Avoro Capital Advisors LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Avoro Capital Advisors LLC reported 30 stock positions worth $7.7 billion . Its top holding was Ascendis Pharma A/S (ASND) at 13.1% of the portfolio, followed by United Therapeutics (UTHR, 11.0% ) and Madrigal Pharmaceuticals (MDGL, 10.9% ). Compared with Q2 2025, it opened 3 new positions, sold out of 3, added to 11 and reduced 11. The biggest buy was Uniqure (QURE, shares +23% ) and the biggest sale Moonlake Immunotherapeutics (MLTX, shares −52% ).
Location NEW YORK, NY
CIK 0001633313
Portfolio Value $7.7B (Q3 2025) Holdings 30 stocks · $7.7B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 ASND Ascendis Pharma A/S 5,110,000 $1.0B Add +2.6% UTHR United Therapeutics Corp. 2,022,222 $847.7M Reduce -14.7% MDGL Madrigal Pharmaceuticals Inc. 1,833,000 $840.7M Reduce -2.2% ARGX Argenx SE - ADR 990,000 $730.2M Reduce -15.7% KRYS Krystal Biotech Inc. 2,777,777 $490.4M Add +4.4% ARWR Arrowhead Pharmaceuticals Inc. 10,900,000 $375.9M Add +2.8% KYMR Kymera Therapeutics Inc. 6,350,000 $359.4M Reduce -3.1% MRUS Merus NV 3,542,500 $333.5M Add +12.3% RNAM Avidity Biosciences Inc. 7,645,000 $333.1M Add +8.4% APLS Apellis Pharmaceuticals Inc. 12,222,222 $276.6M No change CNTA Centessa Pharmaceuticals Ltd. 10,808,080 $262.1M Add +116.2% QURE Uniqure NV 4,444,444 $259.4M Add +22.6% XENE Xenon Pharmaceuticals Inc. 5,400,000 $216.8M No change AKRO Akero Therapeutics Inc. 3,955,555 $187.8M Add +13.0% VERA Vera Therapeutics Inc. 6,210,000 $180.5M Reduce -1.4% SLNO Soleno Therapeutics Inc. 2,577,777 $174.3M Add +25.8% GPCR Structure Therapeutics Inc. 5,155,555 $144.4M New TRML Tourmaline Bio Inc. 2,555,555 $122.2M No change OCUL Ocular Therapeutix Inc. 10,250,000 $119.8M Add +38.5% FOLD Amicus Therapeutics Inc. 15,025,000 $118.4M Reduce -16.5% ETNB 89BIO Inc. 6,387,790 $93.9M Reduce -5.4% TSHA Taysha Gene Therapies Inc. 21,700,000 $71.0M No change ALKS Alkermes PLC 2,240,000 $67.2M Reduce -22.8% ORKA Oruka Therapeutics Inc. 1,333,340 $25.6M New SEPN Septerna Inc. 1,337,500 $25.2M Add +8.1% MNKD Mannkind Corp. 4,468,877 $24.0M Reduce -23.6% MLTX Moonlake Immunotherapeutics 2,000,000 $14.3M Reduce -51.8% BCRX Biocryst Pharmaceuticals Inc. 1,250,000 $9.5M Reduce -72.2% WHWK Whitehawk Therapeutics Inc. 2,849,402 $5.4M No change TNGX Tango Therapeutics Inc. 545,000 $4.6M New
Options reported separately and not counted above: UTHR calls ($4.4M), GPCR calls ($2.2M).
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ MLTX Moonlake Immunotherapeutics Reduce -51.8% 0.19% −3.24 ARGX Argenx SE - ADR Reduce -15.7% 9.45% −1.90 UTHR United Therapeutics Corp. Reduce -14.7% 10.97% −0.96 BPMC Blueprint Medicines Corp. Sold out 0.00% −0.84 ALKS Alkermes PLC Reduce -22.8% 0.87% −0.58 BCRX Biocryst Pharmaceuticals Inc. Reduce -72.2% 0.12% −0.58 KYMR Kymera Therapeutics Inc. Reduce -3.1% 4.65% −0.36 GLUE Monte Rosa Therapeutics Inc. Sold out 0.00% −0.29 FOLD Amicus Therapeutics Inc. Reduce -16.5% 1.53% −0.27 VERA Vera Therapeutics Inc. Reduce -1.4% 2.33% −0.26 RARE Ultragenyx Pharmaceutical Inc. Sold out 0.00% −0.21 MNKD Mannkind Corp. Reduce -23.6% 0.31% −0.07 ETNB 89BIO Inc. Reduce -5.4% 1.21% +0.05 MDGL Madrigal Pharmaceuticals Inc. Reduce -2.2% 10.88% +0.94
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ QURE Uniqure NV Add +22.6% 3.36% +2.47 CNTA Centessa Pharmaceuticals Ltd. Add +116.2% 3.39% +2.24 ARWR Arrowhead Pharmaceuticals Inc. Add +2.8% 4.86% +1.93 GPCR Structure Therapeutics Inc. New 1.87% +1.87 MRUS Merus NV Add +12.3% 4.31% +1.41 RNAM Avidity Biosciences Inc. Add +8.4% 4.31% +0.80 OCUL Ocular Therapeutix Inc. Add +38.5% 1.55% +0.35 ORKA Oruka Therapeutics Inc. New 0.33% +0.33 SEPN Septerna Inc. Add +8.1% 0.33% +0.10 TNGX Tango Therapeutics Inc. New 0.06% +0.06 KRYS Krystal Biotech Inc. Add +4.4% 6.34% −0.06 SLNO Soleno Therapeutics Inc. Add +25.8% 2.25% −0.75 AKRO Akero Therapeutics Inc. Add +13.0% 2.43% −0.84 ASND Ascendis Pharma A/S Add +2.6% 13.14% −1.91
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ UTHR United Therapeutics Corp. call New 200,000 $4.4M GPCR Structure Therapeutics Inc. call New 250,000 $2.2M
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 26 $11.1B UTHR, ASND, KRYS, MDGL, ARGX Q1 2026 30 $10.2B UTHR, ASND, MDGL, KRYS, ARGX Q4 2025 Amended 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