Deerfield Management Company, L.P.
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Deerfield Management Company, L.P. reported 69 stock positions worth $8.0 billion. Its top holding was Nuvalent Class A (NUVL) at 26.5% of the portfolio, followed by Revolution Medicines (RVMD, 5.6%) and Praxis Precision Medicines I (PRAX, 4.0%). Compared with Q1 2026, it opened 11 new positions, sold out of 11, added to 13 and reduced 11. The biggest buy was Revolution Medicines (RVMD, shares +4%) and the biggest sale Cogent Biosciences (COGT, shares −45%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001009258
- Portfolio Value
- $8.0B (Q2 2026)
- SEC Filing
- 0001213900-26-089991 ↗ filed Aug 14, 2026
Holdings Value
Holdings 69 stocks · $8.0B
| NUVL Nuvalent Inc. Class A | 26.53% | 17,248,450 | $2.1B | No change |
| RVMD Revolution Medicines Inc. | 5.58% | 2,392,000 | $448.0M | Add +4.1% |
| PRAX Praxis Precision Medicines I | 4.02% | 963,351 | $322.5M | No change |
| VTRS Viatris Inc. | 4.00% | 20,206,170 | $320.9M | No change |
| CNC Centene Corp. | 3.92% | 4,901,000 | $314.6M | Reduce -17.2% |
| UTHR United Therapeutics Corp. | 3.08% | 457,000 | $247.6M | No change |
| LEGN Legend Biotech Corp.-ADR | 2.93% | 8,137,638 | $235.0M | Add +5.8% |
| COGT Cogent Biosciences Inc. | 2.41% | 5,006,104 | $193.7M | Reduce -44.6% |
| GMAB Genmab A/S -SP ADR | 2.35% | 6,865,000 | $188.6M | Add +178.8% |
| BKD Brookdale Senior Living Inc. | 2.33% | 11,637,032 | $187.2M | No change |
| VERA Vera Therapeutics Inc. | 2.09% | 3,916,400 | $168.1M | Add +5.2% |
| IONS Ionis Pharmaceuticals Inc. | 1.96% | 1,979,669 | $157.0M | No change |
| CELC Celcuity Inc. | 1.89% | 1,451,014 | $151.8M | Reduce -15.3% |
| BCRX Biocryst Pharmaceuticals Inc. | 1.88% | 15,096,403 | $151.0M | Add +0.4% |
| NAMS Newamsterdam Pharma Co. NV | 1.80% | 4,264,789 | $144.5M | No change |
| ACHC Acadia Healthcare Co. Inc. | 1.66% | 4,520,000 | $133.5M | No change |
| TNGX Tango Therapeutics Inc. | 1.63% | 4,190,611 | $131.0M | Add +1.1% |
| AHCO Adapthealth Corp. | 1.49% | 11,477,730 | $119.6M | No change |
| PHVS Pharvaris NV | 1.45% | 3,376,042 | $116.7M | Add +8.0% |
| ARWR Arrowhead Pharmaceuticals Inc. | 1.41% | 1,389,055 | $113.2M | Reduce -11.7% |
| DNTH Dianthus Therapeutics Inc. | 1.37% | 1,125,313 | $109.7M | Add +10.3% |
| LRMR Larimar Therapeutics Inc. | 1.35% | 35,606,974 | $108.6M | No change |
| MLYS Mineralys Therapeutics Inc. | 1.33% | 3,958,000 | $106.8M | New |
| IDYA Ideaya Biosciences Inc. | 1.26% | 2,714,503 | $101.2M | Add +77.4% |
| XENE Xenon Pharmaceuticals Inc. | 1.21% | 1,615,696 | $97.5M | No change |
| SVRA Savara Inc. | 1.04% | 13,569,000 | $83.6M | No change |
| LNTH Lantheus Holdings Inc. | 1.04% | 752,999 | $83.5M | Reduce -9.1% |
| SNDX Syndax Pharmaceuticals Inc. | 1.03% | 3,779,900 | $82.6M | No change |
| BMRN Biomarin Pharmaceutical Inc. | 0.95% | 1,332,836 | $76.3M | Add +56.5% |
| PFE Pfizer Inc. | 0.91% | 3,040,000 | $73.2M | No change |
| INDV Indivior Pharmaceuticals Inc. | 0.84% | 1,648,895 | $67.7M | Reduce -46.8% |
| BIO Bio-Rad Laboratories-A | 0.83% | 226,070 | $66.4M | No change |
| SPRY Ars Pharmaceuticals Inc. | 0.75% | 7,503,812 | $60.1M | No change |
| STOK Stoke Therapeutics Inc. | 0.74% | 1,823,500 | $59.7M | No change |
| GPCR Structure Therapeutics Inc. | 0.73% | 1,086,000 | $58.3M | Add +41.4% |
| NVST Envista Holdings Corp. | 0.73% | 2,210,100 | $58.2M | No change |
| INSP Inspire Medical Systems Inc. | 0.72% | 1,296,862 | $57.9M | Reduce -52.0% |
| CDNA Caredx Inc. | 0.71% | 1,997,618 | $56.9M | Reduce -8.8% |
| BSX Boston Scientific Corp. | 0.70% | 1,315,000 | $56.1M | New |
| BLTE Belite Bio Inc. - ADR | 0.69% | 357,199 | $55.0M | Add +17.5% |
| PBLS Parabilis Medicines Inc. | 0.64% | 1,880,704 | $51.5M | New |
| CERT Certara Inc. | 0.61% | 7,512,928 | $49.2M | Reduce -3.8% |
| IRON Disc Medicine Inc. | 0.60% | 657,000 | $48.1M | No change |
| BBOT Bridgebio Oncology Therapeut | 0.46% | 4,885,446 | $37.2M | No change |
| TYRA Tyra Biosciences Inc. | 0.40% | 1,017,000 | $32.5M | Add +85.3% |
| MNPR Monopar Therapeutics Inc. | 0.37% | 323,745 | $30.0M | No change |
| SION Sionna Therapeutics Inc. | 0.37% | 680,916 | $30.0M | Reduce -29.9% |
| AVLN Avalyn Pharma Inc. | 0.30% | 731,000 | $24.1M | New |
| FHTX Foghorn Therapeutics Inc. | 0.27% | 4,394,367 | $21.4M | No change |
| BBNX Beta Bionics Inc. | 0.26% | 1,324,000 | $20.7M | No change |
| ALNY Alnylam Pharmaceuticals Inc. | 0.25% | 67,935 | $20.5M | No change |
| DRUG Bright Minds Biosciences Inc. | 0.25% | 283,000 | $19.9M | No change |
| ODTX Odyssey Therapeutics Inc. | 0.24% | 1,046,139 | $19.6M | New |
| STLN Starling Oncology Inc. filed as THE ONCOLOGY INSTITUTE INC | 0.23% | 3,360,052 | $18.2M | No change |
| KYTX Kyverna Therapeutics Inc. | 0.22% | 2,000,000 | $17.8M | No change |
| ALMR Alamar Biosciences Inc. | 0.20% | 600,000 | $16.3M | New |
| CHE Chemed Corp. | 0.17% | 30,000 | $14.0M | New |
| SGP Spyglass Pharma Inc. | 0.15% | 550,000 | $12.2M | No change |
| ADAG Adagene Inc.-ADR | 0.14% | 2,666,666 | $11.2M | New |
| COAG Hemab Therapeutics Holdings | 0.13% | 275,000 | $10.1M | New |
| MOBI Mobia Medical Inc. | 0.11% | 670,752 | $9.0M | New |
| EMBC Embecta Corp. | 0.10% | 2,534,961 | $8.3M | No change |
| VCYT Veracyte Inc. | 0.07% | 101,000 | $5.9M | Reduce -86.1% |
| ANNX Annexon Inc. | 0.04% | 583,913 | $3.3M | No change |
| ALEC Alector Inc. | 0.03% | 1,055,192 | $2.1M | No change |
| EW Edwards Lifesciences Corp. | 0.02% | 13,702 | $1.2M | No change |
| MIRM Mirum Pharmaceuticals Inc. | 0.01% | 6,027 | $706K | New |
| HUM Humana Inc. | 0.00% | 917 | $364K | No change |
| PMVP PMV Pharmaceuticals Inc. | 0.00% | 8,790 | $12K | No change |
Other holdings (13): bonds, preferreds, convertibles and warrants · $1.6B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BROOKDALE SR LIVING INC | NOTE 3.500%10/1 · principal | 306,885,000 | $585.7M | No change |
| REVOLUTION MEDICINES INC (RVMD 0.5 05/01/33) | NOTE 0.500% 5/0 · principal | 200,000,000 | $251.7M | New |
| ARROWHEAD RESEARCH CORP (ARWR 0 01/15/32) | NOTE 1/1 · principal | 200,000,000 | $240.5M | No change |
| CELCUITY INC (CELC 0.25 08/01/32) | NOTE 0.250% 8/0 · principal | 100,000,000 | $113.8M | New |
| ALIGNMENT HEALTHCARE (ALHC 4.25 11/15/29) | NOTE 4.250%11/1 · principal | 61,000,000 | $103.8M | No change |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 60,000,000 | $93.1M | No change |
| ZENAS BIOPHARMA INC (ZBIO 2.5 04/01/32) | NOTE 2.500% 4/0 · principal | 67,200,000 | $80.3M | Add +3.4% |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | 34,280,000 | $46.5M | No change |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | 30,000,000 | $27.1M | No change |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 13,040,000 | $12.2M | Reduce -82.1% |
| NAMSW Newamsterdam Pharma Co. NV-27 | *W EXP 99/99/999 | 92,787 | $2.0M | No change |
| STLNW Oncology Institute Inc. CW-22 | *W EXP 99/99/999 | 1,250,000 | $51K | No change |
| SRZNW Surrozen Inc.-CW25 | *W EXP 08/01/203 | 166,666 | $3K | No change |
Total filed on the 13F, all lines: $9.6B.
Portfolio Sells Q1 2026 → Q2 2026
| COGT Cogent Biosciences Inc. | Reduce -44.6% | 2.41% | −2.44 |
| CPRX Catalyst Pharmaceuticals Inc. | Sold out | 0.00% | −1.36 |
| INSP Inspire Medical Systems Inc. | Reduce -52.0% | 0.72% | −1.22 |
| NBIX Neurocrine Biosciences Inc. | Sold out | 0.00% | −1.12 |
| DAWN Day One Biopharmaceuticals I | Sold out | 0.00% | −1.11 |
| EHAB Enhabit Inc. | Sold out | 0.00% | −0.93 |
| CELC Celcuity Inc. | Reduce -15.3% | 1.89% | −0.84 |
| KYMR Kymera Therapeutics Inc. | Sold out | 0.00% | −0.65 |
| INDV Indivior Pharmaceuticals Inc. | Reduce -46.8% | 0.84% | −0.47 |
| CMPX Compass Therapeutics Inc. | Sold out | 0.00% | −0.27 |
| VCYT Veracyte Inc. | Reduce -86.1% | 0.07% | −0.25 |
| TSHA Taysha Gene Therapies Inc. | Sold out | 0.00% | −0.17 |
| SION Sionna Therapeutics Inc. | Reduce -29.9% | 0.37% | −0.17 |
| CGEM Cullinan Therapeutics Inc. | Sold out | 0.00% | −0.08 |
| CERT Certara Inc. | Reduce -3.8% | 0.61% | −0.01 |
| BIOMX INC | Sold out | 0.00% | −0.01 |
| MANE Veradermics Inc. | Sold out | 0.00% | −0.00 |
| MYGN Myriad Genetics Inc. | Sold out | 0.00% | 0.00 |
| ARWR Arrowhead Pharmaceuticals Inc. | Reduce -11.7% | 1.41% | +0.04 |
| LNTH Lantheus Holdings Inc. | Reduce -9.1% | 1.04% | +0.17 |
| CDNA Caredx Inc. | Reduce -8.8% | 0.71% | +0.18 |
| CNC Centene Corp. | Reduce -17.2% | 3.92% | +1.22 |
Portfolio Buys Q1 2026 → Q2 2026
| RVMD Revolution Medicines Inc. | Add +4.1% | 5.58% | +2.47 |
| GMAB Genmab A/S -SP ADR | Add +178.8% | 2.35% | +1.43 |
| MLYS Mineralys Therapeutics Inc. | New | 1.33% | +1.33 |
| LEGN Legend Biotech Corp.-ADR | Add +5.8% | 2.93% | +0.99 |
| BSX Boston Scientific Corp. | New | 0.70% | +0.70 |
| PBLS Parabilis Medicines Inc. | New | 0.64% | +0.64 |
| IDYA Ideaya Biosciences Inc. | Add +77.4% | 1.26% | +0.55 |
| TNGX Tango Therapeutics Inc. | Add +1.1% | 1.63% | +0.42 |
| AVLN Avalyn Pharma Inc. | New | 0.30% | +0.30 |
| BMRN Biomarin Pharmaceutical Inc. | Add +56.5% | 0.95% | +0.28 |
| ODTX Odyssey Therapeutics Inc. | New | 0.24% | +0.24 |
| PHVS Pharvaris NV | Add +8.0% | 1.45% | +0.22 |
| GPCR Structure Therapeutics Inc. | Add +41.4% | 0.73% | +0.21 |
| ALMR Alamar Biosciences Inc. | New | 0.20% | +0.20 |
| CHE Chemed Corp. | New | 0.17% | +0.17 |
| DNTH Dianthus Therapeutics Inc. | Add +10.3% | 1.37% | +0.17 |
| ADAG Adagene Inc.-ADR | New | 0.14% | +0.14 |
| COAG Hemab Therapeutics Holdings | New | 0.13% | +0.13 |
| MOBI Mobia Medical Inc. | New | 0.11% | +0.11 |
| TYRA Tyra Biosciences Inc. | Add +85.3% | 0.40% | +0.11 |
| BLTE Belite Bio Inc. - ADR | Add +17.5% | 0.69% | +0.01 |
| MIRM Mirum Pharmaceuticals Inc. | New | 0.01% | +0.01 |
| VERA Vera Therapeutics Inc. | Add +5.2% | 2.09% | +0.01 |
| BCRX Biocryst Pharmaceuticals Inc. | Add +0.4% | 1.88% | −0.12 |
Notes & Other Activity Q1 2026 → Q2 2026
| REVOLUTION MEDICINES INC (RVMD 0.5 05/01/33) | NOTE 0.500% 5/0 · principal | New | 200,000,000 | $251.7M |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | Sold out | 70,000,000 | $209.4Mbefore exit |
| CELCUITY INC (CELC 0.25 08/01/32) | NOTE 0.250% 8/0 · principal | New | 100,000,000 | $113.8M |
| ZENAS BIOPHARMA INC (ZBIO 2.5 04/01/32) | NOTE 2.500% 4/0 · principal | Add +3.4% | 67,200,000 | $80.3M |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | Reduce -82.1% | 13,040,000 | $12.2M |
| QSIAW Quantum-Si Inc. -CW27 | *W EXP 06/10/202 | Sold out | 333,333 | $36Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 69 | $8.0B | NUVL, RVMD, PRAX, VTRS, CNC |
| Q1 2026 | 69 | $7.2B | NUVL, COGT, PRAX, VTRS, UTHR |
| Q4 2025 | 135 | $6.8B | NUVL, COGT, PRAX, CNC, VTRS |
| Q3 2025 | 138 | $6.0B | NUVL, CNC, MRUS, VTRS, UTHR |
| Q2 2025 | 110 | $4.9B | NUVL, OSCR, VTRS, MRUS, CNC |
| Q1 2025 | 109 | $4.4B | NUVL, VTRS, NBIX, CNC, OSCR |
| Q4 2024 | 93 | $4.7B | NUVL, VTRS, CNC, OSCR, RVMD |
| Q3 2024 | 430 | $6.0B | NUVL, VTRS, CNC, MRUS, OSCR |
| Q2 2024 | 418 | $5.2B | NUVL, VTRS, CNC, MRUS, LRMR |
| Q1 2024 | 353 | $5.2B | NUVL, VTRS, CNC, LRMR, AHCO |