exited its two largest prior holdings while building ARWR Arrowhead Pharmaceuticals Inc. (+$254.7M, now $925.6M) and DFTX Definium Therapeutics, Inc. (+$243.7M). The Q3 filing reveals what the rotation is rotating *into*. Pair this filing data with the catalyst calendar — funds buy ahead of binary events, and the calendar shows which of these names have PDUFA dates and readouts coming.

13F filings are 45 days stale by design — this report is the freshest complete picture, but subscribers see fund moves the day they're filed. Start a 14-day free trial to track all 20 specialist funds live, get the Monday smart-money brief, and receive alerts when funds touch your tickers.