Deep Track Capital, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Deep Track Capital, LP reported 65 stock positions worth $3.1 billion. Its top holding was Guardant Health (GH) at 7.1% of the portfolio, followed by Ionis Pharmaceuticals (IONS, 6.2%) and Protagonist Therapeutics (PTGX, 5.8%). Compared with Q1 2025, it opened 7 new positions, sold out of 11, added to 18 and reduced 20. The biggest buy was Insmed (INSM, shares +587%) and the biggest sale an exit from Intra-Cellular Therapies (ITCI).
- Most Recent 13F
- Q2 2026
- Location
- GREENWICH, CT
- CIK
- 0001856083
- Portfolio Value
- $3.1B (Q2 2025)
- SEC Filing
- 0001856083-25-000004 ↗ filed Aug 14, 2025
Holdings Value
Holdings 65 stocks · $3.1B
| GH Guardant Health Inc. | 7.11% | 4,250,000 | $221.2M | Reduce -21.9% |
| IONS Ionis Pharmaceuticals Inc. | 6.21% | 4,891,544 | $193.3M | Add +7.2% |
| PTGX Protagonist Therapeutics Inc. | 5.77% | 3,245,899 | $179.4M | Add +8.2% |
| DVAX Dynavax Technologies Corp. | 5.67% | 17,791,486 | $176.5M | No change |
| INSM Insmed Inc. | 5.66% | 1,750,000 | $176.1M | Add +587.0% |
| AKRO Akero Therapeutics Inc. | 5.22% | 3,042,598 | $162.4M | Reduce -5.2% |
| IMVT Immunovant Inc. | 4.89% | 9,500,000 | $152.0M | No change |
| OCUL Ocular Therapeutix Inc. | 4.26% | 14,294,420 | $132.7M | No change |
| APLS Apellis Pharmaceuticals Inc. | 3.90% | 7,000,000 | $121.2M | Add +40.0% |
| CYTK Cytokinetics Inc. | 3.88% | 3,650,000 | $120.6M | Add +18.7% |
| GPCR Structure Therapeutics Inc. | 3.42% | 5,133,917 | $106.5M | Add +25.2% |
| ETNB 89BIO Inc. | 3.00% | 9,500,000 | $93.3M | Add +2.0% |
| AXSM Axsome Therapeutics Inc. | 2.69% | 801,371 | $83.7M | New |
| VRDN Viridian Therapeutics Inc. | 2.42% | 5,380,449 | $75.2M | No change |
| TARS Tarsus Pharmaceuticals Inc. | 2.28% | 1,750,000 | $70.9M | Add +17.9% |
| PCVX Vaxcyte Inc. | 2.25% | 2,150,000 | $69.9M | Add +186.7% |
| NRIX Nurix Therapeutics Inc. | 2.22% | 6,064,910 | $69.1M | Add +10.3% |
| GERN Geron Corp. | 1.95% | 43,000,000 | $60.6M | Add +12.6% |
| IMCR Immunocore Holdings PLC-ADR | 1.82% | 1,800,000 | $56.5M | Add +27.5% |
| RARE Ultragenyx Pharmaceutical Inc. | 1.58% | 1,350,000 | $49.1M | No change |
| MAZE Maze Therapeutics Inc. | 1.56% | 3,948,910 | $48.5M | Add +20.8% |
| ANIP Ani Pharmaceuticals Inc. | 1.47% | 700,000 | $45.7M | No change |
| XENE Xenon Pharmaceuticals Inc. | 1.36% | 1,350,000 | $42.3M | Add +35.0% |
| DNTH Dianthus Therapeutics Inc. | 1.34% | 2,233,148 | $41.6M | Reduce -5.3% |
| CLDX Celldex Therapeutics Inc. | 1.31% | 2,000,000 | $40.7M | No change |
| BBIO Bridgebio Pharma Inc. | 1.25% | 900,000 | $38.9M | Reduce -67.9% |
| AUTL Autolus Therapeutics PLC | 1.24% | 16,852,147 | $38.4M | Reduce -5.6% |
| MTSR Metsera Inc. | 1.00% | 1,094,408 | $31.1M | No change |
| TERN Terns Pharmaceuticals Inc. | 0.90% | 7,495,000 | $28.0M | Add +34.4% |
| TECX Tectonic Therapeutic Inc. | 0.90% | 1,401,938 | $27.9M | No change |
| ABVX Abivax SA-ADR | 0.86% | 3,480,144 | $26.6M | Reduce -2.8% |
| JBIO Jade Biosciences Inc. | 0.81% | 2,509,301 | $25.1M | New |
| MBX MBX Biosciences Inc. | 0.80% | 2,188,592 | $25.0M | Reduce -27.5% |
| CMPS Compass Pathways PLC | 0.79% | 8,831,007 | $24.7M | Reduce -0.3% |
| GHRS GH Research PLC | 0.78% | 2,000,000 | $24.4M | No change |
| BCAX Bicara Therapeutics Inc. | 0.72% | 2,426,657 | $22.5M | Add +21.3% |
| ORKA Oruka Therapeutics Inc. | 0.69% | 1,918,798 | $21.5M | Add +32.8% |
| ENGN Engene Holdings Inc. | 0.53% | 4,557,575 | $16.6M | No change |
| MIND MEDICINE MINDMED INC | 0.52% | 2,500,000 | $16.2M | No change |
| UPB Upstream Bio Inc. | 0.51% | 1,442,767 | $15.8M | Reduce -37.3% |
| OLMA Olema Pharmaceuticals Inc. | 0.47% | 3,442,833 | $14.7M | No change |
| MRUS Merus NV | 0.47% | 275,000 | $14.5M | New |
| HELP Cybin Inc. | 0.41% | 1,529,987 | $12.8M | No change |
| CDTX Cidara Therapeutics Inc. | 0.39% | 250,000 | $12.2M | New |
| BCYC Bicycle Therapeutics PLC-ADR | 0.27% | 1,203,244 | $8.4M | Add +56.9% |
| CBIO Crescent Biopharma Inc. | 0.24% | 453,686 | $7.3M | New |
| CNTA Centessa Pharmaceuticals Ltd. | 0.21% | 500,000 | $6.6M | New |
| NVAX Novavax Inc. | 0.20% | 998,542 | $6.3M | Reduce -34.2% |
| IVVD Invivyd Inc. | 0.20% | 8,585,980 | $6.1M | Reduce -11.7% |
| RAPT Rapt Therapeutics Inc. | 0.19% | 751,422 | $6.0M | New |
| CNTX Context Therapeutics Inc. | 0.16% | 7,419,355 | $4.9M | No change |
| PLRX Pliant Therapeutics Inc. | 0.15% | 3,947,807 | $4.6M | Reduce -26.9% |
| SRPT Sarepta Therapeutics Inc. | 0.14% | 259,800 | $4.4M | Reduce -71.1% |
| XNCR Xencor Inc. | 0.14% | 549,439 | $4.3M | No change |
| INO Inovio Pharmaceuticals Inc. | 0.13% | 1,981,370 | $4.0M | Reduce -36.5% |
| KRRO Korro Bio Inc. | 0.11% | 277,966 | $3.5M | Reduce -68.2% |
| IKENA ONCOLOGY INC | 0.11% | 2,515,513 | $3.4M | No change |
| SYRE Spyre Therapeutics Inc. | 0.11% | 219,015 | $3.3M | No change |
| ALGS Aligos Therapeutics Inc. | 0.10% | 444,110 | $3.2M | No change |
| AVTX Avalo Therapeutics Inc. | 0.09% | 567,103 | $2.8M | Reduce -34.0% |
| ZURA Zura Bio Ltd. | 0.06% | 1,727,562 | $1.8M | Reduce -47.4% |
| CLYM Climb Bio Inc. | 0.04% | 1,040,115 | $1.3M | No change |
| SEPN Septerna Inc. | 0.04% | 121,716 | $1.3M | Reduce -93.6% |
| RAPP Rapport Therapeutics Inc. | 0.04% | 98,237 | $1.1M | Reduce -78.5% |
| OKUR Onkure Therapeutics Inc. Class A | 0.01% | 180,510 | $431K | Reduce -65.5% |
Options reported separately and not counted above: SRPT puts ($7.7M).
Portfolio Sells Q1 2025 → Q2 2025
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −8.54 |
| BBIO Bridgebio Pharma Inc. | Reduce -67.9% | 1.25% | −1.89 |
| SRPT Sarepta Therapeutics Inc. | Reduce -71.1% | 0.14% | −1.72 |
| AMGN Amgen Inc. | Sold out | 0.00% | −1.14 |
| EWTX Edgewise Therapeutics Inc. | Sold out | 0.00% | −1.00 |
| DYN Dyne Therapeutics Inc. | Sold out | 0.00% | −0.68 |
| LKFT Lakefront Biotherapeutic-ADR | Sold out | 0.00% | −0.60 |
| SAGE Sage Therapeutics Inc. | Sold out | 0.00% | −0.52 |
| GH Guardant Health Inc. | Reduce -21.9% | 7.11% | −0.40 |
| KRRO Korro Bio Inc. | Reduce -68.2% | 0.11% | −0.38 |
| SEPN Septerna Inc. | Reduce -93.6% | 0.04% | −0.32 |
| RAPT THERAPEUTICS INC | Sold out | 0.00% | −0.24 |
| BEAM Beam Therapeutics Inc. | Sold out | 0.00% | −0.20 |
| RGLS Regulus Therapeutics Inc. | Sold out | 0.00% | −0.18 |
| AVTX Avalo Therapeutics Inc. | Reduce -34.0% | 0.09% | −0.13 |
| NVAX Novavax Inc. | Reduce -34.2% | 0.20% | −0.11 |
| RAPP Rapport Therapeutics Inc. | Reduce -78.5% | 0.04% | −0.11 |
| PLRX Pliant Therapeutics Inc. | Reduce -26.9% | 0.15% | −0.09 |
| ZURA Zura Bio Ltd. | Reduce -47.4% | 0.06% | −0.08 |
| OKUR Onkure Therapeutics Inc. Class A | Reduce -65.5% | 0.01% | −0.06 |
| ALLK Allakos LLC | Sold out | 0.00% | −0.05 |
| DNTH Dianthus Therapeutics Inc. | Reduce -5.3% | 1.34% | −0.05 |
| NGNE Neurogene Inc. | Sold out | 0.00% | −0.04 |
| INO Inovio Pharmaceuticals Inc. | Reduce -36.5% | 0.13% | −0.04 |
| CMPS Compass Pathways PLC | Reduce -0.3% | 0.79% | −0.03 |
| IVVD Invivyd Inc. | Reduce -11.7% | 0.20% | +0.01 |
| UPB Upstream Bio Inc. | Reduce -37.3% | 0.51% | +0.05 |
| MBX MBX Biosciences Inc. | Reduce -27.5% | 0.80% | +0.08 |
| ABVX Abivax SA-ADR | Reduce -2.8% | 0.86% | +0.13 |
| AUTL Autolus Therapeutics PLC | Reduce -5.6% | 1.24% | +0.34 |
| AKRO Akero Therapeutics Inc. | Reduce -5.2% | 5.22% | +1.01 |
Portfolio Buys Q1 2025 → Q2 2025
| INSM Insmed Inc. | Add +587.0% | 5.66% | +5.03 |
| AXSM Axsome Therapeutics Inc. | New | 2.69% | +2.69 |
| IONS Ionis Pharmaceuticals Inc. | Add +7.2% | 6.21% | +1.75 |
| PCVX Vaxcyte Inc. | Add +186.7% | 2.25% | +1.33 |
| GPCR Structure Therapeutics Inc. | Add +25.2% | 3.42% | +1.13 |
| PTGX Protagonist Therapeutics Inc. | Add +8.2% | 5.77% | +1.07 |
| ETNB 89BIO Inc. | Add +2.0% | 3.00% | +0.81 |
| JBIO Jade Biosciences Inc. | New | 0.81% | +0.81 |
| MRUS Merus NV | New | 0.47% | +0.47 |
| IMCR Immunocore Holdings PLC-ADR | Add +27.5% | 1.82% | +0.46 |
| TERN Terns Pharmaceuticals Inc. | Add +34.4% | 0.90% | +0.40 |
| MAZE Maze Therapeutics Inc. | Add +20.8% | 1.56% | +0.39 |
| CDTX Cidara Therapeutics Inc. | New | 0.39% | +0.39 |
| APLS Apellis Pharmaceuticals Inc. | Add +40.0% | 3.90% | +0.35 |
| XENE Xenon Pharmaceuticals Inc. | Add +35.0% | 1.36% | +0.27 |
| CBIO Crescent Biopharma Inc. | New | 0.24% | +0.24 |
| ORKA Oruka Therapeutics Inc. | Add +32.8% | 0.69% | +0.21 |
| CNTA Centessa Pharmaceuticals Ltd. | New | 0.21% | +0.21 |
| RAPT Rapt Therapeutics Inc. | New | 0.19% | +0.19 |
| NRIX Nurix Therapeutics Inc. | Add +10.3% | 2.22% | +0.10 |
| BCYC Bicycle Therapeutics PLC-ADR | Add +56.9% | 0.27% | +0.06 |
| GERN Geron Corp. | Add +12.6% | 1.95% | −0.02 |
| BCAX Bicara Therapeutics Inc. | Add +21.3% | 0.72% | −0.12 |
| CYTK Cytokinetics Inc. | Add +18.7% | 3.88% | −0.12 |
| TARS Tarsus Pharmaceuticals Inc. | Add +17.9% | 2.28% | −0.19 |
Options Activity Q1 2025 → Q2 2025
| SRPT Sarepta Therapeutics Inc. | put | New | 450,000 | $7.7M |
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 |