Cutter Capital Management, LP In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Cutter Capital Management, LP reported 26 stock positions worth $328.1 million . Its top holding was Biomarin Pharmaceutical (BMRN) at 6.9% of the portfolio, followed by Merck (MRK, 6.6% ) and Gilead Sciences (GILD, 6.1% ). Compared with Q1 2024, it opened 12 new positions, sold out of 11, added to 9 and reduced 5. The biggest buy was a new position in Merck (MRK) and the biggest sale an exit from Bristol-Myers Squibb (BMY).
Location NEW YORK, NY
CIK 0001983313
Portfolio Value $328.1M (Q2 2024) Holdings 26 stocks · $328.1M Holdings quarter Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2024 BMRN Biomarin Pharmaceutical Inc. 273,533 $22.5M Add +56.3% MRK Merck & Co. Inc. 175,600 $21.7M New GILD Gilead Sciences Inc. 292,959 $20.1M Add +10.4% AMGN Amgen Inc. 64,201 $20.1M New RPRX Royalty Pharma PLC Class A 692,300 $18.3M Add +68.2% BIIB Biogen Inc. 76,726 $17.8M Add +47.5% KVUE Kenvue Inc. 960,400 $17.5M New INSM Insmed Inc. 227,637 $15.3M Add +0.1% LEGN Legend Biotech Corp.-ADR 343,130 $15.2M Add +329.8% RARE Ultragenyx Pharmaceutical Inc. 365,000 $15.0M New TEVA Teva Pharmaceutical-SP ADR 911,900 $14.8M Reduce -19.7% SRPT Sarepta Therapeutics Inc. 89,379 $14.1M Reduce -5.3% CYTK Cytokinetics Inc. 236,900 $12.8M New BCRX Biocryst Pharmaceuticals Inc. 1,975,298 $12.2M Reduce -6.2% CRSP Crispr Therapeutics AG 201,497 $10.9M Add +67.7% ACLX Arcellx Inc. 187,000 $10.3M Add +74.8% AVDL Avadel Pharmaceuticals Ltd. 733,001 $10.3M Add +35.3% HRMY Harmony Biosciences Holdings 295,771 $8.9M New AVTR Avantor Inc. 400,000 $8.5M New VERA Vera Therapeutics Inc. 230,000 $8.3M New BBIO Bridgebio Pharma Inc. 311,700 $7.9M New IONS Ionis Pharmaceuticals Inc. 160,166 $7.6M Reduce -44.6% ELVN Enliven Therapeutics Inc. 222,985 $5.2M New PFE Pfizer Inc. 185,200 $5.2M New EOLS Evolus Inc. 465,300 $5.0M New PRGO Perrigo Co. PLC 100,000 $2.6M Reduce -69.0%
Options reported separately and not counted above: SRPT calls ($3.2M).
Portfolio Sells Q1 2024 → Q2 2024 Portfolio Sells quarter Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2024 % Of Portfolio Change To Portfolio ▲ BMY Bristol-Myers Squibb Co. Sold out 0.00% −9.34 REGN Regeneron Pharmaceuticals Sold out 0.00% −6.07 ACAD Acadia Pharmaceuticals Inc. Sold out 0.00% −4.69 HALO Halozyme Therapeutics Inc. Sold out 0.00% −4.00 EXEL Exelixis Inc. Sold out 0.00% −3.65 LLY Eli Lilly & Co. Sold out 0.00% −3.31 AGIO Agios Pharmaceuticals Inc. Sold out 0.00% −3.25 PRGO Perrigo Co. PLC Reduce -69.0% 0.78% −3.22 IONS Ionis Pharmaceuticals Inc. Reduce -44.6% 2.33% −2.51 VRDN Viridian Therapeutics Inc. Sold out 0.00% −1.88 TEVA Teva Pharmaceutical-SP ADR Reduce -19.7% 4.52% −1.66 KYTX Kyverna Therapeutics Inc. Sold out 0.00% −1.59 PLRX Pliant Therapeutics Inc. Sold out 0.00% −1.12 CABA Cabaletta Bio Inc. Sold out 0.00% −1.04 SRPT Sarepta Therapeutics Inc. Reduce -5.3% 4.30% −0.41 BCRX Biocryst Pharmaceuticals Inc. Reduce -6.2% 3.72% −0.40
Portfolio Buys Q1 2024 → Q2 2024 Portfolio Buys quarter Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2024 % Of Portfolio Change To Portfolio ▼ MRK Merck & Co. Inc. New 6.63% +6.63 AMGN Amgen Inc. New 6.11% +6.11 KVUE Kenvue Inc. New 5.32% +5.32 RARE Ultragenyx Pharmaceutical Inc. New 4.57% +4.57 CYTK Cytokinetics Inc. New 3.91% +3.91 LEGN Legend Biotech Corp.-ADR Add +329.8% 4.63% +2.90 HRMY Harmony Biosciences Holdings New 2.72% +2.72 AVTR Avantor Inc. New 2.58% +2.58 VERA Vera Therapeutics Inc. New 2.54% +2.54 BBIO Bridgebio Pharma Inc. New 2.41% +2.41 INSM Insmed Inc. Add +0.1% 4.65% +2.27 ELVN Enliven Therapeutics Inc. New 1.59% +1.59 PFE Pfizer Inc. New 1.58% +1.58 EOLS Evolus Inc. New 1.54% +1.54 BIIB Biogen Inc. Add +47.5% 5.42% +1.10 BMRN Biomarin Pharmaceutical Inc. Add +56.3% 6.86% +0.97 RPRX Royalty Pharma PLC Class A Add +68.2% 5.56% +0.74 ACLX Arcellx Inc. Add +74.8% 3.15% +0.28 CRSP Crispr Therapeutics AG Add +67.7% 3.32% +0.16 AVDL Avadel Pharmaceuticals Ltd. Add +35.3% 3.14% −0.39 GILD Gilead Sciences Inc. Add +10.4% 6.13% −1.37
Options Activity Q1 2024 → Q2 2024 Security Type Change vs Q1 2024 Underlying Shares Value ▼ SRPT Sarepta Therapeutics Inc. call New 20,000 $3.2M IRWD Ironwood Pharmaceuticals Inc. call Sold out 250,000 $2.2Mbefore 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 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