Avoro Capital Advisors LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Avoro Capital Advisors LLC reported 33 stock positions worth $6.4 billion. Its top holding was United Therapeutics (UTHR) at 12.9% of the portfolio, followed by Ascendis Pharma A/S (ASND, 12.7%) and Argenx SE - ADR (ARGX, 11.4%). Compared with Q4 2024, it opened 1 new position, sold out of 7, added to 13 and reduced 7. The biggest buy was Blueprint Medicines (BPMC, shares +225%) and the biggest sale Intra-Cellular Therapies (ITCI, shares −80%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001633313
- Portfolio Value
- $6.4B (Q1 2025)
- SEC Filing
- 0001104659-25-048904 ↗ filed May 15, 2025
Holdings Value
Holdings 33 stocks · $6.4B
| UTHR United Therapeutics Corp. | 12.87% | 2,675,000 | $824.6M | Reduce -3.1% |
| ASND Ascendis Pharma A/S | 12.69% | 5,218,000 | $813.3M | Add +2.3% |
| ARGX Argenx SE - ADR | 11.41% | 1,235,177 | $731.1M | Reduce -0.3% |
| MDGL Madrigal Pharmaceuticals Inc. | 10.46% | 2,022,222 | $669.8M | Reduce -0.3% |
| KRYS Krystal Biotech Inc. | 7.69% | 2,731,000 | $492.4M | Add +3.9% |
| BPMC Blueprint Medicines Corp. | 5.32% | 3,850,000 | $340.8M | Add +224.9% |
| APLS Apellis Pharmaceuticals Inc. | 4.17% | 12,222,222 | $267.3M | No change |
| RNAM Avidity Biosciences Inc. | 3.51% | 7,625,000 | $225.1M | Add +1.7% |
| XENE Xenon Pharmaceuticals Inc. | 3.01% | 5,741,666 | $192.6M | Add +1.3% |
| SLNO Soleno Therapeutics Inc. | 2.82% | 2,525,000 | $180.4M | No change |
| KYMR Kymera Therapeutics Inc. | 2.76% | 6,460,000 | $176.8M | Add +25.4% |
| SRPT Sarepta Therapeutics Inc. | 2.66% | 2,674,835 | $170.7M | Add +4.7% |
| FOLD Amicus Therapeutics Inc. | 2.61% | 20,500,000 | $167.3M | Reduce -11.5% |
| ARWR Arrowhead Pharmaceuticals Inc. | 2.21% | 11,111,111 | $141.6M | No change |
| VERA Vera Therapeutics Inc. | 2.14% | 5,701,900 | $137.0M | Add +1.6% |
| MRUS Merus NV | 1.97% | 3,000,000 | $126.3M | Add +41.2% |
| MLTX Moonlake Immunotherapeutics | 1.69% | 2,770,100 | $108.2M | No change |
| ITCI Intra-Cellular Therapies Inc. | 1.29% | 625,000 | $82.5M | Reduce -79.5% |
| ALKS Alkermes PLC | 1.26% | 2,450,000 | $80.9M | No change |
| BCRX Biocryst Pharmaceuticals Inc. | 1.02% | 8,700,000 | $65.3M | Reduce -26.7% |
| OCUL Ocular Therapeutix Inc. | 0.92% | 8,060,000 | $59.1M | No change |
| CNTA Centessa Pharmaceuticals Ltd. | 0.91% | 4,050,000 | $58.2M | New |
| ETNB 89BIO Inc. | 0.72% | 6,350,000 | $46.2M | Add +54.9% |
| MNKD Mannkind Corp. | 0.69% | 8,750,000 | $44.0M | No change |
| PCVX Vaxcyte Inc. | 0.59% | 1,000,000 | $37.8M | Reduce -14.9% |
| TRML Tourmaline Bio Inc. | 0.58% | 2,425,000 | $36.9M | Add +9.1% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.47% | 830,000 | $30.1M | No change |
| TSHA Taysha Gene Therapies Inc. | 0.43% | 19,999,999 | $27.8M | No change |
| QURE Uniqure NV | 0.36% | 2,175,000 | $23.1M | No change |
| GLUE Monte Rosa Therapeutics Inc. | 0.34% | 4,645,548 | $21.6M | Add +6.9% |
| AUTL Autolus Therapeutics PLC | 0.24% | 9,910,642 | $15.4M | No change |
| SEPN Septerna Inc. | 0.12% | 1,337,500 | $7.7M | Add +20.5% |
| WHWK Whitehawk Therapeutics Inc. | 0.08% | 2,849,402 | $5.1M | No change |
Portfolio Sells Q4 2024 → Q1 2025
| ITCI Intra-Cellular Therapies Inc. | Reduce -79.5% | 1.29% | −2.32 |
| BMRN Biomarin Pharmaceutical Inc. | Sold out | 0.00% | −1.36 |
| UTHR United Therapeutics Corp. | Reduce -3.1% | 12.87% | −0.90 |
| PCVX Vaxcyte Inc. | Reduce -14.9% | 0.59% | −0.77 |
| FOLD Amicus Therapeutics Inc. | Reduce -11.5% | 2.61% | −0.48 |
| SNDX Syndax Pharmaceuticals Inc. | Sold out | 0.00% | −0.43 |
| IOVA Iovance Biotherapeutics Inc. | Sold out | 0.00% | −0.37 |
| CGON CG Oncology Inc. | Sold out | 0.00% | −0.28 |
| KURA Kura Oncology Inc. | Sold out | 0.00% | −0.28 |
| BCRX Biocryst Pharmaceuticals Inc. | Reduce -26.7% | 1.02% | −0.24 |
| RCKT Rocket Pharmaceuticals Inc. | Sold out | 0.00% | −0.21 |
| OLMA Olema Pharmaceuticals Inc. | Sold out | 0.00% | −0.14 |
| ARGX Argenx SE - ADR | Reduce -0.3% | 11.41% | +0.64 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -0.3% | 10.46% | +1.60 |
Portfolio Buys Q4 2024 → Q1 2025
| BPMC Blueprint Medicines Corp. | Add +224.9% | 5.32% | +3.86 |
| ASND Ascendis Pharma A/S | Add +2.3% | 12.69% | +2.76 |
| KRYS Krystal Biotech Inc. | Add +3.9% | 7.69% | +1.86 |
| CNTA Centessa Pharmaceuticals Ltd. | New | 0.91% | +0.91 |
| MRUS Merus NV | Add +41.2% | 1.97% | +0.71 |
| RNAM Avidity Biosciences Inc. | Add +1.7% | 3.51% | +0.43 |
| ETNB 89BIO Inc. | Add +54.9% | 0.72% | +0.27 |
| TRML Tourmaline Bio Inc. | Add +9.1% | 0.58% | −0.06 |
| GLUE Monte Rosa Therapeutics Inc. | Add +6.9% | 0.34% | −0.09 |
| XENE Xenon Pharmaceuticals Inc. | Add +1.3% | 3.01% | −0.14 |
| KYMR Kymera Therapeutics Inc. | Add +25.4% | 2.76% | −0.17 |
| SEPN Septerna Inc. | Add +20.5% | 0.12% | −0.24 |
| VERA Vera Therapeutics Inc. | Add +1.6% | 2.14% | −1.22 |
| SRPT Sarepta Therapeutics Inc. | Add +4.7% | 2.66% | −1.73 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 26 | $11.1B | UTHR, ASND, KRYS, MDGL, ARGX |
| Q1 2026 | 30 | $10.2B | UTHR, ASND, MDGL, KRYS, ARGX |
| Q4 2025Amended | 33 | $10.2B | UTHR, ASND, MDGL, ARGX, KRYS |
| Q3 2025 | 30 | $7.7B | ASND, UTHR, MDGL, ARGX, KRYS |
| Q2 2025 | 30 | $5.7B | ASND, UTHR, ARGX, MDGL, KRYS |
| Q1 2025 | 33 | $6.4B | UTHR, ASND, ARGX, MDGL, KRYS |
| Q4 2024 | 39 | $7.1B | UTHR, ARGX, ASND, MDGL, KRYS |
| Q3 2024 | 35 | $6.9B | UTHR, ASND, ARGX, KRYS, MDGL |
| Q2 2024 | 41 | $7.5B | UTHR, MDGL, ASND, ARGX, SRPT |
| Q1 2024 | 46 | $8.6B | UTHR, APLS, ASND, SRPT, MDGL |