Avoro Capital Advisors LLC In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Avoro Capital Advisors LLC reported 30 stock positions worth $10.2 billion . Its top holding was United Therapeutics (UTHR) at 15.4% of the portfolio, followed by Ascendis Pharma A/S (ASND, 11.4% ) and Madrigal Pharmaceuticals (MDGL, 9.4% ). Compared with Q4 2025, it opened 3 new positions, sold out of 6, added to 9 and reduced 7. The biggest buy was United Therapeutics (UTHR, shares +1% ) and the biggest sale an exit from Avidity Biosciences (RNAM).
Location NEW YORK, NY
CIK 0001633313
Portfolio Value $10.2B (Q1 2026) Holdings 30 stocks · $10.2B 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 Q4 2025 UTHR United Therapeutics Corp. 2,630,000 $1.6B Add +0.9% ASND Ascendis Pharma A/S 5,062,500 $1.2B Reduce -0.9% MDGL Madrigal Pharmaceuticals Inc. 1,818,181 $951.8M Add +0.6% KRYS Krystal Biotech Inc. 2,888,888 $746.3M No change ARGX Argenx SE - ADR 1,000,000 $730.3M Add +1.0% ARWR Arrowhead Pharmaceuticals Inc. 10,699,999 $670.9M Add +0.7% KYMR Kymera Therapeutics Inc. 7,474,747 $622.6M No change APLS Apellis Pharmaceuticals Inc. 12,222,222 $491.7M No change CNTA Centessa Pharmaceuticals Ltd. 11,430,455 $454.0M Reduce -21.5% CELC Celcuity Inc. 3,375,000 $385.2M Add +8.5% XENE Xenon Pharmaceuticals Inc. 5,777,777 $336.0M Add +6.5% GPCR Structure Therapeutics Inc. 6,555,555 $316.0M No change TERN Terns Pharmaceuticals Inc. 5,695,000 $300.2M Add +30.9% VERA Vera Therapeutics Inc. 5,888,888 $236.9M No change RVMD Revolution Medicines Inc. 2,344,444 $228.0M Add +8.0% CYTK Cytokinetics Inc. 3,333,333 $219.7M New OCUL Ocular Therapeutix Inc. 12,315,000 $104.3M Add +14.3% DMRA Damora Therapeutics Inc. 3,783,000 $98.0M New QURE Uniqure NV 5,959,595 $97.4M Reduce -3.1% TSHA Taysha Gene Therapies Inc. 21,700,000 $97.0M No change DFTX Definium Therapeutics Inc. 5,000,000 $94.5M No change SLNO Soleno Therapeutics Inc. 2,300,000 $77.0M Reduce -20.7% ALKS Alkermes PLC 1,200,000 $42.4M Reduce -14.3% SEPN Septerna Inc. 1,337,500 $32.1M No change VRDN Viridian Therapeutics Inc. 1,500,000 $29.3M No change GHRS GH Research PLC 1,800,000 $25.3M No change AVTX Avalo Therapeutics Inc. 1,410,000 $21.1M New LXEO Lexeo Therapeutics Inc. 1,875,000 $10.8M Reduce -43.2% WHWK Whitehawk Therapeutics Inc. 2,849,402 $9.8M No change MNKD Mannkind Corp. 2,200,000 $5.4M Reduce -50.5%
Options reported separately and not counted above: UTHR calls ($10.3M), CELC calls ($3.0M).
Portfolio Sells Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▲ RNAM Avidity Biosciences Inc. Sold out 0.00% −3.87 XBI SS SPDR S&P Biotech ETF Sold out 0.00% −2.52 SLNO Soleno Therapeutics Inc. Reduce -20.7% 0.76% −0.56 PTCT PTC Therapeutics Inc. Sold out 0.00% −0.51 QURE Uniqure NV Reduce -3.1% 0.96% −0.49 ORKA Oruka Therapeutics Inc. Sold out 0.00% −0.40 APGE Apogee Therapeutics Inc. Sold out 0.00% −0.37 LXEO Lexeo Therapeutics Inc. Reduce -43.2% 0.11% −0.22 MNKD Mannkind Corp. Reduce -50.5% 0.05% −0.19 INCY Incyte Corp. Sold out 0.00% −0.13 ALKS Alkermes PLC Reduce -14.3% 0.42% +0.03 ASND Ascendis Pharma A/S Reduce -0.9% 11.41% +0.69 CNTA Centessa Pharmaceuticals Ltd. Reduce -21.5% 4.47% +0.89
Portfolio Buys Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▼ UTHR United Therapeutics Corp. Add +0.9% 15.36% +2.88 CYTK Cytokinetics Inc. New 2.16% +2.16 TERN Terns Pharmaceuticals Inc. Add +30.9% 2.96% +1.23 DMRA Damora Therapeutics Inc. New 0.97% +0.97 XENE Xenon Pharmaceuticals Inc. Add +6.5% 3.31% +0.92 CELC Celcuity Inc. Add +8.5% 3.79% +0.74 RVMD Revolution Medicines Inc. Add +8.0% 2.25% +0.55 AVTX Avalo Therapeutics Inc. New 0.21% +0.21 OCUL Ocular Therapeutix Inc. Add +14.3% 1.03% −0.26 ARWR Arrowhead Pharmaceuticals Inc. Add +0.7% 6.61% −0.32 MDGL Madrigal Pharmaceuticals Inc. Add +0.6% 9.38% −0.97 ARGX Argenx SE - ADR Add +1.0% 7.19% −0.99
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ UTHR United Therapeutics Corp. call New 380,000 $10.3M CELC Celcuity Inc. call New 200,000 $3.0M ASND Ascendis Pharma A/S call Sold out 50,000 $625Kbefore 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 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