Deerfield Management Company, L.P.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Deerfield Management Company, L.P. reported 110 stock positions worth $4.9 billion. Its top holding was Nuvalent Class A (NUVL) at 27.9% of the portfolio, followed by Oscar Health Class A (OSCR, 5.1%) and Viatris (VTRS, 4.4%). Compared with Q1 2025, it opened 43 new positions, sold out of 42, added to 28 and reduced 13. The biggest buy was a new position in Merck (MRK) and the biggest sale Alignment Healthcare (ALHC, shares −93%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001009258
- Portfolio Value
- $4.9B (Q2 2025)
- SEC Filing
- 0001213900-25-076586 ↗ filed Aug 14, 2025
Holdings Value
Holdings 110 stocks · $4.9B
| NUVL Nuvalent Inc. Class A | 27.85% | 17,991,024 | $1.4B | No change |
| OSCR Oscar Health Inc. Class A | 5.07% | 11,649,591 | $249.8M | Reduce -1.6% |
| VTRS Viatris Inc. | 4.35% | 24,023,907 | $214.5M | Add +0.1% |
| MRUS Merus NV | 3.61% | 3,384,628 | $178.0M | Add +6.6% |
| CNC Centene Corp. | 3.51% | 3,185,370 | $172.9M | Add +19.2% |
| SPRY Ars Pharmaceuticals Inc. | 3.44% | 9,724,508 | $169.7M | Reduce -7.5% |
| INDV Indivior Ltd. | 3.16% | 10,567,160 | $155.8M | No change |
| UTHR United Therapeutics Corp. | 3.15% | 540,626 | $155.3M | Add +96.4% |
| NBIX Neurocrine Biosciences Inc. | 2.98% | 1,167,802 | $146.8M | Reduce -21.6% |
| RVMD Revolution Medicines Inc. | 2.53% | 3,384,072 | $124.5M | Add +2.0% |
| BKD Brookdale Senior Living Inc. | 2.17% | 15,362,264 | $106.9M | Reduce -1.6% |
| LEGN Legend Biotech Corp.-ADR | 2.13% | 2,962,338 | $105.1M | Add +69.9% |
| PFE Pfizer Inc. | 2.12% | 4,306,264 | $104.4M | Add +28.6% |
| AHCO Adapthealth Corp. | 1.90% | 9,904,895 | $93.4M | Add +2.0% |
| NAMS Newamsterdam Pharma Co. NV | 1.88% | 5,115,953 | $92.6M | Add +24.7% |
| IDYA Ideaya Biosciences Inc. | 1.67% | 3,915,311 | $82.3M | Add +19.8% |
| VERA Vera Therapeutics Inc. | 1.60% | 3,348,117 | $78.9M | Add +218.9% |
| INSM Insmed Inc. | 1.43% | 700,700 | $70.5M | Add +53.0% |
| MRK Merck & Co. Inc. | 1.38% | 857,724 | $67.9M | New |
| CPRX Catalyst Pharmaceuticals Inc. | 1.27% | 2,879,476 | $62.5M | Reduce -15.9% |
| LRMR Larimar Therapeutics Inc. | 1.24% | 21,231,974 | $61.4M | No change |
| BAX Baxter International Inc. | 1.18% | 1,923,100 | $58.2M | No change |
| BIO Bio-Rad Laboratories-A | 1.11% | 226,070 | $54.6M | No change |
| IRON Disc Medicine Inc. | 0.99% | 919,403 | $48.7M | Add +17.5% |
| ALNY Alnylam Pharmaceuticals Inc. | 0.96% | 145,000 | $47.3M | No change |
| EHAB Enhabit Inc. | 0.93% | 4,779,864 | $46.1M | Reduce -4.4% |
| CERT Certara Inc. | 0.93% | 3,926,099 | $45.9M | Add +94.1% |
| NVST Envista Holdings Corp. | 0.88% | 2,215,845 | $43.3M | Add +9.4% |
| BCRX Biocryst Pharmaceuticals Inc. | 0.85% | 4,692,000 | $42.0M | Reduce -9.6% |
| CNMD Conmed Corp. | 0.74% | 700,271 | $36.5M | Add +14.6% |
| PHVS Pharvaris NV | 0.72% | 2,017,464 | $35.5M | No change |
| CGEM Cullinan Therapeutics Inc. | 0.59% | 3,855,552 | $29.0M | Reduce -0.1% |
| PRAX Praxis Precision Medicines I | 0.59% | 686,931 | $28.9M | Add +10.8% |
| PHR Phreesia Inc. | 0.59% | 1,014,577 | $28.9M | Add +0.5% |
| KYMR Kymera Therapeutics Inc. | 0.58% | 653,000 | $28.5M | Add +10.1% |
| MRNA Moderna Inc. | 0.56% | 1,000,000 | $27.6M | New |
| EWTX Edgewise Therapeutics Inc. | 0.55% | 2,067,320 | $27.1M | Reduce -0.5% |
| EMBC Embecta Corp. | 0.54% | 2,749,712 | $26.6M | Add +1.1% |
| DAWN Day One Biopharmaceuticals I | 0.49% | 3,723,131 | $24.2M | Add +25.8% |
| VTR Ventas Inc. | 0.45% | 354,000 | $22.4M | New |
| LQDA Liquidia Corp. | 0.41% | 1,616,778 | $20.1M | No change |
| COGT Cogent Biosciences Inc. | 0.38% | 2,640,215 | $19.0M | Add +0.2% |
| MREO Mereo Biopharma Group PL-ADR | 0.37% | 6,710,429 | $18.2M | No change |
| INSP Inspire Medical Systems Inc. | 0.37% | 140,000 | $18.2M | New |
| SVRA Savara Inc. | 0.37% | 7,964,000 | $18.2M | No change |
| BBNX Beta Bionics Inc. | 0.35% | 1,168,415 | $17.0M | Add +15.0% |
| XENE Xenon Pharmaceuticals Inc. | 0.34% | 542,020 | $17.0M | New |
| VCYT Veracyte Inc. | 0.34% | 625,000 | $16.9M | New |
| SION Sionna Therapeutics Inc. | 0.34% | 970,590 | $16.8M | Add +29.9% |
| NEO Neogenomics Inc. | 0.32% | 2,148,000 | $15.7M | New |
| FHTX Foghorn Therapeutics Inc. | 0.31% | 3,255,514 | $15.3M | No change |
| ZBIO Zenas Biopharma Inc. | 0.31% | 1,562,942 | $15.1M | No change |
| NVCR Novocure Ltd. | 0.30% | 825,119 | $14.7M | Add +26.9% |
| TSHA Taysha Gene Therapies Inc. | 0.25% | 5,386,000 | $12.4M | New |
| RXST Rxsight Inc. | 0.23% | 888,950 | $11.6M | Add +126.6% |
| DCTH Delcath Systems Inc. | 0.22% | 812,561 | $11.1M | Reduce -0.1% |
| OMDA Omada Health Inc. | 0.21% | 553,107 | $10.1M | New |
| IART Integra Lifesciences Holding | 0.20% | 794,865 | $9.8M | No change |
| SYRE Spyre Therapeutics Inc. | 0.19% | 613,665 | $9.2M | Add +36.4% |
| DCGO Docgo Inc. | 0.16% | 4,941,565 | $7.8M | Reduce -2.2% |
| GPCR Structure Therapeutics Inc. | 0.16% | 373,407 | $7.7M | No change |
| PCVX Vaxcyte Inc. | 0.15% | 225,000 | $7.3M | No change |
| STLN Starling Oncology Inc. filed as THE ONCOLOGY INSTITUTE INC | 0.14% | 3,360,052 | $6.9M | No change |
| SLP Simulations Plus Inc. | 0.13% | 354,089 | $6.2M | No change |
| NPCE Neuropace Inc. | 0.11% | 500,000 | $5.6M | No change |
| JBIO Jade Biosciences Inc. | 0.11% | 531,163 | $5.3M | New |
| LUNG Pulmonx Corp. | 0.10% | 1,890,000 | $4.9M | No change |
| ALHC Alignment Healthcare Inc. | 0.10% | 342,558 | $4.8M | Reduce -92.5% |
| HLVX Hillevax Inc. | 0.08% | 1,882,654 | $3.7M | No change |
| CALC Calcimedica Inc. | 0.04% | 1,300,000 | $2.1M | No change |
| ALEC Alector Inc. | 0.03% | 1,055,192 | $1.5M | No change |
| ANNX Annexon Inc. | 0.03% | 583,913 | $1.4M | No change |
| BIOMX INC | 0.02% | 2,494,108 | $1.1M | No change |
| TWST Twist Bioscience Corp. | 0.02% | 23,827 | $877K | No change |
| SHC Sotera Health Co. | 0.01% | 45,242 | $503K | New |
| COO The Cooper Cos Inc. | 0.01% | 6,328 | $450K | New |
| TMO Thermo Fisher Scientific Inc. | 0.01% | 916 | $371K | New |
| UFPT Ufp Technologies Inc. | 0.01% | 1,517 | $370K | New |
| ALGN Align Technology Inc. | 0.01% | 1,945 | $368K | New |
| ATRC Atricure Inc. | 0.01% | 11,138 | $365K | New |
| LMAT Lemaitre Vascular Inc. | 0.01% | 4,169 | $346K | New |
| KIDS Orthopediatrics Corp. | 0.01% | 15,486 | $333K | New |
| ENOV Enovis Corp. | 0.01% | 10,267 | $322K | New |
| NHC National Healthcare Corp. | 0.01% | 2,926 | $313K | New |
| DVA Davita Inc. | 0.01% | 2,101 | $299K | New |
| BLFS Biolife Solutions Inc. | 0.01% | 13,670 | $294K | New |
| UHS Universal Health Services-B | 0.01% | 1,597 | $289K | New |
| AMED Amedisys Inc. | 0.01% | 2,744 | $270K | New |
| HAE Haemonetics Corp. | 0.01% | 3,529 | $263K | New |
| IQV Iqvia Holdings Inc. | 0.01% | 1,623 | $256K | New |
| MDXG Mimedx Group Inc. | 0.00% | 39,351 | $240K | New |
| MEDP Medpace Holdings Inc. | 0.00% | 736 | $231K | New |
| HUM Humana Inc. | 0.00% | 917 | $224K | No change |
| AMPH Amphastar Pharmaceuticals Inc. | 0.00% | 9,579 | $220K | New |
| TFX Teleflex Inc. | 0.00% | 1,805 | $214K | New |
| CRVL Corvel Corp. | 0.00% | 1,993 | $205K | New |
| ZTS Zoetis Inc. | 0.00% | 1,310 | $204K | New |
| RGEN Repligen Corp. | 0.00% | 1,628 | $202K | New |
| ATEC Alphatec Holdings Inc. | 0.00% | 17,083 | $190K | New |
| CYH Community Health Systems Inc. | 0.00% | 55,703 | $189K | Add +375.4% |
| OGN Organon & Co. | 0.00% | 16,388 | $159K | New |
| PACS Pacs Group Inc. | 0.00% | 11,421 | $148K | New |
| TXG 10X Genomics Inc. Class A | 0.00% | 11,301 | $131K | Reduce -99.3% |
| XERS Xeris Biopharma Holdings Inc. | 0.00% | 22,574 | $105K | New |
| RDNT Radnet Inc. | 0.00% | 1,506 | $86K | New |
| DHR Danaher Corp. | 0.00% | 168 | $33K | New |
| EBS Emergent Biosolutions Inc. | 0.00% | 1,872 | $12K | New |
| PMVP PMV Pharmaceuticals Inc. | 0.00% | 8,790 | $9K | New |
| CRL Charles River Laboratories | 0.00% | 43 | $7K | New |
| MYGN Myriad Genetics Inc. | 0.00% | 505 | $3K | New |
Other holdings (14): bonds, preferreds, convertibles and warrants · $580.9M (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 | $172.9M | No change |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 110,000,000 | $143.2M | No change |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | 70,000,000 | $124.2M | No change |
| TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) | NOTE 1.500% 3/1 · principal | 40,000,000 | $38.5M | New |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 25,255,000 | $32.1M | No change |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | 30,000,000 | $25.8M | No change |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | 25,000,000 | $25.4M | New |
| XERIS BIOPHARMA HOLDINGS (XERS 8 07/15/28) | NOTE 8.000% 7/1 · principal | 10,500,000 | $17.7M | No change |
| NAMSW Newamsterdam Pharma Co. NV-27 | *W EXP 99/99/999 | 92,787 | $742K | No change |
| QSIAW Quantum-Si Inc. -CW27 | *W EXP 06/10/202 | 333,333 | $217K | No change |
| STLNW Oncology Institute Inc. CW-22 | *W EXP 99/99/999 | 1,250,000 | $64K | No change |
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | 166,666 | $45K | No change |
| BFLYW Butterfly Network Inc. -CW25 | *W EXP 02/12/202 | 733,333 | $44K | No change |
| SRZNW Surrozen Inc.-CW25 | *W EXP 08/01/203 | 166,666 | $3K | No change |
Total filed on the 13F, all lines: $5.5B.
Portfolio Sells Q1 2025 → Q2 2025
| ALHC Alignment Healthcare Inc. | Reduce -92.5% | 0.10% | −1.83 |
| DVAX Dynavax Technologies Corp. | Sold out | 0.00% | −1.52 |
| NBIX Neurocrine Biosciences Inc. | Reduce -21.6% | 2.98% | −0.75 |
| CMRX Chimerix Inc. | Sold out | 0.00% | −0.73 |
| INMD Inmode Ltd. | Sold out | 0.00% | −0.63 |
| CPRX Catalyst Pharmaceuticals Inc. | Reduce -15.9% | 1.27% | −0.61 |
| LNTH Lantheus Holdings Inc. | Sold out | 0.00% | −0.53 |
| EWTX Edgewise Therapeutics Inc. | Reduce -0.5% | 0.55% | −0.48 |
| CGON CG Oncology Inc. | Sold out | 0.00% | −0.47 |
| BEAM Beam Therapeutics Inc. | Sold out | 0.00% | −0.39 |
| CON Concentra Group Holdings Par | Sold out | 0.00% | −0.32 |
| MTSR Metsera Inc. | Sold out | 0.00% | −0.31 |
| TXG 10X Genomics Inc. Class A | Reduce -99.3% | 0.00% | −0.29 |
| OPK Opko Health Inc. | Sold out | 0.00% | −0.26 |
| GHRS GH Research PLC | Sold out | 0.00% | −0.23 |
| DYN Dyne Therapeutics Inc. | Sold out | 0.00% | −0.19 |
| DCGO Docgo Inc. | Reduce -2.2% | 0.16% | −0.14 |
| CATX Perspective Therapeutics Inc. | Sold out | 0.00% | −0.14 |
| NGNE Neurogene Inc. | Sold out | 0.00% | −0.12 |
| CGEM Cullinan Therapeutics Inc. | Reduce -0.1% | 0.59% | −0.07 |
| EHAB Enhabit Inc. | Reduce -4.4% | 0.93% | −0.06 |
| BKD Brookdale Senior Living Inc. | Reduce -1.6% | 2.17% | −0.04 |
| BCRX Biocryst Pharmaceuticals Inc. | Reduce -9.6% | 0.85% | −0.03 |
| DCTH Delcath Systems Inc. | Reduce -0.1% | 0.22% | −0.01 |
| JOE The St Joe Co. | Sold out | 0.00% | −0.00 |
| DXC DXC Technology Co. | Sold out | 0.00% | −0.00 |
| XPOF Xponential Fitness Inc. Class A | Sold out | 0.00% | −0.00 |
| FPI Farmland Partners Inc. | Sold out | 0.00% | −0.00 |
| HNRG Hallador Energy Co. | Sold out | 0.00% | −0.00 |
| REI Ring Energy Inc. | Sold out | 0.00% | −0.00 |
| MFA Mfa Financial Inc. | Sold out | 0.00% | −0.00 |
| WOOF Petco Health and Wellness Co. | Sold out | 0.00% | −0.00 |
| BLZE Backblaze Inc. Class A | Sold out | 0.00% | −0.00 |
| MAX Mediaalpha Inc. Class A | Sold out | 0.00% | −0.00 |
| VIR Vir Biotechnology Inc. | Sold out | 0.00% | −0.00 |
| MNKD Mannkind Corp. | Sold out | 0.00% | −0.00 |
| DHC Diversified Healthcare Trust | Sold out | 0.00% | −0.00 |
| ZVRA Zevra Therapeutics Inc. | Sold out | 0.00% | −0.00 |
| NUVB Nuvation Bio Inc. | Sold out | 0.00% | −0.00 |
| RPAY Repay Holdings Corp. | Sold out | 0.00% | −0.00 |
| ABSI Absci Corp. | Sold out | 0.00% | −0.00 |
| QTRX Quanterix Corp. | Sold out | 0.00% | −0.00 |
| CERS Cerus Corp. | Sold out | 0.00% | −0.00 |
| ALDX Aldeyra Therapeutics Inc. | Sold out | 0.00% | −0.00 |
| RZLT Rezolute Inc. | Sold out | 0.00% | −0.00 |
| RUN Sunrun Inc. | Sold out | 0.00% | −0.00 |
| MXCT Maxcyte Inc. | Sold out | 0.00% | −0.00 |
| ACCO Acco Brands Corp. | Sold out | 0.00% | −0.00 |
| APPS Digital Turbine Inc. | Sold out | 0.00% | −0.00 |
| OLPX Olaplex Holdings Inc. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| MRK Merck & Co. Inc. | New | 1.38% | +1.38 |
| UTHR United Therapeutics Corp. | Add +96.4% | 3.15% | +1.23 |
| VERA Vera Therapeutics Inc. | Add +218.9% | 1.60% | +1.03 |
| LEGN Legend Biotech Corp.-ADR | Add +69.9% | 2.13% | +0.79 |
| INSM Insmed Inc. | Add +53.0% | 1.43% | +0.64 |
| MRUS Merus NV | Add +6.6% | 3.61% | +0.59 |
| MRNA Moderna Inc. | New | 0.56% | +0.56 |
| CERT Certara Inc. | Add +94.1% | 0.93% | +0.48 |
| IDYA Ideaya Biosciences Inc. | Add +19.8% | 1.67% | +0.46 |
| VTR Ventas Inc. | New | 0.45% | +0.45 |
| INSP Inspire Medical Systems Inc. | New | 0.37% | +0.37 |
| XENE Xenon Pharmaceuticals Inc. | New | 0.34% | +0.34 |
| VCYT Veracyte Inc. | New | 0.34% | +0.34 |
| NEO Neogenomics Inc. | New | 0.32% | +0.32 |
| TSHA Taysha Gene Therapies Inc. | New | 0.25% | +0.25 |
| KYMR Kymera Therapeutics Inc. | Add +10.1% | 0.58% | +0.21 |
| OMDA Omada Health Inc. | New | 0.21% | +0.21 |
| PFE Pfizer Inc. | Add +28.6% | 2.12% | +0.20 |
| SION Sionna Therapeutics Inc. | Add +29.9% | 0.34% | +0.16 |
| IRON Disc Medicine Inc. | Add +17.5% | 0.99% | +0.11 |
| JBIO Jade Biosciences Inc. | New | 0.11% | +0.11 |
| NVST Envista Holdings Corp. | Add +9.4% | 0.88% | +0.09 |
| BBNX Beta Bionics Inc. | Add +15.0% | 0.35% | +0.06 |
| PRAX Praxis Precision Medicines I | Add +10.8% | 0.59% | +0.05 |
| NVCR Novocure Ltd. | Add +26.9% | 0.30% | +0.04 |
| COGT Cogent Biosciences Inc. | Add +0.2% | 0.38% | +0.03 |
| SYRE Spyre Therapeutics Inc. | Add +36.4% | 0.19% | +0.02 |
| RXST Rxsight Inc. | Add +126.6% | 0.23% | +0.01 |
| SHC Sotera Health Co. | New | 0.01% | +0.01 |
| COO The Cooper Cos Inc. | New | 0.01% | +0.01 |
| ALGN Align Technology Inc. | New | 0.01% | +0.01 |
| TMO Thermo Fisher Scientific Inc. | New | 0.01% | +0.01 |
| UFPT Ufp Technologies Inc. | New | 0.01% | +0.01 |
| ATRC Atricure Inc. | New | 0.01% | +0.01 |
| LMAT Lemaitre Vascular Inc. | New | 0.01% | +0.01 |
| KIDS Orthopediatrics Corp. | New | 0.01% | +0.01 |
| ENOV Enovis Corp. | New | 0.01% | +0.01 |
| NHC National Healthcare Corp. | New | 0.01% | +0.01 |
| DVA Davita Inc. | New | 0.01% | +0.01 |
| BLFS Biolife Solutions Inc. | New | 0.01% | +0.01 |
| UHS Universal Health Services-B | New | 0.01% | +0.01 |
| AMED Amedisys Inc. | New | 0.01% | +0.01 |
| HAE Haemonetics Corp. | New | 0.01% | +0.01 |
| IQV Iqvia Holdings Inc. | New | 0.01% | +0.01 |
| MDXG Mimedx Group Inc. | New | 0.00% | +0.00 |
| MEDP Medpace Holdings Inc. | New | 0.00% | +0.00 |
| AMPH Amphastar Pharmaceuticals Inc. | New | 0.00% | +0.00 |
| TFX Teleflex Inc. | New | 0.00% | +0.00 |
| CRVL Corvel Corp. | New | 0.00% | +0.00 |
| RGEN Repligen Corp. | New | 0.00% | +0.00 |
Options Activity Q1 2025 → Q2 2025
| ESTA Establishment Labs Holdings | put | Sold out | 500,000 | $20.4Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| ACCOLADE INC (ACCD 0.5 04/01/26) | NOTE 0.500% 4/0 · principal | Sold out | 132,598,000 | $130.6Mbefore exit |
| TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) | NOTE 1.500% 3/1 · principal | New | 40,000,000 | $38.5M |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | New | 25,000,000 | $25.4M |
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 |