Cutter Capital Management, LP In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Cutter Capital Management, LP reported 27 stock positions worth $338.8 million . Its top holding was Gilead Sciences (GILD) at 8.9% of the portfolio, followed by Bristol-Myers Squibb (BMY, 8.8% ) and Royalty Pharma Class A (RPRX, 5.6% ). Compared with Q2 2024, it opened 12 new positions, sold out of 11, added to 4 and reduced 11. The biggest buy was a new position in Bristol-Myers Squibb (BMY) and the biggest sale an exit from Biomarin Pharmaceutical (BMRN).
Location NEW YORK, NY
CIK 0001983313
Portfolio Value $338.8M (Q3 2024) Holdings 27 stocks · $338.8M Holdings quarter Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2024 GILD Gilead Sciences Inc. 359,025 $30.1M Add +22.6% BMY Bristol-Myers Squibb Co. 574,057 $29.7M New RPRX Royalty Pharma PLC Class A 664,859 $18.8M Reduce -4.0% A Agilent Technologies Inc. 120,485 $17.9M New RARE Ultragenyx Pharmaceutical Inc. 286,803 $15.9M Reduce -21.4% LEGN Legend Biotech Corp.-ADR 325,953 $15.9M Reduce -5.0% INSM Insmed Inc. 215,884 $15.8M Reduce -5.2% LLY Eli Lilly & Co. 17,299 $15.3M New REGN Regeneron Pharmaceuticals 14,476 $15.2M New HRMY Harmony Biosciences Holdings 376,315 $15.1M Add +27.2% PRGO Perrigo Co. PLC 557,937 $14.6M Add +457.9% JAZZ Jazz Pharmaceuticals PLC 117,500 $13.1M New SWTX Springworks Therapeutics Inc. 378,453 $12.1M New VRDN Viridian Therapeutics Inc. 518,677 $11.8M New SRPT Sarepta Therapeutics Inc. 83,756 $10.5M Reduce -6.3% BBIO Bridgebio Pharma Inc. 396,388 $10.1M Add +27.2% AXSM Axsome Therapeutics Inc. 105,767 $9.5M New AGIO Agios Pharmaceuticals Inc. 186,623 $8.3M New IOVA Iovance Biotherapeutics Inc. 876,009 $8.2M New NTLA Intellia Therapeutics Inc. 390,622 $8.0M New VERA Vera Therapeutics Inc. 172,876 $7.6M Reduce -24.8% ACLX Arcellx Inc. 89,863 $7.5M Reduce -51.9% RNAM Avidity Biosciences Inc. 160,947 $7.4M New BCRX Biocryst Pharmaceuticals Inc. 798,137 $6.1M Reduce -59.6% ELVN Enliven Therapeutics Inc. 207,896 $5.3M Reduce -6.8% AVDL Avadel Pharmaceuticals Ltd. 385,172 $5.1M Reduce -47.5% IONS Ionis Pharmaceuticals Inc. 97,300 $3.9M Reduce -39.3%
Portfolio Sells Q2 2024 → Q3 2024 Portfolio Sells quarter Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▲ BMRN Biomarin Pharmaceutical Inc. Sold out 0.00% −6.86 MRK Merck & Co. Inc. Sold out 0.00% −6.63 AMGN Amgen Inc. Sold out 0.00% −6.11 BIIB Biogen Inc. Sold out 0.00% −5.42 KVUE Kenvue Inc. Sold out 0.00% −5.32 TEVA Teva Pharmaceutical-SP ADR Sold out 0.00% −4.52 CYTK Cytokinetics Inc. Sold out 0.00% −3.91 CRSP Crispr Therapeutics AG Sold out 0.00% −3.32 AVTR Avantor Inc. Sold out 0.00% −2.58 BCRX Biocryst Pharmaceuticals Inc. Reduce -59.6% 1.79% −1.93 AVDL Avadel Pharmaceuticals Ltd. Reduce -47.5% 1.49% −1.65 PFE Pfizer Inc. Sold out 0.00% −1.58 EOLS Evolus Inc. Sold out 0.00% −1.54 SRPT Sarepta Therapeutics Inc. Reduce -6.3% 3.09% −1.22 IONS Ionis Pharmaceuticals Inc. Reduce -39.3% 1.15% −1.18 ACLX Arcellx Inc. Reduce -51.9% 2.22% −0.93 VERA Vera Therapeutics Inc. Reduce -24.8% 2.26% −0.28 ELVN Enliven Therapeutics Inc. Reduce -6.8% 1.57% −0.02 RPRX Royalty Pharma PLC Class A Reduce -4.0% 5.55% −0.01 INSM Insmed Inc. Reduce -5.2% 4.65% +0.00 LEGN Legend Biotech Corp.-ADR Reduce -5.0% 4.69% +0.06 RARE Ultragenyx Pharmaceutical Inc. Reduce -21.4% 4.70% +0.13
Portfolio Buys Q2 2024 → Q3 2024 Portfolio Buys quarter Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▼ BMY Bristol-Myers Squibb Co. New 8.77% +8.77 A Agilent Technologies Inc. New 5.28% +5.28 LLY Eli Lilly & Co. New 4.52% +4.52 REGN Regeneron Pharmaceuticals New 4.49% +4.49 JAZZ Jazz Pharmaceuticals PLC New 3.86% +3.86 SWTX Springworks Therapeutics Inc. New 3.58% +3.58 PRGO Perrigo Co. PLC Add +457.9% 4.32% +3.54 VRDN Viridian Therapeutics Inc. New 3.48% +3.48 AXSM Axsome Therapeutics Inc. New 2.81% +2.81 GILD Gilead Sciences Inc. Add +22.6% 8.88% +2.76 AGIO Agios Pharmaceuticals Inc. New 2.45% +2.45 IOVA Iovance Biotherapeutics Inc. New 2.43% +2.43 NTLA Intellia Therapeutics Inc. New 2.37% +2.37 RNAM Avidity Biosciences Inc. New 2.18% +2.18 HRMY Harmony Biosciences Holdings Add +27.2% 4.44% +1.72 BBIO Bridgebio Pharma Inc. Add +27.2% 2.98% +0.57
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ SRPT Sarepta Therapeutics Inc. call Sold out 20,000 $3.2Mbefore 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