Braidwell LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Braidwell LP reported 59 stock positions worth $2.2 billion. Its top holding was Neurocrine Biosciences (NBIX) at 5.5% of the portfolio, followed by Xenon Pharmaceuticals (XENE, 5.1%) and Legend Biotech Corp.-ADR (LEGN, 4.3%). Compared with Q3 2024, it opened 13 new positions, sold out of 19, added to 23 and reduced 14. The biggest buy was a new position in Transmedics (TMDX) and the biggest sale an exit from Madrigal Pharmaceuticals (MDGL).
- Most Recent 13F
- Q2 2026
- Location
- STAMFORD, CT
- CIK
- 0001920938
- Portfolio Value
- $2.2B (Q4 2024)
- SEC Filing
- 0001920938-25-000002 ↗ filed Feb 14, 2025
Holdings Value
Holdings 59 stocks · $2.2B
| NBIX Neurocrine Biosciences Inc. | 5.50% | 901,790 | $123.1M | Reduce -1.7% |
| XENE Xenon Pharmaceuticals Inc. | 5.10% | 2,913,964 | $114.2M | Add +7.6% |
| LEGN Legend Biotech Corp.-ADR | 4.33% | 2,977,951 | $96.9M | Add +93.2% |
| CGON CG Oncology Inc. | 4.21% | 3,283,317 | $94.2M | Add +3.5% |
| GH Guardant Health Inc. | 3.89% | 2,847,931 | $87.0M | Reduce -14.8% |
| ALGN Align Technology Inc. | 3.50% | 375,179 | $78.2M | Add +20.4% |
| APGE Apogee Therapeutics Inc. | 3.12% | 1,540,362 | $69.8M | Reduce -6.3% |
| KNSA Kiniksa Pharmaceuticals Inte | 3.05% | 3,452,447 | $68.3M | Add +19.3% |
| APLS Apellis Pharmaceuticals Inc. | 2.99% | 2,098,866 | $67.0M | Reduce -32.8% |
| IRTC Irhythm Holdings Inc. | 2.84% | 705,391 | $63.6M | Reduce -9.9% |
| EWTX Edgewise Therapeutics Inc. | 2.78% | 2,332,196 | $62.3M | Add +19.1% |
| DAWN Day One Biopharmaceuticals I | 2.76% | 4,873,853 | $61.8M | No change |
| SYRE Spyre Therapeutics Inc. | 2.68% | 2,578,404 | $60.0M | Add +17.7% |
| VKTX Viking Therapeutics Inc. | 2.66% | 1,479,666 | $59.5M | Add +27.9% |
| TMDX Transmedics Group Inc. | 2.57% | 922,100 | $57.5M | New |
| INSP Inspire Medical Systems Inc. | 2.43% | 293,410 | $54.4M | Add +22.8% |
| ARGX Argenx SE - ADR | 2.22% | 80,766 | $49.7M | Reduce -16.5% |
| TMO Thermo Fisher Scientific Inc. | 2.09% | 89,754 | $46.7M | New |
| MRVI Maravai Lifesciences Hldgs-A | 2.03% | 8,353,287 | $45.5M | No change |
| SRPT Sarepta Therapeutics Inc. | 1.98% | 364,900 | $44.4M | Reduce -1.5% |
| PEN Penumbra Inc. | 1.95% | 183,828 | $43.7M | Reduce -49.1% |
| GKOS Glaukos Corp. | 1.94% | 288,876 | $43.3M | Reduce -7.3% |
| AVDL Avadel Pharmaceuticals Ltd. | 1.93% | 4,105,726 | $43.2M | Add +21.1% |
| RGEN Repligen Corp. | 1.83% | 283,823 | $40.9M | Reduce -28.5% |
| FNA Paragon 28 Inc. | 1.77% | 3,834,809 | $39.6M | Reduce -7.3% |
| ISRG Intuitive Surgical Inc. | 1.76% | 75,300 | $39.3M | Reduce -17.5% |
| ATEC Alphatec Holdings Inc. | 1.75% | 4,256,490 | $39.1M | Add +5.3% |
| BNTX Biontech SE-ADR | 1.58% | 309,865 | $35.3M | Add +25.1% |
| BCAX Bicara Therapeutics Inc. | 1.56% | 2,000,659 | $34.9M | Add +20.7% |
| KRYS Krystal Biotech Inc. | 1.40% | 200,500 | $31.4M | Add +18.9% |
| HROW Harrow Inc. | 1.36% | 907,039 | $30.4M | Add +106.3% |
| KROS Keros Therapeutics Inc. | 1.34% | 1,894,439 | $30.0M | Add +167.9% |
| ORKA Oruka Therapeutics Inc. | 1.21% | 1,147,676 | $27.1M | Add +122.5% |
| DNTH Dianthus Therapeutics Inc. | 1.18% | 1,206,589 | $26.3M | Add +144.4% |
| KIDS Orthopediatrics Corp. | 1.15% | 1,107,770 | $25.7M | No change |
| IMTX Immatics NV | 1.11% | 3,503,965 | $24.9M | Add +112.7% |
| GERN Geron Corp. | 1.11% | 7,006,315 | $24.8M | New |
| IRWD Ironwood Pharmaceuticals Inc. | 1.08% | 5,440,277 | $24.1M | Add +22.6% |
| BRKR Bruker Corp. | 0.93% | 353,200 | $20.7M | New |
| EXAS Exact Sciences Corp. | 0.89% | 353,000 | $19.8M | Add +23.4% |
| NUVL Nuvalent Inc. Class A | 0.84% | 241,235 | $18.9M | New |
| PCVX Vaxcyte Inc. | 0.81% | 222,424 | $18.2M | Reduce -25.3% |
| REPL Replimune Group Inc. | 0.80% | 1,477,102 | $17.9M | Reduce -51.9% |
| DYN Dyne Therapeutics Inc. | 0.72% | 681,182 | $16.0M | New |
| JSPR Jasper Therapeutics Inc. | 0.68% | 714,658 | $15.3M | Add +47.9% |
| CGEM Cullinan Therapeutics Inc. | 0.64% | 1,176,173 | $14.3M | No change |
| XNCR Xencor Inc. | 0.63% | 615,531 | $14.1M | Add +32.0% |
| CADL Candel Therapeutics Inc. | 0.62% | 1,600,000 | $13.9M | New |
| RCUS Arcus Biosciences Inc. | 0.53% | 802,100 | $11.9M | New |
| CELC Celcuity Inc. | 0.52% | 884,306 | $11.6M | No change |
| FDMT 4D Molecular Therapeutics Inc. | 0.30% | 1,225,448 | $6.8M | No change |
| NVRO Nevro LLC filed as NEVRO CORP | 0.28% | 1,698,768 | $6.3M | No change |
| ZURA Zura Bio Ltd. | 0.28% | 2,472,806 | $6.2M | No change |
| CBLL Ceribell Inc. | 0.24% | 210,000 | $5.4M | New |
| LUNG Pulmonx Corp. | 0.23% | 752,541 | $5.1M | No change |
| AEROVATE THERAPEUTICS INC | 0.17% | 1,440,499 | $3.8M | New |
| SKYE Skye Bioscience Inc. | 0.10% | 825,732 | $2.3M | New |
| PTGX Protagonist Therapeutics Inc. | 0.03% | 20,109 | $776K | New |
| VRDN Viridian Therapeutics Inc. | 0.03% | 34,094 | $654K | New |
Other holdings (14): bonds, preferreds, convertibles and warrants · $1.1B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | 268,252,000 | $226.0M | No change |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 140,838,000 | $148.1M | No change |
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | 140,834,000 | $134.5M | No change |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 112,000,000 | $114.8M | New |
| NUVASIVE INC (GMED 0.375 03/15/25) | NOTE 0.375% 3/1 · principal | 114,206,000 | $113.2M | No change |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 116,381,000 | $98.3M | No change |
| IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) | NOTE 1.500% 6/1 · principal | 92,740,000 | $85.2M | No change |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 82,700,000 | $74.4M | Reduce -10.8% |
| ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 58,217,000 | $55.1M | No change |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 53,594,000 | $46.0M | No change |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | 18,500,000 | $17.9M | Reduce -74.8% |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 17,400,000 | $16.3M | Reduce -5.4% |
| CUTERA INC (CUTR 4 06/01/29) | NOTE 4.000% 6/0 · principal | 29,000,000 | $2.6M | No change |
| CUTERA INC (CUTR 2.25 06/01/28) | NOTE 2.250% 6/0 · principal | 25,240,000 | $2.3M | No change |
Total filed on the 13F, all lines: $3.4B.
Portfolio Sells Q3 2024 → Q4 2024
| MDGL Madrigal Pharmaceuticals Inc. | Sold out | 0.00% | −1.68 |
| ARVN Arvinas Inc. | Sold out | 0.00% | −1.36 |
| DXCM Dexcom Inc. | Sold out | 0.00% | −1.27 |
| PEN Penumbra Inc. | Reduce -49.1% | 1.95% | −1.07 |
| RLAY Relay Therapeutics Inc. | Sold out | 0.00% | −1.07 |
| APGE Apogee Therapeutics Inc. | Reduce -6.3% | 3.12% | −1.04 |
| APLS Apellis Pharmaceuticals Inc. | Reduce -32.8% | 2.99% | −0.89 |
| OCUL Ocular Therapeutix Inc. | Sold out | 0.00% | −0.84 |
| RGEN Repligen Corp. | Reduce -28.5% | 1.83% | −0.72 |
| BSX Boston Scientific Corp. | Sold out | 0.00% | −0.68 |
| PCVX Vaxcyte Inc. | Reduce -25.3% | 0.81% | −0.65 |
| REPL Replimune Group Inc. | Reduce -51.9% | 0.80% | −0.65 |
| ALEC Alector Inc. | Sold out | 0.00% | −0.43 |
| PODD Insulet Corp. | Sold out | 0.00% | −0.43 |
| CSTL Castle Biosciences Inc. | Sold out | 0.00% | −0.41 |
| BBIO Bridgebio Pharma Inc. | Sold out | 0.00% | −0.33 |
| LXEO Lexeo Therapeutics Inc. | Sold out | 0.00% | −0.28 |
| SKIN Skinhealth Systems Inc. | Sold out | 0.00% | −0.25 |
| ISRG Intuitive Surgical Inc. | Reduce -17.5% | 1.76% | −0.17 |
| FULC Fulcrum Therapeutics Inc. | Sold out | 0.00% | −0.16 |
| VERV Verve Therapeutics Inc. | Sold out | 0.00% | −0.13 |
| IOVA Iovance Biotherapeutics Inc. | Sold out | 0.00% | −0.09 |
| HLVX Hillevax Inc. | Sold out | 0.00% | −0.08 |
| LXRX Lexicon Pharmaceuticals Inc. | Sold out | 0.00% | −0.05 |
| DBV TECHNOLOGIES S A | Sold out | 0.00% | −0.05 |
| ARGX Argenx SE - ADR | Reduce -16.5% | 2.22% | −0.04 |
| ELEV Elevation Oncology Inc. | Sold out | 0.00% | −0.01 |
| SRPT Sarepta Therapeutics Inc. | Reduce -1.5% | 1.98% | −0.01 |
| GKOS Glaukos Corp. | Reduce -7.3% | 1.94% | +0.19 |
| IRTC Irhythm Holdings Inc. | Reduce -9.9% | 2.84% | +0.34 |
| FNA Paragon 28 Inc. | Reduce -7.3% | 1.77% | +0.58 |
| GH Guardant Health Inc. | Reduce -14.8% | 3.89% | +0.59 |
| NBIX Neurocrine Biosciences Inc. | Reduce -1.7% | 5.50% | +0.95 |
Portfolio Buys Q3 2024 → Q4 2024
| TMDX Transmedics Group Inc. | New | 2.57% | +2.57 |
| TMO Thermo Fisher Scientific Inc. | New | 2.09% | +2.09 |
| GERN Geron Corp. | New | 1.11% | +1.11 |
| LEGN Legend Biotech Corp.-ADR | Add +93.2% | 4.33% | +1.10 |
| BRKR Bruker Corp. | New | 0.93% | +0.93 |
| NUVL Nuvalent Inc. Class A | New | 0.84% | +0.84 |
| ATEC Alphatec Holdings Inc. | Add +5.3% | 1.75% | +0.78 |
| DYN Dyne Therapeutics Inc. | New | 0.72% | +0.72 |
| ORKA Oruka Therapeutics Inc. | Add +122.5% | 1.21% | +0.67 |
| CADL Candel Therapeutics Inc. | New | 0.62% | +0.62 |
| DNTH Dianthus Therapeutics Inc. | Add +144.4% | 1.18% | +0.59 |
| RCUS Arcus Biosciences Inc. | New | 0.53% | +0.53 |
| EWTX Edgewise Therapeutics Inc. | Add +19.1% | 2.78% | +0.53 |
| XENE Xenon Pharmaceuticals Inc. | Add +7.6% | 5.10% | +0.52 |
| HROW Harrow Inc. | Add +106.3% | 1.36% | +0.51 |
| BNTX Biontech SE-ADR | Add +25.1% | 1.58% | +0.31 |
| IMTX Immatics NV | Add +112.7% | 1.11% | +0.30 |
| JSPR Jasper Therapeutics Inc. | Add +47.9% | 0.68% | +0.29 |
| IRWD Ironwood Pharmaceuticals Inc. | Add +22.6% | 1.08% | +0.29 |
| INSP Inspire Medical Systems Inc. | Add +22.8% | 2.43% | +0.26 |
| CBLL Ceribell Inc. | New | 0.24% | +0.24 |
| XNCR Xencor Inc. | Add +32.0% | 0.63% | +0.23 |
| AEROVATE THERAPEUTICS INC | New | 0.17% | +0.17 |
| SKYE Skye Bioscience Inc. | New | 0.10% | +0.10 |
| ALGN Align Technology Inc. | Add +20.4% | 3.50% | +0.08 |
| KRYS Krystal Biotech Inc. | Add +18.9% | 1.40% | +0.08 |
| EXAS Exact Sciences Corp. | Add +23.4% | 0.89% | +0.05 |
| PTGX Protagonist Therapeutics Inc. | New | 0.03% | +0.03 |
| VRDN Viridian Therapeutics Inc. | New | 0.03% | +0.03 |
| AVDL Avadel Pharmaceuticals Ltd. | Add +21.1% | 1.93% | +0.01 |
| KNSA Kiniksa Pharmaceuticals Inte | Add +19.3% | 3.05% | −0.06 |
| SYRE Spyre Therapeutics Inc. | Add +17.7% | 2.68% | −0.09 |
| BCAX Bicara Therapeutics Inc. | Add +20.7% | 1.56% | −0.26 |
| KROS Keros Therapeutics Inc. | Add +167.9% | 1.34% | −0.43 |
| VKTX Viking Therapeutics Inc. | Add +27.9% | 2.66% | −0.49 |
| CGON CG Oncology Inc. | Add +3.5% | 4.21% | −0.94 |
Notes & Other Activity Q3 2024 → Q4 2024
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | New | 112,000,000 | $114.8M |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | Sold out | 63,800,000 | $76.4Mbefore exit |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Reduce -10.8% | 82,700,000 | $74.4M |
| TRAVERE THERAPEUTICS INC (TVTX 2.5 09/15/25) | NOTE 2.500% 9/1 · principal | Sold out | 56,031,000 | $53.5Mbefore exit |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | Reduce -74.8% | 18,500,000 | $17.9M |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | Reduce -5.4% | 17,400,000 | $16.3M |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | Sold out | 11,500,000 | $10.6Mbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 83 | $2.6B | CAI, HNGE, GKOS, EWTX, SYRE |
| Q1 2026 | 82 | $2.6B | CAI, NBIX, GKOS, CNTA, XENE |
| Q4 2025 | 68 | $2.6B | CAI, EWTX, NBIX, GKOS, NUVL |
| Q3 2025 | 64 | $2.5B | CAI, XENE, CGON, NBIX, KRYS |
| Q2 2025 | 45 | $2.1B | CAI, NBIX, XENE, ARGX, KRYS |
| Q1 2025 | 52 | $1.9B | NBIX, LEGN, ARGX, XENE, ALGN |
| Q4 2024 | 59 | $2.2B | NBIX, XENE, LEGN, CGON, GH |
| Q3 2024 | 65 | $2.3B | CGON, XENE, NBIX, APGE, APLS |
| Q2 2024 | 58 | $2.0B | NBIX, CGON, XENE, APGE, GH |
| Q1 2024 | 51 | $1.8B | APGE, NBIX, ARGX, PCVX, LEGN |