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Biotech Hedge Fund 13F Changes

Q1 2026 · 19 funds · 1000 position changes

How 13F position tracking works
What is a 13F filing?

A 13F filing is a quarterly report required by the SEC from institutional investment managers with over $100M in assets. It discloses their equity holdings as of the end of each quarter. We track 20 specialist biotech hedge funds and compare their filings quarter-over-quarter to identify new positions, exits, increases, and decreases.

What do the position change types mean?

New means the fund initiated a position it didn't hold last quarter. Increased means they added shares to an existing position. Decreased means they trimmed shares. Exited means they sold their entire position. New positions and exits are the strongest signals — they represent active portfolio decisions, not incremental adjustments.

How often are 13F filings updated?

13F filings are due within 45 days of each quarter end (mid-February, mid-May, mid-August, mid-November). We parse new filings from EDGAR as they're published. The data shown reflects the most recent quarter's filings.

Why is there a 45-day delay in 13F data?

The SEC gives institutional managers 45 days after quarter-end to file their 13F. This means the data reflects positions as of the prior quarter-end, not today. Despite the lag, 13F data is valuable because it reveals the conviction-level decisions of biotech's most informed investors — the kind of positions that take months to build.

New Positions (170)

CYTK
SGP
IRTC
ALMS
AZN
DFTX
DMRA
DFTX
IRTC
SNDX
AKTS
ALKS
DMRA
MEOH
TSEM
DFTX
TNRSF
ERAS
DMRA
UMC

+150 more

Exited (0)

None this quarter

Increased (420)

INSM
CELC
RVMD
ARWR
PCVX
PRAX
PRAX
ARGX
CGON
SRRK
CELC
ASND
CELC
XENE
PRAX
GH
PRAX
TERN
TNGX

+400 more

Decreased (347)

ASND
CNTA
CELC
MLTX
PRAX
RVMD
XENE
NTRA
RVMD
BBIO
PL-WT
GH
LLY
COGT
RYTM
AXSM
APLS
NUVL
APGE
BAP

+327 more

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