Deerfield Management Company, L.P.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Deerfield Management Company, L.P. reported 93 stock positions worth $4.7 billion. Its top holding was Nuvalent Class A (NUVL) at 30.2% of the portfolio, followed by Viatris (VTRS, 6.4%) and Centene (CNC, 3.5%). Compared with Q3 2024, it opened 22 new positions, sold out of 359, added to 24 and reduced 24. The biggest buy was Newamsterdam Pharma (NAMS, shares +378%) and the biggest sale Nuvalent Class A (NUVL, shares −10%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001009258
- Portfolio Value
- $4.7B (Q4 2024)
- SEC Filing
- 0001213900-25-014236 ↗ filed Feb 14, 2025
Holdings Value
Holdings 93 stocks · $4.7B
| NUVL Nuvalent Inc. Class A | 30.23% | 17,991,024 | $1.4B | Reduce -10.0% |
| VTRS Viatris Inc. | 6.41% | 23,996,036 | $298.8M | Add +0.0% |
| CNC Centene Corp. | 3.47% | 2,671,921 | $161.9M | Add +0.7% |
| OSCR Oscar Health Inc. Class A | 3.41% | 11,835,000 | $159.1M | Add +50.7% |
| RVMD Revolution Medicines Inc. | 3.06% | 3,258,332 | $142.5M | Add +11.9% |
| MRUS Merus NV | 2.68% | 2,972,787 | $125.0M | Reduce -12.8% |
| WAY Waystar Holding Corp. | 2.60% | 3,295,260 | $120.9M | Reduce -33.5% |
| NBIX Neurocrine Biosciences Inc. | 2.53% | 862,000 | $117.7M | Reduce -34.5% |
| SPRY Ars Pharmaceuticals Inc. | 2.38% | 10,514,657 | $110.9M | Reduce -5.1% |
| NAMS Newamsterdam Pharma Co. NV | 2.38% | 4,314,340 | $110.9M | Add +378.4% |
| INDV Indivior Ltd. | 2.37% | 8,883,160 | $110.4M | Add +74.4% |
| AHCO Adapthealth Corp. | 1.98% | 9,711,410 | $92.5M | No change |
| ALHC Alignment Healthcare Inc. | 1.76% | 7,304,302 | $82.2M | Reduce -32.7% |
| LRMR Larimar Therapeutics Inc. | 1.76% | 21,231,974 | $82.2M | No change |
| BKD Brookdale Senior Living Inc. | 1.69% | 15,612,264 | $78.5M | No change |
| IDYA Ideaya Biosciences Inc. | 1.51% | 2,736,000 | $70.3M | Add +5.5% |
| EMBC Embecta Corp. | 1.45% | 3,270,535 | $67.5M | Add +19.8% |
| DVAX Dynavax Technologies Corp. | 1.42% | 5,193,823 | $66.3M | Add +23990.1% |
| CPRX Catalyst Pharmaceuticals Inc. | 1.40% | 3,133,011 | $65.4M | Reduce -49.7% |
| ACH Accendra Health Inc. filed as OWENS & MINOR INC NEW | 1.38% | 4,911,979 | $64.2M | No change |
| BCRX Biocryst Pharmaceuticals Inc. | 1.31% | 8,144,442 | $61.2M | Add +0.1% |
| BAX Baxter International Inc. | 1.20% | 1,923,100 | $56.1M | No change |
| EWTX Edgewise Therapeutics Inc. | 1.19% | 2,078,509 | $55.5M | Add +16.7% |
| LEGN Legend Biotech Corp.-ADR | 1.08% | 1,551,718 | $50.5M | New |
| BIO Bio-Rad Laboratories-A | 1.07% | 151,644 | $49.8M | Add +0.1% |
| CNMD Conmed Corp. | 0.90% | 611,964 | $41.9M | Reduce -0.5% |
| CGEM Cullinan Therapeutics Inc. | 0.88% | 3,379,399 | $41.2M | Add +3.0% |
| EHAB Enhabit Inc. | 0.84% | 5,010,972 | $39.1M | Add +0.3% |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 0.83% | 1,411,000 | $38.8M | No change |
| PHVS Pharvaris NV | 0.83% | 2,017,464 | $38.7M | Reduce -0.7% |
| IRON Disc Medicine Inc. | 0.82% | 600,515 | $38.1M | Reduce -41.3% |
| ALNY Alnylam Pharmaceuticals Inc. | 0.73% | 145,191 | $34.2M | Add +0.1% |
| DAWN Day One Biopharmaceuticals I | 0.71% | 2,596,033 | $32.9M | Reduce -0.8% |
| PHR Phreesia Inc. | 0.69% | 1,271,832 | $32.0M | Add +133.6% |
| BCAX Bicara Therapeutics Inc. | 0.67% | 1,795,174 | $31.3M | No change |
| DCGO Docgo Inc. | 0.66% | 7,195,956 | $30.5M | Reduce -20.6% |
| INMD Inmode Ltd. | 0.57% | 1,578,708 | $26.4M | No change |
| SVRA Savara Inc. | 0.52% | 7,964,000 | $24.4M | Add +23.2% |
| CGON CG Oncology Inc. | 0.52% | 851,593 | $24.4M | Add +0.1% |
| KYMR Kymera Therapeutics Inc. | 0.51% | 593,000 | $23.9M | New |
| MREO Mereo Biopharma Group PL-ADR | 0.50% | 6,710,429 | $23.5M | No change |
| TXG 10X Genomics Inc. Class A | 0.46% | 1,497,000 | $21.5M | Reduce -0.8% |
| LNTH Lantheus Holdings Inc. | 0.46% | 240,218 | $21.5M | No change |
| COGT Cogent Biosciences Inc. | 0.44% | 2,631,000 | $20.5M | Reduce -29.7% |
| SEPN Septerna Inc. | 0.42% | 861,814 | $19.7M | New |
| NVST Envista Holdings Corp. | 0.42% | 1,018,415 | $19.6M | Add +4949.9% |
| PCVX Vaxcyte Inc. | 0.40% | 225,000 | $18.4M | No change |
| RXRX Recursion Pharmaceuticals-A | 0.34% | 2,315,000 | $15.6M | No change |
| FHTX Foghorn Therapeutics Inc. | 0.33% | 3,255,514 | $15.4M | Add +7.5% |
| IRTC Irhythm Holdings Inc. | 0.30% | 156,012 | $14.1M | New |
| CMRX Chimerix Inc. | 0.28% | 3,771,342 | $13.1M | New |
| CON Concentra Group Holdings Par | 0.28% | 650,000 | $12.9M | No change |
| ZBIO Zenas Biopharma Inc. | 0.27% | 1,562,942 | $12.8M | No change |
| ACCD Accolade Inc. | 0.26% | 3,475,000 | $11.9M | No change |
| THRD Third Harmonic Bio Inc. | 0.23% | 1,019,700 | $10.5M | New |
| SYRE Spyre Therapeutics Inc. | 0.22% | 450,000 | $10.5M | New |
| LUNG Pulmonx Corp. | 0.22% | 1,534,763 | $10.4M | New |
| DYN Dyne Therapeutics Inc. | 0.22% | 435,653 | $10.3M | No change |
| NGNE Neurogene Inc. | 0.22% | 448,145 | $10.2M | New |
| GPCR Structure Therapeutics Inc. | 0.22% | 373,407 | $10.1M | Reduce -55.8% |
| CATX Perspective Therapeutics Inc. | 0.20% | 2,938,754 | $9.4M | Add +4.3% |
| FATE Fate Therapeutics Inc. | 0.13% | 3,555,871 | $5.9M | No change |
| NKTX Nkarta Inc. | 0.12% | 2,155,000 | $5.4M | No change |
| CRVS Corvus Pharmaceuticals Inc. | 0.11% | 1,000,000 | $5.3M | New |
| CALC Calcimedica Inc. | 0.10% | 1,300,000 | $4.6M | Add +30.0% |
| HLVX Hillevax Inc. | 0.08% | 1,882,654 | $3.9M | No change |
| OMIC Singular Genomics Systems Inc. | 0.07% | 166,162 | $3.2M | No change |
| ANNX Annexon Inc. | 0.06% | 583,913 | $3.0M | No change |
| ALEC Alector Inc. | 0.04% | 1,066,962 | $2.0M | Add +1.1% |
| BIOMX INC | 0.03% | 1,787,610 | $1.3M | No change |
| VTYX Ventyx Biosciences Inc. | 0.03% | 534,737 | $1.2M | Reduce -92.0% |
| TWST Twist Bioscience Corp. | 0.02% | 23,827 | $1.1M | Add +1.7% |
| STLN Starling Oncology Inc. filed as THE ONCOLOGY INSTITUTE INC | 0.02% | 3,360,052 | $1.0M | No change |
| HUM Humana Inc. | 0.01% | 917 | $233K | New |
| GIS General Mills Inc. | 0.00% | 3,455 | $220K | New |
| ENLC Enlink Midstream LLC | 0.00% | 10,257 | $145K | New |
| HNST The Honest Co. Inc. | 0.00% | 20,171 | $140K | Reduce -89.8% |
| EBS Emergent Biosolutions Inc. | 0.00% | 14,058 | $134K | Reduce -81.4% |
| HTLD Heartland Express Inc. | 0.00% | 11,547 | $130K | Reduce -83.0% |
| UIS Unisys Corp. | 0.00% | 15,627 | $99K | New |
| EGY Vaalco Energy Inc. | 0.00% | 20,897 | $91K | New |
| HBI Hanesbrands Inc. | 0.00% | 10,619 | $86K | Reduce -87.2% |
| GNW Genworth Financial Inc. | 0.00% | 11,307 | $79K | Reduce -76.4% |
| ECVT Ecovyst Inc. | 0.00% | 10,317 | $79K | New |
| CERS Cerus Corp. | 0.00% | 50,305 | $77K | New |
| EQC Equity Commonwealth | 0.00% | 43,258 | $77K | New |
| ACCO Acco Brands Corp. | 0.00% | 14,557 | $76K | Reduce -86.0% |
| OSUR Orasure Technologies Inc. | 0.00% | 20,898 | $75K | Reduce -87.1% |
| NUS Nu Skin Enterprises Inc. Class A | 0.00% | 10,194 | $70K | Reduce -92.6% |
| GDRX Goodrx Holdings Inc. Class A | 0.00% | 11,990 | $56K | New |
| NUVB Nuvation Bio Inc. | 0.00% | 20,166 | $54K | New |
| BRC INC-A | 0.00% | 15,029 | $48K | New |
| DHC Diversified Healthcare Trust | 0.00% | 15,845 | $36K | New |
Options reported separately and not counted above: ESTA puts ($23.0M).
Other holdings (12): bonds, preferreds, convertibles and warrants · $598.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) | NOTE 0.500% 8/1 · principal | 174,364,000 | $168.2M | No change |
| ACCOLADE INC (ACCD 0.5 04/01/26) | NOTE 0.500% 4/0 · principal | 132,598,000 | $124.5M | No change |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 110,000,000 | $117.3M | Add +10.0% |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | 70,000,000 | $106.6M | No change |
| ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 49,500,000 | $46.7M | Reduce -57.9% |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 25,255,000 | $33.7M | No change |
| NAMSW Newamsterdam Pharma Co. NV-27 | *W EXP 99/99/999 | 92,787 | $1.3M | No change |
| QSIAW Quantum-Si Inc. -CW27 | *W EXP 06/10/202 | 333,333 | $417K | No change |
| BFLYW Butterfly Network Inc. -CW25 | *W EXP 02/12/202 | 733,333 | $93K | No change |
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | 166,666 | $38K | No change |
| STLNW Oncology Institute Inc. CW-22 | *W EXP 99/99/999 | 1,250,000 | $7K | No change |
| SRZNW Surrozen Inc.-CW25 | *W EXP 08/01/203 | 166,666 | $4K | No change |
Total filed on the 13F, all lines: $5.3B.
Portfolio Sells Q3 2024 → Q4 2024
| NUVL Nuvalent Inc. Class A | Reduce -10.0% | 30.23% | −3.63 |
| KURA Kura Oncology Inc. | Sold out | 0.00% | −1.75 |
| SGRY Surgery Partners Inc. | Sold out | 0.00% | −0.95 |
| CVS CVS Health Corp. | Sold out | 0.00% | −0.91 |
| CPRX Catalyst Pharmaceuticals Inc. | Reduce -49.7% | 1.40% | −0.65 |
| PACS Pacs Group Inc. | Sold out | 0.00% | −0.44 |
| PODD Insulet Corp. | Sold out | 0.00% | −0.42 |
| GPCR Structure Therapeutics Inc. | Reduce -55.8% | 0.22% | −0.40 |
| ALHC Alignment Healthcare Inc. | Reduce -32.7% | 1.76% | −0.36 |
| BNTX Biontech SE-ADR | Sold out | 0.00% | −0.34 |
| SPRY Ars Pharmaceuticals Inc. | Reduce -5.1% | 2.38% | −0.28 |
| COGT Cogent Biosciences Inc. | Reduce -29.7% | 0.44% | −0.23 |
| AUTL Autolus Therapeutics PLC | Sold out | 0.00% | −0.22 |
| VTYX Ventyx Biosciences Inc. | Reduce -92.0% | 0.03% | −0.22 |
| TNGX Tango Therapeutics Inc. | Sold out | 0.00% | −0.20 |
| MRUS Merus NV | Reduce -12.8% | 2.68% | −0.14 |
| PRLD Prelude Therapeutics Inc. | Sold out | 0.00% | −0.13 |
| TXG 10X Genomics Inc. Class A | Reduce -0.8% | 0.46% | −0.10 |
| KYTX Kyverna Therapeutics Inc. | Sold out | 0.00% | −0.07 |
| INSM Insmed Inc. | Sold out | 0.00% | −0.06 |
| PRME Prime Medicine Inc. | Sold out | 0.00% | −0.06 |
| AEROVATE THERAPEUTICS INC | Sold out | 0.00% | −0.05 |
| MLAB Mesa Laboratories Inc. | Sold out | 0.00% | −0.04 |
| AIN Albany Intl Corp. Class A | Sold out | 0.00% | −0.04 |
| FTRE Fortrea Holdings Inc. | Sold out | 0.00% | −0.03 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −0.03 |
| CENT Central Garden & Pet Co. | Sold out | 0.00% | −0.03 |
| AFCG Advanced Flower Capital Inc. | Sold out | 0.00% | −0.03 |
| OTTR Otter Tail Corp. | Sold out | 0.00% | −0.03 |
| WSO Watsco Inc. | Sold out | 0.00% | −0.03 |
| DFIN Donnelley Financial Solution | Sold out | 0.00% | −0.03 |
| UAA Under Armour Inc. Class A | Sold out | 0.00% | −0.03 |
| FBNC First Bancorp | Sold out | 0.00% | −0.03 |
| LOW Lowe's Cos Inc. | Sold out | 0.00% | −0.03 |
| OXM Oxford Industries Inc. | Sold out | 0.00% | −0.03 |
| PREMIER INC-CLASS A | Sold out | 0.00% | −0.03 |
| BDX Becton Dickinson and Co. | Sold out | 0.00% | −0.03 |
| IEX Idex Corp. | Sold out | 0.00% | −0.03 |
| PRVA Privia Health Group Inc. | Sold out | 0.00% | −0.02 |
| BYRN Byrna Technologies Inc. | Sold out | 0.00% | −0.02 |
| ANDE The Andersons Inc. | Sold out | 0.00% | −0.02 |
| MMS Maximus Inc. | Sold out | 0.00% | −0.02 |
| ODFL Old Dominion Freight Line | Sold out | 0.00% | −0.02 |
| JOE The St Joe Co. | Sold out | 0.00% | −0.02 |
| WEAV Weave Communications Inc. | Sold out | 0.00% | −0.02 |
| EXAS Exact Sciences Corp. | Sold out | 0.00% | −0.02 |
| IDXX Idexx Laboratories Inc. | Sold out | 0.00% | −0.02 |
| USNA Usana Health Sciences Inc. | Sold out | 0.00% | −0.02 |
| LFMD Lifemd Inc. | Sold out | 0.00% | −0.02 |
| STRO Sutro Biopharma Inc. Com SHS | Sold out | 0.00% | −0.02 |
Portfolio Buys Q3 2024 → Q4 2024
| NAMS Newamsterdam Pharma Co. NV | Add +378.4% | 2.38% | +2.13 |
| VTRS Viatris Inc. | Add +0.0% | 6.41% | +1.80 |
| INDV Indivior Ltd. | Add +74.4% | 2.37% | +1.55 |
| DVAX Dynavax Technologies Corp. | Add +23990.1% | 1.42% | +1.42 |
| LEGN Legend Biotech Corp.-ADR | New | 1.08% | +1.08 |
| RVMD Revolution Medicines Inc. | Add +11.9% | 3.06% | +0.87 |
| EMBC Embecta Corp. | Add +19.8% | 1.45% | +0.81 |
| OSCR Oscar Health Inc. Class A | Add +50.7% | 3.41% | +0.66 |
| KYMR Kymera Therapeutics Inc. | New | 0.51% | +0.51 |
| PHR Phreesia Inc. | Add +133.6% | 0.69% | +0.48 |
| SEPN Septerna Inc. | New | 0.42% | +0.42 |
| NVST Envista Holdings Corp. | Add +4949.9% | 0.42% | +0.42 |
| EWTX Edgewise Therapeutics Inc. | Add +16.7% | 1.19% | +0.40 |
| IRTC Irhythm Holdings Inc. | New | 0.30% | +0.30 |
| BCRX Biocryst Pharmaceuticals Inc. | Add +0.1% | 1.31% | +0.29 |
| CMRX Chimerix Inc. | New | 0.28% | +0.28 |
| BIO Bio-Rad Laboratories-A | Add +0.1% | 1.07% | +0.23 |
| THRD Third Harmonic Bio Inc. | New | 0.23% | +0.23 |
| SYRE Spyre Therapeutics Inc. | New | 0.22% | +0.22 |
| LUNG Pulmonx Corp. | New | 0.22% | +0.22 |
| NGNE Neurogene Inc. | New | 0.22% | +0.22 |
| EHAB Enhabit Inc. | Add +0.3% | 0.84% | +0.19 |
| CNC Centene Corp. | Add +0.7% | 3.47% | +0.17 |
| IDYA Ideaya Biosciences Inc. | Add +5.5% | 1.51% | +0.15 |
| CRVS Corvus Pharmaceuticals Inc. | New | 0.11% | +0.11 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +0.1% | 0.73% | +0.07 |
| SVRA Savara Inc. | Add +23.2% | 0.52% | +0.07 |
| CALC Calcimedica Inc. | Add +30.0% | 0.10% | +0.03 |
| TWST Twist Bioscience Corp. | Add +1.7% | 0.02% | +0.01 |
| HUM Humana Inc. | New | 0.01% | +0.01 |
| GIS General Mills Inc. | New | 0.00% | +0.00 |
| ENLC Enlink Midstream LLC | New | 0.00% | +0.00 |
| UIS Unisys Corp. | New | 0.00% | +0.00 |
| EGY Vaalco Energy Inc. | New | 0.00% | +0.00 |
| CERS Cerus Corp. | New | 0.00% | +0.00 |
| ECVT Ecovyst Inc. | New | 0.00% | +0.00 |
| EQC Equity Commonwealth | New | 0.00% | +0.00 |
| GDRX Goodrx Holdings Inc. Class A | New | 0.00% | +0.00 |
| NUVB Nuvation Bio Inc. | New | 0.00% | +0.00 |
| BRC INC-A | New | 0.00% | +0.00 |
| DHC Diversified Healthcare Trust | New | 0.00% | +0.00 |
| CGON CG Oncology Inc. | Add +0.1% | 0.52% | −0.01 |
| CGEM Cullinan Therapeutics Inc. | Add +3.0% | 0.88% | −0.03 |
| ALEC Alector Inc. | Add +1.1% | 0.04% | −0.04 |
| FHTX Foghorn Therapeutics Inc. | Add +7.5% | 0.33% | −0.14 |
| CATX Perspective Therapeutics Inc. | Add +4.3% | 0.20% | −0.42 |
Options Activity Q3 2024 → Q4 2024
| ESTA Establishment Labs Holdings | put | New | 500,000 | $23.0M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | Add +10.0% | 110,000,000 | $117.3M |
| ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | Reduce -57.9% | 49,500,000 | $46.7M |
| CMXWQ Caremax-CW | *W EXP 06/08/202 | Sold out | 672,000 | $7Kbefore 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 |