Avidity Partners Management LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Avidity Partners Management LP reported 43 stock positions worth $439.4 million. Its top holding was Dianthus Therapeutics (DNTH) at 28.7% of the portfolio, followed by CG Oncology (CGON, 14.7%) and Medtronic (MDT, 4.1%). Compared with Q2 2025, it opened 13 new positions, sold out of 25, added to 8 and reduced 20. The biggest buy was Dianthus Therapeutics (DNTH, shares +84%) and the biggest sale Natera (NTRA, shares −65%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001791827
- Portfolio Value
- $439.4M (Q3 2025)
- SEC Filing
- 0001791827-25-000008 ↗ filed Nov 14, 2025
Holdings Value
Holdings 43 stocks · $439.4M
| DNTH Dianthus Therapeutics Inc. | 28.70% | 3,204,184 | $126.1M | Add +83.8% |
| CGON CG Oncology Inc. | 14.68% | 1,600,899 | $64.5M | Add +6.7% |
| MDT Medtronic PLC | 4.13% | 190,600 | $18.2M | New |
| BSX Boston Scientific Corp. | 3.65% | 164,300 | $16.0M | Reduce -48.9% |
| ORKA Oruka Therapeutics Inc. | 2.89% | 660,424 | $12.7M | Add +87.5% |
| BMY Bristol-Myers Squibb Co. | 2.64% | 257,600 | $11.6M | New |
| NTRA Natera Inc. | 2.58% | 70,400 | $11.3M | Reduce -64.7% |
| DHR Danaher Corp. | 2.47% | 54,700 | $10.8M | Reduce -39.0% |
| TEVA Teva Pharmaceutical-SP ADR | 2.34% | 510,000 | $10.3M | Reduce -26.0% |
| CATX Perspective Therapeutics Inc. | 2.34% | 2,994,033 | $10.3M | Add +61.1% |
| JBIO Jade Biosciences Inc. | 2.21% | 1,127,186 | $9.7M | No change |
| PFE Pfizer Inc. | 2.12% | 366,400 | $9.3M | New |
| TMO Thermo Fisher Scientific Inc. | 2.09% | 18,900 | $9.2M | Reduce -36.1% |
| CNTX Context Therapeutics Inc. | 1.98% | 8,981,855 | $8.7M | Add +20.1% |
| GMAB Genmab A/S -SP ADR | 1.73% | 248,100 | $7.6M | Reduce -61.8% |
| MTSR Metsera Inc. | 1.67% | 140,500 | $7.4M | New |
| UNH Unitedhealth Group Inc. | 1.40% | 17,800 | $6.1M | Reduce -44.4% |
| ARVN Arvinas Inc. | 1.35% | 698,363 | $6.0M | Add +187.2% |
| COR Cencora Inc. | 1.35% | 19,000 | $5.9M | Reduce -42.1% |
| EHC Encompass Health Corp. | 1.21% | 41,900 | $5.3M | Reduce -43.4% |
| JNJ Johnson & Johnson | 1.13% | 26,800 | $5.0M | New |
| CI The Cigna Group | 1.09% | 16,600 | $4.8M | New |
| ABBV Abbvie Inc. | 1.04% | 19,800 | $4.6M | New |
| MCK McKesson Corp. | 1.02% | 5,800 | $4.5M | Reduce -57.0% |
| CARL Carlsmed Inc. | 0.98% | 321,912 | $4.3M | New |
| KVUE Kenvue Inc. | 0.98% | 265,200 | $4.3M | New |
| IMUX Immunic Inc. | 0.94% | 4,699,411 | $4.1M | Reduce -16.3% |
| ARQT Arcutis Biotherapeutics Inc. | 0.92% | 214,400 | $4.0M | Reduce -20.0% |
| EXAS Exact Sciences Corp. | 0.92% | 73,600 | $4.0M | Reduce -79.3% |
| PHAT Phathom Pharmaceuticals Inc. | 0.82% | 306,000 | $3.6M | Reduce -71.3% |
| RGEN Repligen Corp. | 0.71% | 23,300 | $3.1M | Reduce -78.1% |
| ACAD Acadia Pharmaceuticals Inc. | 0.70% | 144,000 | $3.1M | New |
| ASND Ascendis Pharma A/S | 0.66% | 14,500 | $2.9M | New |
| ELVN Enliven Therapeutics Inc. | 0.65% | 140,300 | $2.9M | Add +1141.6% |
| BEAM Beam Therapeutics Inc. | 0.62% | 112,000 | $2.7M | Reduce -72.6% |
| SCYX Scynexis Inc. | 0.59% | 3,350,528 | $2.6M | Add +172.6% |
| HQY Healthequity Inc. | 0.55% | 25,300 | $2.4M | Reduce -72.5% |
| WVE Wave Life Sciences Ltd. | 0.50% | 297,500 | $2.2M | New |
| XENE Xenon Pharmaceuticals Inc. | 0.49% | 53,400 | $2.1M | Reduce -50.5% |
| AKRO Akero Therapeutics Inc. | 0.44% | 40,500 | $1.9M | Reduce -69.8% |
| INSM Insmed Inc. | 0.38% | 11,600 | $1.7M | Reduce -80.3% |
| KPTI Karyopharm Therapeutics Inc. | 0.20% | 134,566 | $880K | No change |
| IMRX Immuneering Corp. Class A | 0.14% | 90,900 | $636K | New |
Portfolio Sells Q2 2025 → Q3 2025
| NTRA Natera Inc. | Reduce -64.7% | 2.58% | −4.17 |
| THC Tenet Healthcare Corp. | Sold out | 0.00% | −3.74 |
| DXCM Dexcom Inc. | Sold out | 0.00% | −3.68 |
| HNGE Hinge Health Inc. Class A | Sold out | 0.00% | −3.34 |
| BSX Boston Scientific Corp. | Reduce -48.9% | 3.65% | −3.28 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −2.95 |
| EXAS Exact Sciences Corp. | Reduce -79.3% | 0.92% | −2.87 |
| AXSM Axsome Therapeutics Inc. | Sold out | 0.00% | −1.98 |
| RGEN Repligen Corp. | Reduce -78.1% | 0.71% | −1.95 |
| RVMD Revolution Medicines Inc. | Sold out | 0.00% | −1.69 |
| OMDA Omada Health Inc. | Sold out | 0.00% | −1.43 |
| HQY Healthequity Inc. | Reduce -72.5% | 0.55% | −1.39 |
| HUM Humana Inc. | Sold out | 0.00% | −1.35 |
| OGN Organon & Co. | Sold out | 0.00% | −1.24 |
| PHAT Phathom Pharmaceuticals Inc. | Reduce -71.3% | 0.82% | −1.23 |
| BBIO Bridgebio Pharma Inc. | Sold out | 0.00% | −1.21 |
| MDGL Madrigal Pharmaceuticals Inc. | Sold out | 0.00% | −1.15 |
| RARE Ultragenyx Pharmaceutical Inc. | Sold out | 0.00% | −1.12 |
| DHR Danaher Corp. | Reduce -39.0% | 2.47% | −1.08 |
| AKRO Akero Therapeutics Inc. | Reduce -69.8% | 0.44% | −1.00 |
| MCK McKesson Corp. | Reduce -57.0% | 1.02% | −0.96 |
| GMAB Genmab A/S -SP ADR | Reduce -61.8% | 1.73% | −0.96 |
| INSM Insmed Inc. | Reduce -80.3% | 0.38% | −0.81 |
| BEAM Beam Therapeutics Inc. | Reduce -72.6% | 0.62% | −0.78 |
| DOCS Doximity Inc. Class A | Sold out | 0.00% | −0.74 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −0.64 |
| COR Cencora Inc. | Reduce -42.1% | 1.35% | −0.62 |
| EHC Encompass Health Corp. | Reduce -43.4% | 1.21% | −0.61 |
| UNH Unitedhealth Group Inc. | Reduce -44.4% | 1.40% | −0.60 |
| QURE Uniqure NV | Sold out | 0.00% | −0.58 |
| APGE Apogee Therapeutics Inc. | Sold out | 0.00% | −0.57 |
| SLNO Soleno Therapeutics Inc. | Sold out | 0.00% | −0.54 |
| CAH Cardinal Health Inc. | Sold out | 0.00% | −0.51 |
| SPRY Ars Pharmaceuticals Inc. | Sold out | 0.00% | −0.49 |
| KZR Kezar Life Sciences Inc. | Sold out | 0.00% | −0.46 |
| NTLA Intellia Therapeutics Inc. | Sold out | 0.00% | −0.44 |
| MLTX Moonlake Immunotherapeutics | Sold out | 0.00% | −0.37 |
| TMO Thermo Fisher Scientific Inc. | Reduce -36.1% | 2.09% | −0.32 |
| SNDX Syndax Pharmaceuticals Inc. | Sold out | 0.00% | −0.28 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -50.5% | 0.49% | −0.19 |
| ALT Altimmune Inc. | Sold out | 0.00% | −0.08 |
| REVIVA PHARMACEUTCLS HLDGS I | Sold out | 0.00% | −0.01 |
| TEVA Teva Pharmaceutical-SP ADR | Reduce -26.0% | 2.34% | +0.03 |
| IMUX Immunic Inc. | Reduce -16.3% | 0.94% | +0.16 |
| ARQT Arcutis Biotherapeutics Inc. | Reduce -20.0% | 0.92% | +0.17 |
Portfolio Buys Q2 2025 → Q3 2025
| DNTH Dianthus Therapeutics Inc. | Add +83.8% | 28.70% | +22.19 |
| CGON CG Oncology Inc. | Add +6.7% | 14.68% | +6.86 |
| MDT Medtronic PLC | New | 4.13% | +4.13 |
| BMY Bristol-Myers Squibb Co. | New | 2.64% | +2.64 |
| PFE Pfizer Inc. | New | 2.12% | +2.12 |
| ORKA Oruka Therapeutics Inc. | Add +87.5% | 2.89% | +2.10 |
| MTSR Metsera Inc. | New | 1.67% | +1.67 |
| JNJ Johnson & Johnson | New | 1.13% | +1.13 |
| CI The Cigna Group | New | 1.09% | +1.09 |
| CATX Perspective Therapeutics Inc. | Add +61.1% | 2.34% | +1.06 |
| ABBV Abbvie Inc. | New | 1.04% | +1.04 |
| CNTX Context Therapeutics Inc. | Add +20.1% | 1.98% | +1.00 |
| ARVN Arvinas Inc. | Add +187.2% | 1.35% | +1.00 |
| CARL Carlsmed Inc. | New | 0.98% | +0.98 |
| KVUE Kenvue Inc. | New | 0.98% | +0.98 |
| ACAD Acadia Pharmaceuticals Inc. | New | 0.70% | +0.70 |
| ASND Ascendis Pharma A/S | New | 0.66% | +0.66 |
| ELVN Enliven Therapeutics Inc. | Add +1141.6% | 0.65% | +0.61 |
| WVE Wave Life Sciences Ltd. | New | 0.50% | +0.50 |
| SCYX Scynexis Inc. | Add +172.6% | 0.59% | +0.42 |
| IMRX Immuneering Corp. Class A | New | 0.14% | +0.14 |
Options Activity Q2 2025 → Q3 2025
| SNDX Syndax Pharmaceuticals Inc. | call | Sold out | 340,000 | $3.2Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 45 | $624.4M | DNTH, CGON, ORKA, JBIO, ELVN |
| Q1 2026Amended | 45 | $493.8M | DNTH, CGON, ORKA, CATX, JBIO |
| Q4 2025 | 39 | $346.7M | DNTH, CGON, JBIO, ORKA, TEVA |
| Q3 2025 | 43 | $439.4M | DNTH, CGON, MDT, BSX, ORKA |
| Q2 2025 | 55 | $498.8M | CGON, BSX, NTRA, DNTH, EXAS |
| Q1 2025 | 63 | $484.9M | BSX, DNTH, UNH, CGON, HUM |
| Q4 2024 | 61 | $1.0B | DNTH, BSX, JANX, NTRA, EXAS |
| Q3 2024 | 81 | $2.0B | BSX, DNTH, ISRG, NTRA, CGON |
| Q2 2024 | 84 | $2.4B | ISRG, BSX, NTRA, ARVN, ACHC |
| Q1 2024 | 86 | $2.8B | FUSN, BSX, ARVN, ISRG, DNTH |