Deerfield Management Company, L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Deerfield Management Company, L.P. reported 109 stock positions worth $4.4 billion. Its top holding was Nuvalent Class A (NUVL) at 28.9% of the portfolio, followed by Viatris (VTRS, 4.7%) and Neurocrine Biosciences (NBIX, 3.7%). Compared with Q4 2024, it opened 45 new positions, sold out of 29, added to 20 and reduced 17. The biggest buy was a new position in United Therapeutics (UTHR) and the biggest sale an exit from Waystar (WAY).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001009258
- Portfolio Value
- $4.4B (Q1 2025)
- SEC Filing
- 0001213900-25-044138 ↗ filed May 15, 2025
Holdings Value
Holdings 109 stocks · $4.4B
| NUVL Nuvalent Inc. Class A | 28.87% | 17,991,024 | $1.3B | No change |
| VTRS Viatris Inc. | 4.73% | 23,991,594 | $209.0M | Reduce -0.0% |
| NBIX Neurocrine Biosciences Inc. | 3.73% | 1,489,000 | $164.7M | Add +72.7% |
| CNC Centene Corp. | 3.67% | 2,671,921 | $162.2M | No change |
| OSCR Oscar Health Inc. Class A | 3.51% | 11,840,818 | $155.2M | Add +0.1% |
| MRUS Merus NV | 3.02% | 3,173,928 | $133.6M | Add +6.8% |
| SPRY Ars Pharmaceuticals Inc. | 2.99% | 10,514,657 | $132.3M | No change |
| RVMD Revolution Medicines Inc. | 2.65% | 3,317,332 | $117.3M | Add +1.8% |
| AHCO Adapthealth Corp. | 2.38% | 9,711,410 | $105.3M | No change |
| INDV Indivior Ltd. | 2.28% | 10,567,160 | $100.7M | Add +19.0% |
| BKD Brookdale Senior Living Inc. | 2.21% | 15,612,264 | $97.7M | No change |
| ALHC Alignment Healthcare Inc. | 1.92% | 4,567,473 | $85.0M | Reduce -37.5% |
| UTHR United Therapeutics Corp. | 1.92% | 275,226 | $84.8M | New |
| PFE Pfizer Inc. | 1.92% | 3,347,296 | $84.8M | New |
| NAMS Newamsterdam Pharma Co. NV | 1.90% | 4,103,957 | $84.0M | Reduce -4.9% |
| CPRX Catalyst Pharmaceuticals Inc. | 1.88% | 3,422,149 | $83.0M | Add +9.2% |
| DVAX Dynavax Technologies Corp. | 1.52% | 5,191,493 | $67.3M | Reduce -0.0% |
| BAX Baxter International Inc. | 1.49% | 1,923,100 | $65.8M | No change |
| LEGN Legend Biotech Corp.-ADR | 1.34% | 1,743,555 | $59.2M | Add +12.4% |
| BIO Bio-Rad Laboratories-A | 1.25% | 226,070 | $55.1M | Add +49.1% |
| IDYA Ideaya Biosciences Inc. | 1.21% | 3,267,551 | $53.5M | Add +19.4% |
| EWTX Edgewise Therapeutics Inc. | 1.03% | 2,078,509 | $45.7M | No change |
| LRMR Larimar Therapeutics Inc. | 1.03% | 21,231,974 | $45.6M | No change |
| EHAB Enhabit Inc. | 0.99% | 4,997,746 | $43.9M | Reduce -0.3% |
| ALNY Alnylam Pharmaceuticals Inc. | 0.89% | 145,000 | $39.2M | Reduce -0.1% |
| BCRX Biocryst Pharmaceuticals Inc. | 0.88% | 5,189,665 | $38.9M | Reduce -36.3% |
| IRON Disc Medicine Inc. | 0.88% | 782,333 | $38.8M | Add +30.3% |
| CNMD Conmed Corp. | 0.83% | 611,000 | $36.9M | Reduce -0.2% |
| NVST Envista Holdings Corp. | 0.79% | 2,024,943 | $35.0M | Add +98.8% |
| INSM Insmed Inc. | 0.79% | 458,000 | $34.9M | New |
| EMBC Embecta Corp. | 0.78% | 2,720,535 | $34.7M | Reduce -16.8% |
| CMRX Chimerix Inc. | 0.73% | 3,771,342 | $32.1M | No change |
| PHVS Pharvaris NV | 0.72% | 2,017,464 | $31.7M | No change |
| CGEM Cullinan Therapeutics Inc. | 0.66% | 3,860,839 | $29.2M | Add +14.3% |
| INMD Inmode Ltd. | 0.63% | 1,578,708 | $28.0M | No change |
| PHR Phreesia Inc. | 0.58% | 1,009,844 | $25.8M | Reduce -20.6% |
| VERA Vera Therapeutics Inc. | 0.57% | 1,050,000 | $25.2M | New |
| LQDA Liquidia Corp. | 0.54% | 1,616,778 | $23.8M | New |
| DAWN Day One Biopharmaceuticals I | 0.53% | 2,960,740 | $23.5M | Add +14.1% |
| PRAX Praxis Precision Medicines I | 0.53% | 619,931 | $23.5M | New |
| LNTH Lantheus Holdings Inc. | 0.53% | 240,218 | $23.4M | No change |
| SVRA Savara Inc. | 0.50% | 7,964,000 | $22.1M | No change |
| CGON CG Oncology Inc. | 0.47% | 850,695 | $20.8M | Reduce -0.1% |
| CERT Certara Inc. | 0.45% | 2,022,616 | $20.0M | New |
| IART Integra Lifesciences Holding | 0.40% | 794,865 | $17.5M | New |
| BEAM Beam Therapeutics Inc. | 0.39% | 877,809 | $17.1M | New |
| KYMR Kymera Therapeutics Inc. | 0.37% | 593,000 | $16.2M | No change |
| COGT Cogent Biosciences Inc. | 0.36% | 2,633,862 | $15.8M | Add +0.1% |
| MREO Mereo Biopharma Group PL-ADR | 0.34% | 6,710,429 | $15.1M | No change |
| CON Concentra Group Holdings Par | 0.32% | 650,000 | $14.1M | No change |
| MTSR Metsera Inc. | 0.31% | 500,000 | $13.6M | New |
| DCGO Docgo Inc. | 0.30% | 5,051,500 | $13.3M | Reduce -29.8% |
| TXG 10X Genomics Inc. Class A | 0.30% | 1,503,594 | $13.1M | Add +0.4% |
| LUNG Pulmonx Corp. | 0.29% | 1,890,000 | $12.7M | Add +23.1% |
| BBNX Beta Bionics Inc. | 0.28% | 1,016,000 | $12.4M | New |
| ZBIO Zenas Biopharma Inc. | 0.28% | 1,562,942 | $12.3M | No change |
| FHTX Foghorn Therapeutics Inc. | 0.27% | 3,255,514 | $11.9M | No change |
| NVCR Novocure Ltd. | 0.26% | 650,119 | $11.6M | New |
| OPK Opko Health Inc. | 0.26% | 6,906,362 | $11.5M | New |
| DCTH Delcath Systems Inc. | 0.23% | 813,106 | $10.4M | New |
| GHRS GH Research PLC | 0.23% | 925,000 | $10.2M | New |
| RXST Rxsight Inc. | 0.22% | 392,332 | $9.9M | New |
| SLP Simulations Plus Inc. | 0.20% | 354,089 | $8.7M | New |
| DYN Dyne Therapeutics Inc. | 0.19% | 812,408 | $8.5M | Add +86.5% |
| PCVX Vaxcyte Inc. | 0.19% | 225,000 | $8.5M | No change |
| SION Sionna Therapeutics Inc. | 0.18% | 747,000 | $7.8M | New |
| SYRE Spyre Therapeutics Inc. | 0.16% | 450,000 | $7.3M | No change |
| GPCR Structure Therapeutics Inc. | 0.15% | 373,407 | $6.5M | No change |
| NPCE Neuropace Inc. | 0.14% | 500,000 | $6.1M | New |
| CATX Perspective Therapeutics Inc. | 0.14% | 2,829,413 | $6.0M | Reduce -3.7% |
| NGNE Neurogene Inc. | 0.12% | 446,880 | $5.2M | Reduce -0.3% |
| STLN Starling Oncology Inc. filed as THE ONCOLOGY INSTITUTE INC | 0.09% | 3,360,052 | $3.8M | No change |
| HLVX Hillevax Inc. | 0.06% | 1,882,654 | $2.7M | No change |
| CALC Calcimedica Inc. | 0.06% | 1,300,000 | $2.5M | No change |
| BIOMX INC | 0.03% | 2,494,108 | $1.4M | Add +39.5% |
| ALEC Alector Inc. | 0.03% | 1,055,192 | $1.3M | Reduce -1.1% |
| ANNX Annexon Inc. | 0.03% | 583,913 | $1.1M | No change |
| TWST Twist Bioscience Corp. | 0.02% | 23,827 | $935K | No change |
| HUM Humana Inc. | 0.01% | 917 | $243K | No change |
| JOE The St Joe Co. | 0.00% | 4,473 | $210K | New |
| DXC DXC Technology Co. | 0.00% | 11,883 | $203K | New |
| XPOF Xponential Fitness Inc. Class A | 0.00% | 23,097 | $192K | New |
| FPI Farmland Partners Inc. | 0.00% | 16,863 | $188K | New |
| HNRG Hallador Energy Co. | 0.00% | 13,713 | $168K | New |
| REI Ring Energy Inc. | 0.00% | 127,376 | $146K | New |
| MFA Mfa Financial Inc. | 0.00% | 10,935 | $112K | New |
| WOOF Petco Health and Wellness Co. | 0.00% | 35,446 | $108K | New |
| BLZE Backblaze Inc. Class A | 0.00% | 21,475 | $104K | New |
| VIR Vir Biotechnology Inc. | 0.00% | 15,728 | $102K | New |
| MAX Mediaalpha Inc. Class A | 0.00% | 10,795 | $100K | New |
| MNKD Mannkind Corp. | 0.00% | 17,380 | $87K | New |
| DHC Diversified Healthcare Trust | 0.00% | 33,892 | $81K | Add +113.9% |
| ZVRA Zevra Therapeutics Inc. | 0.00% | 10,849 | $81K | New |
| NUVB Nuvation Bio Inc. | 0.00% | 45,448 | $80K | Add +125.4% |
| RPAY Repay Holdings Corp. | 0.00% | 13,175 | $73K | New |
| QTRX Quanterix Corp. | 0.00% | 11,023 | $72K | New |
| ABSI Absci Corp. | 0.00% | 28,071 | $70K | New |
| CERS Cerus Corp. | 0.00% | 44,693 | $62K | Reduce -11.2% |
| ALDX Aldeyra Therapeutics Inc. | 0.00% | 10,328 | $59K | New |
| RUN Sunrun Inc. | 0.00% | 10,124 | $59K | New |
| RZLT Rezolute Inc. | 0.00% | 19,223 | $56K | New |
| MXCT Maxcyte Inc. | 0.00% | 19,121 | $52K | New |
| ACCO Acco Brands Corp. | 0.00% | 11,242 | $47K | Reduce -22.8% |
| APPS Digital Turbine Inc. | 0.00% | 16,942 | $46K | New |
| OLPX Olaplex Holdings Inc. | 0.00% | 28,833 | $37K | New |
| TALK Talkspace Inc. | 0.00% | 13,446 | $34K | New |
| CYH Community Health Systems Inc. | 0.00% | 11,717 | $32K | New |
| BFLY Butterfly Network Inc. | 0.00% | 11,635 | $27K | New |
| CCCC C4 Therapeutics Inc. | 0.00% | 12,528 | $20K | New |
Options reported separately and not counted above: ESTA puts ($20.4M).
Other holdings (13): bonds, preferreds, convertibles and warrants · $624.8M (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 | $171.0M | No change |
| ACCOLADE INC (ACCD 0.5 04/01/26) | NOTE 0.500% 4/0 · principal | 132,598,000 | $130.6M | No change |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 110,000,000 | $126.9M | No change |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | 70,000,000 | $114.5M | No change |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 25,255,000 | $35.6M | No change |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | 30,000,000 | $25.2M | New |
| XERIS BIOPHARMA HOLDINGS (XERS 8 07/15/28) | NOTE 8.000% 7/1 · principal | 10,500,000 | $19.9M | New |
| NAMSW Newamsterdam Pharma Co. NV-27 | *W EXP 99/99/999 | 92,787 | $834K | No change |
| QSIAW Quantum-Si Inc. -CW27 | *W EXP 06/10/202 | 333,333 | $133K | No change |
| BFLYW Butterfly Network Inc. -CW25 | *W EXP 02/12/202 | 733,333 | $66K | No change |
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | 166,666 | $53K | No change |
| STLNW Oncology Institute Inc. CW-22 | *W EXP 99/99/999 | 1,250,000 | $34K | No change |
| SRZNW Surrozen Inc.-CW25 | *W EXP 08/01/203 | 166,666 | $5K | No change |
Total filed on the 13F, all lines: $5.0B.
Portfolio Sells Q4 2024 → Q1 2025
| WAY Waystar Holding Corp. | Sold out | 0.00% | −2.60 |
| VTRS Viatris Inc. | Reduce -0.0% | 4.73% | −1.69 |
| ACH Accendra Health Inc. | Sold out | 0.00% | −1.38 |
| LKFT Lakefront Biotherapeutic-ADR | Sold out | 0.00% | −0.83 |
| BCAX Bicara Therapeutics Inc. | Sold out | 0.00% | −0.67 |
| EMBC Embecta Corp. | Reduce -16.8% | 0.78% | −0.67 |
| NAMS Newamsterdam Pharma Co. NV | Reduce -4.9% | 1.90% | −0.48 |
| BCRX Biocryst Pharmaceuticals Inc. | Reduce -36.3% | 0.88% | −0.43 |
| SEPN Septerna Inc. | Sold out | 0.00% | −0.42 |
| DCGO Docgo Inc. | Reduce -29.8% | 0.30% | −0.35 |
| RXRX Recursion Pharmaceuticals-A | Sold out | 0.00% | −0.34 |
| IRTC Irhythm Holdings Inc. | Sold out | 0.00% | −0.30 |
| ACCD Accolade Inc. | Sold out | 0.00% | −0.26 |
| THRD Third Harmonic Bio Inc. | Sold out | 0.00% | −0.23 |
| FATE Fate Therapeutics Inc. | Sold out | 0.00% | −0.13 |
| NKTX Nkarta Inc. | Sold out | 0.00% | −0.12 |
| CRVS Corvus Pharmaceuticals Inc. | Sold out | 0.00% | −0.11 |
| PHR Phreesia Inc. | Reduce -20.6% | 0.58% | −0.10 |
| NGNE Neurogene Inc. | Reduce -0.3% | 0.12% | −0.10 |
| OMIC Singular Genomics Systems Inc. | Sold out | 0.00% | −0.07 |
| CATX Perspective Therapeutics Inc. | Reduce -3.7% | 0.14% | −0.06 |
| CNMD Conmed Corp. | Reduce -0.2% | 0.83% | −0.06 |
| CGON CG Oncology Inc. | Reduce -0.1% | 0.47% | −0.05 |
| VTYX Ventyx Biosciences Inc. | Sold out | 0.00% | −0.03 |
| ALEC Alector Inc. | Reduce -1.1% | 0.03% | −0.01 |
| GIS General Mills Inc. | Sold out | 0.00% | −0.00 |
| ENLC Enlink Midstream LLC | Sold out | 0.00% | −0.00 |
| HNST The Honest Co. Inc. | Sold out | 0.00% | −0.00 |
| EBS Emergent Biosolutions Inc. | Sold out | 0.00% | −0.00 |
| HTLD Heartland Express Inc. | Sold out | 0.00% | −0.00 |
| UIS Unisys Corp. | Sold out | 0.00% | −0.00 |
| EGY Vaalco Energy Inc. | Sold out | 0.00% | −0.00 |
| HBI Hanesbrands Inc. | Sold out | 0.00% | −0.00 |
| ECVT Ecovyst Inc. | Sold out | 0.00% | −0.00 |
| GNW Genworth Financial Inc. | Sold out | 0.00% | −0.00 |
| EQC Equity Commonwealth | Sold out | 0.00% | −0.00 |
| OSUR Orasure Technologies Inc. | Sold out | 0.00% | −0.00 |
| NUS Nu Skin Enterprises Inc. Class A | Sold out | 0.00% | −0.00 |
| GDRX Goodrx Holdings Inc. Class A | Sold out | 0.00% | −0.00 |
| BRC INC-A | Sold out | 0.00% | −0.00 |
| ACCO Acco Brands Corp. | Reduce -22.8% | 0.00% | −0.00 |
| CERS Cerus Corp. | Reduce -11.2% | 0.00% | −0.00 |
| DVAX Dynavax Technologies Corp. | Reduce -0.0% | 1.52% | +0.10 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -0.1% | 0.89% | +0.15 |
| EHAB Enhabit Inc. | Reduce -0.3% | 0.99% | +0.15 |
| ALHC Alignment Healthcare Inc. | Reduce -37.5% | 1.92% | +0.16 |
Portfolio Buys Q4 2024 → Q1 2025
| UTHR United Therapeutics Corp. | New | 1.92% | +1.92 |
| PFE Pfizer Inc. | New | 1.92% | +1.92 |
| NBIX Neurocrine Biosciences Inc. | Add +72.7% | 3.73% | +1.20 |
| INSM Insmed Inc. | New | 0.79% | +0.79 |
| VERA Vera Therapeutics Inc. | New | 0.57% | +0.57 |
| LQDA Liquidia Corp. | New | 0.54% | +0.54 |
| PRAX Praxis Precision Medicines I | New | 0.53% | +0.53 |
| CPRX Catalyst Pharmaceuticals Inc. | Add +9.2% | 1.88% | +0.47 |
| CERT Certara Inc. | New | 0.45% | +0.45 |
| IART Integra Lifesciences Holding | New | 0.40% | +0.40 |
| BEAM Beam Therapeutics Inc. | New | 0.39% | +0.39 |
| NVST Envista Holdings Corp. | Add +98.8% | 0.79% | +0.37 |
| MRUS Merus NV | Add +6.8% | 3.02% | +0.34 |
| MTSR Metsera Inc. | New | 0.31% | +0.31 |
| BBNX Beta Bionics Inc. | New | 0.28% | +0.28 |
| NVCR Novocure Ltd. | New | 0.26% | +0.26 |
| OPK Opko Health Inc. | New | 0.26% | +0.26 |
| LEGN Legend Biotech Corp.-ADR | Add +12.4% | 1.34% | +0.25 |
| DCTH Delcath Systems Inc. | New | 0.23% | +0.23 |
| GHRS GH Research PLC | New | 0.23% | +0.23 |
| RXST Rxsight Inc. | New | 0.22% | +0.22 |
| SLP Simulations Plus Inc. | New | 0.20% | +0.20 |
| SION Sionna Therapeutics Inc. | New | 0.18% | +0.18 |
| BIO Bio-Rad Laboratories-A | Add +49.1% | 1.25% | +0.18 |
| NPCE Neuropace Inc. | New | 0.14% | +0.14 |
| OSCR Oscar Health Inc. Class A | Add +0.1% | 3.51% | +0.10 |
| LUNG Pulmonx Corp. | Add +23.1% | 0.29% | +0.06 |
| IRON Disc Medicine Inc. | Add +30.3% | 0.88% | +0.06 |
| JOE The St Joe Co. | New | 0.00% | +0.00 |
| DXC DXC Technology Co. | New | 0.00% | +0.00 |
| XPOF Xponential Fitness Inc. Class A | New | 0.00% | +0.00 |
| FPI Farmland Partners Inc. | New | 0.00% | +0.00 |
| HNRG Hallador Energy Co. | New | 0.00% | +0.00 |
| BIOMX INC | Add +39.5% | 0.03% | +0.00 |
| REI Ring Energy Inc. | New | 0.00% | +0.00 |
| MFA Mfa Financial Inc. | New | 0.00% | +0.00 |
| WOOF Petco Health and Wellness Co. | New | 0.00% | +0.00 |
| BLZE Backblaze Inc. Class A | New | 0.00% | +0.00 |
| MAX Mediaalpha Inc. Class A | New | 0.00% | +0.00 |
| VIR Vir Biotechnology Inc. | New | 0.00% | +0.00 |
| MNKD Mannkind Corp. | New | 0.00% | +0.00 |
| ZVRA Zevra Therapeutics Inc. | New | 0.00% | +0.00 |
| RPAY Repay Holdings Corp. | New | 0.00% | +0.00 |
| ABSI Absci Corp. | New | 0.00% | +0.00 |
| QTRX Quanterix Corp. | New | 0.00% | +0.00 |
| ALDX Aldeyra Therapeutics Inc. | New | 0.00% | +0.00 |
| RZLT Rezolute Inc. | New | 0.00% | +0.00 |
| RUN Sunrun Inc. | New | 0.00% | +0.00 |
| MXCT Maxcyte Inc. | New | 0.00% | +0.00 |
| DHC Diversified Healthcare Trust | Add +113.9% | 0.00% | +0.00 |
Notes & Other Activity Q4 2024 → Q1 2025
| ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | Sold out | 49,500,000 | $46.7Mbefore exit |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | New | 30,000,000 | $25.2M |
| XERIS BIOPHARMA HOLDINGS (XERS 8 07/15/28) | NOTE 8.000% 7/1 · principal | New | 10,500,000 | $19.9M |
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 |