Avoro Capital Advisors LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Avoro Capital Advisors LLC reported 30 stock positions worth $5.7 billion. Its top holding was Ascendis Pharma A/S (ASND) at 15.1% of the portfolio, followed by United Therapeutics (UTHR, 11.9%) and Argenx SE - ADR (ARGX, 11.3%). Compared with Q1 2025, it opened 1 new position, sold out of 4, added to 10 and reduced 17. The biggest buy was a new position in Akero Therapeutics (AKRO) and the biggest sale Blueprint Medicines (BPMC, shares −90%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001633313
- Portfolio Value
- $5.7B (Q2 2025)
- SEC Filing
- 0001104659-25-078127 ↗ filed Aug 14, 2025
Holdings Value
Holdings 30 stocks · $5.7B
| ASND Ascendis Pharma A/S | 15.05% | 4,980,000 | $859.5M | Reduce -4.6% |
| UTHR United Therapeutics Corp. | 11.93% | 2,370,000 | $681.0M | Reduce -11.4% |
| ARGX Argenx SE - ADR | 11.34% | 1,175,000 | $647.7M | Reduce -4.9% |
| MDGL Madrigal Pharmaceuticals Inc. | 9.94% | 1,875,000 | $567.5M | Reduce -7.3% |
| KRYS Krystal Biotech Inc. | 6.40% | 2,660,000 | $365.6M | Reduce -2.6% |
| KYMR Kymera Therapeutics Inc. | 5.01% | 6,555,555 | $286.1M | Add +1.5% |
| APLS Apellis Pharmaceuticals Inc. | 3.71% | 12,222,222 | $211.6M | No change |
| RNAM Avidity Biosciences Inc. | 3.51% | 7,050,000 | $200.2M | Reduce -7.5% |
| MLTX Moonlake Immunotherapeutics | 3.43% | 4,150,000 | $195.9M | Add +49.8% |
| AKRO Akero Therapeutics Inc. | 3.27% | 3,500,000 | $186.8M | New |
| SLNO Soleno Therapeutics Inc. | 3.01% | 2,050,000 | $171.7M | Reduce -18.8% |
| XENE Xenon Pharmaceuticals Inc. | 2.96% | 5,400,000 | $169.0M | Reduce -6.0% |
| ARWR Arrowhead Pharmaceuticals Inc. | 2.93% | 10,600,000 | $167.5M | Reduce -4.6% |
| MRUS Merus NV | 2.91% | 3,155,555 | $166.0M | Add +5.2% |
| VERA Vera Therapeutics Inc. | 2.60% | 6,300,000 | $148.4M | Add +10.5% |
| FOLD Amicus Therapeutics Inc. | 1.81% | 18,000,000 | $103.1M | Reduce -12.2% |
| ALKS Alkermes PLC | 1.45% | 2,900,000 | $83.0M | Add +18.4% |
| OCUL Ocular Therapeutix Inc. | 1.20% | 7,400,000 | $68.7M | Reduce -8.2% |
| ETNB 89BIO Inc. | 1.16% | 6,750,000 | $66.3M | Add +6.3% |
| CNTA Centessa Pharmaceuticals Ltd. | 1.15% | 5,000,000 | $65.7M | Add +23.5% |
| QURE Uniqure NV | 0.88% | 3,625,000 | $50.5M | Add +66.7% |
| TSHA Taysha Gene Therapies Inc. | 0.88% | 21,700,000 | $50.1M | Add +8.5% |
| BPMC Blueprint Medicines Corp. | 0.84% | 375,000 | $48.1M | Reduce -90.3% |
| TRML Tourmaline Bio Inc. | 0.72% | 2,555,555 | $40.9M | Add +5.4% |
| BCRX Biocryst Pharmaceuticals Inc. | 0.71% | 4,500,000 | $40.3M | Reduce -48.3% |
| MNKD Mannkind Corp. | 0.38% | 5,850,000 | $21.9M | Reduce -33.1% |
| GLUE Monte Rosa Therapeutics Inc. | 0.29% | 3,725,000 | $16.8M | Reduce -19.8% |
| SEPN Septerna Inc. | 0.23% | 1,237,500 | $13.1M | Reduce -7.5% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.21% | 330,000 | $12.0M | Reduce -60.2% |
| WHWK Whitehawk Therapeutics Inc. | 0.09% | 2,849,402 | $5.3M | No change |
Portfolio Sells Q1 2025 → Q2 2025
| BPMC Blueprint Medicines Corp. | Reduce -90.3% | 0.84% | −4.48 |
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −2.66 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −1.29 |
| KRYS Krystal Biotech Inc. | Reduce -2.6% | 6.40% | −1.28 |
| UTHR United Therapeutics Corp. | Reduce -11.4% | 11.93% | −0.95 |
| FOLD Amicus Therapeutics Inc. | Reduce -12.2% | 1.81% | −0.80 |
| PCVX Vaxcyte Inc. | Sold out | 0.00% | −0.59 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -7.3% | 9.94% | −0.52 |
| BCRX Biocryst Pharmaceuticals Inc. | Reduce -48.3% | 0.71% | −0.31 |
| MNKD Mannkind Corp. | Reduce -33.1% | 0.38% | −0.30 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -60.2% | 0.21% | −0.26 |
| AUTL Autolus Therapeutics PLC | Sold out | 0.00% | −0.24 |
| ARGX Argenx SE - ADR | Reduce -4.9% | 11.34% | −0.07 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -6.0% | 2.96% | −0.05 |
| GLUE Monte Rosa Therapeutics Inc. | Reduce -19.8% | 0.29% | −0.04 |
| RNAM Avidity Biosciences Inc. | Reduce -7.5% | 3.51% | −0.01 |
| SEPN Septerna Inc. | Reduce -7.5% | 0.23% | +0.11 |
| SLNO Soleno Therapeutics Inc. | Reduce -18.8% | 3.01% | +0.19 |
| OCUL Ocular Therapeutix Inc. | Reduce -8.2% | 1.20% | +0.28 |
| ARWR Arrowhead Pharmaceuticals Inc. | Reduce -4.6% | 2.93% | +0.72 |
| ASND Ascendis Pharma A/S | Reduce -4.6% | 15.05% | +2.36 |
Portfolio Buys Q1 2025 → Q2 2025
| AKRO Akero Therapeutics Inc. | New | 3.27% | +3.27 |
| KYMR Kymera Therapeutics Inc. | Add +1.5% | 5.01% | +2.25 |
| MLTX Moonlake Immunotherapeutics | Add +49.8% | 3.43% | +1.74 |
| MRUS Merus NV | Add +5.2% | 2.91% | +0.94 |
| QURE Uniqure NV | Add +66.7% | 0.88% | +0.53 |
| VERA Vera Therapeutics Inc. | Add +10.5% | 2.60% | +0.46 |
| TSHA Taysha Gene Therapies Inc. | Add +8.5% | 0.88% | +0.44 |
| ETNB 89BIO Inc. | Add +6.3% | 1.16% | +0.44 |
| CNTA Centessa Pharmaceuticals Ltd. | Add +23.5% | 1.15% | +0.24 |
| ALKS Alkermes PLC | Add +18.4% | 1.45% | +0.19 |
| TRML Tourmaline Bio Inc. | Add +5.4% | 0.72% | +0.14 |
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 |