Deep Track Capital, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Deep Track Capital, LP reported 69 stock positions worth $3.1 billion. Its top holding was Intra-Cellular Therapies (ITCI) at 8.5% of the portfolio, followed by Guardant Health (GH, 7.5%) and Dynavax Technologies (DVAX, 7.5%). Compared with Q4 2024, it opened 16 new positions, sold out of 8, added to 25 and reduced 8. The biggest buy was Protagonist Therapeutics (PTGX, shares +200%) and the biggest sale an exit from Springworks Therapeutics (SWTX).
- Most Recent 13F
- Q2 2026
- Location
- GREENWICH, CT
- CIK
- 0001856083
- Portfolio Value
- $3.1B (Q1 2025)
- SEC Filing
- 0001856083-25-000002 ↗ filed May 15, 2025
Holdings Value
Holdings 69 stocks · $3.1B
| ITCI Intra-Cellular Therapies Inc. | 8.54% | 2,000,000 | $263.8M | No change |
| GH Guardant Health Inc. | 7.51% | 5,443,721 | $231.9M | Reduce -15.2% |
| DVAX Dynavax Technologies Corp. | 7.47% | 17,791,486 | $230.8M | No change |
| IMVT Immunovant Inc. | 5.26% | 9,500,000 | $162.4M | Add +58.3% |
| PTGX Protagonist Therapeutics Inc. | 4.70% | 3,000,000 | $145.1M | Add +200.0% |
| IONS Ionis Pharmaceuticals Inc. | 4.46% | 4,564,207 | $137.7M | Add +136.0% |
| AKRO Akero Therapeutics Inc. | 4.21% | 3,210,270 | $130.0M | Add +115.5% |
| CYTK Cytokinetics Inc. | 4.00% | 3,073,853 | $123.5M | Add +22.9% |
| APLS Apellis Pharmaceuticals Inc. | 3.54% | 5,000,000 | $109.3M | Add +17.0% |
| OCUL Ocular Therapeutix Inc. | 3.39% | 14,294,420 | $104.8M | Add +11.4% |
| BBIO Bridgebio Pharma Inc. | 3.13% | 2,800,000 | $96.8M | Add +241.8% |
| TARS Tarsus Pharmaceuticals Inc. | 2.47% | 1,484,266 | $76.2M | New |
| VRDN Viridian Therapeutics Inc. | 2.35% | 5,380,449 | $72.5M | Add +19.0% |
| GPCR Structure Therapeutics Inc. | 2.30% | 4,100,000 | $71.0M | Add +46.4% |
| ETNB 89BIO Inc. | 2.19% | 9,316,333 | $67.7M | Add +43.8% |
| NRIX Nurix Therapeutics Inc. | 2.12% | 5,500,000 | $65.3M | Add +83.3% |
| GERN Geron Corp. | 1.97% | 38,176,251 | $60.7M | Add +851.7% |
| SRPT Sarepta Therapeutics Inc. | 1.86% | 899,731 | $57.4M | New |
| RARE Ultragenyx Pharmaceutical Inc. | 1.58% | 1,350,000 | $48.9M | Add +106.6% |
| ANIP Ani Pharmaceuticals Inc. | 1.52% | 700,000 | $46.9M | Add +7.8% |
| DNTH Dianthus Therapeutics Inc. | 1.38% | 2,357,702 | $42.8M | New |
| IMCR Immunocore Holdings PLC-ADR | 1.36% | 1,411,402 | $41.9M | Add +171.8% |
| CLDX Celldex Therapeutics Inc. | 1.18% | 2,000,000 | $36.3M | Add +29.9% |
| MAZE Maze Therapeutics Inc. | 1.17% | 3,269,126 | $36.0M | New |
| AMGN Amgen Inc. | 1.14% | 113,035 | $35.2M | New |
| XENE Xenon Pharmaceuticals Inc. | 1.09% | 1,000,000 | $33.5M | Add +491.3% |
| EWTX Edgewise Therapeutics Inc. | 1.00% | 1,400,000 | $30.8M | Add +97.1% |
| MTSR Metsera Inc. | 0.96% | 1,094,408 | $29.8M | New |
| PCVX Vaxcyte Inc. | 0.92% | 750,000 | $28.3M | New |
| AUTL Autolus Therapeutics PLC | 0.90% | 17,849,482 | $27.7M | Add +25.5% |
| BCAX Bicara Therapeutics Inc. | 0.84% | 2,000,000 | $26.1M | No change |
| CMPS Compass Pathways PLC | 0.82% | 8,859,648 | $25.3M | New |
| TECX Tectonic Therapeutic Inc. | 0.80% | 1,401,938 | $24.8M | New |
| ABVX Abivax SA-ADR | 0.72% | 3,579,209 | $22.4M | No change |
| MBX MBX Biosciences Inc. | 0.72% | 3,018,935 | $22.3M | No change |
| GHRS GH Research PLC | 0.71% | 2,000,000 | $22.1M | New |
| DYN Dyne Therapeutics Inc. | 0.68% | 2,000,000 | $20.9M | No change |
| ENGN Engene Holdings Inc. | 0.66% | 4,557,575 | $20.4M | No change |
| INSM Insmed Inc. | 0.63% | 254,751 | $19.4M | New |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 0.60% | 741,068 | $18.6M | Reduce -5.1% |
| SAGE Sage Therapeutics Inc. | 0.52% | 2,038,845 | $16.2M | New |
| TERN Terns Pharmaceuticals Inc. | 0.50% | 5,576,558 | $15.4M | No change |
| KRRO Korro Bio Inc. | 0.49% | 874,614 | $15.2M | No change |
| ORKA Oruka Therapeutics Inc. | 0.48% | 1,444,709 | $14.8M | Add +92.6% |
| MIND MEDICINE MINDMED INC | 0.47% | 2,500,000 | $14.6M | Reduce -11.2% |
| UPB Upstream Bio Inc. | 0.46% | 2,299,567 | $14.1M | Add +130.0% |
| OLMA Olema Pharmaceuticals Inc. | 0.42% | 3,442,833 | $12.9M | No change |
| SEPN Septerna Inc. | 0.36% | 1,912,929 | $11.1M | No change |
| NVAX Novavax Inc. | 0.32% | 1,518,182 | $9.7M | Reduce -24.1% |
| HELP Cybin Inc. | 0.31% | 1,529,987 | $9.7M | No change |
| RAPT THERAPEUTICS INC | 0.24% | 6,011,380 | $7.3M | No change |
| PLRX Pliant Therapeutics Inc. | 0.24% | 5,399,681 | $7.3M | Reduce -9.6% |
| AVTX Avalo Therapeutics Inc. | 0.22% | 859,876 | $6.9M | Reduce -0.8% |
| BCYC Bicycle Therapeutics PLC-ADR | 0.21% | 767,016 | $6.5M | Reduce -39.9% |
| BEAM Beam Therapeutics Inc. | 0.20% | 315,765 | $6.2M | New |
| IVVD Invivyd Inc. | 0.19% | 9,722,254 | $5.9M | Reduce -9.1% |
| XNCR Xencor Inc. | 0.19% | 549,439 | $5.8M | Add +9.9% |
| RGLS Regulus Therapeutics Inc. | 0.18% | 3,262,564 | $5.7M | No change |
| INO Inovio Pharmaceuticals Inc. | 0.16% | 3,119,162 | $5.1M | No change |
| RAPP Rapport Therapeutics Inc. | 0.15% | 457,556 | $4.6M | New |
| CNTX Context Therapeutics Inc. | 0.15% | 7,419,355 | $4.5M | No change |
| ZURA Zura Bio Ltd. | 0.14% | 3,283,783 | $4.2M | No change |
| ALGS Aligos Therapeutics Inc. | 0.12% | 444,110 | $3.7M | Add +81.9% |
| SYRE Spyre Therapeutics Inc. | 0.11% | 219,015 | $3.5M | No change |
| IKENA ONCOLOGY INC | 0.10% | 2,515,513 | $3.2M | New |
| OKUR Onkure Therapeutics Inc. Class A | 0.07% | 523,989 | $2.3M | No change |
| ALLK Allakos LLC | 0.05% | 7,232,701 | $1.6M | Add +26.8% |
| NGNE Neurogene Inc. | 0.04% | 116,660 | $1.4M | New |
| CLYM Climb Bio Inc. | 0.04% | 1,040,115 | $1.3M | No change |
Portfolio Sells Q4 2024 → Q1 2025
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −4.69 |
| PLRX Pliant Therapeutics Inc. | Reduce -9.6% | 0.24% | −2.71 |
| HRMY Harmony Biosciences Holdings | Sold out | 0.00% | −1.87 |
| NMRA Neumora Therapeutics Inc. | Sold out | 0.00% | −1.59 |
| GMAB Genmab A/S -SP ADR | Sold out | 0.00% | −1.56 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −1.48 |
| CNTA Centessa Pharmaceuticals Ltd. | Sold out | 0.00% | −0.85 |
| BCYC Bicycle Therapeutics PLC-ADR | Reduce -39.9% | 0.21% | −0.46 |
| NVAX Novavax Inc. | Reduce -24.1% | 0.32% | −0.29 |
| MIND MEDICINE MINDMED INC | Reduce -11.2% | 0.47% | −0.26 |
| LKFT Lakefront Biotherapeutic-ADR | Reduce -5.1% | 0.60% | −0.20 |
| FDMT 4D Molecular Therapeutics Inc. | Sold out | 0.00% | −0.13 |
| NKTR Nektar Therapeutics | Sold out | 0.00% | −0.07 |
| AVTX Avalo Therapeutics Inc. | Reduce -0.8% | 0.22% | −0.02 |
| IVVD Invivyd Inc. | Reduce -9.1% | 0.19% | +0.01 |
| GH Guardant Health Inc. | Reduce -15.2% | 7.51% | +0.16 |
Portfolio Buys Q4 2024 → Q1 2025
| PTGX Protagonist Therapeutics Inc. | Add +200.0% | 4.70% | +3.25 |
| AKRO Akero Therapeutics Inc. | Add +115.5% | 4.21% | +2.65 |
| TARS Tarsus Pharmaceuticals Inc. | New | 2.47% | +2.47 |
| BBIO Bridgebio Pharma Inc. | Add +241.8% | 3.13% | +2.29 |
| IONS Ionis Pharmaceuticals Inc. | Add +136.0% | 4.46% | +1.92 |
| SRPT Sarepta Therapeutics Inc. | New | 1.86% | +1.86 |
| GERN Geron Corp. | Add +851.7% | 1.97% | +1.43 |
| DNTH Dianthus Therapeutics Inc. | New | 1.38% | +1.38 |
| MAZE Maze Therapeutics Inc. | New | 1.17% | +1.17 |
| AMGN Amgen Inc. | New | 1.14% | +1.14 |
| MTSR Metsera Inc. | New | 0.96% | +0.96 |
| PCVX Vaxcyte Inc. | New | 0.92% | +0.92 |
| XENE Xenon Pharmaceuticals Inc. | Add +491.3% | 1.09% | +0.84 |
| CMPS Compass Pathways PLC | New | 0.82% | +0.82 |
| TECX Tectonic Therapeutic Inc. | New | 0.80% | +0.80 |
| IMCR Immunocore Holdings PLC-ADR | Add +171.8% | 1.36% | +0.78 |
| GHRS GH Research PLC | New | 0.71% | +0.71 |
| INSM Insmed Inc. | New | 0.63% | +0.63 |
| RARE Ultragenyx Pharmaceutical Inc. | Add +106.6% | 1.58% | +0.55 |
| SAGE Sage Therapeutics Inc. | New | 0.52% | +0.52 |
| ETNB 89BIO Inc. | Add +43.8% | 2.19% | +0.29 |
| EWTX Edgewise Therapeutics Inc. | Add +97.1% | 1.00% | +0.29 |
| BEAM Beam Therapeutics Inc. | New | 0.20% | +0.20 |
| ANIP Ani Pharmaceuticals Inc. | Add +7.8% | 1.52% | +0.17 |
| RAPP Rapport Therapeutics Inc. | New | 0.15% | +0.15 |
| IKENA ONCOLOGY INC | New | 0.10% | +0.10 |
| NGNE Neurogene Inc. | New | 0.04% | +0.04 |
| NRIX Nurix Therapeutics Inc. | Add +83.3% | 2.12% | −0.00 |
| ORKA Oruka Therapeutics Inc. | Add +92.6% | 0.48% | −0.07 |
| UPB Upstream Bio Inc. | Add +130.0% | 0.46% | −0.16 |
| ALLK Allakos LLC | Add +26.8% | 0.05% | −0.21 |
| XNCR Xencor Inc. | Add +9.9% | 0.19% | −0.24 |
| ALGS Aligos Therapeutics Inc. | Add +81.9% | 0.12% | −0.25 |
| CLDX Celldex Therapeutics Inc. | Add +29.9% | 1.18% | −0.28 |
| IMVT Immunovant Inc. | Add +58.3% | 5.26% | −0.31 |
| AUTL Autolus Therapeutics PLC | Add +25.5% | 0.90% | −0.36 |
| CYTK Cytokinetics Inc. | Add +22.9% | 4.00% | −0.41 |
| GPCR Structure Therapeutics Inc. | Add +46.4% | 2.30% | −0.55 |
| OCUL Ocular Therapeutix Inc. | Add +11.4% | 3.39% | −0.72 |
| VRDN Viridian Therapeutics Inc. | Add +19.0% | 2.35% | −0.90 |
| APLS Apellis Pharmaceuticals Inc. | Add +17.0% | 3.54% | −1.57 |
Options Activity Q4 2024 → Q1 2025
| NMRA Neumora Therapeutics Inc. | call | Sold out | 1,189,800 | $12.6Mbefore exit |
| FLNA Filana Therapeutics Inc. | put | Sold out | 500,000 | $1.2Mbefore 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 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 |