Cutter Capital Management, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Cutter Capital Management, LP reported 21 stock positions worth $229.6 million. Its top holding was Bristol-Myers Squibb (BMY) at 7.8% of the portfolio, followed by Amgen (AMGN, 6.8%) and Biogen (BIIB, 6.8%). Compared with Q4 2024, it opened 10 new positions, sold out of 10, added to 5 and reduced 6. The biggest buy was a new position in Bristol-Myers Squibb (BMY) and the biggest sale an exit from Regeneron Pharmaceuticals (REGN).
- Most Recent 13F
- Q2 2025
- Location
- NEW YORK, NY
- CIK
- 0001983313
- Portfolio Value
- $229.6M (Q1 2025)
- SEC Filing
- 0001214659-25-007818 ↗ filed May 15, 2025
Holdings Value
Holdings 21 stocks · $229.6M
| BMY Bristol-Myers Squibb Co. | 7.83% | 295,000 | $18.0M | New |
| AMGN Amgen Inc. | 6.78% | 50,000 | $15.6M | Add +31.3% |
| BIIB Biogen Inc. | 6.76% | 113,500 | $15.5M | New |
| LLY Eli Lilly & Co. | 6.47% | 18,000 | $14.9M | New |
| INSM Insmed Inc. | 6.19% | 186,384 | $14.2M | Reduce -11.6% |
| RARE Ultragenyx Pharmaceutical Inc. | 5.98% | 379,303 | $13.7M | Reduce -6.8% |
| BBIO Bridgebio Pharma Inc. | 5.88% | 390,644 | $13.5M | Reduce -30.3% |
| PRGO Perrigo Co. PLC | 5.85% | 479,517 | $13.4M | Add +62.8% |
| ROIV Roivant Sciences Ltd. | 5.71% | 1,300,000 | $13.1M | New |
| TEVA Teva Pharmaceutical-SP ADR | 5.37% | 801,806 | $12.3M | Add +37.1% |
| RPRX Royalty Pharma PLC Class A | 4.84% | 356,894 | $11.1M | Reduce -53.3% |
| TARS Tarsus Pharmaceuticals Inc. | 4.59% | 205,000 | $10.5M | Add +82.2% |
| VRNA Verona Pharma Ltd. | 4.42% | 160,000 | $10.2M | New |
| MDGL Madrigal Pharmaceuticals Inc. | 3.46% | 24,000 | $7.9M | New |
| SMMT Summit Therapeutics Inc. | 3.36% | 400,000 | $7.7M | New |
| HALO Halozyme Therapeutics Inc. | 3.33% | 120,000 | $7.7M | New |
| CYTK Cytokinetics Inc. | 3.06% | 175,000 | $7.0M | New |
| AGIO Agios Pharmaceuticals Inc. | 3.00% | 235,350 | $6.9M | Reduce -22.0% |
| CNTA Centessa Pharmaceuticals Ltd. | 2.62% | 418,127 | $6.0M | Add +184.3% |
| RCUS Arcus Biosciences Inc. | 2.50% | 731,818 | $5.7M | New |
| NAMS Newamsterdam Pharma Co. NV | 1.97% | 221,152 | $4.5M | Reduce -34.4% |
Portfolio Sells Q4 2024 → Q1 2025
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −9.19 |
| JNJ Johnson & Johnson | Sold out | 0.00% | −8.39 |
| ABBV Abbvie Inc. | Sold out | 0.00% | −7.43 |
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −6.19 |
| VRDN Viridian Therapeutics Inc. | Sold out | 0.00% | −4.94 |
| VERA Vera Therapeutics Inc. | Sold out | 0.00% | −3.69 |
| MRNA Moderna Inc. | Sold out | 0.00% | −3.37 |
| RPRX Royalty Pharma PLC Class A | Reduce -53.3% | 4.84% | −3.16 |
| JANX Janux Therapeutics Inc. | Sold out | 0.00% | −2.63 |
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −2.62 |
| NAMS Newamsterdam Pharma Co. NV | Reduce -34.4% | 1.97% | −1.58 |
| AGIO Agios Pharmaceuticals Inc. | Reduce -22.0% | 3.00% | −1.06 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -6.8% | 5.98% | −1.03 |
| NMRA Neumora Therapeutics Inc. | Sold out | 0.00% | −0.65 |
| BBIO Bridgebio Pharma Inc. | Reduce -30.3% | 5.88% | −0.42 |
| INSM Insmed Inc. | Reduce -11.6% | 6.19% | +0.23 |
Portfolio Buys Q4 2024 → Q1 2025
| BMY Bristol-Myers Squibb Co. | New | 7.83% | +7.83 |
| BIIB Biogen Inc. | New | 6.76% | +6.76 |
| LLY Eli Lilly & Co. | New | 6.47% | +6.47 |
| ROIV Roivant Sciences Ltd. | New | 5.71% | +5.71 |
| VRNA Verona Pharma Ltd. | New | 4.42% | +4.42 |
| MDGL Madrigal Pharmaceuticals Inc. | New | 3.46% | +3.46 |
| SMMT Summit Therapeutics Inc. | New | 3.36% | +3.36 |
| HALO Halozyme Therapeutics Inc. | New | 3.33% | +3.33 |
| CYTK Cytokinetics Inc. | New | 3.06% | +3.06 |
| PRGO Perrigo Co. PLC | Add +62.8% | 5.85% | +2.75 |
| AMGN Amgen Inc. | Add +31.3% | 6.78% | +2.72 |
| RCUS Arcus Biosciences Inc. | New | 2.50% | +2.50 |
| TARS Tarsus Pharmaceuticals Inc. | Add +82.2% | 4.59% | +2.03 |
| CNTA Centessa Pharmaceuticals Ltd. | Add +184.3% | 2.62% | +1.61 |
| TEVA Teva Pharmaceutical-SP ADR | Add +37.1% | 5.37% | +0.08 |