Deerfield Management Company, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Deerfield Management Company, L.P. reported 135 stock positions worth $6.8 billion. Its top holding was Nuvalent Class A (NUVL) at 25.4% of the portfolio, followed by Cogent Biosciences (COGT, 4.7%) and Praxis Precision Medicines I (PRAX, 3.9%). Compared with Q3 2025, it opened 31 new positions, sold out of 34, added to 36 and reduced 43. The biggest buy was Praxis Precision Medicines I (PRAX, shares +7%) and the biggest sale an exit from Merus (MRUS).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001009258
- Portfolio Value
- $6.8B (Q4 2025)
- SEC Filing
- 0001213900-26-017265 ↗ filed Feb 17, 2026
Holdings Value
Holdings 135 stocks · $6.8B
| NUVL Nuvalent Inc. Class A | 25.36% | 17,248,450 | $1.7B | Reduce -4.1% |
| COGT Cogent Biosciences Inc. | 4.70% | 9,043,903 | $321.2M | Reduce -0.1% |
| PRAX Praxis Precision Medicines I | 3.89% | 903,351 | $266.3M | Add +7.4% |
| CNC Centene Corp. | 3.88% | 6,447,998 | $265.3M | Reduce -28.7% |
| VTRS Viatris Inc. | 3.68% | 20,206,170 | $251.6M | Reduce -16.1% |
| RVMD Revolution Medicines Inc. | 3.37% | 2,894,613 | $230.6M | Reduce -20.7% |
| UTHR United Therapeutics Corp. | 3.03% | 425,993 | $207.6M | No change |
| VERA Vera Therapeutics Inc. | 3.00% | 4,059,695 | $205.6M | Add +11.5% |
| CELC Celcuity Inc. | 2.50% | 1,714,000 | $171.0M | Add +133.7% |
| NBIX Neurocrine Biosciences Inc. | 2.46% | 1,184,345 | $168.0M | No change |
| IONS Ionis Pharmaceuticals Inc. | 2.29% | 1,979,669 | $156.6M | No change |
| NAMS Newamsterdam Pharma Co. NV | 2.14% | 4,164,789 | $146.1M | Reduce -2.4% |
| INSP Inspire Medical Systems Inc. | 2.03% | 1,505,872 | $138.9M | Add +43.7% |
| LEGN Legend Biotech Corp.-ADR | 1.88% | 5,932,000 | $129.0M | Add +100.3% |
| BKD Brookdale Senior Living Inc. | 1.84% | 11,637,032 | $125.6M | Reduce -0.0% |
| INDV Indivior Ltd. | 1.78% | 3,393,063 | $121.7M | Reduce -51.4% |
| ARWR Arrowhead Pharmaceuticals Inc. | 1.78% | 1,832,946 | $121.7M | Add +84.6% |
| LRMR Larimar Therapeutics Inc. | 1.70% | 30,606,974 | $116.6M | No change |
| CPRX Catalyst Pharmaceuticals Inc. | 1.68% | 4,911,161 | $114.6M | Reduce -1.3% |
| AHCO Adapthealth Corp. | 1.67% | 11,477,730 | $114.3M | No change |
| BCRX Biocryst Pharmaceuticals Inc. | 1.64% | 14,341,000 | $111.9M | Add +17.9% |
| SPRY Ars Pharmaceuticals Inc. | 1.28% | 7,503,812 | $87.4M | No change |
| PHVS Pharvaris NV | 1.27% | 3,126,042 | $86.7M | Add +28.0% |
| SVRA Savara Inc. | 1.20% | 13,569,000 | $81.8M | Add +70.4% |
| IDYA Ideaya Biosciences Inc. | 1.09% | 2,153,043 | $74.4M | No change |
| CERT Certara Inc. | 1.01% | 7,808,605 | $68.8M | Add +15.9% |
| BIO Bio-Rad Laboratories-A | 1.00% | 226,070 | $68.5M | No change |
| ACHC Acadia Healthcare Co. Inc. | 0.94% | 4,520,000 | $64.1M | Add +280.1% |
| BBOT Bridgebio Oncology Therapeut | 0.89% | 4,885,446 | $61.2M | No change |
| STOK Stoke Therapeutics Inc. | 0.85% | 1,823,500 | $57.9M | New |
| LNTH Lantheus Holdings Inc. | 0.81% | 827,999 | $55.1M | New |
| GPCR Structure Therapeutics Inc. | 0.78% | 767,993 | $53.4M | Add +105.7% |
| NVST Envista Holdings Corp. | 0.72% | 2,280,498 | $49.5M | Reduce -0.6% |
| EHAB Enhabit Inc. | 0.64% | 4,747,746 | $43.8M | No change |
| KYMR Kymera Therapeutics Inc. | 0.64% | 561,170 | $43.7M | Reduce -1.9% |
| CDNA Caredx Inc. | 0.60% | 2,191,000 | $41.3M | No change |
| IRON Disc Medicine Inc. | 0.59% | 511,163 | $40.6M | Reduce -44.4% |
| SION Sionna Therapeutics Inc. | 0.58% | 970,590 | $39.9M | No change |
| BLTE Belite Bio Inc. - ADR | 0.55% | 233,813 | $37.4M | New |
| DAWN Day One Biopharmaceuticals I | 0.51% | 3,723,131 | $34.7M | Reduce -20.9% |
| PHR Phreesia Inc. | 0.49% | 1,999,045 | $33.8M | Add +79.0% |
| EMBC Embecta Corp. | 0.48% | 2,752,031 | $32.7M | Add +5.0% |
| VCYT Veracyte Inc. | 0.45% | 726,000 | $30.6M | No change |
| BBNX Beta Bionics Inc. | 0.42% | 938,308 | $28.6M | Reduce -19.7% |
| VTR Ventas Inc. | 0.40% | 354,000 | $27.4M | No change |
| ALNY Alnylam Pharmaceuticals Inc. | 0.39% | 67,935 | $27.0M | No change |
| TNGX Tango Therapeutics Inc. | 0.38% | 2,906,946 | $25.8M | New |
| XENE Xenon Pharmaceuticals Inc. | 0.36% | 542,020 | $24.3M | No change |
| SYRE Spyre Therapeutics Inc. | 0.34% | 710,626 | $23.3M | Add +15.8% |
| FHTX Foghorn Therapeutics Inc. | 0.29% | 3,649,211 | $19.7M | Add +12.1% |
| CMPX Compass Therapeutics Inc. | 0.28% | 3,606,000 | $19.4M | New |
| EWTX Edgewise Therapeutics Inc. | 0.28% | 765,694 | $19.0M | No change |
| KYTX Kyverna Therapeutics Inc. | 0.27% | 2,000,000 | $18.8M | New |
| TSHA Taysha Gene Therapies Inc. | 0.22% | 2,722,165 | $15.0M | Reduce -49.5% |
| CRMD Cormedix Inc. | 0.19% | 1,107,944 | $12.9M | Reduce -66.7% |
| STLN Starling Oncology Inc. filed as THE ONCOLOGY INSTITUTE INC | 0.17% | 3,360,052 | $12.0M | No change |
| MNPR Monopar Therapeutics Inc. | 0.16% | 170,558 | $11.1M | Add +6.8% |
| MDLN Medline Inc. Class A | 0.16% | 260,000 | $10.9M | New |
| OMDA Omada Health Inc. | 0.13% | 553,107 | $8.7M | No change |
| CALC Calcimedica Inc. | 0.13% | 1,300,000 | $8.6M | No change |
| PBH Prestige Consumer Healthcare | 0.06% | 69,669 | $4.3M | Add +7.9% |
| CGEM Cullinan Therapeutics Inc. | 0.06% | 386,169 | $4.0M | Reduce -86.8% |
| VEEV Veeva Systems Inc. Class A | 0.06% | 17,711 | $4.0M | New |
| RDNT Radnet Inc. | 0.05% | 49,951 | $3.6M | Add +25.1% |
| LH Labcorp Holdings Inc. | 0.05% | 13,825 | $3.5M | Add +1208.0% |
| ENOV Enovis Corp. | 0.05% | 127,270 | $3.4M | Add +83.9% |
| ALHC Alignment Healthcare Inc. | 0.05% | 164,345 | $3.2M | Add +59.6% |
| DGX Quest Diagnostics Inc. | 0.05% | 18,392 | $3.2M | New |
| TMDX Transmedics Group Inc. | 0.05% | 25,492 | $3.1M | Add +99.9% |
| PODD Insulet Corp. | 0.04% | 10,616 | $3.0M | Add +137.0% |
| ANNX Annexon Inc. | 0.04% | 583,913 | $2.9M | No change |
| BLFS Biolife Solutions Inc. | 0.04% | 120,211 | $2.9M | Add +8.1% |
| CHE Chemed Corp. | 0.04% | 6,215 | $2.7M | Add +33.3% |
| WOOF Petco Health and Wellness Co. | 0.04% | 936,309 | $2.6M | New |
| KIDS Orthopediatrics Corp. | 0.04% | 144,220 | $2.6M | Reduce -25.7% |
| CI The Cigna Group | 0.04% | 9,203 | $2.5M | New |
| TRUP Trupanion Inc. | 0.04% | 66,438 | $2.5M | Add +16.5% |
| RMD Resmed Inc. | 0.04% | 10,104 | $2.4M | New |
| BSX Boston Scientific Corp. | 0.03% | 24,941 | $2.4M | Reduce -20.4% |
| DVA Davita Inc. | 0.03% | 20,909 | $2.4M | Add +12.6% |
| DOCS Doximity Inc. Class A | 0.03% | 51,942 | $2.3M | New |
| DXCM Dexcom Inc. | 0.03% | 32,943 | $2.2M | Add +47.8% |
| IRTC Irhythm Holdings Inc. | 0.03% | 12,099 | $2.1M | Reduce -29.9% |
| CNMD Conmed Corp. | 0.03% | 52,555 | $2.1M | Reduce -93.1% |
| MASI Masimo Corp. | 0.03% | 16,147 | $2.1M | New |
| LMAT Lemaitre Vascular Inc. | 0.03% | 25,815 | $2.1M | Reduce -13.8% |
| TXG 10X Genomics Inc. Class A | 0.03% | 126,574 | $2.1M | Reduce -51.5% |
| ATRC Atricure Inc. | 0.03% | 52,076 | $2.1M | Reduce -40.5% |
| AVNS Avanos Medical Inc. | 0.03% | 167,061 | $1.9M | Add +35.9% |
| CRVL Corvel Corp. | 0.03% | 27,629 | $1.9M | Reduce -8.6% |
| CAH Cardinal Health Inc. | 0.03% | 8,985 | $1.8M | New |
| GDRX Goodrx Holdings Inc. Class A | 0.03% | 660,133 | $1.8M | New |
| SGRY Surgery Partners Inc. | 0.03% | 112,623 | $1.7M | New |
| ALGN Align Technology Inc. | 0.03% | 11,000 | $1.7M | Reduce -66.5% |
| ADUS Addus Homecare Corp. | 0.02% | 15,871 | $1.7M | New |
| MMSI Merit Medical Systems Inc. | 0.02% | 18,798 | $1.7M | Reduce -55.1% |
| NHC National Healthcare Corp. | 0.02% | 12,085 | $1.7M | Reduce -17.1% |
| ALEC Alector Inc. | 0.02% | 1,055,192 | $1.6M | No change |
| EHC Encompass Health Corp. | 0.02% | 15,259 | $1.6M | New |
| VREX Varex Imaging Corp. | 0.02% | 131,745 | $1.5M | Reduce -53.8% |
Options reported separately and not counted above: MRNA puts ($29.5M).
Other holdings (14): bonds, preferreds, convertibles and warrants · $958.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BROOKDALE SR LIVING INC | NOTE 3.500%10/1 · principal | 306,885,000 | $427.5M | New |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | 70,000,000 | $180.7M | No change |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 60,000,000 | $95.3M | No change |
| ALIGNMENT HEALTHCARE (ALHC 4.25 11/15/29) | NOTE 4.250%11/1 · principal | 61,000,000 | $92.6M | New |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 72,689,000 | $64.7M | No change |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | 34,280,000 | $39.7M | No change |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 25,255,000 | $28.9M | No change |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | 30,000,000 | $27.1M | No change |
| NAMSW Newamsterdam Pharma Co. NV-27 | *W EXP 99/99/999 | 92,787 | $2.1M | No change |
| STLNW Oncology Institute Inc. CW-22 | *W EXP 99/99/999 | 1,250,000 | $151K | No change |
| QSIAW Quantum-Si Inc. -CW27 | *W EXP 06/10/202 | 333,333 | $67K | No change |
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | 166,666 | $55K | No change |
| BFLYW Butterfly Network Inc. -CW25 | *W EXP 02/12/202 | 733,333 | $13K | No change |
| SRZNW Surrozen Inc.-CW25 | *W EXP 08/01/203 | 166,666 | $3K | No change |
Total filed on the 13F, all lines: $7.8B.
Portfolio Sells Q3 2025 → Q4 2025
| MRUS Merus NV | Sold out | 0.00% | −4.76 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −1.75 |
| CNC Centene Corp. | Reduce -28.7% | 3.88% | −1.47 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −1.43 |
| PFE Pfizer Inc. | Sold out | 0.00% | −1.40 |
| INSM Insmed Inc. | Sold out | 0.00% | −1.12 |
| INDV Indivior Ltd. | Reduce -51.4% | 1.78% | −1.01 |
| ZBIO Zenas Biopharma Inc. | Sold out | 0.00% | −0.58 |
| NEO Neogenomics Inc. | Sold out | 0.00% | −0.57 |
| CNMD Conmed Corp. | Reduce -93.1% | 0.03% | −0.56 |
| CRMD Cormedix Inc. | Reduce -66.7% | 0.19% | −0.45 |
| NUVL Nuvalent Inc. Class A | Reduce -4.1% | 25.36% | −0.44 |
| IRON Disc Medicine Inc. | Reduce -44.4% | 0.59% | −0.41 |
| VTRS Viatris Inc. | Reduce -16.1% | 3.68% | −0.28 |
| CGEM Cullinan Therapeutics Inc. | Reduce -86.8% | 0.06% | −0.23 |
| IART Integra Lifesciences Holding | Reduce -95.1% | 0.01% | −0.18 |
| DCGO Docgo Inc. | Sold out | 0.00% | −0.10 |
| SI Shoulder Innovations Inc. | Sold out | 0.00% | −0.10 |
| JBIO Jade Biosciences Inc. | Sold out | 0.00% | −0.08 |
| TSHA Taysha Gene Therapies Inc. | Reduce -49.5% | 0.22% | −0.07 |
| HAE Haemonetics Corp. | Sold out | 0.00% | −0.06 |
| HTFL Heartflow Inc. | Sold out | 0.00% | −0.06 |
| NVST Envista Holdings Corp. | Reduce -0.6% | 0.72% | −0.05 |
| UFPT Ufp Technologies Inc. | Reduce -72.7% | 0.02% | −0.05 |
| ALGN Align Technology Inc. | Reduce -66.5% | 0.03% | −0.04 |
| DAWN Day One Biopharmaceuticals I | Reduce -20.9% | 0.51% | −0.04 |
| COO The Cooper Cos Inc. | Reduce -81.9% | 0.01% | −0.04 |
| WAT Waters Corp. | Sold out | 0.00% | −0.04 |
| ISRG Intuitive Surgical Inc. | Reduce -91.1% | 0.00% | −0.04 |
| VREX Varex Imaging Corp. | Reduce -53.8% | 0.02% | −0.04 |
| KVUE Kenvue Inc. | Reduce -66.3% | 0.02% | −0.04 |
| RVTY Revvity Inc. | Reduce -69.2% | 0.01% | −0.03 |
| MMSI Merit Medical Systems Inc. | Reduce -55.1% | 0.02% | −0.03 |
| TFX Teleflex Inc. | Sold out | 0.00% | −0.03 |
| GEHC GE Healthcare Technology | Sold out | 0.00% | −0.03 |
| PEN Penumbra Inc. | Sold out | 0.00% | −0.03 |
| STAA Staar Surgical Co. | Reduce -46.5% | 0.02% | −0.03 |
| RGEN Repligen Corp. | Reduce -83.0% | 0.01% | −0.02 |
| KIDS Orthopediatrics Corp. | Reduce -25.7% | 0.04% | −0.02 |
| BIOMX INC | Sold out | 0.00% | −0.02 |
| ATRC Atricure Inc. | Reduce -40.5% | 0.03% | −0.02 |
| DHR Danaher Corp. | Sold out | 0.00% | −0.02 |
| TXG 10X Genomics Inc. Class A | Reduce -51.5% | 0.03% | −0.02 |
| ELUT Elutia Inc. | Sold out | 0.00% | −0.02 |
| TECH Bio-Techne Corp. | Sold out | 0.00% | −0.02 |
| IRTC Irhythm Holdings Inc. | Reduce -29.9% | 0.03% | −0.02 |
| BAX Baxter International Inc. | Sold out | 0.00% | −0.02 |
| MOH Molina Healthcare Inc. | Sold out | 0.00% | −0.02 |
| BRBR Bellring Brands Inc. | Reduce -65.0% | 0.00% | −0.02 |
| BSX Boston Scientific Corp. | Reduce -20.4% | 0.03% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| PRAX Praxis Precision Medicines I | Add +7.4% | 3.89% | +3.15 |
| CELC Celcuity Inc. | Add +133.7% | 2.50% | +1.90 |
| VERA Vera Therapeutics Inc. | Add +11.5% | 3.00% | +1.25 |
| ARWR Arrowhead Pharmaceuticals Inc. | Add +84.6% | 1.78% | +1.21 |
| STOK Stoke Therapeutics Inc. | New | 0.85% | +0.85 |
| LNTH Lantheus Holdings Inc. | New | 0.81% | +0.81 |
| INSP Inspire Medical Systems Inc. | Add +43.7% | 2.03% | +0.74 |
| SVRA Savara Inc. | Add +70.4% | 1.20% | +0.72 |
| GPCR Structure Therapeutics Inc. | Add +105.7% | 0.78% | +0.61 |
| BLTE Belite Bio Inc. - ADR | New | 0.55% | +0.55 |
| ACHC Acadia Healthcare Co. Inc. | Add +280.1% | 0.94% | +0.45 |
| TNGX Tango Therapeutics Inc. | New | 0.38% | +0.38 |
| LEGN Legend Biotech Corp.-ADR | Add +100.3% | 1.88% | +0.28 |
| CMPX Compass Therapeutics Inc. | New | 0.28% | +0.28 |
| KYTX Kyverna Therapeutics Inc. | New | 0.27% | +0.27 |
| PHVS Pharvaris NV | Add +28.0% | 1.27% | +0.26 |
| SYRE Spyre Therapeutics Inc. | Add +15.8% | 0.34% | +0.17 |
| MDLN Medline Inc. Class A | New | 0.16% | +0.16 |
| BCRX Biocryst Pharmaceuticals Inc. | Add +17.9% | 1.64% | +0.10 |
| PHR Phreesia Inc. | Add +79.0% | 0.49% | +0.06 |
| VEEV Veeva Systems Inc. Class A | New | 0.06% | +0.06 |
| DGX Quest Diagnostics Inc. | New | 0.05% | +0.05 |
| LH Labcorp Holdings Inc. | Add +1208.0% | 0.05% | +0.05 |
| WOOF Petco Health and Wellness Co. | New | 0.04% | +0.04 |
| CI The Cigna Group | New | 0.04% | +0.04 |
| RMD Resmed Inc. | New | 0.04% | +0.04 |
| DOCS Doximity Inc. Class A | New | 0.03% | +0.03 |
| MASI Masimo Corp. | New | 0.03% | +0.03 |
| CAH Cardinal Health Inc. | New | 0.03% | +0.03 |
| GDRX Goodrx Holdings Inc. Class A | New | 0.03% | +0.03 |
| SGRY Surgery Partners Inc. | New | 0.03% | +0.03 |
| ADUS Addus Homecare Corp. | New | 0.02% | +0.02 |
| FHTX Foghorn Therapeutics Inc. | Add +12.1% | 0.29% | +0.02 |
| EHC Encompass Health Corp. | New | 0.02% | +0.02 |
| TMDX Transmedics Group Inc. | Add +99.9% | 0.05% | +0.02 |
| PODD Insulet Corp. | Add +137.0% | 0.04% | +0.02 |
| ABT Abbott Laboratories | New | 0.02% | +0.02 |
| MMS Maximus Inc. | New | 0.02% | +0.02 |
| ALHC Alignment Healthcare Inc. | Add +59.6% | 0.05% | +0.02 |
| ENOV Enovis Corp. | Add +83.9% | 0.05% | +0.01 |
| ARVN Arvinas Inc. | New | 0.01% | +0.01 |
| HQY Healthequity Inc. | Add +129.9% | 0.02% | +0.01 |
| EW Edwards Lifesciences Corp. | Add +115.8% | 0.02% | +0.01 |
| SDGR Schrodinger Inc. | New | 0.01% | +0.01 |
| RXST Rxsight Inc. | New | 0.01% | +0.01 |
| DXCM Dexcom Inc. | Add +47.8% | 0.03% | +0.01 |
| ABBV Abbvie Inc. | New | 0.01% | +0.01 |
| HROW Harrow Inc. | New | 0.01% | +0.01 |
| SYK Stryker Corp. | Add +78.6% | 0.02% | +0.01 |
| HCSG Healthcare Services Group | New | 0.01% | +0.01 |
Notes & Other Activity Q3 2025 → Q4 2025
| BROOKDALE SR LIVING INC | NOTE 3.500%10/1 · principal | New | 306,885,000 | $427.5M |
| ALIGNMENT HEALTHCARE (ALHC 4.25 11/15/29) | NOTE 4.250%11/1 · principal | New | 61,000,000 | $92.6M |
| TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) | NOTE 1.500% 3/1 · principal | Sold out | 100,000,000 | $87.1Mbefore 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 |