Avoro Capital Advisors LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed March 16, 2026), Avoro Capital Advisors LLC reported 33 stock positions worth $10.2 billion. Its top holding was United Therapeutics (UTHR) at 12.5% of the portfolio, followed by Ascendis Pharma A/S (ASND, 10.7%) and Madrigal Pharmaceuticals (MDGL, 10.3%). Compared with Q3 2025, it opened 11 new positions, sold out of 8, added to 10 and reduced 6. The biggest buy was a new position in Celcuity (CELC) and the biggest sale an exit from Merus (MRUS).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001633313
- Portfolio Value
- $10.2B (Q4 2025)
- SEC Filing
- 0001104659-26-027799 ↗ filed Mar 16, 2026
Holdings Value
Holdings 33 stocks · $10.2B
| UTHR United Therapeutics Corp. | 12.48% | 2,606,060 | $1.3B | Add +28.9% |
| ASND Ascendis Pharma A/S | 10.71% | 5,111,111 | $1.1B | Add +0.0% |
| MDGL Madrigal Pharmaceuticals Inc. | 10.35% | 1,807,500 | $1.1B | Reduce -1.4% |
| ARGX Argenx SE - ADR | 8.18% | 990,000 | $832.5M | No change |
| KRYS Krystal Biotech Inc. | 7.00% | 2,888,888 | $712.2M | Add +4.0% |
| ARWR Arrowhead Pharmaceuticals Inc. | 6.93% | 10,625,000 | $705.4M | Reduce -2.5% |
| KYMR Kymera Therapeutics Inc. | 5.72% | 7,474,747 | $581.6M | Add +17.7% |
| GPCR Structure Therapeutics Inc. | 4.48% | 6,555,555 | $455.9M | Add +27.2% |
| RNAM Avidity Biosciences Inc. | 3.87% | 5,455,000 | $393.5M | Reduce -28.6% |
| CNTA Centessa Pharmaceuticals Ltd. | 3.58% | 14,555,555 | $364.0M | Add +34.7% |
| CELC Celcuity Inc. | 3.05% | 3,111,111 | $310.3M | New |
| APLS Apellis Pharmaceuticals Inc. | 3.02% | 12,222,222 | $307.0M | No change |
| VERA Vera Therapeutics Inc. | 2.93% | 5,888,888 | $298.2M | Reduce -5.2% |
| XBI SS SPDR S&P Biotech ETF | 2.52% | 2,100,000 | $256.1M | New |
| XENE Xenon Pharmaceuticals Inc. | 2.39% | 5,424,444 | $243.1M | Add +0.5% |
| TERN Terns Pharmaceuticals Inc. | 1.73% | 4,350,000 | $175.7M | New |
| RVMD Revolution Medicines Inc. | 1.70% | 2,170,000 | $172.8M | New |
| QURE Uniqure NV | 1.45% | 6,150,000 | $147.2M | Add +38.4% |
| SLNO Soleno Therapeutics Inc. | 1.32% | 2,900,000 | $134.3M | Add +12.5% |
| OCUL Ocular Therapeutix Inc. | 1.29% | 10,777,777 | $130.8M | Add +5.2% |
| TSHA Taysha Gene Therapies Inc. | 1.17% | 21,700,000 | $119.3M | No change |
| MIND MEDICINE MINDMED INC | 0.66% | 5,000,000 | $67.0M | New |
| PTCT PTC Therapeutics Inc. | 0.51% | 685,000 | $52.0M | New |
| VRDN Viridian Therapeutics Inc. | 0.46% | 1,500,000 | $46.7M | New |
| ORKA Oruka Therapeutics Inc. | 0.40% | 1,333,340 | $40.4M | No change |
| ALKS Alkermes PLC | 0.39% | 1,400,000 | $39.2M | Reduce -37.5% |
| APGE Apogee Therapeutics Inc. | 0.37% | 500,000 | $37.7M | New |
| SEPN Septerna Inc. | 0.37% | 1,337,500 | $37.3M | No change |
| LXEO Lexeo Therapeutics Inc. | 0.32% | 3,300,000 | $32.8M | New |
| MNKD Mannkind Corp. | 0.25% | 4,444,444 | $25.2M | Reduce -0.6% |
| GHRS GH Research PLC | 0.22% | 1,800,000 | $22.9M | New |
| INCY Incyte Corp. | 0.13% | 135,000 | $13.3M | New |
| WHWK Whitehawk Therapeutics Inc. | 0.07% | 2,849,402 | $6.9M | No change |
Options reported separately and not counted above: ASND calls ($625K).
Portfolio Sells Q3 2025 → Q4 2025
| MRUS Merus NV | Sold out | 0.00% | −4.31 |
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −2.43 |
| TRML Tourmaline Bio Inc. | Sold out | 0.00% | −1.58 |
| FOLD Amicus Therapeutics Inc. | Sold out | 0.00% | −1.53 |
| ETNB 89BIO Inc. | Sold out | 0.00% | −1.21 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -1.4% | 10.35% | −0.53 |
| ALKS Alkermes PLC | Reduce -37.5% | 0.39% | −0.48 |
| RNAM Avidity Biosciences Inc. | Reduce -28.6% | 3.87% | −0.44 |
| MLTX Moonlake Immunotherapeutics | Sold out | 0.00% | −0.19 |
| BCRX Biocryst Pharmaceuticals Inc. | Sold out | 0.00% | −0.12 |
| MNKD Mannkind Corp. | Reduce -0.6% | 0.25% | −0.06 |
| TNGX Tango Therapeutics Inc. | Sold out | 0.00% | −0.06 |
| VERA Vera Therapeutics Inc. | Reduce -5.2% | 2.93% | +0.60 |
| ARWR Arrowhead Pharmaceuticals Inc. | Reduce -2.5% | 6.93% | +2.07 |
Portfolio Buys Q3 2025 → Q4 2025
| CELC Celcuity Inc. | New | 3.05% | +3.05 |
| GPCR Structure Therapeutics Inc. | Add +27.2% | 4.48% | +2.61 |
| XBI SS SPDR S&P Biotech ETF | New | 2.52% | +2.52 |
| TERN Terns Pharmaceuticals Inc. | New | 1.73% | +1.73 |
| RVMD Revolution Medicines Inc. | New | 1.70% | +1.70 |
| UTHR United Therapeutics Corp. | Add +28.9% | 12.48% | +1.51 |
| KYMR Kymera Therapeutics Inc. | Add +17.7% | 5.72% | +1.07 |
| MIND MEDICINE MINDMED INC | New | 0.66% | +0.66 |
| KRYS Krystal Biotech Inc. | Add +4.0% | 7.00% | +0.66 |
| PTCT PTC Therapeutics Inc. | New | 0.51% | +0.51 |
| VRDN Viridian Therapeutics Inc. | New | 0.46% | +0.46 |
| APGE Apogee Therapeutics Inc. | New | 0.37% | +0.37 |
| LXEO Lexeo Therapeutics Inc. | New | 0.32% | +0.32 |
| GHRS GH Research PLC | New | 0.22% | +0.22 |
| CNTA Centessa Pharmaceuticals Ltd. | Add +34.7% | 3.58% | +0.19 |
| INCY Incyte Corp. | New | 0.13% | +0.13 |
| OCUL Ocular Therapeutix Inc. | Add +5.2% | 1.29% | −0.26 |
| XENE Xenon Pharmaceuticals Inc. | Add +0.5% | 2.39% | −0.42 |
| SLNO Soleno Therapeutics Inc. | Add +12.5% | 1.32% | −0.93 |
| QURE Uniqure NV | Add +38.4% | 1.45% | −1.91 |
| ASND Ascendis Pharma A/S | Add +0.0% | 10.71% | −2.43 |
Options Activity Q3 2025 → Q4 2025
| UTHR United Therapeutics Corp. | call | Sold out | 200,000 | $4.4Mbefore exit |
| GPCR Structure Therapeutics Inc. | call | Sold out | 250,000 | $2.2Mbefore exit |
| ASND Ascendis Pharma A/S | call | New | 50,000 | $625K |
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 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 |