Deerfield Management Company, L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Deerfield Management Company, L.P. reported 138 stock positions worth $6.0 billion. Its top holding was Nuvalent Class A (NUVL) at 25.8% of the portfolio, followed by Centene (CNC, 5.4%) and Merus (MRUS, 4.8%). Compared with Q2 2025, it opened 47 new positions, sold out of 19, added to 43 and reduced 20. The biggest buy was a new position in Ionis Pharmaceuticals (IONS) and the biggest sale an exit from Oscar Health Class A (OSCR).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001009258
- Portfolio Value
- $6.0B (Q3 2025)
- SEC Filing
- 0001213900-25-110851 ↗ filed Nov 14, 2025
Holdings Value
Holdings 138 stocks · $6.0B
| NUVL Nuvalent Inc. Class A | 25.79% | 17,991,024 | $1.6B | No change |
| CNC Centene Corp. | 5.35% | 9,046,000 | $322.8M | Add +184.0% |
| MRUS Merus NV | 4.76% | 3,046,916 | $286.9M | Reduce -10.0% |
| VTRS Viatris Inc. | 3.96% | 24,099,083 | $238.6M | Add +0.3% |
| UTHR United Therapeutics Corp. | 2.96% | 425,993 | $178.6M | Reduce -21.2% |
| RVMD Revolution Medicines Inc. | 2.83% | 3,650,342 | $170.5M | Add +7.9% |
| INDV Indivior Ltd. | 2.79% | 6,986,811 | $168.5M | Reduce -33.9% |
| NBIX Neurocrine Biosciences Inc. | 2.76% | 1,184,345 | $166.3M | Add +1.4% |
| COGT Cogent Biosciences Inc. | 2.16% | 9,053,118 | $130.0M | Add +242.9% |
| IONS Ionis Pharmaceuticals Inc. | 2.15% | 1,979,669 | $129.5M | New |
| NAMS Newamsterdam Pharma Co. NV | 2.01% | 4,266,693 | $121.3M | Reduce -16.6% |
| VERA Vera Therapeutics Inc. | 1.75% | 3,641,157 | $105.8M | Add +8.8% |
| BMY Bristol-Myers Squibb Co. | 1.75% | 2,337,771 | $105.4M | New |
| AHCO Adapthealth Corp. | 1.70% | 11,477,730 | $102.7M | Add +15.9% |
| LRMR Larimar Therapeutics Inc. | 1.64% | 30,606,974 | $98.9M | Add +44.2% |
| BKD Brookdale Senior Living Inc. | 1.63% | 11,641,642 | $98.6M | Reduce -24.2% |
| CPRX Catalyst Pharmaceuticals Inc. | 1.62% | 4,974,767 | $98.0M | Add +72.8% |
| LEGN Legend Biotech Corp.-ADR | 1.60% | 2,962,338 | $96.6M | No change |
| BCRX Biocryst Pharmaceuticals Inc. | 1.53% | 12,169,000 | $92.4M | Add +159.4% |
| MRK Merck & Co. Inc. | 1.43% | 1,030,000 | $86.4M | Add +20.1% |
| PFE Pfizer Inc. | 1.40% | 3,303,790 | $84.2M | Reduce -23.3% |
| CERT Certara Inc. | 1.37% | 6,739,537 | $82.4M | Add +71.7% |
| INSP Inspire Medical Systems Inc. | 1.29% | 1,047,694 | $77.7M | Add +648.4% |
| SPRY Ars Pharmaceuticals Inc. | 1.25% | 7,503,812 | $75.4M | Reduce -22.8% |
| INSM Insmed Inc. | 1.12% | 471,000 | $67.8M | Reduce -32.8% |
| BIO Bio-Rad Laboratories-A | 1.05% | 226,070 | $63.4M | No change |
| PHVS Pharvaris NV | 1.01% | 2,442,464 | $60.9M | Add +21.1% |
| IRON Disc Medicine Inc. | 1.01% | 919,403 | $60.8M | No change |
| IDYA Ideaya Biosciences Inc. | 0.97% | 2,153,043 | $58.6M | Reduce -45.0% |
| BBOT Bridgebio Oncology Therapeut | 0.94% | 4,885,446 | $56.6M | New |
| NVST Envista Holdings Corp. | 0.77% | 2,294,036 | $46.7M | Add +3.5% |
| PRAX Praxis Precision Medicines I | 0.74% | 840,851 | $44.6M | Add +22.4% |
| CRMD Cormedix Inc. | 0.64% | 3,323,833 | $38.7M | New |
| EHAB Enhabit Inc. | 0.63% | 4,747,746 | $38.0M | Reduce -0.7% |
| EMBC Embecta Corp. | 0.61% | 2,620,421 | $37.0M | Reduce -4.7% |
| CELC Celcuity Inc. | 0.60% | 733,530 | $36.2M | New |
| CNMD Conmed Corp. | 0.59% | 760,196 | $35.8M | Add +8.6% |
| ZBIO Zenas Biopharma Inc. | 0.58% | 1,562,942 | $34.7M | No change |
| NEO Neogenomics Inc. | 0.57% | 4,447,331 | $34.3M | Add +107.0% |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.57% | 993,000 | $34.2M | New |
| DAWN Day One Biopharmaceuticals I | 0.55% | 4,705,413 | $33.2M | Add +26.4% |
| KYMR Kymera Therapeutics Inc. | 0.54% | 572,258 | $32.4M | Reduce -12.4% |
| CDNA Caredx Inc. | 0.53% | 2,191,000 | $31.9M | New |
| ALNY Alnylam Pharmaceuticals Inc. | 0.51% | 67,935 | $31.0M | Reduce -53.1% |
| ACHC Acadia Healthcare Co. Inc. | 0.49% | 1,189,000 | $29.4M | New |
| SION Sionna Therapeutics Inc. | 0.47% | 970,590 | $28.5M | No change |
| SVRA Savara Inc. | 0.47% | 7,964,000 | $28.4M | No change |
| PHR Phreesia Inc. | 0.44% | 1,116,752 | $26.3M | Add +10.1% |
| VCYT Veracyte Inc. | 0.41% | 726,000 | $24.9M | Add +16.2% |
| VTR Ventas Inc. | 0.41% | 354,000 | $24.8M | No change |
| BBNX Beta Bionics Inc. | 0.38% | 1,168,415 | $23.2M | No change |
| XENE Xenon Pharmaceuticals Inc. | 0.36% | 542,020 | $21.8M | No change |
| TSHA Taysha Gene Therapies Inc. | 0.29% | 5,386,000 | $17.6M | No change |
| CGEM Cullinan Therapeutics Inc. | 0.29% | 2,927,013 | $17.4M | Reduce -24.1% |
| FHTX Foghorn Therapeutics Inc. | 0.26% | 3,255,514 | $15.9M | No change |
| MNPR Monopar Therapeutics Inc. | 0.22% | 159,765 | $13.0M | New |
| EWTX Edgewise Therapeutics Inc. | 0.21% | 765,694 | $12.4M | Reduce -63.0% |
| OMDA Omada Health Inc. | 0.20% | 553,107 | $12.2M | No change |
| STLN Starling Oncology Inc. filed as THE ONCOLOGY INSTITUTE INC | 0.19% | 3,360,052 | $11.7M | No change |
| IART Integra Lifesciences Holding | 0.19% | 794,865 | $11.4M | No change |
| GPCR Structure Therapeutics Inc. | 0.17% | 373,407 | $10.5M | No change |
| SYRE Spyre Therapeutics Inc. | 0.17% | 613,665 | $10.3M | No change |
| DCGO Docgo Inc. | 0.10% | 4,622,708 | $6.3M | Reduce -6.5% |
| SI Shoulder Innovations Inc. | 0.10% | 482,572 | $6.1M | New |
| JBIO Jade Biosciences Inc. | 0.08% | 531,163 | $4.6M | No change |
| ALGN Align Technology Inc. | 0.07% | 32,789 | $4.1M | Add +1585.8% |
| PBH Prestige Consumer Healthcare | 0.07% | 64,563 | $4.0M | New |
| CALC Calcimedica Inc. | 0.07% | 1,300,000 | $4.0M | No change |
| UFPT Ufp Technologies Inc. | 0.06% | 18,660 | $3.7M | Add +1130.1% |
| KIDS Orthopediatrics Corp. | 0.06% | 194,109 | $3.6M | Add +1153.5% |
| VREX Varex Imaging Corp. | 0.06% | 285,207 | $3.5M | New |
| MMSI Merit Medical Systems Inc. | 0.06% | 41,846 | $3.5M | New |
| HAE Haemonetics Corp. | 0.06% | 69,089 | $3.4M | Add +1857.8% |
| HTFL Heartflow Inc. | 0.06% | 100,000 | $3.4M | New |
| KVUE Kenvue Inc. | 0.05% | 193,853 | $3.1M | New |
| ALEC Alector Inc. | 0.05% | 1,055,192 | $3.1M | No change |
| ATRC Atricure Inc. | 0.05% | 87,569 | $3.1M | Add +686.2% |
| BSX Boston Scientific Corp. | 0.05% | 31,312 | $3.1M | New |
| TXG 10X Genomics Inc. Class A | 0.05% | 261,188 | $3.1M | Add +2211.2% |
| RDNT Radnet Inc. | 0.05% | 39,913 | $3.0M | Add +2550.3% |
| IRTC Irhythm Holdings Inc. | 0.05% | 17,262 | $3.0M | New |
| COO The Cooper Cos Inc. | 0.05% | 43,110 | $3.0M | Add +581.3% |
| RVTY Revvity Inc. | 0.05% | 33,541 | $2.9M | New |
| BLFS Biolife Solutions Inc. | 0.05% | 111,195 | $2.8M | Add +713.4% |
| LMAT Lemaitre Vascular Inc. | 0.04% | 29,959 | $2.6M | Add +618.6% |
| STAA Staar Surgical Co. | 0.04% | 96,989 | $2.6M | New |
| TRUP Trupanion Inc. | 0.04% | 57,045 | $2.5M | New |
| DVA Davita Inc. | 0.04% | 18,567 | $2.5M | Add +783.7% |
| ISRG Intuitive Surgical Inc. | 0.04% | 5,438 | $2.4M | New |
| WAT Waters Corp. | 0.04% | 7,885 | $2.4M | New |
| CRVL Corvel Corp. | 0.04% | 30,216 | $2.3M | Add +1416.1% |
| ENOV Enovis Corp. | 0.03% | 69,213 | $2.1M | Add +574.1% |
| CHE Chemed Corp. | 0.03% | 4,664 | $2.1M | New |
| ALHC Alignment Healthcare Inc. | 0.03% | 102,942 | $1.8M | Reduce -70.0% |
| ANNX Annexon Inc. | 0.03% | 583,913 | $1.8M | No change |
| NHC National Healthcare Corp. | 0.03% | 14,584 | $1.8M | Add +398.4% |
| RGEN Repligen Corp. | 0.03% | 12,909 | $1.7M | Add +692.9% |
| TFX Teleflex Inc. | 0.03% | 13,572 | $1.7M | Add +651.9% |
| GEHC GE Healthcare Technology | 0.03% | 21,924 | $1.6M | New |
| PEN Penumbra Inc. | 0.03% | 6,411 | $1.6M | New |
Options reported separately and not counted above: MRNA puts ($25.8M).
Other holdings (13): bonds, preferreds, convertibles and warrants · $493.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | 70,000,000 | $168.2M | No change |
| TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) | NOTE 1.500% 3/1 · principal | 100,000,000 | $87.1M | Add +150.0% |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 60,000,000 | $82.7M | New |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 72,689,000 | $62.9M | New |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | 34,280,000 | $36.9M | Add +37.1% |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | 30,000,000 | $27.0M | No change |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 25,255,000 | $26.5M | No change |
| NAMSW Newamsterdam Pharma Co. NV-27 | *W EXP 99/99/999 | 92,787 | $1.6M | No change |
| STLNW Oncology Institute Inc. CW-22 | *W EXP 99/99/999 | 1,250,000 | $150K | No change |
| QSIAW Quantum-Si Inc. -CW27 | *W EXP 06/10/202 | 333,333 | $90K | No change |
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | 166,666 | $34K | No change |
| BFLYW Butterfly Network Inc. -CW25 | *W EXP 02/12/202 | 733,333 | $33K | No change |
| SRZNW Surrozen Inc.-CW25 | *W EXP 08/01/203 | 166,666 | $3K | No change |
Total filed on the 13F, all lines: $6.5B.
Portfolio Sells Q2 2025 → Q3 2025
| OSCR Oscar Health Inc. Class A | Sold out | 0.00% | −5.07 |
| SPRY Ars Pharmaceuticals Inc. | Reduce -22.8% | 1.25% | −2.19 |
| BAX Baxter International Inc. | Reduce -97.8% | 0.02% | −1.17 |
| PFE Pfizer Inc. | Reduce -23.3% | 1.40% | −0.72 |
| IDYA Ideaya Biosciences Inc. | Reduce -45.0% | 0.97% | −0.70 |
| MRNA Moderna Inc. | Sold out | 0.00% | −0.56 |
| BKD Brookdale Senior Living Inc. | Reduce -24.2% | 1.63% | −0.53 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -53.1% | 0.51% | −0.45 |
| LQDA Liquidia Corp. | Sold out | 0.00% | −0.41 |
| MREO Mereo Biopharma Group PL-ADR | Sold out | 0.00% | −0.37 |
| INDV Indivior Ltd. | Reduce -33.9% | 2.79% | −0.37 |
| EWTX Edgewise Therapeutics Inc. | Reduce -63.0% | 0.21% | −0.34 |
| INSM Insmed Inc. | Reduce -32.8% | 1.12% | −0.31 |
| EHAB Enhabit Inc. | Reduce -0.7% | 0.63% | −0.30 |
| CGEM Cullinan Therapeutics Inc. | Reduce -24.1% | 0.29% | −0.30 |
| NVCR Novocure Ltd. | Sold out | 0.00% | −0.30 |
| RXST Rxsight Inc. | Sold out | 0.00% | −0.23 |
| DCTH Delcath Systems Inc. | Sold out | 0.00% | −0.22 |
| UTHR United Therapeutics Corp. | Reduce -21.2% | 2.96% | −0.19 |
| PCVX Vaxcyte Inc. | Sold out | 0.00% | −0.15 |
| SLP Simulations Plus Inc. | Sold out | 0.00% | −0.13 |
| NPCE Neuropace Inc. | Sold out | 0.00% | −0.11 |
| LUNG Pulmonx Corp. | Sold out | 0.00% | −0.10 |
| HLVX Hillevax Inc. | Sold out | 0.00% | −0.08 |
| ALHC Alignment Healthcare Inc. | Reduce -70.0% | 0.03% | −0.07 |
| DCGO Docgo Inc. | Reduce -6.5% | 0.10% | −0.05 |
| KYMR Kymera Therapeutics Inc. | Reduce -12.4% | 0.54% | −0.04 |
| UHS Universal Health Services-B | Sold out | 0.00% | −0.01 |
| AMED Amedisys Inc. | Sold out | 0.00% | −0.01 |
| IQV Iqvia Holdings Inc. | Sold out | 0.00% | −0.01 |
| MEDP Medpace Holdings Inc. | Sold out | 0.00% | −0.00 |
| AMPH Amphastar Pharmaceuticals Inc. | Sold out | 0.00% | −0.00 |
| SHC Sotera Health Co. | Reduce -43.9% | 0.01% | −0.00 |
| PACS Pacs Group Inc. | Sold out | 0.00% | −0.00 |
| CYH Community Health Systems Inc. | Reduce -41.3% | 0.00% | −0.00 |
| CRL Charles River Laboratories | Sold out | 0.00% | −0.00 |
| EMBC Embecta Corp. | Reduce -4.7% | 0.61% | +0.07 |
| NAMS Newamsterdam Pharma Co. NV | Reduce -16.6% | 2.01% | +0.13 |
| MRUS Merus NV | Reduce -10.0% | 4.76% | +1.14 |
Portfolio Buys Q2 2025 → Q3 2025
| IONS Ionis Pharmaceuticals Inc. | New | 2.15% | +2.15 |
| CNC Centene Corp. | Add +184.0% | 5.35% | +1.84 |
| COGT Cogent Biosciences Inc. | Add +242.9% | 2.16% | +1.77 |
| BMY Bristol-Myers Squibb Co. | New | 1.75% | +1.75 |
| BBOT Bridgebio Oncology Therapeut | New | 0.94% | +0.94 |
| INSP Inspire Medical Systems Inc. | Add +648.4% | 1.29% | +0.92 |
| BCRX Biocryst Pharmaceuticals Inc. | Add +159.4% | 1.53% | +0.68 |
| CRMD Cormedix Inc. | New | 0.64% | +0.64 |
| CELC Celcuity Inc. | New | 0.60% | +0.60 |
| ARWR Arrowhead Pharmaceuticals Inc. | New | 0.57% | +0.57 |
| CDNA Caredx Inc. | New | 0.53% | +0.53 |
| ACHC Acadia Healthcare Co. Inc. | New | 0.49% | +0.49 |
| CERT Certara Inc. | Add +71.7% | 1.37% | +0.43 |
| LRMR Larimar Therapeutics Inc. | Add +44.2% | 1.64% | +0.39 |
| CPRX Catalyst Pharmaceuticals Inc. | Add +72.8% | 1.62% | +0.36 |
| RVMD Revolution Medicines Inc. | Add +7.9% | 2.83% | +0.30 |
| PHVS Pharvaris NV | Add +21.1% | 1.01% | +0.29 |
| NEO Neogenomics Inc. | Add +107.0% | 0.57% | +0.25 |
| MNPR Monopar Therapeutics Inc. | New | 0.22% | +0.22 |
| VERA Vera Therapeutics Inc. | Add +8.8% | 1.75% | +0.15 |
| PRAX Praxis Precision Medicines I | Add +22.4% | 0.74% | +0.15 |
| SI Shoulder Innovations Inc. | New | 0.10% | +0.10 |
| VCYT Veracyte Inc. | Add +16.2% | 0.41% | +0.07 |
| PBH Prestige Consumer Healthcare | New | 0.07% | +0.07 |
| ALGN Align Technology Inc. | Add +1585.8% | 0.07% | +0.06 |
| DAWN Day One Biopharmaceuticals I | Add +26.4% | 0.55% | +0.06 |
| VREX Varex Imaging Corp. | New | 0.06% | +0.06 |
| MMSI Merit Medical Systems Inc. | New | 0.06% | +0.06 |
| HTFL Heartflow Inc. | New | 0.06% | +0.06 |
| MRK Merck & Co. Inc. | Add +20.1% | 1.43% | +0.06 |
| UFPT Ufp Technologies Inc. | Add +1130.1% | 0.06% | +0.05 |
| KIDS Orthopediatrics Corp. | Add +1153.5% | 0.06% | +0.05 |
| KVUE Kenvue Inc. | New | 0.05% | +0.05 |
| BSX Boston Scientific Corp. | New | 0.05% | +0.05 |
| HAE Haemonetics Corp. | Add +1857.8% | 0.06% | +0.05 |
| IRTC Irhythm Holdings Inc. | New | 0.05% | +0.05 |
| RVTY Revvity Inc. | New | 0.05% | +0.05 |
| RDNT Radnet Inc. | Add +2550.3% | 0.05% | +0.05 |
| TXG 10X Genomics Inc. Class A | Add +2211.2% | 0.05% | +0.05 |
| ATRC Atricure Inc. | Add +686.2% | 0.05% | +0.04 |
| STAA Staar Surgical Co. | New | 0.04% | +0.04 |
| BLFS Biolife Solutions Inc. | Add +713.4% | 0.05% | +0.04 |
| TRUP Trupanion Inc. | New | 0.04% | +0.04 |
| ISRG Intuitive Surgical Inc. | New | 0.04% | +0.04 |
| COO The Cooper Cos Inc. | Add +581.3% | 0.05% | +0.04 |
| WAT Waters Corp. | New | 0.04% | +0.04 |
| LMAT Lemaitre Vascular Inc. | Add +618.6% | 0.04% | +0.04 |
| DVA Davita Inc. | Add +783.7% | 0.04% | +0.03 |
| CHE Chemed Corp. | New | 0.03% | +0.03 |
| CRVL Corvel Corp. | Add +1416.1% | 0.04% | +0.03 |
Options Activity Q2 2025 → Q3 2025
| MRNA Moderna Inc. | put | New | 1,000,000 | $25.8M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) | NOTE 0.500% 8/1 · principal | Sold out | 174,364,000 | $172.9Mbefore exit |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | Sold out | 110,000,000 | $143.2Mbefore exit |
| TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) | NOTE 1.500% 3/1 · principal | Add +150.0% | 100,000,000 | $87.1M |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | New | 60,000,000 | $82.7M |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | New | 72,689,000 | $62.9M |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | Add +37.1% | 34,280,000 | $36.9M |
| XERIS BIOPHARMA HOLDINGS (XERS 8 07/15/28) | NOTE 8.000% 7/1 · principal | Sold out | 10,500,000 | $17.7Mbefore 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 |