Affinity Asset Advisors, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Affinity Asset Advisors, LLC reported 80 stock positions worth $1.3 billion. Its top holding was Apogee Therapeutics (APGE) at 6.9% of the portfolio, followed by Insmed (INSM, 5.8%) and Abivax SA-ADR (ABVX, 5.0%). Compared with Q3 2025, it opened 21 new positions, sold out of 21, added to 24 and reduced 20. The biggest buy was a new position in Praxis Precision Medicines I (PRAX) and the biggest sale an exit from Verona Pharma (VRNA).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001773195
- Portfolio Value
- $1.3B (Q4 2025)
- SEC Filing
- 0001315863-26-000153 ↗ filed Feb 13, 2026
Holdings Value
Holdings 80 stocks · $1.3B
| APGE Apogee Therapeutics Inc. | 6.91% | 1,234,926 | $93.2M | Add +5.2% |
| INSM Insmed Inc. | 5.81% | 450,000 | $78.3M | No change |
| ABVX Abivax SA-ADR | 5.05% | 505,000 | $68.1M | Add +40.3% |
| VTYX Ventyx Biosciences Inc. | 4.34% | 6,484,558 | $58.6M | Add +65.2% |
| XENE Xenon Pharmaceuticals Inc. | 4.15% | 1,250,000 | $56.0M | Reduce -10.7% |
| PRAX Praxis Precision Medicines I | 4.04% | 185,000 | $54.5M | New |
| CYTK Cytokinetics Inc. | 3.77% | 800,000 | $50.8M | Add +128.6% |
| SYRE Spyre Therapeutics Inc. | 3.48% | 1,432,591 | $46.9M | Add +0.9% |
| WVE Wave Life Sciences Ltd. | 3.40% | 2,700,000 | $45.9M | Add +28.6% |
| TEVA Teva Pharmaceutical-SP ADR | 3.24% | 1,400,000 | $43.7M | No change |
| ROIV Roivant Sciences Ltd. | 2.73% | 1,700,000 | $36.9M | Add +112.5% |
| ACLX Arcellx Inc. | 2.53% | 523,725 | $34.1M | Add +4.7% |
| NUVL Nuvalent Inc. Class A | 2.41% | 322,633 | $32.5M | Reduce -16.1% |
| LXEO Lexeo Therapeutics Inc. | 2.36% | 3,200,000 | $31.8M | Reduce -17.3% |
| ALKS Alkermes PLC | 2.07% | 1,000,000 | $28.0M | Reduce -20.0% |
| FBRX Forte Biosciences Inc. | 2.00% | 989,490 | $27.0M | New |
| TRVI Trevi Therapeutics Inc. | 2.00% | 2,150,172 | $26.9M | Reduce -23.2% |
| MLYS Mineralys Therapeutics Inc. | 1.96% | 730,000 | $26.5M | Reduce -2.7% |
| BBIO Bridgebio Pharma Inc. | 1.81% | 320,000 | $24.5M | Add +392.3% |
| ORKA Oruka Therapeutics Inc. | 1.80% | 802,342 | $24.3M | Reduce -16.4% |
| TERN Terns Pharmaceuticals Inc. | 1.65% | 550,000 | $22.2M | New |
| ANAB Anaptysbio Inc. | 1.60% | 444,692 | $21.6M | New |
| CGEM Cullinan Therapeutics Inc. | 1.48% | 1,932,106 | $20.0M | Add +632.4% |
| AVTX Avalo Therapeutics Inc. | 1.41% | 1,051,054 | $19.1M | Add +4.5% |
| NRIX Nurix Therapeutics Inc. | 1.36% | 967,620 | $18.4M | No change |
| TSHA Taysha Gene Therapies Inc. | 1.35% | 3,300,000 | $18.1M | Add +10.0% |
| MDGL Madrigal Pharmaceuticals Inc. | 1.34% | 31,131 | $18.1M | Reduce -72.9% |
| SVRA Savara Inc. | 1.25% | 2,797,153 | $16.9M | Add +86.5% |
| PTGX Protagonist Therapeutics Inc. | 1.11% | 172,125 | $15.0M | Reduce -22.0% |
| CNTA Centessa Pharmaceuticals Ltd. | 1.11% | 600,552 | $15.0M | Reduce -45.8% |
| ESTA Establishment Labs Holdings | 1.08% | 200,000 | $14.6M | Reduce -35.5% |
| ERAS Erasca Inc. | 1.08% | 3,900,000 | $14.5M | Reduce -9.0% |
| VERA Vera Therapeutics Inc. | 0.94% | 250,000 | $12.7M | Reduce -17.6% |
| COGT Cogent Biosciences Inc. | 0.92% | 350,000 | $12.4M | New |
| OVID Ovid Therapeutics Inc. | 0.86% | 7,150,000 | $11.7M | Add +169.8% |
| TVTX Travere Therapeutics Inc. | 0.85% | 300,000 | $11.5M | Reduce -40.0% |
| JBIO Jade Biosciences Inc. | 0.82% | 714,956 | $11.0M | Add +994.6% |
| NAMS Newamsterdam Pharma Co. NV | 0.72% | 275,000 | $9.6M | No change |
| CLDX Celldex Therapeutics Inc. | 0.70% | 350,000 | $9.5M | Add +16.7% |
| ZURA Zura Bio Ltd. | 0.70% | 1,813,671 | $9.5M | Add +42.3% |
| TNGX Tango Therapeutics Inc. | 0.66% | 1,000,000 | $8.9M | New |
| STRO Sutro Biopharma Inc. | 0.64% | 748,382 | $8.7M | Add +894.2% |
| RVMD Revolution Medicines Inc. | 0.59% | 100,000 | $8.0M | No change |
| MBX MBX Biosciences Inc. | 0.58% | 250,000 | $7.9M | Add +51.5% |
| VRDN Viridian Therapeutics Inc. | 0.58% | 250,000 | $7.8M | No change |
| RCUS Arcus Biosciences Inc. | 0.53% | 300,000 | $7.1M | New |
| SGMT Sagimet Biosciences Inc. Class A | 0.50% | 1,148,245 | $6.8M | Add +228.1% |
| KPTI Karyopharm Therapeutics Inc. | 0.49% | 889,575 | $6.5M | New |
| ASND Ascendis Pharma A/S | 0.47% | 30,000 | $6.4M | New |
| VRCA Verrica Pharmaceuticals Inc. | 0.44% | 707,338 | $5.9M | New |
| ENGN Engene Holdings Inc. | 0.43% | 643,370 | $5.8M | Add +735.5% |
| RZLT Rezolute Inc. | 0.41% | 2,351,144 | $5.5M | Add +12.0% |
| AVDL Avadel Pharmaceuticals Ltd. | 0.40% | 250,000 | $5.4M | New |
| CLYM Climb Bio Inc. | 0.39% | 1,300,000 | $5.2M | No change |
| IMVT Immunovant Inc. | 0.38% | 200,000 | $5.1M | Reduce -33.3% |
| PRQR Proqr Therapeutics NV | 0.37% | 2,454,278 | $5.0M | Reduce -31.8% |
| DNTH Dianthus Therapeutics Inc. | 0.35% | 115,000 | $4.7M | Reduce -56.1% |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.34% | 70,000 | $4.6M | New |
| IBIO Ibio Inc. | 0.29% | 2,057,200 | $4.0M | New |
| NXTC Nextcure Inc. | 0.26% | 247,294 | $3.5M | Add +28.9% |
| CRNX Crinetics Pharmaceuticals Inc. | 0.26% | 75,000 | $3.5M | No change |
| AMGN Amgen Inc. | 0.24% | 10,000 | $3.3M | New |
| BLTE Belite Bio Inc. - ADR | 0.24% | 20,000 | $3.2M | New |
| AVBP Arrivent Biopharma Inc. | 0.22% | 150,000 | $3.0M | New |
| MRSN Mersana Therapeutics Inc. | 0.21% | 100,000 | $2.9M | New |
| OACCU Oaktree Acquisition III Life | 0.20% | 250,000 | $2.7M | No change |
| AVR Anteris Technologies Global | 0.18% | 486,684 | $2.4M | Add +8.2% |
| OBIO Orchestra Biomed Holdings Inc. | 0.18% | 572,804 | $2.4M | Reduce -21.2% |
| EPRX Eupraxia Pharmaceuticals Inc. | 0.17% | 300,000 | $2.3M | No change |
| GERN Geron Corp. | 0.15% | 1,500,000 | $2.0M | No change |
| RARE Ultragenyx Pharmaceutical Inc. | 0.13% | 75,000 | $1.7M | New |
| KZR Kezar Life Sciences Inc. | 0.11% | 229,076 | $1.4M | New |
| CMPS Compass Pathways PLC | 0.10% | 200,000 | $1.4M | No change |
| QURE Uniqure NV | 0.09% | 50,000 | $1.2M | Reduce -83.3% |
| CATX Perspective Therapeutics Inc. | 0.06% | 300,000 | $825K | No change |
| MGNX Macrogenics Inc. | 0.06% | 484,308 | $780K | New |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.05% | 50,000 | $652K | Reduce -85.7% |
| XFOR X4 Pharmaceuticals Inc. | 0.04% | 145,000 | $580K | New |
| QTTB Q32 Bio Inc. | 0.01% | 27,777 | $92K | No change |
| ADGM Adagio Medical Holdings Inc. | 0.01% | 80,000 | $83K | No change |
Options reported separately and not counted above: XBI puts ($182.9M), IBB calls ($67.5M), AMGN calls ($44.2M), XLV calls ($38.7M), QURE calls ($19.1M), SMMT puts ($6.1M), ABUS calls ($2.5M), LENZ puts ($1.6M), FBRX calls ($611K).
Other holdings (6): bonds, preferreds, convertibles and warrants · $42.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OMEROS CORP (OMER 9.5 06/15/29) | NOTE 9.500% 6/1 · principal | 6,525,000 | $19.4M | Add +18.1% |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | 7,000,000 | $10.0M | No change |
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | 3,000,000 | $6.5M | No change |
| NAMSW Newamsterdam Pharma Co. NV-27 | *W EXP 99/99/999 | 245,000 | $5.6M | No change |
| COGENT BIOSCIENCES INC (COGT 1.625 11/15/31) | NOTE 1.625%11/1 · principal | 1,000,000 | $1.2M | New |
| RCKTW Rocket Pharmaceuticals in-27 | *W EXP 09/02/202 | 75,000 | $2K | No change |
Total filed on the 13F, all lines: $1.4B.
Portfolio Sells Q3 2025 → Q4 2025
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −6.40 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −5.40 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -72.9% | 1.34% | −3.72 |
| MRUS Merus NV | Sold out | 0.00% | −2.58 |
| QURE Uniqure NV | Reduce -83.3% | 0.09% | −1.59 |
| ALKS Alkermes PLC | Reduce -20.0% | 2.07% | −1.53 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -45.8% | 1.11% | −1.46 |
| SLNO Soleno Therapeutics Inc. | Sold out | 0.00% | −1.30 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -10.7% | 4.15% | −1.24 |
| NUVL Nuvalent Inc. Class A | Reduce -16.1% | 2.41% | −0.79 |
| ELVN Enliven Therapeutics Inc. | Sold out | 0.00% | −0.79 |
| MLYS Mineralys Therapeutics Inc. | Reduce -2.7% | 1.96% | −0.77 |
| TARS Tarsus Pharmaceuticals Inc. | Sold out | 0.00% | −0.71 |
| AKBA Akebia Therapeutics Inc. | Sold out | 0.00% | −0.64 |
| DNTH Dianthus Therapeutics Inc. | Reduce -56.1% | 0.35% | −0.64 |
| MNPR Monopar Therapeutics Inc. | Sold out | 0.00% | −0.62 |
| TRVI Trevi Therapeutics Inc. | Reduce -23.2% | 2.00% | −0.46 |
| PCVX Vaxcyte Inc. | Sold out | 0.00% | −0.43 |
| PRQR Proqr Therapeutics NV | Reduce -31.8% | 0.37% | −0.37 |
| INSP Inspire Medical Systems Inc. | Sold out | 0.00% | −0.36 |
| JAZZ Jazz Pharmaceuticals PLC | Sold out | 0.00% | −0.32 |
| FRNM Freenome Inc. | Reduce -85.7% | 0.05% | −0.31 |
| TVTX Travere Therapeutics Inc. | Reduce -40.0% | 0.85% | −0.30 |
| PTGX Protagonist Therapeutics Inc. | Reduce -22.0% | 1.11% | −0.29 |
| AUTL Autolus Therapeutics PLC | Sold out | 0.00% | −0.27 |
| OCUL Ocular Therapeutix Inc. | Sold out | 0.00% | −0.27 |
| OLMA Olema Pharmaceuticals Inc. | Sold out | 0.00% | −0.23 |
| ATXS Astria Therapeutics Inc. | Sold out | 0.00% | −0.21 |
| UTHR United Therapeutics Corp. | Sold out | 0.00% | −0.20 |
| ESTA Establishment Labs Holdings | Reduce -35.5% | 1.08% | −0.14 |
| MIST Milestone Pharmaceuticals Inc. | Sold out | 0.00% | −0.13 |
| LXEO Lexeo Therapeutics Inc. | Reduce -17.3% | 2.36% | −0.11 |
| IMVT Immunovant Inc. | Reduce -33.3% | 0.38% | −0.09 |
| CNTX Context Therapeutics Inc. | Sold out | 0.00% | −0.04 |
| RPTX Repare Therapeutics Inc. | Sold out | 0.00% | −0.03 |
| CBIO Crescent Biopharma Inc. | Sold out | 0.00% | −0.02 |
| SPRY Ars Pharmaceuticals Inc. | Sold out | 0.00% | −0.00 |
| OBIO Orchestra Biomed Holdings Inc. | Reduce -21.2% | 0.18% | +0.00 |
| ORKA Oruka Therapeutics Inc. | Reduce -16.4% | 1.80% | +0.03 |
| VERA Vera Therapeutics Inc. | Reduce -17.6% | 0.94% | +0.09 |
| ERAS Erasca Inc. | Reduce -9.0% | 1.08% | +0.18 |
Portfolio Buys Q3 2025 → Q4 2025
| PRAX Praxis Precision Medicines I | New | 4.04% | +4.04 |
| VTYX Ventyx Biosciences Inc. | Add +65.2% | 4.34% | +3.17 |
| APGE Apogee Therapeutics Inc. | Add +5.2% | 6.91% | +2.43 |
| ABVX Abivax SA-ADR | Add +40.3% | 5.05% | +2.11 |
| FBRX Forte Biosciences Inc. | New | 2.00% | +2.00 |
| WVE Wave Life Sciences Ltd. | Add +28.6% | 3.40% | +1.93 |
| CYTK Cytokinetics Inc. | Add +128.6% | 3.77% | +1.92 |
| TERN Terns Pharmaceuticals Inc. | New | 1.65% | +1.65 |
| ANAB Anaptysbio Inc. | New | 1.60% | +1.60 |
| ROIV Roivant Sciences Ltd. | Add +112.5% | 2.73% | +1.57 |
| BBIO Bridgebio Pharma Inc. | Add +392.3% | 1.81% | +1.49 |
| CGEM Cullinan Therapeutics Inc. | Add +632.4% | 1.48% | +1.33 |
| SYRE Spyre Therapeutics Inc. | Add +0.9% | 3.48% | +1.20 |
| COGT Cogent Biosciences Inc. | New | 0.92% | +0.92 |
| JBIO Jade Biosciences Inc. | Add +994.6% | 0.82% | +0.76 |
| SVRA Savara Inc. | Add +86.5% | 1.25% | +0.74 |
| TNGX Tango Therapeutics Inc. | New | 0.66% | +0.66 |
| STRO Sutro Biopharma Inc. | Add +894.2% | 0.64% | +0.58 |
| OVID Ovid Therapeutics Inc. | Add +169.8% | 0.86% | +0.53 |
| RCUS Arcus Biosciences Inc. | New | 0.53% | +0.53 |
| KPTI Karyopharm Therapeutics Inc. | New | 0.49% | +0.49 |
| ASND Ascendis Pharma A/S | New | 0.47% | +0.47 |
| VRCA Verrica Pharmaceuticals Inc. | New | 0.44% | +0.44 |
| TSHA Taysha Gene Therapies Inc. | Add +10.0% | 1.35% | +0.40 |
| AVDL Avadel Pharmaceuticals Ltd. | New | 0.40% | +0.40 |
| ENGN Engene Holdings Inc. | Add +735.5% | 0.43% | +0.38 |
| ARWR Arrowhead Pharmaceuticals Inc. | New | 0.34% | +0.34 |
| MBX MBX Biosciences Inc. | Add +51.5% | 0.58% | +0.31 |
| IBIO Ibio Inc. | New | 0.29% | +0.29 |
| SGMT Sagimet Biosciences Inc. Class A | Add +228.1% | 0.50% | +0.27 |
| AMGN Amgen Inc. | New | 0.24% | +0.24 |
| BLTE Belite Bio Inc. - ADR | New | 0.24% | +0.24 |
| AVBP Arrivent Biopharma Inc. | New | 0.22% | +0.22 |
| MRSN Mersana Therapeutics Inc. | New | 0.21% | +0.21 |
| AVTX Avalo Therapeutics Inc. | Add +4.5% | 1.41% | +0.19 |
| ZURA Zura Bio Ltd. | Add +42.3% | 0.70% | +0.17 |
| NXTC Nextcure Inc. | Add +28.9% | 0.26% | +0.15 |
| RARE Ultragenyx Pharmaceutical Inc. | New | 0.13% | +0.13 |
| KZR Kezar Life Sciences Inc. | New | 0.11% | +0.11 |
| MGNX Macrogenics Inc. | New | 0.06% | +0.06 |
| XFOR X4 Pharmaceuticals Inc. | New | 0.04% | +0.04 |
| AVR Anteris Technologies Global | Add +8.2% | 0.18% | −0.01 |
| CLDX Celldex Therapeutics Inc. | Add +16.7% | 0.70% | −0.04 |
| ACLX Arcellx Inc. | Add +4.7% | 2.53% | −1.41 |
| RZLT Rezolute Inc. | Add +12.0% | 0.41% | −1.48 |
Options Activity Q3 2025 → Q4 2025
| XBI SS SPDR S&P Biotech ETF | put | New | 1,500,000 | $182.9M |
| IBB iShares Biotechnology ETF | call | New | 400,000 | $67.5M |
| AMGN Amgen Inc. | call | New | 135,000 | $44.2M |
| XLV SS Health Care Select Sector | call | New | 250,000 | $38.7M |
| INSM Insmed Inc. | call | Sold out | 205,000 | $29.5Mbefore exit |
| QURE Uniqure NV | call | New | 800,000 | $19.1M |
| EXEL Exelixis Inc. | put | Sold out | 350,000 | $14.5Mbefore exit |
| EXEL Exelixis Inc. | call | Sold out | 150,000 | $6.2Mbefore exit |
| NTLA Intellia Therapeutics Inc. | call | Sold out | 300,000 | $5.2Mbefore exit |
| OMER Omeros Corp. | put | Sold out | 1,133,900 | $4.6Mbefore exit |
| ABUS Arbutus Biopharma Corp. | call | Add +146.8% | 521,900 | $2.5M |
| OLMA Olema Pharmaceuticals Inc. | call | Sold out | 250,000 | $2.4Mbefore exit |
| LENZ Lenz Therapeutics Inc. | put | New | 100,000 | $1.6M |
| ATYR Atyr Pharma Inc. | put | Sold out | 2,100,000 | $1.5Mbefore exit |
| KPTI Karyopharm Therapeutics Inc. | call | Sold out | 157,600 | $1.0Mbefore exit |
| FBRX Forte Biosciences Inc. | call | New | 22,400 | $611K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| OMEROS CORP (OMER 9.5 06/15/29) | NOTE 9.500% 6/1 · principal | Add +18.1% | 6,525,000 | $19.4M |
| KARYOPHARM THERAPEUTICS (KPTI 3 10/15/25) | NOTE 3.000%10/1 · principal | Sold out | 15,250,000 | $12.5Mbefore exit |
| COGENT BIOSCIENCES INC (COGT 1.625 11/15/31) | NOTE 1.625%11/1 · principal | New | 1,000,000 | $1.2M |
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 |