Cutter Capital Management, LP In its 13F for Q1 2024 (holdings as of March 31, 2024, filed August 6, 2024), Cutter Capital Management, LP reported 25 stock positions worth $259.3 million . Its top holding was Bristol-Myers Squibb (BMY) at 9.3% of the portfolio, followed by Gilead Sciences (GILD, 7.5% ) and Teva Pharmaceutical-SP ADR (TEVA, 6.2% ). Compared with Q4 2023, it opened 12 new positions, sold out of 10, added to 9 and reduced 4. The biggest buy was a new position in Gilead Sciences (GILD) and the biggest sale an exit from Amgen (AMGN).
Location NEW YORK, NY
CIK 0001983313
Portfolio Value $259.3M (Q1 2024) Holdings 25 stocks · $259.3M Holdings quarter Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 BMY Bristol-Myers Squibb Co. 446,900 $24.2M Add +219.2% GILD Gilead Sciences Inc. 265,436 $19.4M New TEVA Teva Pharmaceutical-SP ADR 1,135,710 $16.0M Add +7.0% REGN Regeneron Pharmaceuticals 16,360 $15.7M New BMRN Biomarin Pharmaceutical Inc. 175,000 $15.3M Add +34.7% IONS Ionis Pharmaceuticals Inc. 289,366 $12.5M New RPRX Royalty Pharma PLC Class A 411,540 $12.5M Add +11.2% SRPT Sarepta Therapeutics Inc. 94,379 $12.2M New ACAD Acadia Pharmaceuticals Inc. 658,409 $12.2M Add +98.9% BIIB Biogen Inc. 52,000 $11.2M New BCRX Biocryst Pharmaceuticals Inc. 2,105,459 $10.7M Add +38.4% HALO Halozyme Therapeutics Inc. 255,049 $10.4M Add +6.1% PRGO Perrigo Co. PLC 322,114 $10.4M Add +23.9% EXEL Exelixis Inc. 398,762 $9.5M Reduce -13.7% AVDL Avadel Pharmaceuticals Ltd. 541,926 $9.2M New LLY Eli Lilly & Co. 11,040 $8.6M New AGIO Agios Pharmaceuticals Inc. 288,580 $8.4M New CRSP Crispr Therapeutics AG 120,185 $8.2M Add +11.8% ACLX Arcellx Inc. 107,000 $7.4M New INSM Insmed Inc. 227,337 $6.2M Reduce -45.0% VRDN Viridian Therapeutics Inc. 278,638 $4.9M Reduce -9.4% LEGN Legend Biotech Corp.-ADR 79,830 $4.5M New KYTX Kyverna Therapeutics Inc. 166,514 $4.1M New PLRX Pliant Therapeutics Inc. 194,119 $2.9M New CABA Cabaletta Bio Inc. 157,964 $2.7M Reduce -31.3%
Options reported separately and not counted above: IRWD calls ($2.2M).
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ AMGN Amgen Inc. Sold out 0.00% −7.90 MRK Merck & Co. Inc. Sold out 0.00% −7.09 FOLD Amicus Therapeutics Inc. Sold out 0.00% −6.43 ROIV Roivant Sciences Ltd. Sold out 0.00% −5.37 INSM Insmed Inc. Reduce -45.0% 2.38% −3.75 PFE Pfizer Inc. Sold out 0.00% −3.65 APLS Apellis Pharmaceuticals Inc. Sold out 0.00% −3.09 IOVA Iovance Biotherapeutics Inc. Sold out 0.00% −2.63 PBH Prestige Consumer Healthcare Sold out 0.00% −2.49 BBIO Bridgebio Pharma Inc. Sold out 0.00% −1.99 RCUS Arcus Biosciences Inc. Sold out 0.00% −1.76 EXEL Exelixis Inc. Reduce -13.7% 3.65% −1.65 CABA Cabaletta Bio Inc. Reduce -31.3% 1.04% −1.46 VRDN Viridian Therapeutics Inc. Reduce -9.4% 1.88% −1.32
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ GILD Gilead Sciences Inc. New 7.50% +7.50 REGN Regeneron Pharmaceuticals New 6.07% +6.07 BMY Bristol-Myers Squibb Co. Add +219.2% 9.34% +5.91 IONS Ionis Pharmaceuticals Inc. New 4.84% +4.84 SRPT Sarepta Therapeutics Inc. New 4.71% +4.71 BIIB Biogen Inc. New 4.32% +4.32 AVDL Avadel Pharmaceuticals Ltd. New 3.53% +3.53 LLY Eli Lilly & Co. New 3.31% +3.31 AGIO Agios Pharmaceuticals Inc. New 3.25% +3.25 ACLX Arcellx Inc. New 2.87% +2.87 LEGN Legend Biotech Corp.-ADR New 1.73% +1.73 KYTX Kyverna Therapeutics Inc. New 1.59% +1.59 PLRX Pliant Therapeutics Inc. New 1.12% +1.12 TEVA Teva Pharmaceutical-SP ADR Add +7.0% 6.18% +0.88 PRGO Perrigo Co. PLC Add +23.9% 4.00% −0.00 CRSP Crispr Therapeutics AG Add +11.8% 3.16% −0.06 BMRN Biomarin Pharmaceutical Inc. Add +34.7% 5.89% −0.09 RPRX Royalty Pharma PLC Class A Add +11.2% 4.82% −0.15 BCRX Biocryst Pharmaceuticals Inc. Add +38.4% 4.12% −0.23 HALO Halozyme Therapeutics Inc. Add +6.1% 4.00% −0.25 ACAD Acadia Pharmaceuticals Inc. Add +98.9% 4.69% −0.26
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ IRWD Ironwood Pharmaceuticals 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 2025 0 $0 Q1 2025 21 $229.6M BMY, AMGN, BIIB, LLY, INSM Q4 2024 21 $244.0M REGN, JNJ, RPRX, ABBV, RARE Q3 2024 27 $338.8M GILD, BMY, RPRX, A, RARE Q2 2024 26 $328.1M BMRN, MRK, GILD, AMGN, RPRX Q1 2024 Amended 25 $259.3M BMY, GILD, TEVA, REGN, BMRN