Deep Track Capital, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Deep Track Capital, LP reported 53 stock positions worth $4.4 billion. Its top holding was Immunovant (IMVT) at 6.7% of the portfolio, followed by Guardant Health (GH, 6.5%) and Structure Therapeutics (GPCR, 6.5%). Compared with Q3 2025, it opened 15 new positions, sold out of 18, added to 18 and reduced 15. The biggest buy was a new position in Vera Therapeutics (VERA) and the biggest sale an exit from Akero Therapeutics (AKRO).
- Most Recent 13F
- Q2 2026
- Location
- GREENWICH, CT
- CIK
- 0001856083
- Portfolio Value
- $4.4B (Q4 2025)
- SEC Filing
- 0001856083-26-000001 ↗ filed Feb 13, 2026
Holdings Value
Holdings 53 stocks · $4.4B
| IMVT Immunovant Inc. | 6.68% | 11,526,971 | $293.0M | Add +18.5% |
| GH Guardant Health Inc. | 6.52% | 2,800,000 | $286.0M | Reduce -32.6% |
| GPCR Structure Therapeutics Inc. | 6.52% | 4,111,782 | $286.0M | Reduce -2.5% |
| TARS Tarsus Pharmaceuticals Inc. | 5.61% | 3,004,034 | $246.0M | Add +0.1% |
| DVAX Dynavax Technologies Corp. | 5.52% | 15,726,349 | $241.9M | No change |
| CYTK Cytokinetics Inc. | 4.84% | 3,336,998 | $212.0M | Reduce -22.4% |
| AXSM Axsome Therapeutics Inc. | 4.79% | 1,150,000 | $210.0M | Add +27.8% |
| APLS Apellis Pharmaceuticals Inc. | 4.44% | 7,750,000 | $194.7M | Reduce -3.1% |
| PCVX Vaxcyte Inc. | 4.21% | 4,000,000 | $184.6M | Add +33.3% |
| MAZE Maze Therapeutics Inc. | 4.01% | 4,246,440 | $175.9M | Add +7.5% |
| VERA Vera Therapeutics Inc. | 3.26% | 2,821,135 | $142.9M | New |
| BMRN Biomarin Pharmaceutical Inc. | 3.12% | 2,300,000 | $136.7M | Add +9153.3% |
| IONS Ionis Pharmaceuticals Inc. | 3.07% | 1,700,000 | $134.5M | Reduce -55.4% |
| NRIX Nurix Therapeutics Inc. | 3.04% | 7,036,455 | $133.5M | Add +16.2% |
| MBX MBX Biosciences Inc. | 2.34% | 3,249,790 | $102.5M | Add +3.2% |
| OCUL Ocular Therapeutix Inc. | 2.23% | 8,070,414 | $98.0M | Reduce -32.4% |
| GRAL Grail Inc. | 2.00% | 1,022,797 | $87.5M | New |
| VRDN Viridian Therapeutics Inc. | 1.79% | 2,524,833 | $78.6M | Reduce -53.1% |
| LBRX LB Pharmaceuticals Inc. | 1.70% | 3,352,804 | $74.6M | No change |
| IMCR Immunocore Holdings PLC-ADR | 1.59% | 2,003,978 | $69.6M | Add +11.3% |
| ORKA Oruka Therapeutics Inc. | 1.49% | 2,161,510 | $65.5M | Reduce -18.6% |
| BBIO Bridgebio Pharma Inc. | 1.41% | 810,142 | $62.0M | Reduce -32.5% |
| CRMD Cormedix Inc. | 1.40% | 5,274,076 | $61.3M | Add +954.8% |
| MLTX Moonlake Immunotherapeutics | 1.39% | 4,610,071 | $60.8M | New |
| ALKS Alkermes PLC | 1.28% | 2,000,000 | $56.0M | New |
| DYN Dyne Therapeutics Inc. | 1.18% | 2,650,000 | $51.8M | Add +32.5% |
| CLDX Celldex Therapeutics Inc. | 1.18% | 1,900,738 | $51.6M | Reduce -5.0% |
| CMPS Compass Pathways PLC | 1.15% | 7,334,323 | $50.6M | Reduce -6.7% |
| CNTA Centessa Pharmaceuticals Ltd. | 1.14% | 2,000,000 | $50.0M | New |
| SLNO Soleno Therapeutics Inc. | 1.06% | 1,000,000 | $46.3M | New |
| VSTM Verastem Inc. | 1.01% | 5,740,850 | $44.3M | New |
| BCAX Bicara Therapeutics Inc. | 1.00% | 2,614,004 | $44.0M | Add +7.7% |
| GERN Geron Corp. | 0.98% | 32,511,271 | $42.9M | Reduce -20.9% |
| ENGN Engene Holdings Inc. | 0.90% | 4,377,572 | $39.5M | Add +95.5% |
| ANIP Ani Pharmaceuticals Inc. | 0.86% | 477,684 | $37.7M | Add +6.2% |
| TERN Terns Pharmaceuticals Inc. | 0.71% | 769,048 | $31.1M | Reduce -89.7% |
| ENTA Enanta Pharmaceuticals Inc. | 0.70% | 1,956,867 | $30.9M | New |
| MIND MEDICINE MINDMED INC | 0.51% | 1,676,540 | $22.4M | Add +11.8% |
| TNGX Tango Therapeutics Inc. | 0.50% | 2,454,562 | $21.7M | Add +68.8% |
| XFOR X4 Pharmaceuticals Inc. | 0.46% | 5,013,661 | $20.1M | Add +346.7% |
| ATAIBECKLEY INC | 0.44% | 4,677,289 | $19.1M | New |
| XENE Xenon Pharmaceuticals Inc. | 0.37% | 366,435 | $16.4M | Reduce -69.5% |
| COGT Cogent Biosciences Inc. | 0.37% | 453,102 | $16.1M | New |
| HELP Cybin Inc. | 0.35% | 1,854,255 | $15.2M | Add +85.4% |
| CNTX Context Therapeutics Inc. | 0.25% | 7,419,355 | $10.9M | No change |
| MNPR Monopar Therapeutics Inc. | 0.14% | 95,408 | $6.2M | New |
| CBIO Crescent Biopharma Inc. | 0.12% | 453,686 | $5.4M | No change |
| ALGS Aligos Therapeutics Inc. | 0.09% | 444,110 | $4.1M | No change |
| BLLN Billiontoone Inc. Class A | 0.09% | 50,000 | $4.1M | New |
| RAPT Rapt Therapeutics Inc. | 0.09% | 110,448 | $3.7M | Reduce -85.3% |
| IVA Inventiva SA - ADR | 0.05% | 490,000 | $2.3M | New |
| JANX Janux Therapeutics Inc. | 0.03% | 89,589 | $1.2M | New |
| ANL Adlai Nortye Group Ltd. | 0.00% | 34,852 | $49K | New |
Options reported separately and not counted above: XBI puts ($1.2B), BHVN calls ($5.6M).
Portfolio Sells Q3 2025 → Q4 2025
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −5.30 |
| IONS Ionis Pharmaceuticals Inc. | Reduce -55.4% | 3.07% | −3.88 |
| ETNB 89BIO Inc. | Sold out | 0.00% | −3.84 |
| PTGX Protagonist Therapeutics Inc. | Sold out | 0.00% | −3.18 |
| CYTK Cytokinetics Inc. | Reduce -22.4% | 4.84% | −1.76 |
| OCUL Ocular Therapeutix Inc. | Reduce -32.4% | 2.23% | −1.66 |
| EXAS Exact Sciences Corp. | Sold out | 0.00% | −1.53 |
| VRDN Viridian Therapeutics Inc. | Reduce -53.1% | 1.79% | −1.45 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -69.5% | 0.37% | −0.97 |
| OLMA Olema Pharmaceuticals Inc. | Sold out | 0.00% | −0.95 |
| TERN Terns Pharmaceuticals Inc. | Reduce -89.7% | 0.71% | −0.86 |
| CDTX Cidara Therapeutics Inc. | Sold out | 0.00% | −0.80 |
| QURE Uniqure NV | Sold out | 0.00% | −0.79 |
| GH Guardant Health Inc. | Reduce -32.6% | 6.52% | −0.72 |
| APLS Apellis Pharmaceuticals Inc. | Reduce -3.1% | 4.44% | −0.61 |
| GERN Geron Corp. | Reduce -20.9% | 0.98% | −0.59 |
| JBIO Jade Biosciences Inc. | Sold out | 0.00% | −0.55 |
| GHRS GH Research PLC | Sold out | 0.00% | −0.50 |
| RAPT Rapt Therapeutics Inc. | Reduce -85.3% | 0.09% | −0.46 |
| GMAB Genmab A/S -SP ADR | Sold out | 0.00% | −0.41 |
| BBIO Bridgebio Pharma Inc. | Reduce -32.5% | 1.41% | −0.33 |
| CLDX Celldex Therapeutics Inc. | Reduce -5.0% | 1.18% | −0.27 |
| IMA Imagenebio Inc. | Sold out | 0.00% | −0.20 |
| XNCR Xencor Inc. | Sold out | 0.00% | −0.18 |
| PEPG Pepgen Inc. | Sold out | 0.00% | −0.15 |
| AUTL Autolus Therapeutics PLC | Sold out | 0.00% | −0.12 |
| CMPS Compass Pathways PLC | Reduce -6.7% | 1.15% | −0.10 |
| ACAD Acadia Pharmaceuticals Inc. | Sold out | 0.00% | −0.06 |
| AVTX Avalo Therapeutics Inc. | Sold out | 0.00% | −0.05 |
| ZURA Zura Bio Ltd. | Sold out | 0.00% | −0.03 |
| CLYM Climb Bio Inc. | Sold out | 0.00% | −0.03 |
| ORKA Oruka Therapeutics Inc. | Reduce -18.6% | 1.49% | +0.07 |
| GPCR Structure Therapeutics Inc. | Reduce -2.5% | 6.52% | +3.23 |
Portfolio Buys Q3 2025 → Q4 2025
| VERA Vera Therapeutics Inc. | New | 3.26% | +3.26 |
| BMRN Biomarin Pharmaceutical Inc. | Add +9153.3% | 3.12% | +3.08 |
| IMVT Immunovant Inc. | Add +18.5% | 6.68% | +2.31 |
| GRAL Grail Inc. | New | 2.00% | +2.00 |
| AXSM Axsome Therapeutics Inc. | Add +27.8% | 4.79% | +1.74 |
| NRIX Nurix Therapeutics Inc. | Add +16.2% | 3.04% | +1.48 |
| MLTX Moonlake Immunotherapeutics | New | 1.39% | +1.39 |
| ALKS Alkermes PLC | New | 1.28% | +1.28 |
| CRMD Cormedix Inc. | Add +954.8% | 1.40% | +1.24 |
| PCVX Vaxcyte Inc. | Add +33.3% | 4.21% | +1.19 |
| MAZE Maze Therapeutics Inc. | Add +7.5% | 4.01% | +1.16 |
| CNTA Centessa Pharmaceuticals Ltd. | New | 1.14% | +1.14 |
| SLNO Soleno Therapeutics Inc. | New | 1.06% | +1.06 |
| VSTM Verastem Inc. | New | 1.01% | +1.01 |
| MBX MBX Biosciences Inc. | Add +3.2% | 2.34% | +0.80 |
| ENTA Enanta Pharmaceuticals Inc. | New | 0.70% | +0.70 |
| TARS Tarsus Pharmaceuticals Inc. | Add +0.1% | 5.61% | +0.64 |
| DYN Dyne Therapeutics Inc. | Add +32.5% | 1.18% | +0.48 |
| ENGN Engene Holdings Inc. | Add +95.5% | 0.90% | +0.47 |
| ATAIBECKLEY INC | New | 0.44% | +0.44 |
| COGT Cogent Biosciences Inc. | New | 0.37% | +0.37 |
| XFOR X4 Pharmaceuticals Inc. | Add +346.7% | 0.46% | +0.35 |
| HELP Cybin Inc. | Add +85.4% | 0.35% | +0.18 |
| TNGX Tango Therapeutics Inc. | Add +68.8% | 0.50% | +0.16 |
| MNPR Monopar Therapeutics Inc. | New | 0.14% | +0.14 |
| BLLN Billiontoone Inc. Class A | New | 0.09% | +0.09 |
| IVA Inventiva SA - ADR | New | 0.05% | +0.05 |
| JANX Janux Therapeutics Inc. | New | 0.03% | +0.03 |
| MIND MEDICINE MINDMED INC | Add +11.8% | 0.51% | +0.02 |
| ANL Adlai Nortye Group Ltd. | New | 0.00% | +0.00 |
| BCAX Bicara Therapeutics Inc. | Add +7.7% | 1.00% | −0.07 |
| IMCR Immunocore Holdings PLC-ADR | Add +11.3% | 1.59% | −0.24 |
| ANIP Ani Pharmaceuticals Inc. | Add +6.2% | 0.86% | −0.29 |
Options Activity Q3 2025 → Q4 2025
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 |