Deerfield Management Company, L.P.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Deerfield Management Company, L.P. reported 69 stock positions worth $7.2 billion. Its top holding was Nuvalent Class A (NUVL) at 24.6% of the portfolio, followed by Cogent Biosciences (COGT, 4.9%) and Praxis Precision Medicines I (PRAX, 4.3%). Compared with Q4 2025, it opened 9 new positions, sold out of 75, added to 15 and reduced 10. The biggest buy was a new position in Syndax Pharmaceuticals (SNDX) and the biggest sale Neurocrine Biosciences (NBIX, shares −48%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001009258
- Portfolio Value
- $7.2B (Q1 2026)
- SEC Filing
- 0001213900-26-057678 ↗ filed May 15, 2026
Holdings Value
Holdings 69 stocks · $7.2B
| NUVL Nuvalent Inc. Class A | 24.63% | 17,248,450 | $1.8B | No change |
| COGT Cogent Biosciences Inc. | 4.85% | 9,043,903 | $348.1M | No change |
| PRAX Praxis Precision Medicines I | 4.33% | 963,351 | $310.4M | Add +6.6% |
| VTRS Viatris Inc. | 3.80% | 20,206,170 | $273.0M | No change |
| UTHR United Therapeutics Corp. | 3.78% | 457,000 | $271.0M | Add +7.3% |
| RVMD Revolution Medicines Inc. | 3.11% | 2,297,000 | $223.4M | Reduce -20.6% |
| CELC Celcuity Inc. | 2.73% | 1,714,000 | $195.6M | No change |
| CNC Centene Corp. | 2.70% | 5,917,091 | $193.7M | Reduce -8.2% |
| LRMR Larimar Therapeutics Inc. | 2.23% | 35,606,974 | $160.2M | Add +16.3% |
| BKD Brookdale Senior Living Inc. | 2.22% | 11,637,032 | $159.2M | No change |
| VERA Vera Therapeutics Inc. | 2.09% | 3,722,100 | $149.7M | Reduce -8.3% |
| IONS Ionis Pharmaceuticals Inc. | 2.07% | 1,979,669 | $148.7M | No change |
| BCRX Biocryst Pharmaceuticals Inc. | 2.00% | 15,038,000 | $143.2M | Add +4.9% |
| INSP Inspire Medical Systems Inc. | 1.94% | 2,703,238 | $139.4M | Add +79.5% |
| LEGN Legend Biotech Corp.-ADR | 1.94% | 7,687,638 | $139.1M | Add +29.6% |
| AHCO Adapthealth Corp. | 1.90% | 11,477,730 | $136.6M | No change |
| NAMS Newamsterdam Pharma Co. NV | 1.90% | 4,264,789 | $136.5M | Add +2.4% |
| ACHC Acadia Healthcare Co. Inc. | 1.47% | 4,520,000 | $105.7M | No change |
| ARWR Arrowhead Pharmaceuticals Inc. | 1.37% | 1,573,297 | $98.6M | Reduce -14.2% |
| CPRX Catalyst Pharmaceuticals Inc. | 1.36% | 3,943,600 | $97.6M | Reduce -19.7% |
| INDV Indivior Pharmaceuticals Inc. | 1.32% | 3,097,790 | $94.4M | Reduce -8.7% |
| XENE Xenon Pharmaceuticals Inc. | 1.31% | 1,615,696 | $94.0M | Add +198.1% |
| PHVS Pharvaris NV | 1.23% | 3,126,042 | $88.3M | No change |
| SNDX Syndax Pharmaceuticals Inc. | 1.23% | 3,779,900 | $88.3M | New |
| TNGX Tango Therapeutics Inc. | 1.21% | 4,146,813 | $86.8M | Add +42.6% |
| DNTH Dianthus Therapeutics Inc. | 1.19% | 1,019,813 | $85.6M | New |
| PFE Pfizer Inc. | 1.19% | 3,040,000 | $85.4M | New |
| NBIX Neurocrine Biosciences Inc. | 1.12% | 610,000 | $80.4M | Reduce -48.5% |
| DAWN Day One Biopharmaceuticals I | 1.11% | 3,723,131 | $79.8M | No change |
| SVRA Savara Inc. | 1.03% | 13,569,000 | $74.1M | No change |
| EHAB Enhabit Inc. | 0.93% | 4,747,746 | $66.9M | No change |
| GMAB Genmab A/S -SP ADR | 0.92% | 2,462,000 | $66.1M | New |
| BIO Bio-Rad Laboratories-A | 0.88% | 226,070 | $63.0M | No change |
| LNTH Lantheus Holdings Inc. | 0.88% | 827,999 | $62.8M | No change |
| SPRY Ars Pharmaceuticals Inc. | 0.84% | 7,503,812 | $60.3M | No change |
| STOK Stoke Therapeutics Inc. | 0.83% | 1,823,500 | $59.4M | No change |
| NVST Envista Holdings Corp. | 0.78% | 2,210,100 | $56.1M | Reduce -3.1% |
| IDYA Ideaya Biosciences Inc. | 0.71% | 1,530,008 | $51.0M | Reduce -28.9% |
| BLTE Belite Bio Inc. - ADR | 0.68% | 304,013 | $48.5M | Add +30.0% |
| BMRN Biomarin Pharmaceutical Inc. | 0.67% | 851,556 | $48.1M | New |
| KYMR Kymera Therapeutics Inc. | 0.65% | 561,170 | $46.7M | No change |
| CERT Certara Inc. | 0.62% | 7,808,605 | $44.5M | No change |
| BBOT Bridgebio Oncology Therapeut | 0.61% | 4,885,446 | $43.7M | No change |
| IRON Disc Medicine Inc. | 0.59% | 657,000 | $42.0M | Add +28.5% |
| SION Sionna Therapeutics Inc. | 0.54% | 970,590 | $38.9M | No change |
| CDNA Caredx Inc. | 0.53% | 2,191,000 | $38.0M | No change |
| GPCR Structure Therapeutics Inc. | 0.52% | 767,993 | $37.0M | No change |
| VCYT Veracyte Inc. | 0.33% | 726,000 | $23.4M | No change |
| ALNY Alnylam Pharmaceuticals Inc. | 0.31% | 67,935 | $22.5M | No change |
| EMBC Embecta Corp. | 0.31% | 2,534,961 | $22.4M | Reduce -7.9% |
| TYRA Tyra Biosciences Inc. | 0.29% | 549,000 | $21.0M | New |
| FHTX Foghorn Therapeutics Inc. | 0.29% | 4,394,367 | $21.0M | Add +20.4% |
| DRUG Bright Minds Biosciences Inc. | 0.29% | 283,000 | $20.7M | New |
| CMPX Compass Therapeutics Inc. | 0.27% | 3,606,000 | $19.1M | No change |
| MNPR Monopar Therapeutics Inc. | 0.25% | 323,745 | $17.7M | Add +89.8% |
| KYTX Kyverna Therapeutics Inc. | 0.24% | 2,000,000 | $17.3M | No change |
| SGP Spyglass Pharma Inc. | 0.20% | 550,000 | $14.3M | New |
| BBNX Beta Bionics Inc. | 0.18% | 1,324,000 | $13.3M | Add +41.1% |
| TSHA Taysha Gene Therapies Inc. | 0.17% | 2,722,165 | $12.2M | No change |
| STLN Starling Oncology Inc. filed as THE ONCOLOGY INSTITUTE INC | 0.14% | 3,360,052 | $10.3M | No change |
| CGEM Cullinan Therapeutics Inc. | 0.08% | 386,169 | $5.5M | No change |
| ANNX Annexon Inc. | 0.05% | 583,913 | $3.2M | No change |
| ALEC Alector Inc. | 0.03% | 1,055,192 | $2.3M | No change |
| EW Edwards Lifesciences Corp. | 0.02% | 13,702 | $1.1M | No change |
| BIOMX INC | 0.01% | 131,272 | $493K | Add +0.0% |
| MANE Veradermics Inc. | 0.00% | 5,000 | $316K | New |
| HUM Humana Inc. | 0.00% | 917 | $159K | No change |
| PMVP PMV Pharmaceuticals Inc. | 0.00% | 8,790 | $11K | No change |
| MYGN Myriad Genetics Inc. | 0.00% | 505 | $2K | No change |
Other holdings (13): bonds, preferreds, convertibles and warrants · $1.3B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BROOKDALE SR LIVING INC | NOTE 3.500%10/1 · principal | 306,885,000 | $505.4M | No change |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | 70,000,000 | $209.4M | No change |
| ARROWHEAD RESEARCH CORP (ARWR 0 01/15/32) | NOTE 1/1 · principal | 200,000,000 | $207.2M | New |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 60,000,000 | $90.6M | No change |
| ALIGNMENT HEALTHCARE (ALHC 4.25 11/15/29) | NOTE 4.250%11/1 · principal | 61,000,000 | $85.9M | No change |
| ZENAS BIOPHARMA INC (ZBIO 2.5 04/01/32) | NOTE 2.500% 4/0 · principal | 65,000,000 | $67.3M | New |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 72,689,000 | $66.7M | No change |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | 34,280,000 | $40.0M | No change |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | 30,000,000 | $27.0M | No change |
| NAMSW Newamsterdam Pharma Co. NV-27 | *W EXP 99/99/999 | 92,787 | $1.9M | No change |
| STLNW Oncology Institute Inc. CW-22 | *W EXP 99/99/999 | 1,250,000 | $55K | No change |
| QSIAW Quantum-Si Inc. -CW27 | *W EXP 06/10/202 | 333,333 | $36K | No change |
| SRZNW Surrozen Inc.-CW25 | *W EXP 08/01/203 | 166,666 | $3K | No change |
Total filed on the 13F, all lines: $8.5B.
Portfolio Sells Q4 2025 → Q1 2026
| NBIX Neurocrine Biosciences Inc. | Reduce -48.5% | 1.12% | −1.34 |
| CNC Centene Corp. | Reduce -8.2% | 2.70% | −1.18 |
| VERA Vera Therapeutics Inc. | Reduce -8.3% | 2.09% | −0.92 |
| PHR Phreesia Inc. | Sold out | 0.00% | −0.49 |
| INDV Indivior Pharmaceuticals Inc. | Reduce -8.7% | 1.32% | −0.46 |
| ARWR Arrowhead Pharmaceuticals Inc. | Reduce -14.2% | 1.37% | −0.40 |
| VTR Ventas Inc. | Sold out | 0.00% | −0.40 |
| IDYA Ideaya Biosciences Inc. | Reduce -28.9% | 0.71% | −0.38 |
| SYRE Spyre Therapeutics Inc. | Sold out | 0.00% | −0.34 |
| CPRX Catalyst Pharmaceuticals Inc. | Reduce -19.7% | 1.36% | −0.31 |
| EWTX Edgewise Therapeutics Inc. | Sold out | 0.00% | −0.28 |
| RVMD Revolution Medicines Inc. | Reduce -20.6% | 3.11% | −0.26 |
| CRMD Cormedix Inc. | Sold out | 0.00% | −0.19 |
| EMBC Embecta Corp. | Reduce -7.9% | 0.31% | −0.17 |
| MDLN Medline Inc. Class A | Sold out | 0.00% | −0.16 |
| OMDA Omada Health Inc. | Sold out | 0.00% | −0.13 |
| CALC Calcimedica Inc. | Sold out | 0.00% | −0.13 |
| PBH Prestige Consumer Healthcare | Sold out | 0.00% | −0.06 |
| VEEV Veeva Systems Inc. Class A | Sold out | 0.00% | −0.06 |
| RDNT Radnet Inc. | Sold out | 0.00% | −0.05 |
| LH Labcorp Holdings Inc. | Sold out | 0.00% | −0.05 |
| ENOV Enovis Corp. | Sold out | 0.00% | −0.05 |
| ALHC Alignment Healthcare Inc. | Sold out | 0.00% | −0.05 |
| DGX Quest Diagnostics Inc. | Sold out | 0.00% | −0.05 |
| TMDX Transmedics Group Inc. | Sold out | 0.00% | −0.05 |
| PODD Insulet Corp. | Sold out | 0.00% | −0.04 |
| BLFS Biolife Solutions Inc. | Sold out | 0.00% | −0.04 |
| CHE Chemed Corp. | Sold out | 0.00% | −0.04 |
| WOOF Petco Health and Wellness Co. | Sold out | 0.00% | −0.04 |
| KIDS Orthopediatrics Corp. | Sold out | 0.00% | −0.04 |
| CI The Cigna Group | Sold out | 0.00% | −0.04 |
| TRUP Trupanion Inc. | Sold out | 0.00% | −0.04 |
| RMD Resmed Inc. | Sold out | 0.00% | −0.04 |
| BSX Boston Scientific Corp. | Sold out | 0.00% | −0.03 |
| DVA Davita Inc. | Sold out | 0.00% | −0.03 |
| DOCS Doximity Inc. Class A | Sold out | 0.00% | −0.03 |
| DXCM Dexcom Inc. | Sold out | 0.00% | −0.03 |
| IRTC Irhythm Holdings Inc. | Sold out | 0.00% | −0.03 |
| CNMD Conmed Corp. | Sold out | 0.00% | −0.03 |
| MASI Masimo Corp. | Sold out | 0.00% | −0.03 |
| LMAT Lemaitre Vascular Inc. | Sold out | 0.00% | −0.03 |
| TXG 10X Genomics Inc. Class A | Sold out | 0.00% | −0.03 |
| ATRC Atricure Inc. | Sold out | 0.00% | −0.03 |
| AVNS Avanos Medical Inc. | Sold out | 0.00% | −0.03 |
| CRVL Corvel Corp. | Sold out | 0.00% | −0.03 |
| CAH Cardinal Health Inc. | Sold out | 0.00% | −0.03 |
| GDRX Goodrx Holdings Inc. Class A | Sold out | 0.00% | −0.03 |
| SGRY Surgery Partners Inc. | Sold out | 0.00% | −0.03 |
| ALGN Align Technology Inc. | Sold out | 0.00% | −0.03 |
| ADUS Addus Homecare Corp. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q4 2025 → Q1 2026
| SNDX Syndax Pharmaceuticals Inc. | New | 1.23% | +1.23 |
| DNTH Dianthus Therapeutics Inc. | New | 1.19% | +1.19 |
| PFE Pfizer Inc. | New | 1.19% | +1.19 |
| XENE Xenon Pharmaceuticals Inc. | Add +198.1% | 1.31% | +0.95 |
| GMAB Genmab A/S -SP ADR | New | 0.92% | +0.92 |
| TNGX Tango Therapeutics Inc. | Add +42.6% | 1.21% | +0.83 |
| UTHR United Therapeutics Corp. | Add +7.3% | 3.78% | +0.74 |
| BMRN Biomarin Pharmaceutical Inc. | New | 0.67% | +0.67 |
| LRMR Larimar Therapeutics Inc. | Add +16.3% | 2.23% | +0.53 |
| PRAX Praxis Precision Medicines I | Add +6.6% | 4.33% | +0.43 |
| BCRX Biocryst Pharmaceuticals Inc. | Add +4.9% | 2.00% | +0.36 |
| TYRA Tyra Biosciences Inc. | New | 0.29% | +0.29 |
| DRUG Bright Minds Biosciences Inc. | New | 0.29% | +0.29 |
| SGP Spyglass Pharma Inc. | New | 0.20% | +0.20 |
| BLTE Belite Bio Inc. - ADR | Add +30.0% | 0.68% | +0.13 |
| MNPR Monopar Therapeutics Inc. | Add +89.8% | 0.25% | +0.08 |
| LEGN Legend Biotech Corp.-ADR | Add +29.6% | 1.94% | +0.05 |
| FHTX Foghorn Therapeutics Inc. | Add +20.4% | 0.29% | +0.00 |
| MANE Veradermics Inc. | New | 0.00% | +0.00 |
| BIOMX INC | Add +0.0% | 0.01% | +0.00 |
| IRON Disc Medicine Inc. | Add +28.5% | 0.59% | −0.01 |
| INSP Inspire Medical Systems Inc. | Add +79.5% | 1.94% | −0.09 |
| NAMS Newamsterdam Pharma Co. NV | Add +2.4% | 1.90% | −0.23 |
| BBNX Beta Bionics Inc. | Add +41.1% | 0.18% | −0.23 |
Options Activity Q4 2025 → Q1 2026
| MRNA Moderna Inc. | put | Sold out | 1,000,000 | $29.5Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026
| ARROWHEAD RESEARCH CORP (ARWR 0 01/15/32) | NOTE 1/1 · principal | New | 200,000,000 | $207.2M |
| ZENAS BIOPHARMA INC (ZBIO 2.5 04/01/32) | NOTE 2.500% 4/0 · principal | New | 65,000,000 | $67.3M |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | Sold out | 25,255,000 | $28.9Mbefore exit |
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | Sold out | 166,666 | $55Kbefore exit |
| BFLYW Butterfly Network Inc. -CW25 | *W EXP 02/12/202 | Sold out | 733,333 | $13Kbefore 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 |