Armistice Capital, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Armistice Capital, LLC reported 341 stock positions worth $4.1 billion. Its top holding was PTC Therapeutics (PTCT) at 5.2% of the portfolio, followed by Madrigal Pharmaceuticals (MDGL, 3.8%) and Immunovant (IMVT, 3.6%). Compared with Q3 2025, it opened 178 new positions, sold out of 142, added to 107 and reduced 52. The biggest buy was Madrigal Pharmaceuticals (MDGL, shares +121%) and the biggest sale an exit from Exact Sciences (EXAS).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001601086
Portfolio Value
$4.1B (Q4 2025)
SEC Filing
0001315863-26-000163 ↗ filed Feb 17, 2026

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $3.8B Q1 2024 Q2 2024: $3.8B Q2 2024 Q3 2024: $3.8B Q3 2024 Q4 2024: $4.3B Q4 2024 Q1 2025: $3.7B Q1 2025 Q2 2025: $2.6B Q2 2025 Q3 2025: $3.2B Q3 2025 Q4 2025: $4.1B $4.1B Q4 2025 Q1 2026: $3.0B Q1 2026 Q2 2026: $3.6B Q2 2026

Holdings 341 stocks · $4.1B

PTCT PTC Therapeutics Inc. 5.22% 2,801,869 $212.8M Reduce -14.5%
MDGL Madrigal Pharmaceuticals Inc. 3.79% 265,705 $154.7M Add +121.5%
IMVT Immunovant Inc. 3.58% 5,747,155 $146.1M Reduce -1.5%
TVTX Travere Therapeutics Inc. 3.53% 3,763,891 $143.8M Reduce -44.0%
SUPN Supernus Pharmaceuticals Inc. 3.37% 2,764,000 $137.4M Reduce -2.5%
NBIX Neurocrine Biosciences Inc. 2.85% 820,240 $116.3M Add +17.7%
INCY Incyte Corp. 2.66% 1,098,102 $108.5M Reduce -5.9%
AMZN Amazon.com Inc. 2.08% 367,633 $84.9M Add +18.8%
XRAY Dentsply Sirona Inc. 2.05% 7,298,000 $83.4M Add +27.2%
AGIO Agios Pharmaceuticals Inc. 2.03% 3,036,000 $82.6M Add +297.4%
FRPT Freshpet Inc. 1.94% 1,296,000 $79.0M Add +5.0%
KVUE Kenvue Inc. 1.69% 3,992,196 $68.9M New
GEHC GE Healthcare Technology 1.59% 792,000 $65.0M Reduce -0.4%
REGN Regeneron Pharmaceuticals 1.59% 84,000 $64.8M Reduce -32.9%
DYN Dyne Therapeutics Inc. 1.56% 3,249,708 $63.6M Add +6.1%
CYTK Cytokinetics Inc. 1.55% 992,766 $63.1M Reduce -17.1%
GOOGL Alphabet Inc. Class A 1.51% 196,420 $61.5M Reduce -14.8%
MSFT Microsoft Corp. 1.40% 118,337 $57.2M Add +35.6%
IRWD Ironwood Pharmaceuticals Inc. 1.32% 16,025,000 $54.0M Reduce -0.8%
KURA Kura Oncology Inc. 1.26% 4,936,000 $51.3M Add +5.7%
ELF Elf Beauty Inc. 1.23% 657,983 $50.0M Add +394.9%
GSK GSK PLC-Spon ADR 1.20% 1,000,000 $49.0M New
ARGX Argenx SE - ADR 1.20% 58,000 $48.8M No change
BABA Alibaba Group Holding-SP ADR 1.15% 319,100 $46.8M Add +104.5%
SBUX Starbucks Corp. 1.14% 549,805 $46.3M Add +54.4%
PENN Penn Entertainment Inc. 1.12% 3,096,000 $45.7M Add +47.2%
OFIX Orthofix Medical Inc. 0.98% 2,648,000 $40.1M Add +18.4%
FIVN FIVE9 Inc. 0.98% 2,000,000 $40.1M No change
IRON Disc Medicine Inc. 0.97% 499,391 $39.7M Add +14.5%
IMCR Immunocore Holdings PLC-ADR 0.93% 1,098,000 $38.1M Add +33.3%
TMO Thermo Fisher Scientific Inc. 0.89% 62,838 $36.4M Add +14.2%
S Sentinelone Inc. Class A 0.89% 2,422,219 $36.3M Add +118.0%
AVNS Avanos Medical Inc. 0.88% 3,200,000 $35.9M Add +28.0%
RIGL Rigel Pharmaceuticals Inc. 0.88% 836,000 $35.8M Add +15.5%
AUTL Autolus Therapeutics PLC 0.85% 17,500,000 $34.8M Add +12.2%
ISRG Intuitive Surgical Inc. 0.85% 61,073 $34.6M Add +49.0%
DDOG Datadog Inc. Class A 0.82% 244,537 $33.3M Add +21.0%
VERA Vera Therapeutics Inc. 0.81% 653,796 $33.1M Add +22.0%
SNY Sanofi-ADR 0.80% 676,000 $32.8M Add +10.5%
GTLB Gitlab Inc. Class A 0.79% 858,925 $32.2M Add +127.9%
AXGN Axogen Inc. 0.75% 936,000 $30.6M Reduce -22.0%
ANRO Alto Neuroscience Inc. 0.67% 1,536,000 $27.3M Reduce -6.1%
VSTM Verastem Inc. 0.67% 3,536,000 $27.3M Add +68.7%
HUBS HubSpot Inc. 0.67% 68,000 $27.3M Add +51.0%
MDT Medtronic PLC 0.64% 271,241 $26.1M Add +2.3%
GRFS Grifols SA-ADR 0.63% 2,768,000 $25.9M Add +23.8%
NKTR Nektar Therapeutics 0.62% 596,000 $25.2M Add +122.4%
NKE Nike Inc. Class B 0.62% 394,709 $25.1M Add +399.0%
PATH Uipath Inc. Class A 0.61% 1,524,617 $25.0M Add +13.4%
MLYS Mineralys Therapeutics Inc. 0.60% 676,035 $24.5M Add +33.2%
DHR Danaher Corp. 0.60% 107,035 $24.5M Add +239.2%
EW Edwards Lifesciences Corp. 0.58% 277,478 $23.7M Add +89.3%
CVS CVS Health Corp. 0.58% 295,589 $23.5M Add +1.3%
UBER Uber Technologies Inc. 0.57% 282,734 $23.1M Add +134.5%
BCYC Bicycle Therapeutics PLC-ADR 0.56% 3,236,000 $22.9M Add +8.7%
NBIS Nebius Group NV 0.55% 267,421 $22.4M Add +25.4%
ANGO Angiodynamics Inc. 0.54% 1,700,000 $21.8M Add +3.9%
DXCM Dexcom Inc. 0.53% 323,052 $21.4M New
ARVN Arvinas Inc. 0.52% 1,800,000 $21.3M Add +50.0%
WYNN WYNN Resorts Ltd. 0.52% 176,190 $21.2M Add +50.7%
MDB Mongodb Inc. 0.51% 49,144 $20.6M Reduce -56.3%
ENR Energizer Holdings Inc. 0.51% 1,036,000 $20.6M New
RH RH 0.51% 115,000 $20.6M Add +26.8%
WDAY Workday Inc. Class A 0.49% 93,893 $20.2M Add +54.2%
BMY Bristol-Myers Squibb Co. 0.49% 372,466 $20.1M Reduce -42.7%
ROST Ross Stores Inc. 0.49% 111,034 $20.0M Reduce -0.1%
HRMY Harmony Biosciences Holdings 0.46% 500,000 $18.7M New
HUM Humana Inc. 0.45% 71,697 $18.4M Add +39.6%
RDDT Reddit Inc. Class A 0.43% 76,600 $17.6M Add +56.0%
LYV Live Nation Entertainment Inc. 0.42% 120,938 $17.2M New
NVO Novo-Nordisk A/S-Spons ADR 0.42% 336,000 $17.1M Reduce -54.4%
CROX Crocs Inc. 0.40% 190,350 $16.3M Add +468.6%
KLAR Klarna Group PLC 0.39% 549,680 $15.9M New
VYGR Voyager Therapeutics Inc. 0.39% 4,000,000 $15.7M Reduce -4.8%
TMCI Treace Medical Concepts Inc. 0.38% 6,364,000 $15.6M Add +0.8%
LEN Lennar Corp. Class A 0.38% 151,295 $15.6M Add +92.6%
TSM Taiwan Semiconductor-SP ADR 0.37% 50,000 $15.2M Reduce -11.8%
APP AppLovin Corp. Class A 0.37% 22,262 $15.0M Add +14.1%
BILL Bill Holdings Inc. 0.36% 271,389 $14.8M Add +127.7%
SLDB Solid Biosciences Inc. 0.36% 2,612,000 $14.7M Add +179.1%
DT Dynatrace Inc. 0.36% 336,000 $14.6M Reduce -16.0%
FDMT 4D Molecular Therapeutics Inc. 0.36% 1,936,000 $14.5M Add +76.6%
PRTA Prothena Corp. PLC 0.35% 1,500,000 $14.3M Reduce -17.8%
KALV Kalvista Pharmaceuticals Inc. 0.32% 800,000 $12.9M New
BBOT Bridgebio Oncology Therapeut 0.31% 1,000,000 $12.5M Add +142.7%
CNTA Centessa Pharmaceuticals Ltd. 0.31% 500,000 $12.5M Add +32.3%
NPCE Neuropace Inc. 0.30% 792,000 $12.2M Reduce -39.0%
NVDA Nvidia Corp. 0.29% 63,955 $11.9M Reduce -16.9%
ALGN Align Technology Inc. 0.29% 76,104 $11.9M New
NUVB Nuvation Bio Inc. 0.28% 1,263,737 $11.3M Reduce -45.0%
BSX Boston Scientific Corp. 0.27% 114,025 $10.9M Add +42.1%
SMPL The Simply Good Foods Co. 0.26% 536,000 $10.8M New
NTLA Intellia Therapeutics Inc. 0.25% 1,156,000 $10.4M Add +72.0%
MGNX Macrogenics Inc. 0.25% 6,324,000 $10.2M Add +6.1%
AMD Advanced Micro Devices 0.25% 46,703 $10.0M New
COR Cencora Inc. 0.23% 28,000 $9.5M Add +298.1%
MCK McKesson Corp. 0.23% 11,363 $9.3M Add +94.1%
VRCA Verrica Pharmaceuticals Inc. 0.23% 1,118,925 $9.3M Add +75.0%
SRRK Scholar Rock Holding Corp. 0.22% 200,000 $8.8M New
ZETA Zeta Global Holdings Corp. Class A 0.21% 428,229 $8.7M Add +37.2%
INGN Inogen Inc. 0.21% 1,264,000 $8.5M Add +46.3%
ORLY O'reilly Automotive Inc. 0.20% 91,111 $8.3M Add +29.4%
ZURA Zura Bio Ltd. 0.20% 1,560,000 $8.2M No change
TOST Toast Inc. Class A 0.20% 227,753 $8.1M Reduce -20.4%
PEGA Pegasystems Inc. 0.19% 131,994 $7.9M Add +52.0%
FLUT Flutter Entertainment PLC-Di 0.19% 36,466 $7.8M Add +3517.7%
TERN Terns Pharmaceuticals Inc. 0.17% 172,479 $7.0M New
AS Amer Sports Inc. 0.17% 185,207 $6.9M Add +11.2%
DKS Dick's Sporting Goods Inc. 0.17% 34,488 $6.8M New
PONY Pony AI Inc. 0.17% 468,000 $6.8M Add +87.7%
EOLS Evolus Inc. 0.16% 976,000 $6.5M New
BBY Best Buy Co. Inc. 0.16% 96,487 $6.5M Add +1.5%
SYRE Spyre Therapeutics Inc. 0.16% 196,426 $6.4M Add +25.9%
KYMR Kymera Therapeutics Inc. 0.15% 81,165 $6.3M New
OS Onestream Inc. 0.15% 336,000 $6.2M Add +34.4%
SCLX Scilex Holding Co. 0.14% 476,674 $5.8M Add +622.2%
CTOR Citius Oncology Inc. 0.14% 5,584,080 $5.6M Reduce -27.3%
TER Teradyne Inc. 0.13% 28,302 $5.5M Reduce -22.6%
STX Seagate Technology Holdings 0.13% 19,592 $5.4M New
WWW Wolverine World Wide Inc. 0.13% 285,000 $5.2M Add +38.8%
MCD McDonald's Corp. 0.13% 16,916 $5.2M Reduce -28.8%
INTC Intel Corp. 0.11% 122,936 $4.5M Add +68.9%
H Hyatt Hotels Corp. Class A 0.11% 27,533 $4.4M Reduce -49.1%
CRBP Corbus Pharmaceuticals Holdi 0.11% 536,000 $4.4M Add +179.2%
ULTA Ulta Beauty Inc. 0.10% 6,831 $4.1M Reduce -66.3%
LOW Lowe's Cos Inc. 0.10% 16,789 $4.0M Add +6.8%
LEVI Levi Strauss & Co. Class A 0.09% 185,000 $3.8M Add +11.2%
ARAY Accuray Inc. 0.09% 4,500,000 $3.7M Add +35.4%
KYNB Kyntra Bio Inc. filed as FIBROGEN INC 0.09% 400,000 $3.5M Add +5.8%
SE Sea Ltd.-ADR 0.09% 27,400 $3.5M Add +24.6%
RBLX Roblox Corp. Class A 0.08% 41,041 $3.3M Reduce -67.4%
NTRP Nexttrip Inc. 0.08% 1,000,000 $3.2M New
CNDT Conduent Inc. 0.07% 1,578,000 $3.0M Add +88.8%
MNST Monster Beverage Corp. 0.07% 38,912 $3.0M Add +16.4%
STZ Constellation Brands Inc. Class A 0.07% 21,600 $3.0M Reduce -3.0%
HCA HCA Healthcare Inc. 0.07% 6,288 $2.9M New
MTCH Match Group Inc. 0.07% 90,641 $2.9M New
SMG Scotts Miracle-Gro Co. 0.07% 49,903 $2.9M New
VSXY Victoria's Secret & Co. 0.07% 53,313 $2.9M Reduce -55.6%
ABNB Airbnb Inc. Class A 0.07% 20,692 $2.8M New
MDCX Medicus Pharma Ltd. 0.07% 1,810,960 $2.8M New
TSEM Tower Semiconductor Ltd. 0.07% 23,521 $2.8M New
XOM Exxon Mobil Corp. 0.07% 22,799 $2.7M New
AIR Aar Corp. 0.06% 29,729 $2.5M New
MDLN Medline Inc. Class A 0.06% 58,016 $2.4M New
CIEN Ciena Corp. 0.06% 10,400 $2.4M New
TPL Texas Pacific Land Corp. 0.06% 8,296 $2.4M Add +6.8%
BRBR Bellring Brands Inc. 0.06% 85,521 $2.3M Reduce -68.5%
HON Honeywell International Inc. 0.06% 11,657 $2.3M New
PDSB PDS Biotechnology Corp. 0.05% 2,834,506 $2.2M New
ADBE Adobe Inc. 0.05% 6,194 $2.2M New
WKSP Worksport Ltd. 0.05% 966,008 $2.1M New
CELH Celsius Holdings Inc. 0.04% 39,664 $1.8M New
PRSU Pursuit Attractions and Hosp 0.04% 47,500 $1.6M No change
LTH Life Time Group Holdings Inc. 0.04% 58,882 $1.6M Reduce -66.0%
NNVC Nanoviricides Inc. 0.04% 1,368,000 $1.5M New
ELAN Elanco Animal Health Inc. 0.04% 68,208 $1.5M New
COO The Cooper Cos Inc. 0.04% 17,888 $1.5M Add +212.7%
RBOT Vicarious Surgical Inc. Class A 0.03% 605,443 $1.3M New
SITM Sitime Corp. 0.03% 3,707 $1.3M New
REED Reed's Inc. 0.03% 620,000 $1.3M New
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.03% 12,985 $1.3M New
PYPL PayPal Holdings Inc. 0.03% 20,891 $1.2M Reduce -46.8%
MGRX Mangoceuticals Inc. 0.03% 1,536,000 $1.1M New
AZO AutoZone Inc. 0.03% 321 $1.1M New
NAVN Navan Inc. Class A 0.03% 63,373 $1.1M New
IMNN Imunon Inc. 0.02% 266,886 $1.0M New
ADC Agree Realty Corp. 0.02% 14,012 $1.0M Add +40.1%
M Macy's Inc. 0.02% 44,866 $989K New
CE Celanese Corp. 0.02% 22,945 $970K New
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.02% 13,523 $948K New
AMH American Homes 4 Rent- A 0.02% 28,483 $914K New
XLP SS Consumer Staples Sel Sect 0.02% 11,765 $914K New
KHC The Kraft Heinz Co. 0.02% 36,807 $893K Add +80.7%
CRIS Curis Inc. 0.02% 883,584 $872K Reduce -9.7%
DECK Deckers Outdoor Corp. 0.02% 8,409 $872K Add +74.1%
FSK FS KKR Capital Corp. 0.02% 58,787 $871K Add +15.1%
QUCY Quantum Cyber NV filed as MAINZ BIOMED N V 0.02% 775,263 $868K Add +96.5%
BTTC Black Titan Corp. 0.02% 502,820 $840K New
ANF Abercrombie & Fitch Co. Class A 0.02% 6,644 $836K Reduce -91.5%
MO Altria Group Inc. 0.02% 14,406 $831K New
BN Brookfield Corp. 0.02% 17,686 $812K Add +2.7%
SAIC Science Applications Inte 0.02% 7,961 $801K New
AKTX Akari Therapeutics PLC 0.02% 2,723,966 $787K New
COCO The Vita Coco Co. Inc. 0.02% 14,540 $771K New
LW Lamb Weston Holdings Inc. 0.02% 18,012 $755K New
LULU Lululemon Athletica Inc. 0.02% 3,561 $740K New
LIF LIFE360 Inc. 0.02% 11,001 $706K Add +91.9%
POOL Pool Corp. 0.02% 3,073 $703K New
SNEX Stonex Group Inc. 0.02% 7,189 $684K New
MCY Mercury General Corp. 0.02% 7,221 $679K New
SHW The Sherwin-Williams Co. 0.02% 2,058 $667K Reduce -17.4%
HHH Howard Hughes Holdings Inc. 0.02% 8,023 $640K New
ED Consolidated Edison Inc. 0.02% 6,340 $630K Reduce -33.3%
WMG Warner Music Group Corp. Class A 0.01% 19,903 $610K New
OXY Occidental Petroleum Corp. 0.01% 13,976 $575K New
LIVN Livanova PLC 0.01% 9,325 $574K Add +119.4%
DAY Dayforce Inc. 0.01% 8,250 $571K Reduce -1.3%
ADIL Adial Pharmaceuticals Inc. 0.01% 2,554,442 $562K New
RSG Republic Services Inc. 0.01% 2,592 $549K Add +98.5%
ALC Alcon Inc. filed as ALCON AG 0.01% 6,615 $521K New
AAL American Airlines Group Inc. 0.01% 32,507 $498K New
ADGM Adagio Medical Holdings Inc. 0.01% 478,000 $497K New
ALK Alaska Air Group Inc. 0.01% 9,834 $495K New
ITW Illinois Tool Works 0.01% 1,994 $491K New
MTD Mettler-Toledo International 0.01% 340 $474K Add +37.6%
SPHERE 3D CORP 0.01% 1,562,067 $465K New
ABCB Ameris Bancorp 0.01% 6,246 $464K New
ETSY Etsy Inc. 0.01% 7,989 $443K New
WLDS Wearable Devices Ltd. 0.01% 376,202 $429K New
MMSI Merit Medical Systems Inc. 0.01% 4,796 $423K New
MSCI MSCI Inc. 0.01% 731 $419K New
PCTY Paylocity Holding Corp. 0.01% 2,719 $415K Reduce -21.6%
ZS Zscaler Inc. 0.01% 1,822 $410K New
ECL Ecolab Inc. 0.01% 1,561 $410K Add +72.5%
CYBR Cyberark Software Ltd./Israel 0.01% 908 $405K New
WY Weyerhaeuser Co. 0.01% 16,918 $401K New
FAST Fastenal Co. 0.01% 9,697 $389K New
AEO American Eagle Outfitters 0.01% 14,731 $388K New
CVX Chevron Corp. 0.01% 2,531 $386K New
BE Bloom Energy Corp. Class A 0.01% 4,391 $382K New
GOLF Acushnet Holdings Corp. 0.01% 4,700 $375K Reduce -10.5%
CDW CDW Corp. 0.01% 2,746 $374K New
SCI Service Corp. International 0.01% 4,624 $361K New
SYK Stryker Corp. 0.01% 1,000 $351K New
UAL United Airlines Holdings Inc. 0.01% 3,138 $351K Add +38.1%
REVELATION BIOSCIENCES INC 0.01% 434,272 $347K Add +442.8%
FISV Fiserv Inc. 0.01% 5,067 $340K New
AXS Axis Capital Holdings Ltd. 0.01% 3,169 $339K New
CRBG Corebridge Financial Inc. 0.01% 10,853 $327K Add +20.8%
BLCO Bausch + Lomb Corp. 0.01% 18,944 $324K New
DINO HF Sinclair Corp. 0.01% 6,980 $322K New
HRB H&R Block Inc. filed as BLOCK H & R INC 0.01% 7,245 $316K Reduce -50.1%
CLBT Cellebrite Di Ltd. 0.01% 16,759 $302K New
IFS Intercorp Financial Services 0.01% 7,117 $301K New
MCHB Mechanics Bancorp Class A 0.01% 20,606 $301K New
DBX Dropbox Inc. Class A 0.01% 10,817 $301K Add +13.0%
BXSL Blackstone Secured Lending F 0.01% 11,412 $300K New
CDTX Cidara Therapeutics Inc. 0.01% 1,359 $300K New
OBDC Blue Owl Capital Corp. 0.01% 24,146 $300K Reduce -7.5%
RNAM Avidity Biosciences Inc. 0.01% 4,159 $300K New
CNA Cna Financial Corp. 0.01% 6,280 $300K New
LNC Lincoln National Corp. 0.01% 6,731 $300K New
DOW Dow Inc. 0.01% 12,815 $300K New
WHR Whirlpool Corp. 0.01% 4,151 $299K Reduce -21.3%
ES Eversource Energy 0.01% 4,445 $299K New
MHK Mohawk Industries Inc. 0.01% 2,736 $299K New
BG Bunge Global SA 0.01% 3,356 $299K New
DTE DTE Energy Company 0.01% 2,317 $299K New
GHC Graham Holdings Co. Class B 0.01% 272 $299K New
CBSH Commerce Bancshares Inc. 0.01% 5,707 $299K Add +13.4%
EPR Epr Properties filed as EPR PPTYS 0.01% 5,986 $299K New
MOS The Mosaic Co. 0.01% 12,389 $298K Add +32.7%
KNSL Kinsale Capital Group Inc. 0.01% 763 $298K New
AFL Aflac Inc. 0.01% 2,706 $298K New
QRVO Qorvo Inc. 0.01% 3,529 $298K New
ADM Archer-Daniels-Midland Co. 0.01% 5,187 $298K New
CUZ Cousins Properties Inc. 0.01% 11,566 $298K Add +34.0%
SWK Stanley Black & Decker Inc. 0.01% 4,014 $298K New
SWKS Skyworks Solutions Inc. 0.01% 4,701 $298K New
XP XP Inc. Class A 0.01% 18,204 $298K New
EXC Exelon Corp. 0.01% 6,836 $298K New
DD Dupont DE Nemours Inc. 0.01% 7,409 $298K New
FTI Technipfmc PLC 0.01% 6,683 $298K New
MTH Meritage Homes Corp. 0.01% 4,522 $298K Reduce -21.2%
FULT Fulton Financial Corp. 0.01% 15,390 $297K New
ALLE Allegion PLC 0.01% 1,866 $297K New
AVB Avalonbay Communities Inc. 0.01% 1,638 $297K New
CGNX Cognex Corp. 0.01% 8,242 $297K New
IDCC Interdigital Inc. 0.01% 931 $296K New
TPC Tutor Perini Corp. 0.01% 4,416 $296K New
ARIS Aris Mining Corp. filed as ARIS MNG CORP 0.01% 18,210 $296K New
PLMR Palomar Holdings Inc. 0.01% 2,192 $295K Reduce -14.4%
SYY Sysco Corp. 0.01% 4,007 $295K New
CME Cme Group Inc. 0.01% 1,081 $295K Reduce -55.6%
NVT Nvent Electric PLC 0.01% 2,892 $295K New
IBKR Interactive Brokers Gro Class A 0.01% 4,582 $295K New
LAZ Lazard Inc. 0.01% 6,064 $294K New
AMBA Ambarella Inc. 0.01% 4,148 $294K New
HOMB Home Bancshares Inc. 0.01% 10,559 $293K New
HBAN Huntington Bancshares Inc. 0.01% 16,906 $293K New
CALX Calix Inc. 0.01% 5,537 $293K New
CINF Cincinnati Financial Corp. 0.01% 1,791 $293K New
EME Emcor Group Inc. 0.01% 478 $292K New
FIX Comfort Systems USA Inc. 0.01% 313 $292K New
GPN Global Payments Inc. 0.01% 3,770 $292K New
HCWB HCW Biologics Inc. 0.01% 300,180 $291K New
IBOC International Bancshares CRP 0.01% 4,384 $291K New
MLI Mueller Industries Inc. 0.01% 2,536 $291K New
WGS Genedx Holdings Corp. 0.01% 2,216 $288K New
NPO Enpro Inc. 0.01% 1,337 $286K New
CORZ Core Scientific Inc. 0.01% 19,589 $285K New
FRO Frontline PLC 0.01% 13,069 $285K New
HOOD Robinhood Markets Inc. Class A 0.01% 2,506 $283K Add +47.2%
BLSH Bullish 0.01% 7,419 $281K New
NGD New Gold Inc. 0.01% 32,070 $279K New
ETR Entergy Corp. 0.01% 3,009 $278K New
BX Blackstone Inc. 0.01% 1,789 $276K New
CHTR Charter Communications Inc. Class A 0.01% 1,309 $273K New
CRC California Resources Corp. 0.01% 6,086 $272K New
DFSC Defsec Technologies Inc. 0.01% 158,036 $269K New
MIAX Miami International Holdings 0.01% 5,947 $264K New
JPM JPMorgan Chase & Co. 0.01% 819 $264K Reduce -7.8%
AGO Assured Guaranty Ltd. 0.01% 2,923 $263K Add +1.9%
KO The Coca-Cola Co. 0.01% 3,754 $262K New
EFX Equifax Inc. 0.01% 1,202 $261K New
SRAD Sportradar Group AG-A 0.01% 10,940 $260K New
CW Curtiss-Wright Corp. 0.01% 469 $259K New
MTB M & T Bank Corp. filed as M & T BK CORP 0.01% 1,277 $257K New
GE General Electric filed as GE AEROSPACE 0.01% 832 $256K Reduce -91.8%
CMCSA Comcast Corp. Class A 0.01% 8,946 $251K New
DHI D.R. Horton Inc. 0.01% 1,664 $240K New
OTEX Open Text Corp. 0.01% 7,335 $239K New
SNDK Sandisk Corp. 0.01% 997 $237K New
LNG Cheniere Energy Inc. 0.01% 1,213 $236K New
EXE Expand Energy Corp. 0.01% 2,126 $235K New
DGX Quest Diagnostics Inc. 0.01% 1,351 $234K New
LM FDG AMER INC 0.01% 527,611 $234K Add +40.5%
SWX Southwest Gas Holdings Inc. 0.01% 2,918 $233K New
NRG NRG Energy Inc. 0.01% 1,461 $233K Reduce -11.6%
ALL Allstate Corp. 0.01% 1,116 $232K New
LH Labcorp Holdings Inc. 0.01% 911 $229K New
BDRX Biodexa Pharmaceuticals PLC 0.01% 100,000 $227K New
GM General Motors Co. 0.01% 2,776 $226K New
STLA Stellantis NV 0.01% 20,150 $219K Add +55.2%
GLW Corning Inc. 0.01% 2,505 $219K New
EVRG Evergy Inc. 0.01% 3,019 $219K New
KKR KKR & Co. Inc. 0.01% 1,713 $218K Reduce -24.4%
CPB The Campbell's Company 0.01% 7,586 $211K New
SPG Simon Property Group Inc. 0.01% 1,139 $211K New
KRE SS SPDR S&P Regional Bank 0.01% 3,238 $210K New
KMX Carmax Inc. 0.01% 5,376 $208K New
BRO Brown & Brown Inc. 0.01% 2,590 $206K New
IVF Invo Fertility Inc. 0.00% 207,644 $156K New
BKD Brookdale Senior Living Inc. 0.00% 13,977 $151K New
CGAU Centerra Gold Inc. 0.00% 10,301 $148K New
EXK Endeavour Silver Corp. 0.00% 15,288 $144K New
EDIBLE GARDEN AG INC 0.00% 222,072 $135K New
GT Goodyear Tire & Rubber Co. 0.00% 15,133 $133K New
ALLURION TECHNOLOGIES INC 0.00% 59,880 $74K New
BJDX Bluejay Diagnostics Inc. 0.00% 65,000 $43K New

Options reported separately and not counted above: SPY puts ($2.0B), IWM puts ($2.0B), CYTK calls ($95.3M), AGIO calls ($81.7M), S calls ($48.0M), FIVN calls ($36.1M), IMVT calls ($19.1M).

Other holdings (16): bonds, preferreds, convertibles and warrants · $5.9M (not counted above)
SecurityClassShares / PrincipalValueChange
GROY.WS Gold Royalty Corp. -29 *W EXP 05/31/202 2,200,000$4.4MNo change
MOBBW Mobilicom Ltd. -27 *W EXP 08/31/202 242,100$780KNo change
BEATW Heartbeam Inc.-CW26 *W EXP 10/31/202 500,000$160KNo change
MTEKW Maris - Tech Ltd. -23 *W EXP 02/04/202 1,261,058$151KNo change
NXGLW Nexgel Inc. -CW26 *W EXP 12/27/202 550,000$129KNo change
BIVIW Biovie Inc. -30 *W EXP 08/08/203 500,000$129KNew
MDCXW Medicus Pharma Ltd. -29 *W EXP 11/15/202 60,600$48KNo change
ONFOW Onfolio Holdings Inc. -27 *W EXP 01/02/202 400,000$34KNo change
LCFYW Locafy Ltd.-CW27 *W EXP 03/29/202 12,121$27KNew
SWAGW Stran & Co. -CW26 *W EXP 99/99/999 545,000$22KNo change
FGIWW Fgi Industries Ltd. -23 *W EXP 99/99/999 186,666$10KNew
RVSNW Rail Vision Ltd.-CW27 *W EXP 03/27/202 136,187$10KNo change
SQFTW Presidio Property TRST -CW27 *W EXP 01/24/202 200,000$6KNo change
IVDAW Iveda Solutions Inc. -CW27 *W EXP 04/01/202 18,125$2KNo change
KTTAW Pasithea Therapeutics -CW26 *W EXP 08/12/202 50,000$705No change
TNONW Tenon Medical Inc.-28 *W EXP 06/16/202 22,250$234No change

Total filed on the 13F, all lines: $4.1B.

Portfolio Sells Q3 2025 → Q4 2025

EXAS Exact Sciences Corp. Sold out 0.00% −1.77
TVTX Travere Therapeutics Inc. Reduce -44.0% 3.53% −1.53
PTCT PTC Therapeutics Inc. Reduce -14.5% 5.22% −1.11
SUPN Supernus Pharmaceuticals Inc. Reduce -2.5% 3.37% −0.89
NVO Novo-Nordisk A/S-Spons ADR Reduce -54.4% 0.42% −0.87
REGN Regeneron Pharmaceuticals Reduce -32.9% 1.59% −0.62
MDB Mongodb Inc. Reduce -56.3% 0.51% −0.59
CYTK Cytokinetics Inc. Reduce -17.1% 1.55% −0.52
VRTX Vertex Pharmaceuticals Inc. Sold out 0.00% −0.50
RBLX Roblox Corp. Class A Reduce -67.4% 0.08% −0.47
INCY Incyte Corp. Reduce -5.9% 2.66% −0.45
BMY Bristol-Myers Squibb Co. Reduce -42.7% 0.49% −0.43
CTOR Citius Oncology Inc. Reduce -27.3% 0.14% −0.35
CHDN Churchill Downs Inc. Sold out 0.00% −0.28
GEHC GE Healthcare Technology Reduce -0.4% 1.59% −0.28
GOOGL Alphabet Inc. Class A Reduce -14.8% 1.51% −0.26
BRBR Bellring Brands Inc. Reduce -68.5% 0.06% −0.25
DT Dynatrace Inc. Reduce -16.0% 0.36% −0.25
ULTA Ulta Beauty Inc. Reduce -66.3% 0.10% −0.25
VYGR Voyager Therapeutics Inc. Reduce -4.8% 0.39% −0.23
PRTA Prothena Corp. PLC Reduce -17.8% 0.35% −0.21
VNRX Volitionrx Ltd. Sold out 0.00% −0.20
SXT Sensient Technologies Corp. Sold out 0.00% −0.20
ANF Abercrombie & Fitch Co. Class A Reduce -91.5% 0.02% −0.19
PLNT Planet Fitness Inc. Class A Sold out 0.00% −0.18
NVDA Nvidia Corp. Reduce -16.9% 0.29% −0.16
CCL Carnival Corp. Sold out 0.00% −0.14
H Hyatt Hotels Corp. Class A Reduce -49.1% 0.11% −0.13
TOST Toast Inc. Class A Reduce -20.4% 0.20% −0.13
META Meta Platforms Inc. Class A Sold out 0.00% −0.13
TSM Taiwan Semiconductor-SP ADR Reduce -11.8% 0.37% −0.13
NPCE Neuropace Inc. Reduce -39.0% 0.30% −0.12
MOBIX LABS INC Sold out 0.00% −0.12
JD Jd.com Inc.-ADR Sold out 0.00% −0.11
LTH Life Time Group Holdings Inc. Reduce -66.0% 0.04% −0.11
MCD McDonald's Corp. Reduce -28.8% 0.13% −0.10
ROKU Roku Inc. Sold out 0.00% −0.10
HSY The Hershey Co. Sold out 0.00% −0.10
GE General Electric Reduce -91.8% 0.01% −0.09
NCLH Norwegian Cruise Line Holdin Sold out 0.00% −0.09
CVNA Carvana Co. Sold out 0.00% −0.08
ASML ASML Holding NV-NY Reg SHS Sold out 0.00% −0.08
AROC Archrock Inc. Sold out 0.00% −0.07
CLX Clorox Company Sold out 0.00% −0.07
MTDR Matador Resources Co. Sold out 0.00% −0.06
PYPL PayPal Holdings Inc. Reduce -46.8% 0.03% −0.05
KMB Kimberly-Clark Corp. Sold out 0.00% −0.05
SPOT Spotify Technology SA Sold out 0.00% −0.05
MRVL Marvell Technology Inc. Sold out 0.00% −0.05
GIS General Mills Inc. Sold out 0.00% −0.05

Portfolio Buys Q3 2025 → Q4 2025

MDGL Madrigal Pharmaceuticals Inc. Add +121.5% 3.79% +2.06
KVUE Kenvue Inc. New 1.69% +1.69
GSK GSK PLC-Spon ADR New 1.20% +1.20
AGIO Agios Pharmaceuticals Inc. Add +297.4% 2.03% +1.06
ELF Elf Beauty Inc. Add +394.9% 1.23% +0.67
DXCM Dexcom Inc. New 0.53% +0.53
ENR Energizer Holdings Inc. New 0.51% +0.51
HRMY Harmony Biosciences Holdings New 0.46% +0.46
NKE Nike Inc. Class B Add +399.0% 0.62% +0.44
LYV Live Nation Entertainment Inc. New 0.42% +0.42
DHR Danaher Corp. Add +239.2% 0.60% +0.40
KLAR Klarna Group PLC New 0.39% +0.39
DYN Dyne Therapeutics Inc. Add +6.1% 1.56% +0.34
VERA Vera Therapeutics Inc. Add +22.0% 0.81% +0.32
KALV Kalvista Pharmaceuticals Inc. New 0.32% +0.32
CROX Crocs Inc. Add +468.6% 0.40% +0.31
ALGN Align Technology Inc. New 0.29% +0.29
S Sentinelone Inc. Class A Add +118.0% 0.89% +0.28
ISRG Intuitive Surgical Inc. Add +49.0% 0.85% +0.27
BABA Alibaba Group Holding-SP ADR Add +104.5% 1.15% +0.27
SMPL The Simply Good Foods Co. New 0.26% +0.26
GTLB Gitlab Inc. Class A Add +127.9% 0.79% +0.26
AMD Advanced Micro Devices New 0.25% +0.25
RIGL Rigel Pharmaceuticals Inc. Add +15.5% 0.88% +0.23
EW Edwards Lifesciences Corp. Add +89.3% 0.58% +0.22
SRRK Scholar Rock Holding Corp. New 0.22% +0.22
ARVN Arvinas Inc. Add +50.0% 0.52% +0.20
UBER Uber Technologies Inc. Add +134.5% 0.57% +0.19
SBUX Starbucks Corp. Add +54.4% 1.14% +0.19
FLUT Flutter Entertainment PLC-Di Add +3517.7% 0.19% +0.18
SLDB Solid Biosciences Inc. Add +179.1% 0.36% +0.18
TERN Terns Pharmaceuticals Inc. New 0.17% +0.17
DKS Dick's Sporting Goods Inc. New 0.17% +0.17
BILL Bill Holdings Inc. Add +127.7% 0.36% +0.16
COR Cencora Inc. Add +298.1% 0.23% +0.16
EOLS Evolus Inc. New 0.16% +0.16
BBOT Bridgebio Oncology Therapeut Add +142.7% 0.31% +0.16
KYMR Kymera Therapeutics Inc. New 0.15% +0.15
VRCA Verrica Pharmaceuticals Inc. Add +75.0% 0.23% +0.14
NKTR Nektar Therapeutics Add +122.4% 0.62% +0.14
STX Seagate Technology Holdings New 0.13% +0.13
SCLX Scilex Holding Co. Add +622.2% 0.14% +0.10
VSTM Verastem Inc. Add +68.7% 0.67% +0.09
MCK McKesson Corp. Add +94.1% 0.23% +0.09
NTRP Nexttrip Inc. New 0.08% +0.08
RDDT Reddit Inc. Class A Add +56.0% 0.43% +0.08
SYRE Spyre Therapeutics Inc. Add +25.9% 0.16% +0.08
HCA HCA Healthcare Inc. New 0.07% +0.07
MTCH Match Group Inc. New 0.07% +0.07
SMG Scotts Miracle-Gro Co. New 0.07% +0.07

Options Activity Q3 2025 → Q4 2025

SPY SS SPDR S&P 500 ETF Trust-US put Add +20.0% 3,000,000 $2.0B
IWM iShares Russell 2000 ETF put Add +15.7% 8,100,000 $2.0B
CYTK Cytokinetics Inc. call Add +57.9% 1,500,000 $95.3M
AGIO Agios Pharmaceuticals Inc. call Add +233.3% 3,000,000 $81.7M
MDGL Madrigal Pharmaceuticals Inc. call Sold out 130,000 $59.6Mbefore exit
S Sentinelone Inc. Class A call Add +128.6% 3,200,000 $48.0M
FIVN FIVE9 Inc. call Add +176.9% 1,800,000 $36.1M
IMVT Immunovant Inc. call New 750,000 $19.1M
BHVN Biohaven Ltd. call Sold out 250,000 $3.8Mbefore exit
DKNG Draftkings Inc. Class A put Sold out 100,000 $3.7Mbefore exit
RDDT Reddit Inc. Class A call Sold out 1,500 $345Kbefore exit

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

BIVIW Biovie Inc. -30 *W EXP 08/08/203 New 500,000 $129K
LCFYW Locafy Ltd.-CW27 *W EXP 03/29/202 New 12,121 $27K
FGIWW Fgi Industries Ltd. -23 *W EXP 99/99/999 New 186,666 $10K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 305$3.6BMDGL, SUPN, CYTK, INCY, NBIX
Q1 2026 235$3.0BTVTX, PTCT, MDGL, SUPN, NBIX
Q4 2025 341$4.1BPTCT, MDGL, IMVT, TVTX, SUPN
Q3 2025 305$3.2BPTCT, TVTX, SUPN, INCY, NBIX
Q2 2025 179$2.6BPTCT, SUPN, TVTX, INCY, NBIX
Q1 2025 199$3.7BPTCT, SUPN, TVTX, NBIX, INCY
Q4 2024 194$4.3BPTCT, SUPN, TVTX, INCY, NBIX
Q3 2024 228$3.8BPTCT, SUPN, INCY, TVTX, IMVT
Q2 2024 221$3.8BPTCT, SUPN, NBIX, CYTK, INCY
Q1 2024 300$3.8BPTCT, NBIX, INCY, SUPN, CYTK