Kingdon Capital Management, L.L.C. In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Kingdon Capital Management, L.L.C. reported 58 stock positions worth $585.1 million . Its top holding was Tandem Diabetes Care (TNDM) at 4.9% of the portfolio, followed by Syndax Pharmaceuticals (SNDX, 4.5% ) and Praxis Precision Medicines I (PRAX, 4.0% ). Compared with Q3 2024, it opened 15 new positions, sold out of 25, added to 13 and reduced 14. The biggest buy was a new position in Everus Construction (ECG) and the biggest sale an exit from Abbott Laboratories (ABT).
Location NEW YORK, NY
CIK 0001000097
Portfolio Value $585.1M (Q4 2024) Holdings 58 stocks · $585.1M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2024 TNDM Tandem Diabetes Care Inc. 790,547 $28.5M Add +49.2% SNDX Syndax Pharmaceuticals Inc. 2,000,000 $26.4M Add +100.0% PRAX Praxis Precision Medicines I 303,000 $23.3M Reduce -17.7% THC Tenet Healthcare Corp. 151,700 $19.1M Reduce -8.7% CRH CRH PLC 185,000 $17.1M No change ECG Everus Construction Group 260,000 $17.1M New TAP Molson Coors Beverage Co. Class B 288,200 $16.5M No change ONON On Holding AG Class A filed as ON HLDG AG 300,000 $16.4M Add +7.1% INSM Insmed Inc. 225,000 $15.5M Reduce -43.8% MMM 3M Co. 115,000 $14.8M Reduce -17.9% TSM Taiwan Semiconductor-SP ADR 75,000 $14.8M Add +15.4% IP International Paper Co. 275,000 $14.8M Reduce -8.3% HEI Heico Corp. 60,000 $14.3M Add +9.1% CRL Charles River Laboratories 75,700 $14.0M Add +2.2% SAIA Saia Inc. 30,000 $13.7M Reduce -7.7% CART Maplebear Inc. 320,000 $13.3M New META Meta Platforms Inc. Class A 22,500 $13.2M No change IMAX Imax Corp. 500,000 $12.8M Add +66.7% BOOT Boot Barn Holdings Inc. 83,400 $12.7M New PWR Quanta Services Inc. 40,000 $12.6M No change WDC Western Digital Corp. 210,000 $12.5M New CW Curtiss-Wright Corp. 35,000 $12.4M No change HAS Hasbro Inc. 220,000 $12.3M Add +29.4% NXE Nexgen Energy Ltd. 1,777,837 $11.7M No change PCG P G & E Corp. 575,000 $11.6M New ELV Elevance Health Inc. 31,050 $11.5M New OKTA Okta Inc. 130,000 $10.2M New ALC Alcon Inc. filed as ALCON AG 117,600 $10.0M New JSPR Jasper Therapeutics Inc. 447,000 $9.6M Reduce -10.1% MTCH Match Group Inc. 280,000 $9.2M New WM Waste Management Inc. 45,000 $9.1M Reduce -25.0% VST Vistra Corp. 65,000 $9.0M Add +62.5% PSN Parsons Corp. 95,000 $8.8M Add +26.7% PPL PPL Corp. 265,000 $8.6M New AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 30,000 $8.5M New FLEX Flex Ltd. 220,000 $8.4M Reduce -12.0% OWL Blue Owl Capital Inc. 350,000 $8.1M Add +55.6% WWW Wolverine World Wide Inc. 342,700 $7.6M Add +16.2% MSFT Microsoft Corp. 18,000 $7.6M No change MIR Mirion Technologies Inc. 400,000 $7.0M New BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 72,700 $6.5M No change ALIT Alight Inc. Class A 875,000 $6.1M New CDNS Cadence Design SYS Inc. 20,000 $6.0M Reduce -42.9% CEG Constellation Energy 25,000 $5.6M New LOAR Loar Holdings Inc. 75,000 $5.5M New PLAY Dave & Buster's Entertainmen 155,000 $4.5M Reduce -53.4% TXN Texas Instruments Inc. 23,500 $4.4M Reduce -57.3% XFOR X4 Pharmaceuticals Inc. 4,937,000 $3.6M Add +6.4% SCPH Scpharmaceuticals Inc. 800,000 $2.8M No change SCYX Scynexis Inc. 2,237,048 $2.7M No change NVNO Envveno Medical Corporation 859,261 $2.6M No change OPTINOSE INC 373,281 $2.5M No change GEG Great Elm Group Inc. 1,268,907 $2.3M No change QTRX Quanterix Corp. 200,000 $2.1M No change TTEK Tetra Tech Inc. 40,000 $1.6M Reduce -80.0% RAPT THERAPEUTICS INC 575,000 $909K Reduce -66.7% NB Niocorp Developments Ltd. 314,465 $487K No change XAIR Beyond Air Inc. 567,526 $203K No change
Options reported separately and not counted above: IWM puts ($22.1M), SPY puts ($14.7M), BX puts ($12.9M), XLF puts ($12.1M), XLU puts ($11.4M), MTUM puts ($10.3M), AES calls ($9.7M), PCG puts ($9.1M), VST puts ($5.5M), RKT puts ($3.9M), CIEN calls ($3.8M), NOVAQ calls ($1.4M).
Portfolio Sells Q3 2024 → Q4 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▲ ABT Abbott Laboratories Sold out 0.00% −2.80 AMD Advanced Micro Devices Sold out 0.00% −2.65 FTAI Ftai Aviation Ltd. Sold out 0.00% −2.24 APG Api Group Corp. Sold out 0.00% −2.18 CYTK Cytokinetics Inc. Sold out 0.00% −2.07 ALGN Align Technology Inc. Sold out 0.00% −1.97 APD Air Products & Chemicals Inc. Sold out 0.00% −1.81 GD General Dynamics Corp. Sold out 0.00% −1.77 LOW Lowe's Cos Inc. Sold out 0.00% −1.68 GH Guardant Health Inc. Sold out 0.00% −1.63 INSM Insmed Inc. Reduce -43.8% 2.65% −1.63 CPRI Capri Holdings Ltd. Sold out 0.00% −1.56 WMT Walmart Inc. Sold out 0.00% −1.55 MTD Mettler-Toledo International Sold out 0.00% −1.49 MGPI MGP Ingredients Inc. Sold out 0.00% −1.22 TTEK Tetra Tech Inc. Reduce -80.0% 0.27% −1.11 WSO Watsco Inc. Sold out 0.00% −1.08 AER Aercap Holdings NV Sold out 0.00% −1.04 TXN Texas Instruments Inc. Reduce -57.3% 0.75% −0.91 PLAY Dave & Buster's Entertainmen Reduce -53.4% 0.77% −0.89 ITRI Itron Inc. Sold out 0.00% −0.86 GRMN Garmin Ltd. Sold out 0.00% −0.85 THC Tenet Healthcare Corp. Reduce -8.7% 3.27% −0.78 CSGP Costar Group Inc. Sold out 0.00% −0.66 AL Sumisho Air Lease Corp. Sold out 0.00% −0.50 TPICQ Tpi Composites Inc. Sold out 0.00% −0.40 GEV GE Vernova Inc. Sold out 0.00% −0.37 CDNS Cadence Design SYS Inc. Reduce -42.9% 1.03% −0.37 RAPT THERAPEUTICS INC Reduce -66.7% 0.16% −0.35 TAN Invesco Solar ETF Sold out 0.00% −0.32 ONT Onterris Inc. Sold out 0.00% −0.31 WM Waste Management Inc. Reduce -25.0% 1.55% −0.28 MMM 3M Co. Reduce -17.9% 2.54% −0.27 CRIS Curis Inc. Sold out 0.00% −0.07 FLEX Flex Ltd. Reduce -12.0% 1.44% +0.22 SAIA Saia Inc. Reduce -7.7% 2.34% +0.25 JSPR Jasper Therapeutics Inc. Reduce -10.1% 1.63% +0.26 IP International Paper Co. Reduce -8.3% 2.53% +0.38 PRAX Praxis Precision Medicines I Reduce -17.7% 3.99% +0.88
Portfolio Buys Q3 2024 → Q4 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▼ ECG Everus Construction Group New 2.92% +2.92 CART Maplebear Inc. New 2.27% +2.27 BOOT Boot Barn Holdings Inc. New 2.16% +2.16 WDC Western Digital Corp. New 2.14% +2.14 PCG P G & E Corp. New 1.98% +1.98 ELV Elevance Health Inc. New 1.96% +1.96 OKTA Okta Inc. New 1.75% +1.75 ALC Alcon Inc. New 1.71% +1.71 SNDX Syndax Pharmaceuticals Inc. Add +100.0% 4.52% +1.69 TNDM Tandem Diabetes Care Inc. Add +49.2% 4.87% +1.57 MTCH Match Group Inc. New 1.57% +1.57 PPL PPL Corp. New 1.47% +1.47 AJG Arthur J Gallagher & Co. New 1.46% +1.46 IMAX Imax Corp. Add +66.7% 2.19% +1.28 MIR Mirion Technologies Inc. New 1.19% +1.19 ALIT Alight Inc. Class A New 1.03% +1.03 CEG Constellation Energy New 0.96% +0.96 LOAR Loar Holdings Inc. New 0.95% +0.95 TSM Taiwan Semiconductor-SP ADR Add +15.4% 2.53% +0.87 VST Vistra Corp. Add +62.5% 1.53% +0.84 OWL Blue Owl Capital Inc. Add +55.6% 1.39% +0.75 ONON On Holding AG Class A Add +7.1% 2.81% +0.75 WWW Wolverine World Wide Inc. Add +16.2% 1.30% +0.55 PSN Parsons Corp. Add +26.7% 1.50% +0.36 HEI Heico Corp. Add +9.1% 2.44% +0.33 HAS Hasbro Inc. Add +29.4% 2.10% +0.30 CRL Charles River Laboratories Add +2.2% 2.39% +0.25 XFOR X4 Pharmaceuticals Inc. Add +6.4% 0.62% +0.16
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put New 100,000 $22.1M SPY SS SPDR S&P 500 ETF Trust-US put Reduce -83.3% 25,000 $14.7M MU Micron Technology Inc. put Sold out 125,000 $13.0Mbefore exit BX Blackstone Inc. put New 75,000 $12.9M Z Zillow Group Inc. Class C put Sold out 200,000 $12.8Mbefore exit GS Goldman Sachs Group Inc. put Sold out 25,000 $12.4Mbefore exit XLF SS Financial Select Sector put Reduce -66.7% 250,000 $12.1M XLU St Sr Utl SL SE SPDR ETF-Usd put New 150,000 $11.4M TAN Invesco Solar ETF call Sold out 250,000 $10.8Mbefore exit MTUM iShares MSCI USA Momentum Fa put New 50,000 $10.3M AMD Advanced Micro Devices put Sold out 62,500 $10.3Mbefore exit AES AES Corp. call New 750,000 $9.7M PCG P G & E Corp. put New 450,000 $9.1M FLNC Fluence Energy Inc. call Sold out 300,000 $6.8Mbefore exit ITB iShares U.S. Home Constructi put Sold out 50,000 $6.4Mbefore exit VST Vistra Corp. put Reduce -80.0% 40,000 $5.5M INFY Infosys Ltd.-SP ADR call Sold out 200,000 $4.5Mbefore exit RKT Rocket Cos Inc. Class A put New 350,000 $3.9M CIEN Ciena Corp. call New 45,000 $3.8M NOVAQ Sunnova Energy International call New 400,000 $1.4M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 57 $741.6M SNDX, NVDA, WRBY, APG, KEYS Q1 2026 52 $597.1M SNDX, NVDA, NXE, KEYS, WRBY Q4 2025 57 $653.5M SNDX, NVDA, KEYS, OLMA, NXE Q3 2025 64 $638.2M SNDX, NVDA, MOH, SLNO, EW Q2 2025 54 $517.9M NVDA, SNDX, CRH, SNDK, WM Q1 2025 54 $482.7M SNDX, IP, CRH, THC, MMM Q4 2024 58 $585.1M TNDM, SNDX, PRAX, THC, CRH Q3 2024 68 $681.3M INSM, THC, TNDM, PRAX, SNDX Q2 2024 64 $647.7M INSM, FTAI, APG, UNH, GH Q1 2024 69 $755.8M THC, FTAI, APG, PRAX, SNDX