Deep Track Capital, LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Deep Track Capital, LP reported 61 stock positions worth $2.7 billion. Its top holding was Dynavax Technologies (DVAX) at 8.5% of the portfolio, followed by Guardant Health (GH, 7.4%) and Intra-Cellular Therapies (ITCI, 6.3%). Compared with Q3 2024, it opened 14 new positions, sold out of 22, added to 17 and reduced 20. The biggest buy was Dynavax Technologies (DVAX, shares +42%) and the biggest sale an exit from Argenx SE - ADR (ARGX).
- Most Recent 13F
- Q2 2026
- Location
- GREENWICH, CT
- CIK
- 0001856083
- Portfolio Value
- $2.7B (Q4 2024)
- SEC Filing
- 0001856083-25-000001 ↗ filed Feb 14, 2025
Holdings Value
Holdings 61 stocks · $2.7B
| DVAX Dynavax Technologies Corp. | 8.52% | 17,791,486 | $227.2M | Add +42.0% |
| GH Guardant Health Inc. | 7.35% | 6,419,566 | $196.1M | Add +7.0% |
| ITCI Intra-Cellular Therapies Inc. | 6.26% | 2,000,000 | $167.0M | Add +24.9% |
| IMVT Immunovant Inc. | 5.57% | 6,000,000 | $148.6M | Add +38.0% |
| APLS Apellis Pharmaceuticals Inc. | 5.11% | 4,274,921 | $136.4M | Reduce -2.9% |
| SWTX Springworks Therapeutics Inc. | 4.69% | 3,460,756 | $125.0M | Reduce -10.0% |
| CYTK Cytokinetics Inc. | 4.41% | 2,500,000 | $117.6M | Add +296.9% |
| OCUL Ocular Therapeutix Inc. | 4.11% | 12,836,282 | $109.6M | Add +0.9% |
| VRDN Viridian Therapeutics Inc. | 3.25% | 4,522,741 | $86.7M | Add +20.6% |
| PLRX Pliant Therapeutics Inc. | 2.95% | 5,972,257 | $78.7M | No change |
| GPCR Structure Therapeutics Inc. | 2.85% | 2,800,000 | $75.9M | Add +129.4% |
| IONS Ionis Pharmaceuticals Inc. | 2.53% | 1,933,928 | $67.6M | Reduce -12.1% |
| NRIX Nurix Therapeutics Inc. | 2.12% | 3,000,000 | $56.5M | Reduce -22.4% |
| MBX MBX Biosciences Inc. | 2.09% | 3,018,935 | $55.6M | No change |
| ETNB 89BIO Inc. | 1.90% | 6,478,249 | $50.7M | Add +134.2% |
| HRMY Harmony Biosciences Holdings | 1.87% | 1,450,000 | $49.9M | New |
| DYN Dyne Therapeutics Inc. | 1.77% | 2,000,000 | $47.1M | Reduce -39.1% |
| SEPN Septerna Inc. | 1.64% | 1,912,929 | $43.8M | New |
| NMRA Neumora Therapeutics Inc. | 1.59% | 4,000,000 | $42.4M | Add +604.9% |
| GMAB Genmab A/S -SP ADR | 1.56% | 2,000,000 | $41.7M | New |
| AKRO Akero Therapeutics Inc. | 1.55% | 1,490,000 | $41.5M | Add +116.0% |
| VRNA Verona Pharma Ltd. | 1.48% | 850,000 | $39.5M | Reduce -73.3% |
| CLDX Celldex Therapeutics Inc. | 1.46% | 1,540,132 | $38.9M | New |
| PTGX Protagonist Therapeutics Inc. | 1.45% | 1,000,000 | $38.6M | New |
| ANIP Ani Pharmaceuticals Inc. | 1.35% | 649,042 | $35.9M | Add +28.6% |
| BCAX Bicara Therapeutics Inc. | 1.31% | 2,000,000 | $34.8M | Add +151.0% |
| AUTL Autolus Therapeutics PLC | 1.25% | 14,218,903 | $33.4M | Reduce -6.9% |
| KRRO Korro Bio Inc. | 1.25% | 874,614 | $33.3M | Add +2.9% |
| TERN Terns Pharmaceuticals Inc. | 1.16% | 5,576,558 | $30.9M | No change |
| ENGN Engene Holdings Inc. | 1.14% | 4,557,575 | $30.3M | Add +74.8% |
| RARE Ultragenyx Pharmaceutical Inc. | 1.03% | 653,513 | $27.5M | New |
| ABVX Abivax SA-ADR | 0.98% | 3,579,209 | $26.2M | No change |
| CNTA Centessa Pharmaceuticals Ltd. | 0.85% | 1,350,000 | $22.6M | No change |
| BBIO Bridgebio Pharma Inc. | 0.84% | 819,162 | $22.5M | New |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 0.81% | 780,778 | $21.5M | New |
| OLMA Olema Pharmaceuticals Inc. | 0.75% | 3,442,833 | $20.1M | Reduce -13.9% |
| MIND MEDICINE MINDMED INC | 0.73% | 2,816,594 | $19.6M | Reduce -60.1% |
| EWTX Edgewise Therapeutics Inc. | 0.71% | 710,421 | $19.0M | Reduce -35.5% |
| BCYC Bicycle Therapeutics PLC-ADR | 0.67% | 1,276,081 | $17.9M | Reduce -64.0% |
| UPB Upstream Bio Inc. | 0.62% | 1,000,000 | $16.4M | New |
| NVAX Novavax Inc. | 0.60% | 2,000,000 | $16.1M | New |
| IMCR Immunocore Holdings PLC-ADR | 0.57% | 519,376 | $15.3M | New |
| ORKA Oruka Therapeutics Inc. | 0.55% | 750,000 | $14.5M | Reduce -39.3% |
| GERN Geron Corp. | 0.53% | 4,011,287 | $14.2M | Reduce -47.0% |
| HELP Cybin Inc. | 0.51% | 1,529,987 | $13.5M | No change |
| XNCR Xencor Inc. | 0.43% | 500,000 | $11.5M | Reduce -37.5% |
| ALGS Aligos Therapeutics Inc. | 0.36% | 244,110 | $9.7M | No change |
| RAPT THERAPEUTICS INC | 0.36% | 6,011,380 | $9.5M | New |
| ZURA Zura Bio Ltd. | 0.31% | 3,283,783 | $8.2M | No change |
| CNTX Context Therapeutics Inc. | 0.29% | 7,419,355 | $7.8M | No change |
| ALLK Allakos LLC | 0.26% | 5,704,282 | $6.9M | Add +14.1% |
| XENE Xenon Pharmaceuticals Inc. | 0.25% | 169,132 | $6.6M | New |
| AVTX Avalo Therapeutics Inc. | 0.24% | 867,000 | $6.4M | Reduce -10.3% |
| INO Inovio Pharmaceuticals Inc. | 0.21% | 3,119,162 | $5.7M | Add +72.9% |
| RGLS Regulus Therapeutics Inc. | 0.19% | 3,262,564 | $5.2M | No change |
| SYRE Spyre Therapeutics Inc. | 0.19% | 219,015 | $5.1M | Reduce -78.1% |
| IVVD Invivyd Inc. | 0.18% | 10,689,603 | $4.7M | Reduce -2.4% |
| OKUR Onkure Therapeutics Inc. Class A | 0.17% | 523,989 | $4.5M | New |
| FDMT 4D Molecular Therapeutics Inc. | 0.13% | 609,900 | $3.4M | Reduce -85.1% |
| CLYM Climb Bio Inc. | 0.07% | 1,040,115 | $1.9M | Reduce -52.0% |
| NKTR Nektar Therapeutics | 0.07% | 1,975,998 | $1.8M | Reduce -87.6% |
Options reported separately and not counted above: NMRA calls ($12.6M), FLNA puts ($1.2M).
Portfolio Sells Q3 2024 → Q4 2024
| ARGX Argenx SE - ADR | Sold out | 0.00% | −6.32 |
| NTLA Intellia Therapeutics Inc. | Sold out | 0.00% | −3.25 |
| ALKS Alkermes PLC | Sold out | 0.00% | −3.13 |
| AXSM Axsome Therapeutics Inc. | Sold out | 0.00% | −2.46 |
| DYN Dyne Therapeutics Inc. | Reduce -39.1% | 1.77% | −2.00 |
| BCYC Bicycle Therapeutics PLC-ADR | Reduce -64.0% | 0.67% | −1.89 |
| APGE Apogee Therapeutics Inc. | Sold out | 0.00% | −1.88 |
| VRNA Verona Pharma Ltd. | Reduce -73.3% | 1.48% | −1.44 |
| TGTX TG Therapeutics Inc. | Sold out | 0.00% | −1.29 |
| FDMT 4D Molecular Therapeutics Inc. | Reduce -85.1% | 0.13% | −1.29 |
| KURA Kura Oncology Inc. | Sold out | 0.00% | −1.22 |
| KYMR Kymera Therapeutics Inc. | Sold out | 0.00% | −0.91 |
| OLMA Olema Pharmaceuticals Inc. | Reduce -13.9% | 0.75% | −0.77 |
| SYRE Spyre Therapeutics Inc. | Reduce -78.1% | 0.19% | −0.75 |
| RNAM Avidity Biosciences Inc. | Sold out | 0.00% | −0.70 |
| ALEC Alector Inc. | Sold out | 0.00% | −0.69 |
| NRIX Nurix Therapeutics Inc. | Reduce -22.4% | 2.12% | −0.66 |
| FATE Fate Therapeutics Inc. | Sold out | 0.00% | −0.62 |
| NKTR Nektar Therapeutics | Reduce -87.6% | 0.07% | −0.59 |
| SLN Silence Therapeutics PLC-ADR | Sold out | 0.00% | −0.58 |
| GERN Geron Corp. | Reduce -47.0% | 0.53% | −0.57 |
| MIND MEDICINE MINDMED INC | Reduce -60.1% | 0.73% | −0.55 |
| EDIT Editas Medicine Inc. | Sold out | 0.00% | −0.53 |
| AUTL Autolus Therapeutics PLC | Reduce -6.9% | 1.25% | −0.52 |
| PYXS Pyxis Oncology Inc. | Sold out | 0.00% | −0.49 |
| ORKA Oruka Therapeutics Inc. | Reduce -39.3% | 0.55% | −0.42 |
| CLYM Climb Bio Inc. | Reduce -52.0% | 0.07% | −0.28 |
| IONS Ionis Pharmaceuticals Inc. | Reduce -12.1% | 2.53% | −0.28 |
| TVTX Travere Therapeutics Inc. | Sold out | 0.00% | −0.24 |
| EWTX Edgewise Therapeutics Inc. | Reduce -35.5% | 0.71% | −0.23 |
| IVVD Invivyd Inc. | Reduce -2.4% | 0.18% | −0.18 |
| VIGL Vigil Neuroscience Inc. | Sold out | 0.00% | −0.17 |
| XNCR Xencor Inc. | Reduce -37.5% | 0.43% | −0.08 |
| ANRO Alto Neuroscience Inc. | Sold out | 0.00% | −0.08 |
| PRTA Prothena Corp. PLC | Sold out | 0.00% | −0.07 |
| RLMD Relmada Therapeutics Inc. | Sold out | 0.00% | −0.07 |
| SYRS Syros Pharmaceuticals Inc. | Sold out | 0.00% | −0.06 |
| AVTX Avalo Therapeutics Inc. | Reduce -10.3% | 0.24% | −0.05 |
| MGX Metagenomi Therapeutics Inc. | Sold out | 0.00% | −0.02 |
| SRRK Scholar Rock Holding Corp. | Sold out | 0.00% | −0.01 |
| SWTX Springworks Therapeutics Inc. | Reduce -10.0% | 4.69% | +0.76 |
| APLS Apellis Pharmaceuticals Inc. | Reduce -2.9% | 5.11% | +1.06 |
Portfolio Buys Q3 2024 → Q4 2024
| DVAX Dynavax Technologies Corp. | Add +42.0% | 8.52% | +4.06 |
| CYTK Cytokinetics Inc. | Add +296.9% | 4.41% | +3.35 |
| GH Guardant Health Inc. | Add +7.0% | 7.35% | +2.96 |
| ITCI Intra-Cellular Therapies Inc. | Add +24.9% | 6.26% | +2.52 |
| HRMY Harmony Biosciences Holdings | New | 1.87% | +1.87 |
| SEPN Septerna Inc. | New | 1.64% | +1.64 |
| IMVT Immunovant Inc. | Add +38.0% | 5.57% | +1.61 |
| GMAB Genmab A/S -SP ADR | New | 1.56% | +1.56 |
| CLDX Celldex Therapeutics Inc. | New | 1.46% | +1.46 |
| PTGX Protagonist Therapeutics Inc. | New | 1.45% | +1.45 |
| NMRA Neumora Therapeutics Inc. | Add +604.9% | 1.59% | +1.35 |
| ETNB 89BIO Inc. | Add +134.2% | 1.90% | +1.25 |
| GPCR Structure Therapeutics Inc. | Add +129.4% | 2.85% | +1.14 |
| RARE Ultragenyx Pharmaceutical Inc. | New | 1.03% | +1.03 |
| AKRO Akero Therapeutics Inc. | Add +116.0% | 1.55% | +0.92 |
| BBIO Bridgebio Pharma Inc. | New | 0.84% | +0.84 |
| LKFT Lakefront Biotherapeutic-ADR | New | 0.81% | +0.81 |
| BCAX Bicara Therapeutics Inc. | Add +151.0% | 1.31% | +0.66 |
| UPB Upstream Bio Inc. | New | 0.62% | +0.62 |
| NVAX Novavax Inc. | New | 0.60% | +0.60 |
| ENGN Engene Holdings Inc. | Add +74.8% | 1.14% | +0.59 |
| OCUL Ocular Therapeutix Inc. | Add +0.9% | 4.11% | +0.58 |
| IMCR Immunocore Holdings PLC-ADR | New | 0.57% | +0.57 |
| VRDN Viridian Therapeutics Inc. | Add +20.6% | 3.25% | +0.53 |
| ANIP Ani Pharmaceuticals Inc. | Add +28.6% | 1.35% | +0.38 |
| RAPT THERAPEUTICS INC | New | 0.36% | +0.36 |
| KRRO Korro Bio Inc. | Add +2.9% | 1.25% | +0.34 |
| XENE Xenon Pharmaceuticals Inc. | New | 0.25% | +0.25 |
| OKUR Onkure Therapeutics Inc. Class A | New | 0.17% | +0.17 |
| ALLK Allakos LLC | Add +14.1% | 0.26% | +0.15 |
| INO Inovio Pharmaceuticals Inc. | Add +72.9% | 0.21% | −0.12 |
Options Activity Q3 2024 → Q4 2024
| AXSM Axsome Therapeutics Inc. | call | Sold out | 200,000 | $18.0Mbefore exit |
| NMRA Neumora Therapeutics Inc. | call | Add +559.2% | 1,189,800 | $12.6M |
| FLNA Filana Therapeutics Inc. | put | New | 500,000 | $1.2M |
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 2026 | 66 | $6.8B | GH, IMVT, GPCR, PCVX, ALNY |
| Q1 2026 | 62 | $4.8B | GH, IMVT, TARS, PCVX, GPCR |
| Q4 2025 | 53 | $4.4B | IMVT, GH, GPCR, TARS, DVAX |
| Q3 2025 | 56 | $3.6B | GH, IONS, CYTK, AKRO, APLS |
| Q2 2025 | 65 | $3.1B | GH, IONS, PTGX, DVAX, INSM |
| Q1 2025 | 69 | $3.1B | ITCI, GH, DVAX, IMVT, PTGX |
| Q4 2024 | 61 | $2.7B | DVAX, GH, ITCI, IMVT, APLS |
| Q3 2024 | 69 | $3.1B | ARGX, DVAX, GH, APLS, IMVT |
| Q2 2024 | 67 | $3.3B | AMGN, ARGX, AXSM, DYN, SWTX |
| Q1 2024 | 65 | $3.5B | SWTX, AMGN, APGE, INSM, DYN |