Deep Track Capital, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Deep Track Capital, LP reported 56 stock positions worth $3.6 billion. Its top holding was Guardant Health (GH) at 7.2% of the portfolio, followed by Ionis Pharmaceuticals (IONS, 7.0%) and Cytokinetics (CYTK, 6.6%). Compared with Q2 2025, it opened 12 new positions, sold out of 21, added to 12 and reduced 21. The biggest buy was Cytokinetics (CYTK, shares +18%) and the biggest sale an exit from Insmed (INSM).
- Most Recent 13F
- Q2 2026
- Location
- GREENWICH, CT
- CIK
- 0001856083
- Portfolio Value
- $3.6B (Q3 2025)
- SEC Filing
- 0001856083-25-000006 ↗ filed Nov 14, 2025
Holdings Value
Holdings 56 stocks · $3.6B
| GH Guardant Health Inc. | 7.24% | 4,154,086 | $259.5M | Reduce -2.3% |
| IONS Ionis Pharmaceuticals Inc. | 6.95% | 3,808,144 | $249.1M | Reduce -22.1% |
| CYTK Cytokinetics Inc. | 6.60% | 4,300,000 | $236.3M | Add +17.8% |
| AKRO Akero Therapeutics Inc. | 5.30% | 4,000,978 | $190.0M | Add +31.5% |
| APLS Apellis Pharmaceuticals Inc. | 5.05% | 8,000,382 | $181.0M | Add +14.3% |
| TARS Tarsus Pharmaceuticals Inc. | 4.98% | 3,000,000 | $178.3M | Add +71.4% |
| IMVT Immunovant Inc. | 4.38% | 9,728,845 | $156.8M | Add +2.4% |
| DVAX Dynavax Technologies Corp. | 4.36% | 15,726,349 | $156.2M | Reduce -11.6% |
| OCUL Ocular Therapeutix Inc. | 3.89% | 11,932,137 | $139.5M | Reduce -16.5% |
| ETNB 89BIO Inc. | 3.84% | 9,356,171 | $137.5M | Reduce -1.5% |
| GPCR Structure Therapeutics Inc. | 3.29% | 4,215,811 | $118.0M | Reduce -17.9% |
| VRDN Viridian Therapeutics Inc. | 3.24% | 5,380,449 | $116.1M | No change |
| PTGX Protagonist Therapeutics Inc. | 3.18% | 1,715,691 | $114.0M | Reduce -47.1% |
| AXSM Axsome Therapeutics Inc. | 3.05% | 900,000 | $109.3M | Add +12.3% |
| PCVX Vaxcyte Inc. | 3.02% | 3,000,000 | $108.1M | Add +39.5% |
| MAZE Maze Therapeutics Inc. | 2.86% | 3,948,910 | $102.4M | No change |
| IMCR Immunocore Holdings PLC-ADR | 1.82% | 1,800,000 | $65.4M | No change |
| BBIO Bridgebio Pharma Inc. | 1.74% | 1,200,000 | $62.3M | Add +33.3% |
| GERN Geron Corp. | 1.57% | 41,096,522 | $56.3M | Reduce -4.4% |
| TERN Terns Pharmaceuticals Inc. | 1.57% | 7,495,000 | $56.3M | No change |
| NRIX Nurix Therapeutics Inc. | 1.56% | 6,057,024 | $56.0M | Reduce -0.1% |
| MBX MBX Biosciences Inc. | 1.54% | 3,150,000 | $55.1M | Add +43.9% |
| EXAS Exact Sciences Corp. | 1.53% | 1,000,000 | $54.7M | New |
| LBRX LB Pharmaceuticals Inc. | 1.48% | 3,352,804 | $52.9M | New |
| CLDX Celldex Therapeutics Inc. | 1.44% | 2,000,000 | $51.7M | No change |
| ORKA Oruka Therapeutics Inc. | 1.42% | 2,654,781 | $51.1M | Add +38.4% |
| XENE Xenon Pharmaceuticals Inc. | 1.34% | 1,200,000 | $48.2M | Reduce -11.1% |
| CMPS Compass Pathways PLC | 1.26% | 7,859,648 | $45.0M | Reduce -11.0% |
| ANIP Ani Pharmaceuticals Inc. | 1.15% | 450,000 | $41.2M | Reduce -35.7% |
| BCAX Bicara Therapeutics Inc. | 1.07% | 2,426,657 | $38.3M | No change |
| OLMA Olema Pharmaceuticals Inc. | 0.95% | 3,470,172 | $34.0M | Add +0.8% |
| CDTX Cidara Therapeutics Inc. | 0.80% | 300,000 | $28.7M | Add +20.0% |
| QURE Uniqure NV | 0.79% | 483,092 | $28.2M | New |
| DYN Dyne Therapeutics Inc. | 0.71% | 2,000,000 | $25.3M | New |
| JBIO Jade Biosciences Inc. | 0.55% | 2,279,892 | $19.7M | Reduce -9.1% |
| RAPT Rapt Therapeutics Inc. | 0.54% | 751,422 | $19.4M | No change |
| GHRS GH Research PLC | 0.50% | 1,250,000 | $17.9M | Reduce -37.5% |
| MIND MEDICINE MINDMED INC | 0.49% | 1,500,000 | $17.7M | Reduce -40.0% |
| ENGN Engene Holdings Inc. | 0.43% | 2,239,353 | $15.3M | Reduce -50.9% |
| GMAB Genmab A/S -SP ADR | 0.41% | 481,267 | $14.8M | New |
| TNGX Tango Therapeutics Inc. | 0.34% | 1,454,562 | $12.2M | New |
| CNTX Context Therapeutics Inc. | 0.20% | 7,419,355 | $7.2M | No change |
| IMA Imagenebio Inc. | 0.20% | 878,516 | $7.2M | New |
| XNCR Xencor Inc. | 0.18% | 549,439 | $6.4M | No change |
| HELP Cybin Inc. | 0.16% | 1,000,000 | $5.9M | Reduce -34.6% |
| CRMD Cormedix Inc. | 0.16% | 500,000 | $5.8M | New |
| PEPG Pepgen Inc. | 0.15% | 1,200,000 | $5.5M | New |
| CBIO Crescent Biopharma Inc. | 0.15% | 453,686 | $5.4M | No change |
| ALGS Aligos Therapeutics Inc. | 0.12% | 444,110 | $4.4M | No change |
| AUTL Autolus Therapeutics PLC | 0.12% | 2,568,613 | $4.2M | Reduce -84.8% |
| XFOR X4 Pharmaceuticals Inc. | 0.11% | 1,122,484 | $3.8M | New |
| ACAD Acadia Pharmaceuticals Inc. | 0.06% | 105,085 | $2.2M | New |
| AVTX Avalo Therapeutics Inc. | 0.05% | 144,600 | $1.8M | Reduce -74.5% |
| BMRN Biomarin Pharmaceutical Inc. | 0.04% | 24,856 | $1.3M | New |
| ZURA Zura Bio Ltd. | 0.03% | 259,014 | $1.1M | Reduce -85.0% |
| CLYM Climb Bio Inc. | 0.03% | 509,789 | $1.0M | Reduce -51.0% |
Portfolio Sells Q2 2025 → Q3 2025
| INSM Insmed Inc. | Sold out | 0.00% | −5.66 |
| PTGX Protagonist Therapeutics Inc. | Reduce -47.1% | 3.18% | −2.59 |
| RARE Ultragenyx Pharmaceutical Inc. | Sold out | 0.00% | −1.58 |
| DNTH Dianthus Therapeutics Inc. | Sold out | 0.00% | −1.34 |
| DVAX Dynavax Technologies Corp. | Reduce -11.6% | 4.36% | −1.32 |
| AUTL Autolus Therapeutics PLC | Reduce -84.8% | 0.12% | −1.12 |
| MTSR Metsera Inc. | Sold out | 0.00% | −1.00 |
| TECX Tectonic Therapeutic Inc. | Sold out | 0.00% | −0.90 |
| ABVX Abivax SA-ADR | Sold out | 0.00% | −0.86 |
| NRIX Nurix Therapeutics Inc. | Reduce -0.1% | 1.56% | −0.66 |
| UPB Upstream Bio Inc. | Sold out | 0.00% | −0.51 |
| MRUS Merus NV | Sold out | 0.00% | −0.47 |
| GERN Geron Corp. | Reduce -4.4% | 1.57% | −0.38 |
| OCUL Ocular Therapeutix Inc. | Reduce -16.5% | 3.89% | −0.37 |
| ANIP Ani Pharmaceuticals Inc. | Reduce -35.7% | 1.15% | −0.32 |
| GHRS GH Research PLC | Reduce -37.5% | 0.50% | −0.28 |
| BCYC Bicycle Therapeutics PLC-ADR | Sold out | 0.00% | −0.27 |
| JBIO Jade Biosciences Inc. | Reduce -9.1% | 0.55% | −0.26 |
| HELP Cybin Inc. | Reduce -34.6% | 0.16% | −0.25 |
| CNTA Centessa Pharmaceuticals Ltd. | Sold out | 0.00% | −0.21 |
| NVAX Novavax Inc. | Sold out | 0.00% | −0.20 |
| IVVD Invivyd Inc. | Sold out | 0.00% | −0.20 |
| PLRX Pliant Therapeutics Inc. | Sold out | 0.00% | −0.15 |
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −0.14 |
| INO Inovio Pharmaceuticals Inc. | Sold out | 0.00% | −0.13 |
| GPCR Structure Therapeutics Inc. | Reduce -17.9% | 3.29% | −0.13 |
| KRRO Korro Bio Inc. | Sold out | 0.00% | −0.11 |
| IKENA ONCOLOGY INC | Sold out | 0.00% | −0.11 |
| ENGN Engene Holdings Inc. | Reduce -50.9% | 0.43% | −0.11 |
| SYRE Spyre Therapeutics Inc. | Sold out | 0.00% | −0.11 |
| SEPN Septerna Inc. | Sold out | 0.00% | −0.04 |
| AVTX Avalo Therapeutics Inc. | Reduce -74.5% | 0.05% | −0.04 |
| RAPP Rapport Therapeutics Inc. | Sold out | 0.00% | −0.04 |
| MIND MEDICINE MINDMED INC | Reduce -40.0% | 0.49% | −0.03 |
| ZURA Zura Bio Ltd. | Reduce -85.0% | 0.03% | −0.03 |
| OKUR Onkure Therapeutics Inc. Class A | Sold out | 0.00% | −0.01 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -11.1% | 1.34% | −0.01 |
| CLYM Climb Bio Inc. | Reduce -51.0% | 0.03% | −0.01 |
| GH Guardant Health Inc. | Reduce -2.3% | 7.24% | +0.13 |
| CMPS Compass Pathways PLC | Reduce -11.0% | 1.26% | +0.46 |
| IONS Ionis Pharmaceuticals Inc. | Reduce -22.1% | 6.95% | +0.74 |
| ETNB 89BIO Inc. | Reduce -1.5% | 3.84% | +0.84 |
Portfolio Buys Q2 2025 → Q3 2025
| CYTK Cytokinetics Inc. | Add +17.8% | 6.60% | +2.72 |
| TARS Tarsus Pharmaceuticals Inc. | Add +71.4% | 4.98% | +2.70 |
| EXAS Exact Sciences Corp. | New | 1.53% | +1.53 |
| LBRX LB Pharmaceuticals Inc. | New | 1.48% | +1.48 |
| APLS Apellis Pharmaceuticals Inc. | Add +14.3% | 5.05% | +1.16 |
| QURE Uniqure NV | New | 0.79% | +0.79 |
| PCVX Vaxcyte Inc. | Add +39.5% | 3.02% | +0.77 |
| MBX MBX Biosciences Inc. | Add +43.9% | 1.54% | +0.74 |
| ORKA Oruka Therapeutics Inc. | Add +38.4% | 1.42% | +0.73 |
| DYN Dyne Therapeutics Inc. | New | 0.71% | +0.71 |
| BBIO Bridgebio Pharma Inc. | Add +33.3% | 1.74% | +0.49 |
| OLMA Olema Pharmaceuticals Inc. | Add +0.8% | 0.95% | +0.48 |
| GMAB Genmab A/S -SP ADR | New | 0.41% | +0.41 |
| CDTX Cidara Therapeutics Inc. | Add +20.0% | 0.80% | +0.41 |
| AXSM Axsome Therapeutics Inc. | Add +12.3% | 3.05% | +0.36 |
| TNGX Tango Therapeutics Inc. | New | 0.34% | +0.34 |
| IMA Imagenebio Inc. | New | 0.20% | +0.20 |
| CRMD Cormedix Inc. | New | 0.16% | +0.16 |
| PEPG Pepgen Inc. | New | 0.15% | +0.15 |
| XFOR X4 Pharmaceuticals Inc. | New | 0.11% | +0.11 |
| AKRO Akero Therapeutics Inc. | Add +31.5% | 5.30% | +0.08 |
| ACAD Acadia Pharmaceuticals Inc. | New | 0.06% | +0.06 |
| BMRN Biomarin Pharmaceutical Inc. | New | 0.04% | +0.04 |
| IMVT Immunovant Inc. | Add +2.4% | 4.38% | −0.51 |
Options Activity Q2 2025 → Q3 2025
| SRPT Sarepta Therapeutics Inc. | put | Sold out | 450,000 | $7.7Mbefore 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 |