Braidwell LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Braidwell LP reported 52 stock positions worth $1.9 billion. Its top holding was Neurocrine Biosciences (NBIX) at 6.9% of the portfolio, followed by Legend Biotech Corp.-ADR (LEGN, 5.3%) and Argenx SE - ADR (ARGX, 5.0%). Compared with Q4 2024, it opened 10 new positions, sold out of 17, added to 17 and reduced 14. The biggest buy was a new position in Danaher (DHR) and the biggest sale an exit from Avadel Pharmaceuticals (AVDL).
- Most Recent 13F
- Q2 2026
- Location
- STAMFORD, CT
- CIK
- 0001920938
- Portfolio Value
- $1.9B (Q1 2025)
- SEC Filing
- 0001420506-25-001293 ↗ filed May 15, 2025
Holdings Value
Holdings 52 stocks · $1.9B
| NBIX Neurocrine Biosciences Inc. | 6.87% | 1,191,925 | $131.8M | Add +32.2% |
| LEGN Legend Biotech Corp.-ADR | 5.27% | 2,977,951 | $101.0M | No change |
| ARGX Argenx SE - ADR | 4.96% | 160,849 | $95.2M | Add +99.2% |
| XENE Xenon Pharmaceuticals Inc. | 4.74% | 2,709,875 | $90.9M | Reduce -7.0% |
| ALGN Align Technology Inc. | 4.39% | 530,530 | $84.3M | Add +41.4% |
| CGON CG Oncology Inc. | 4.19% | 3,283,317 | $80.4M | No change |
| KRYS Krystal Biotech Inc. | 3.77% | 400,744 | $72.3M | Add +99.9% |
| TMO Thermo Fisher Scientific Inc. | 3.31% | 127,733 | $63.6M | Add +42.3% |
| DHR Danaher Corp. | 3.31% | 309,339 | $63.4M | New |
| GKOS Glaukos Corp. | 3.20% | 624,435 | $61.5M | Add +116.2% |
| NUVL Nuvalent Inc. Class A | 3.11% | 840,945 | $59.6M | Add +248.6% |
| IRTC Irhythm Holdings Inc. | 3.04% | 556,391 | $58.2M | Reduce -21.1% |
| APGE Apogee Therapeutics Inc. | 3.00% | 1,540,362 | $57.5M | No change |
| TMDX Transmedics Group Inc. | 3.00% | 854,884 | $57.5M | Reduce -7.3% |
| GH Guardant Health Inc. | 2.95% | 1,327,327 | $56.5M | Reduce -53.4% |
| EWTX Edgewise Therapeutics Inc. | 2.82% | 2,458,808 | $54.1M | Add +5.4% |
| INSP Inspire Medical Systems Inc. | 2.51% | 302,410 | $48.2M | Add +3.1% |
| KNSA Kiniksa Pharmaceuticals Inte | 2.27% | 1,962,909 | $43.6M | Reduce -43.1% |
| ISRG Intuitive Surgical Inc. | 2.27% | 88,000 | $43.6M | Add +16.9% |
| ATEC Alphatec Holdings Inc. | 2.25% | 4,259,429 | $43.2M | Add +0.1% |
| SYRE Spyre Therapeutics Inc. | 2.17% | 2,578,404 | $41.6M | No change |
| BPMC Blueprint Medicines Corp. | 2.03% | 439,968 | $38.9M | New |
| DYN Dyne Therapeutics Inc. | 1.97% | 3,621,344 | $37.9M | Add +431.6% |
| APLS Apellis Pharmaceuticals Inc. | 1.88% | 1,652,334 | $36.1M | Reduce -21.3% |
| ADPT Adaptive Biotechnologies | 1.86% | 4,803,794 | $35.7M | New |
| VKTX Viking Therapeutics Inc. | 1.81% | 1,435,955 | $34.7M | Reduce -3.0% |
| PEN Penumbra Inc. | 1.53% | 110,128 | $29.4M | Reduce -40.1% |
| BCAX Bicara Therapeutics Inc. | 1.47% | 2,162,803 | $28.2M | Add +8.1% |
| DAWN Day One Biopharmaceuticals I | 1.46% | 3,536,853 | $28.0M | Reduce -27.4% |
| KIDS Orthopediatrics Corp. | 1.42% | 1,107,770 | $27.3M | No change |
| HROW Harrow Inc. | 1.33% | 956,839 | $25.5M | Add +5.5% |
| MRVI Maravai Lifesciences Hldgs-A | 0.96% | 8,353,287 | $18.5M | No change |
| XNCR Xencor Inc. | 0.92% | 1,655,690 | $17.6M | Add +169.0% |
| ASND Ascendis Pharma A/S | 0.87% | 106,713 | $16.6M | New |
| ORKA Oruka Therapeutics Inc. | 0.84% | 1,572,426 | $16.1M | Add +37.0% |
| MDGL Madrigal Pharmaceuticals Inc. | 0.84% | 48,690 | $16.1M | New |
| SRPT Sarepta Therapeutics Inc. | 0.78% | 234,500 | $15.0M | Reduce -35.7% |
| REPL Replimune Group Inc. | 0.74% | 1,461,826 | $14.3M | Reduce -1.0% |
| RGEN Repligen Corp. | 0.54% | 81,656 | $10.4M | Reduce -71.2% |
| IRWD Ironwood Pharmaceuticals Inc. | 0.51% | 6,622,584 | $9.7M | Add +21.7% |
| CELC Celcuity Inc. | 0.47% | 884,306 | $8.9M | No change |
| CGEM Cullinan Therapeutics Inc. | 0.39% | 980,773 | $7.4M | Reduce -16.6% |
| CSTL Castle Biosciences Inc. | 0.38% | 365,247 | $7.3M | New |
| DNTH Dianthus Therapeutics Inc. | 0.35% | 375,355 | $6.8M | Reduce -68.9% |
| LUNG Pulmonx Corp. | 0.26% | 752,541 | $5.1M | No change |
| MTSR Metsera Inc. | 0.25% | 175,000 | $4.8M | New |
| AARD Aardvark Therapeutics Inc. | 0.20% | 500,000 | $3.8M | New |
| AEROVATE THERAPEUTICS INC | 0.19% | 1,440,499 | $3.6M | No change |
| ZURA Zura Bio Ltd. | 0.17% | 2,472,806 | $3.2M | No change |
| BBNX Beta Bionics Inc. | 0.09% | 140,000 | $1.7M | New |
| SKYE Skye Bioscience Inc. | 0.07% | 825,732 | $1.3M | No change |
| TRVI Trevi Therapeutics Inc. | 0.02% | 72,083 | $453K | New |
Other holdings (12): bonds, preferreds, convertibles and warrants · $926.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | 219,454,000 | $227.4M | New |
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | 140,834,000 | $136.6M | No change |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 98,000,000 | $95.8M | Reduce -12.5% |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | 86,000,000 | $89.7M | New |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 101,381,000 | $87.9M | Reduce -12.9% |
| IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) | NOTE 1.500% 6/1 · principal | 92,740,000 | $82.5M | No change |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 62,838,000 | $72.0M | Reduce -55.4% |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 48,594,000 | $43.8M | Reduce -9.3% |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | 51,828,000 | $43.8M | New |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 25,450,000 | $22.8M | Reduce -69.2% |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | 18,500,000 | $18.0M | No change |
| ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 5,818,000 | $5.8M | Reduce -90.0% |
Total filed on the 13F, all lines: $2.8B.
Portfolio Sells Q4 2024 → Q1 2025
| AVDL Avadel Pharmaceuticals Ltd. | Sold out | 0.00% | −1.93 |
| FNA Paragon 28 Inc. | Sold out | 0.00% | −1.77 |
| BNTX Biontech SE-ADR | Sold out | 0.00% | −1.58 |
| KROS Keros Therapeutics Inc. | Sold out | 0.00% | −1.34 |
| DAWN Day One Biopharmaceuticals I | Reduce -27.4% | 1.46% | −1.30 |
| RGEN Repligen Corp. | Reduce -71.2% | 0.54% | −1.28 |
| SRPT Sarepta Therapeutics Inc. | Reduce -35.7% | 0.78% | −1.20 |
| IMTX Immatics NV | Sold out | 0.00% | −1.11 |
| APLS Apellis Pharmaceuticals Inc. | Reduce -21.3% | 1.88% | −1.11 |
| GERN Geron Corp. | Sold out | 0.00% | −1.11 |
| GH Guardant Health Inc. | Reduce -53.4% | 2.95% | −0.94 |
| BRKR Bruker Corp. | Sold out | 0.00% | −0.93 |
| EXAS Exact Sciences Corp. | Sold out | 0.00% | −0.89 |
| VKTX Viking Therapeutics Inc. | Reduce -3.0% | 1.81% | −0.85 |
| DNTH Dianthus Therapeutics Inc. | Reduce -68.9% | 0.35% | −0.82 |
| PCVX Vaxcyte Inc. | Sold out | 0.00% | −0.81 |
| KNSA Kiniksa Pharmaceuticals Inte | Reduce -43.1% | 2.27% | −0.78 |
| JSPR Jasper Therapeutics Inc. | Sold out | 0.00% | −0.68 |
| CADL Candel Therapeutics Inc. | Sold out | 0.00% | −0.62 |
| RCUS Arcus Biosciences Inc. | Sold out | 0.00% | −0.53 |
| PEN Penumbra Inc. | Reduce -40.1% | 1.53% | −0.42 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -7.0% | 4.74% | −0.36 |
| FDMT 4D Molecular Therapeutics Inc. | Sold out | 0.00% | −0.30 |
| NVRO Nevro LLC | Sold out | 0.00% | −0.28 |
| CGEM Cullinan Therapeutics Inc. | Reduce -16.6% | 0.39% | −0.25 |
| CBLL Ceribell Inc. | Sold out | 0.00% | −0.24 |
| REPL Replimune Group Inc. | Reduce -1.0% | 0.74% | −0.06 |
| PTGX Protagonist Therapeutics Inc. | Sold out | 0.00% | −0.03 |
| VRDN Viridian Therapeutics Inc. | Sold out | 0.00% | −0.03 |
| IRTC Irhythm Holdings Inc. | Reduce -21.1% | 3.04% | +0.19 |
| TMDX Transmedics Group Inc. | Reduce -7.3% | 3.00% | +0.43 |
Portfolio Buys Q4 2024 → Q1 2025
| DHR Danaher Corp. | New | 3.31% | +3.31 |
| ARGX Argenx SE - ADR | Add +99.2% | 4.96% | +2.74 |
| KRYS Krystal Biotech Inc. | Add +99.9% | 3.77% | +2.36 |
| NUVL Nuvalent Inc. Class A | Add +248.6% | 3.11% | +2.26 |
| BPMC Blueprint Medicines Corp. | New | 2.03% | +2.03 |
| ADPT Adaptive Biotechnologies | New | 1.86% | +1.86 |
| NBIX Neurocrine Biosciences Inc. | Add +32.2% | 6.87% | +1.37 |
| GKOS Glaukos Corp. | Add +116.2% | 3.20% | +1.27 |
| DYN Dyne Therapeutics Inc. | Add +431.6% | 1.97% | +1.26 |
| TMO Thermo Fisher Scientific Inc. | Add +42.3% | 3.31% | +1.23 |
| ALGN Align Technology Inc. | Add +41.4% | 4.39% | +0.90 |
| ASND Ascendis Pharma A/S | New | 0.87% | +0.87 |
| MDGL Madrigal Pharmaceuticals Inc. | New | 0.84% | +0.84 |
| ISRG Intuitive Surgical Inc. | Add +16.9% | 2.27% | +0.52 |
| ATEC Alphatec Holdings Inc. | Add +0.1% | 2.25% | +0.51 |
| CSTL Castle Biosciences Inc. | New | 0.38% | +0.38 |
| XNCR Xencor Inc. | Add +169.0% | 0.92% | +0.29 |
| MTSR Metsera Inc. | New | 0.25% | +0.25 |
| AARD Aardvark Therapeutics Inc. | New | 0.20% | +0.20 |
| BBNX Beta Bionics Inc. | New | 0.09% | +0.09 |
| INSP Inspire Medical Systems Inc. | Add +3.1% | 2.51% | +0.08 |
| EWTX Edgewise Therapeutics Inc. | Add +5.4% | 2.82% | +0.04 |
| TRVI Trevi Therapeutics Inc. | New | 0.02% | +0.02 |
| HROW Harrow Inc. | Add +5.5% | 1.33% | −0.03 |
| BCAX Bicara Therapeutics Inc. | Add +8.1% | 1.47% | −0.09 |
| ORKA Oruka Therapeutics Inc. | Add +37.0% | 0.84% | −0.37 |
| IRWD Ironwood Pharmaceuticals Inc. | Add +21.7% | 0.51% | −0.57 |
Notes & Other Activity Q4 2024 → Q1 2025
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | New | 219,454,000 | $227.4M |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | Sold out | 268,252,000 | $226.0Mbefore exit |
| NUVASIVE INC (GMED 0.375 03/15/25) | NOTE 0.375% 3/1 · principal | Sold out | 114,206,000 | $113.2Mbefore exit |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | Reduce -12.5% | 98,000,000 | $95.8M |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | New | 86,000,000 | $89.7M |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | Reduce -12.9% | 101,381,000 | $87.9M |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | Reduce -55.4% | 62,838,000 | $72.0M |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | Reduce -9.3% | 48,594,000 | $43.8M |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | New | 51,828,000 | $43.8M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Reduce -69.2% | 25,450,000 | $22.8M |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | Sold out | 17,400,000 | $16.3Mbefore exit |
| ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | Reduce -90.0% | 5,818,000 | $5.8M |
| CUTERA INC (CUTR 4 06/01/29) | NOTE 4.000% 6/0 · principal | Sold out | 29,000,000 | $2.6Mbefore exit |
| CUTERA INC (CUTR 2.25 06/01/28) | NOTE 2.250% 6/0 · principal | Sold out | 25,240,000 | $2.3Mbefore 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 |