Affinity Asset Advisors, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Affinity Asset Advisors, LLC reported 80 stock positions worth $1.0 billion. Its top holding was Verona Pharma (VRNA) at 6.4% of the portfolio, followed by Insmed (INSM, 6.2%) and SS SPDR S&P 500 ETF Trust-US (SPY, 5.4%). Compared with Q2 2025, it opened 18 new positions, sold out of 9, added to 27 and reduced 17. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale an exit from Blueprint Medicines (BPMC).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001773195
- Portfolio Value
- $1.0B (Q3 2025)
- SEC Filing
- 0001999371-25-017685 ↗ filed Nov 13, 2025
Holdings Value
Holdings 80 stocks · $1.0B
| VRNA Verona Pharma Ltd. | 6.40% | 625,000 | $66.7M | Add +2.5% |
| INSM Insmed Inc. | 6.22% | 450,000 | $64.8M | Reduce -5.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 5.40% | 84,490 | $56.3M | New |
| XENE Xenon Pharmaceuticals Inc. | 5.40% | 1,400,000 | $56.2M | Add +27.3% |
| MDGL Madrigal Pharmaceuticals Inc. | 5.06% | 115,000 | $52.7M | Add +43.8% |
| APGE Apogee Therapeutics Inc. | 4.48% | 1,173,426 | $46.6M | Add +69.6% |
| ACLX Arcellx Inc. | 3.94% | 500,000 | $41.0M | Add +1.0% |
| ALKS Alkermes PLC | 3.60% | 1,250,000 | $37.5M | Add +25.0% |
| NUVL Nuvalent Inc. Class A | 3.19% | 384,417 | $33.2M | Reduce -7.4% |
| ABVX Abivax SA-ADR | 2.93% | 360,000 | $30.6M | Add +260.0% |
| MLYS Mineralys Therapeutics Inc. | 2.73% | 750,000 | $28.4M | Reduce -16.7% |
| TEVA Teva Pharmaceutical-SP ADR | 2.72% | 1,400,000 | $28.3M | No change |
| MRUS Merus NV | 2.58% | 285,769 | $26.9M | Add +308.2% |
| CNTA Centessa Pharmaceuticals Ltd. | 2.58% | 1,107,162 | $26.8M | Add +23.0% |
| LXEO Lexeo Therapeutics Inc. | 2.47% | 3,870,527 | $25.7M | Add +7.8% |
| TRVI Trevi Therapeutics Inc. | 2.46% | 2,800,000 | $25.6M | Add +10.5% |
| SYRE Spyre Therapeutics Inc. | 2.28% | 1,419,299 | $23.8M | Add +133.9% |
| RZLT Rezolute Inc. | 1.90% | 2,100,000 | $19.7M | Reduce -4.5% |
| CYTK Cytokinetics Inc. | 1.85% | 350,000 | $19.2M | New |
| ORKA Oruka Therapeutics Inc. | 1.77% | 959,180 | $18.4M | Add +58.9% |
| QURE Uniqure NV | 1.68% | 300,000 | $17.5M | Add +122.2% |
| WVE Wave Life Sciences Ltd. | 1.48% | 2,100,000 | $15.4M | Add +5.0% |
| PTGX Protagonist Therapeutics Inc. | 1.41% | 220,600 | $14.7M | Reduce -49.9% |
| SLNO Soleno Therapeutics Inc. | 1.30% | 200,000 | $13.5M | New |
| AVTX Avalo Therapeutics Inc. | 1.23% | 1,006,217 | $12.8M | Add +65.5% |
| ESTA Establishment Labs Holdings | 1.22% | 310,000 | $12.7M | Reduce -7.4% |
| VTYX Ventyx Biosciences Inc. | 1.17% | 3,924,415 | $12.2M | Reduce -13.5% |
| ROIV Roivant Sciences Ltd. | 1.16% | 800,000 | $12.1M | Add +100.0% |
| TVTX Travere Therapeutics Inc. | 1.15% | 500,000 | $11.9M | Reduce -48.5% |
| DNTH Dianthus Therapeutics Inc. | 0.99% | 262,100 | $10.3M | New |
| TSHA Taysha Gene Therapies Inc. | 0.94% | 3,000,000 | $9.8M | Add +1400.0% |
| ERAS Erasca Inc. | 0.90% | 4,285,787 | $9.3M | Add +4.9% |
| NRIX Nurix Therapeutics Inc. | 0.86% | 967,620 | $8.9M | No change |
| VERA Vera Therapeutics Inc. | 0.85% | 303,330 | $8.8M | Reduce -44.3% |
| ELVN Enliven Therapeutics Inc. | 0.79% | 400,000 | $8.2M | No change |
| NAMS Newamsterdam Pharma Co. NV | 0.75% | 275,000 | $7.8M | No change |
| CLDX Celldex Therapeutics Inc. | 0.75% | 300,000 | $7.8M | New |
| PRQR Proqr Therapeutics NV | 0.74% | 3,600,000 | $7.7M | Add +2.9% |
| TARS Tarsus Pharmaceuticals Inc. | 0.71% | 125,000 | $7.4M | New |
| AKBA Akebia Therapeutics Inc. | 0.64% | 2,450,000 | $6.7M | Add +25.6% |
| MNPR Monopar Therapeutics Inc. | 0.62% | 79,483 | $6.5M | Add +17.8% |
| ZURA Zura Bio Ltd. | 0.53% | 1,274,351 | $5.5M | Add +470.6% |
| VRDN Viridian Therapeutics Inc. | 0.52% | 250,000 | $5.4M | Reduce -35.9% |
| SVRA Savara Inc. | 0.51% | 1,500,000 | $5.4M | Add +200.0% |
| IMVT Immunovant Inc. | 0.46% | 300,000 | $4.8M | New |
| RVMD Revolution Medicines Inc. | 0.45% | 100,000 | $4.7M | New |
| PCVX Vaxcyte Inc. | 0.43% | 125,000 | $4.5M | No change |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.36% | 350,000 | $3.8M | No change |
| INSP Inspire Medical Systems Inc. | 0.36% | 50,000 | $3.7M | New |
| OVID Ovid Therapeutics Inc. | 0.33% | 2,650,000 | $3.4M | Add +297.0% |
| BBIO Bridgebio Pharma Inc. | 0.32% | 65,000 | $3.4M | Reduce -56.7% |
| JAZZ Jazz Pharmaceuticals PLC | 0.32% | 25,000 | $3.3M | No change |
| CRNX Crinetics Pharmaceuticals Inc. | 0.30% | 75,000 | $3.1M | Reduce -50.7% |
| MBX MBX Biosciences Inc. | 0.28% | 165,000 | $2.9M | New |
| AUTL Autolus Therapeutics PLC | 0.27% | 1,750,000 | $2.9M | Reduce -42.5% |
| OCUL Ocular Therapeutix Inc. | 0.27% | 239,000 | $2.8M | New |
| OACCU Oaktree Acquisition III Life | 0.26% | 250,000 | $2.7M | No change |
| CLYM Climb Bio Inc. | 0.25% | 1,300,000 | $2.6M | Reduce -13.3% |
| OLMA Olema Pharmaceuticals Inc. | 0.23% | 250,000 | $2.4M | No change |
| SGMT Sagimet Biosciences Inc. Class A | 0.23% | 350,000 | $2.4M | New |
| ATXS Astria Therapeutics Inc. | 0.21% | 300,000 | $2.2M | No change |
| UTHR United Therapeutics Corp. | 0.20% | 5,000 | $2.1M | New |
| GERN Geron Corp. | 0.20% | 1,500,000 | $2.1M | No change |
| AVR Anteris Technologies Global | 0.19% | 450,000 | $2.0M | Add +5.9% |
| OBIO Orchestra Biomed Holdings Inc. | 0.17% | 727,272 | $1.8M | New |
| EPRX Eupraxia Pharmaceuticals Inc. | 0.17% | 300,000 | $1.8M | New |
| CGEM Cullinan Therapeutics Inc. | 0.15% | 263,817 | $1.6M | No change |
| MIST Milestone Pharmaceuticals Inc. | 0.13% | 666,666 | $1.3M | New |
| CMPS Compass Pathways PLC | 0.11% | 200,000 | $1.1M | New |
| NXTC Nextcure Inc. | 0.11% | 191,882 | $1.1M | Add +0.1% |
| CATX Perspective Therapeutics Inc. | 0.10% | 300,000 | $1.0M | Reduce -71.4% |
| STRO Sutro Biopharma Inc. Com SHS | 0.06% | 752,722 | $654K | No change |
| JBIO Jade Biosciences Inc. | 0.05% | 65,317 | $564K | No change |
| ENGN Engene Holdings Inc. | 0.05% | 77,000 | $526K | No change |
| CNTX Context Therapeutics Inc. | 0.04% | 402,653 | $390K | Reduce -22.3% |
| RPTX Repare Therapeutics Inc. | 0.03% | 200,000 | $352K | No change |
| CBIO Crescent Biopharma Inc. | 0.02% | 17,998 | $214K | Reduce -93.6% |
| ADGM Adagio Medical Holdings Inc. | 0.01% | 80,000 | $155K | No change |
| QTTB Q32 Bio Inc. | 0.01% | 27,777 | $55K | No change |
| SPRY Ars Pharmaceuticals Inc. | 0.00% | 2,500 | $25K | New |
Options reported separately and not counted above: INSM calls ($29.5M), EXEL puts ($14.5M), SMMT puts ($7.2M), EXEL calls ($6.2M), NTLA calls ($5.2M), OMER puts ($4.6M), OLMA calls ($2.4M), ATYR puts ($1.5M), KPTI calls ($1.0M), ABUS calls ($960K).
Other holdings (6): bonds, preferreds, convertibles and warrants · $33.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| KARYOPHARM THERAPEUTICS (KPTI 3 10/15/25) | NOTE 3.000%10/1 · principal | 15,250,000 | $12.5M | No change |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | 7,000,000 | $7.9M | No change |
| OMEROS CORP (OMER 9.5 06/15/29) | NOTE 9.500% 6/1 · principal | 5,525,000 | $4.7M | Reduce -38.8% |
| NAMSW Newamsterdam Pharma Co. NV-27 | *W EXP 99/99/999 | 245,000 | $4.2M | No change |
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | 3,000,000 | $4.0M | New |
| RCKTW Rocket Pharmaceuticals in-27 | *W EXP 09/02/202 | 75,000 | $3K | No change |
Total filed on the 13F, all lines: $1.1B.
Portfolio Sells Q2 2025 → Q3 2025
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −4.94 |
| PTGX Protagonist Therapeutics Inc. | Reduce -49.9% | 1.41% | −2.34 |
| NUVL Nuvalent Inc. Class A | Reduce -7.4% | 3.19% | −1.69 |
| INSM Insmed Inc. | Reduce -5.3% | 6.22% | −1.14 |
| VERA Vera Therapeutics Inc. | Reduce -44.3% | 0.85% | −1.13 |
| INZY Inozyme Pharma Inc. | Sold out | 0.00% | −1.08 |
| TVTX Travere Therapeutics Inc. | Reduce -48.5% | 1.15% | −1.06 |
| ESTA Establishment Labs Holdings | Reduce -7.4% | 1.22% | −0.98 |
| AXSM Axsome Therapeutics Inc. | Sold out | 0.00% | −0.80 |
| AUTL Autolus Therapeutics PLC | Reduce -42.5% | 0.27% | −0.80 |
| CBIO Crescent Biopharma Inc. | Reduce -93.6% | 0.02% | −0.68 |
| BBIO Bridgebio Pharma Inc. | Reduce -56.7% | 0.32% | −0.67 |
| CATX Perspective Therapeutics Inc. | Reduce -71.4% | 0.10% | −0.46 |
| CRNX Crinetics Pharmaceuticals Inc. | Reduce -50.7% | 0.30% | −0.37 |
| RAPP Rapport Therapeutics Inc. | Sold out | 0.00% | −0.35 |
| VTYX Ventyx Biosciences Inc. | Reduce -13.5% | 1.17% | −0.32 |
| VRDN Viridian Therapeutics Inc. | Reduce -35.9% | 0.52% | −0.32 |
| THRD Third Harmonic Bio Inc. | Sold out | 0.00% | −0.31 |
| NKTX Nkarta Inc. | Sold out | 0.00% | −0.20 |
| MIRM Mirum Pharmaceuticals Inc. | Sold out | 0.00% | −0.19 |
| OKUR Onkure Therapeutics Inc. Class A | Sold out | 0.00% | −0.13 |
| CLYM Climb Bio Inc. | Reduce -13.3% | 0.25% | −0.04 |
| RADX Radiopharm Theranostics Ltd. | Sold out | 0.00% | −0.03 |
| CNTX Context Therapeutics Inc. | Reduce -22.3% | 0.04% | −0.01 |
| RZLT Rezolute Inc. | Reduce -4.5% | 1.90% | +0.38 |
| MLYS Mineralys Therapeutics Inc. | Reduce -16.7% | 2.73% | +0.85 |
Portfolio Buys Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | New | 5.40% | +5.40 |
| ABVX Abivax SA-ADR | Add +260.0% | 2.93% | +2.82 |
| MRUS Merus NV | Add +308.2% | 2.58% | +2.02 |
| CYTK Cytokinetics Inc. | New | 1.85% | +1.85 |
| QURE Uniqure NV | Add +122.2% | 1.68% | +1.39 |
| MDGL Madrigal Pharmaceuticals Inc. | Add +43.8% | 5.06% | +1.33 |
| SLNO Soleno Therapeutics Inc. | New | 1.30% | +1.30 |
| DNTH Dianthus Therapeutics Inc. | New | 0.99% | +0.99 |
| SYRE Spyre Therapeutics Inc. | Add +133.9% | 2.28% | +0.88 |
| TSHA Taysha Gene Therapies Inc. | Add +1400.0% | 0.94% | +0.87 |
| AVTX Avalo Therapeutics Inc. | Add +65.5% | 1.23% | +0.76 |
| CNTA Centessa Pharmaceuticals Ltd. | Add +23.0% | 2.58% | +0.76 |
| CLDX Celldex Therapeutics Inc. | New | 0.75% | +0.75 |
| ORKA Oruka Therapeutics Inc. | Add +58.9% | 1.77% | +0.73 |
| TARS Tarsus Pharmaceuticals Inc. | New | 0.71% | +0.71 |
| ZURA Zura Bio Ltd. | Add +470.6% | 0.53% | +0.49 |
| ROIV Roivant Sciences Ltd. | Add +100.0% | 1.16% | +0.47 |
| IMVT Immunovant Inc. | New | 0.46% | +0.46 |
| RVMD Revolution Medicines Inc. | New | 0.45% | +0.45 |
| INSP Inspire Medical Systems Inc. | New | 0.36% | +0.36 |
| SVRA Savara Inc. | Add +200.0% | 0.51% | +0.34 |
| TRVI Trevi Therapeutics Inc. | Add +10.5% | 2.46% | +0.32 |
| OVID Ovid Therapeutics Inc. | Add +297.0% | 0.33% | +0.30 |
| MBX MBX Biosciences Inc. | New | 0.28% | +0.28 |
| OCUL Ocular Therapeutix Inc. | New | 0.27% | +0.27 |
| MNPR Monopar Therapeutics Inc. | Add +17.8% | 0.62% | +0.25 |
| LXEO Lexeo Therapeutics Inc. | Add +7.8% | 2.47% | +0.24 |
| SGMT Sagimet Biosciences Inc. Class A | New | 0.23% | +0.23 |
| UTHR United Therapeutics Corp. | New | 0.20% | +0.20 |
| OBIO Orchestra Biomed Holdings Inc. | New | 0.17% | +0.17 |
| EPRX Eupraxia Pharmaceuticals Inc. | New | 0.17% | +0.17 |
| MIST Milestone Pharmaceuticals Inc. | New | 0.13% | +0.13 |
| CMPS Compass Pathways PLC | New | 0.11% | +0.11 |
| ERAS Erasca Inc. | Add +4.9% | 0.90% | +0.10 |
| XENE Xenon Pharmaceuticals Inc. | Add +27.3% | 5.40% | +0.09 |
| SPRY Ars Pharmaceuticals Inc. | New | 0.00% | +0.00 |
| AVR Anteris Technologies Global | Add +5.9% | 0.19% | −0.05 |
| NXTC Nextcure Inc. | Add +0.1% | 0.11% | −0.06 |
| APGE Apogee Therapeutics Inc. | Add +69.6% | 4.48% | −0.15 |
| PRQR Proqr Therapeutics NV | Add +2.9% | 0.74% | −0.36 |
| AKBA Akebia Therapeutics Inc. | Add +25.6% | 0.64% | −0.45 |
| WVE Wave Life Sciences Ltd. | Add +5.0% | 1.48% | −0.53 |
| ALKS Alkermes PLC | Add +25.0% | 3.60% | −0.81 |
| ACLX Arcellx Inc. | Add +1.0% | 3.94% | −1.08 |
| VRNA Verona Pharma Ltd. | Add +2.5% | 6.40% | −2.49 |
Options Activity Q2 2025 → Q3 2025
| INSM Insmed Inc. | call | New | 205,000 | $29.5M |
| EXEL Exelixis Inc. | put | Reduce -22.2% | 350,000 | $14.5M |
| AMGN Amgen Inc. | call | Sold out | 40,000 | $11.2Mbefore exit |
| CRSP Crispr Therapeutics AG | call | Sold out | 200,000 | $9.7Mbefore exit |
| SMMT Summit Therapeutics Inc. | put | New | 350,000 | $7.2M |
| NTLA Intellia Therapeutics Inc. | call | New | 300,000 | $5.2M |
| OMER Omeros Corp. | put | Add +261.1% | 1,133,900 | $4.6M |
| OLMA Olema Pharmaceuticals Inc. | call | New | 250,000 | $2.4M |
| CAPR Capricor Therapeutics Inc. | put | Sold out | 175,000 | $1.7Mbefore exit |
| NVAX Novavax Inc. | call | Sold out | 250,000 | $1.6Mbefore exit |
| ATYR Atyr Pharma Inc. | put | New | 2,100,000 | $1.5M |
| QURE Uniqure NV | call | Sold out | 100,000 | $1.4Mbefore exit |
| KPTI Karyopharm Therapeutics Inc. | call | Add +0.1% | 157,600 | $1.0M |
| ABUS Arbutus Biopharma Corp. | call | Add +2174.2% | 211,500 | $960K |
| INMB Inmune Bio Inc. | put | Sold out | 354,000 | $818Kbefore exit |
| ALT Altimmune Inc. | call | Sold out | 200,000 | $774Kbefore exit |
| GALT Galectin Therapeutics Inc. | put | Sold out | 250,000 | $528Kbefore exit |
| APGE Apogee Therapeutics Inc. | put | Sold out | 2,500 | $109Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| OMEROS CORP (OMER 9.5 06/15/29) | NOTE 9.500% 6/1 · principal | Reduce -38.8% | 5,525,000 | $4.7M |
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | New | 3,000,000 | $4.0M |
| IMTXW Immatics NV -CW | *W EXP 07/01/202 | Sold out | 187,204 | $112before exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 99 | $2.0B | ROIV, APGE, SYRE, XENE, ERAS |
| Q1 2026 | 90 | $1.7B | APGE, XENE, ERAS, INSM, ROIV |
| Q4 2025 | 80 | $1.3B | APGE, INSM, ABVX, VTYX, XENE |
| Q3 2025 | 80 | $1.0B | VRNA, INSM, SPY, XENE, MDGL |
| Q2 2025 | 71 | $648.9M | VRNA, INSM, XENE, ACLX, BPMC |
| Q1 2025 | 75 | $603.1M | XENE, APGE, VRNA, ACLX, ALKS |
| Q4 2024 | 68 | $588.3M | XENE, APGE, ACLX, ALKS, TEVA |
| Q3 2024 | 70 | $601.0M | XENE, APGE, NUVL, ACLX, ALKS |
| Q2 2024 | 78 | $576.0M | XENE, APGE, MDGL, ACLX, TEVA |
| Q1 2024 | 69 | $571.1M | APGE, XENE, MDGL, CRNX, AUTL |