Krensavage Asset Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Krensavage Asset Management, LLC reported 14 stock positions worth $180.9 million. Its top holding was Exelixis (EXEL) at 17.9% of the portfolio, followed by United Therapeutics (UTHR, 16.7%) and Cardinal Health (CAH, 14.4%). Compared with Q4 2024, it opened 3 new positions, sold out of 1, added to 4 and reduced 7. The biggest buy was a new position in Supernus Pharmaceuticals (SUPN) and the biggest sale an exit from Biogen (BIIB).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001609251
- Portfolio Value
- $180.9M (Q1 2025)
- SEC Filing
- 0001609251-25-000004 ↗ filed May 15, 2025
Holdings Value
Holdings 14 stocks · $180.9M
| EXEL Exelixis Inc. | 17.93% | 878,533 | $32.4M | Reduce -9.0% |
| UTHR United Therapeutics Corp. | 16.74% | 98,228 | $30.3M | Add +6.7% |
| CAH Cardinal Health Inc. | 14.38% | 188,745 | $26.0M | Reduce -9.6% |
| SUPN Supernus Pharmaceuticals Inc. | 7.82% | 431,986 | $14.1M | New |
| JAZZ Jazz Pharmaceuticals PLC | 6.91% | 100,703 | $12.5M | Reduce -4.8% |
| ENTA Enanta Pharmaceuticals Inc. | 6.46% | 2,116,586 | $11.7M | Reduce -0.0% |
| GSK GSK PLC-Spon ADR | 5.83% | 272,000 | $10.5M | New |
| INDV Indivior Ltd. | 5.09% | 965,368 | $9.2M | Add +3.2% |
| SNY Sanofi-ADR | 4.57% | 149,096 | $8.3M | Reduce -0.1% |
| BNTX Biontech SE-ADR | 4.41% | 87,563 | $8.0M | Reduce -1.2% |
| AVDL Avadel Pharmaceuticals Ltd. | 4.11% | 950,000 | $7.4M | New |
| ALKS Alkermes PLC | 3.79% | 207,822 | $6.9M | Reduce -12.7% |
| VNDA Vanda Pharmaceuticals Inc. | 1.91% | 754,381 | $3.5M | Add +99.2% |
| MURA Mural Oncology PLC | 0.05% | 70,263 | $89K | Add +0.1% |
Portfolio Sells Q4 2024 → Q1 2025
| BIIB Biogen Inc. | Sold out | 0.00% | −9.85 |
| BNTX Biontech SE-ADR | Reduce -1.2% | 4.41% | −1.57 |
| EXEL Exelixis Inc. | Reduce -9.0% | 17.93% | −1.10 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -4.8% | 6.91% | −0.80 |
| ENTA Enanta Pharmaceuticals Inc. | Reduce -0.0% | 6.46% | −0.74 |
| ALKS Alkermes PLC | Reduce -12.7% | 3.79% | −0.26 |
| CAH Cardinal Health Inc. | Reduce -9.6% | 14.38% | −0.24 |
| SNY Sanofi-ADR | Reduce -0.1% | 4.57% | +0.31 |
Portfolio Buys Q4 2024 → Q1 2025
| SUPN Supernus Pharmaceuticals Inc. | New | 7.82% | +7.82 |
| GSK GSK PLC-Spon ADR | New | 5.83% | +5.83 |
| AVDL Avadel Pharmaceuticals Ltd. | New | 4.11% | +4.11 |
| VNDA Vanda Pharmaceuticals Inc. | Add +99.2% | 1.91% | +0.84 |
| MURA Mural Oncology PLC | Add +0.1% | 0.05% | −0.08 |
| INDV Indivior Ltd. | Add +3.2% | 5.09% | −1.80 |
| UTHR United Therapeutics Corp. | Add +6.7% | 16.74% | −2.48 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 18 | $263.2M | ENTA, JAZZ, UTHR, BMRN, EXEL |
| Q1 2026 | 20 | $255.7M | UTHR, ENTA, JAZZ, BMRN, EXEL |
| Q4 2025 | 18 | $283.1M | UTHR, ENTA, BMRN, JAZZ, EXEL |
| Q3 2025 | 17 | $234.7M | UTHR, ENTA, JAZZ, BMRN, EXEL |
| Q2 2025 | 15 | $188.9M | UTHR, CAH, EXEL, JAZZ, ENTA |
| Q1 2025 | 14 | $180.9M | EXEL, UTHR, CAH, SUPN, JAZZ |
| Q4 2024Amended | 12 | $169.0M | UTHR, EXEL, CAH, BIIB, JAZZ |
| Q3 2024 | 13 | $178.5M | UTHR, EXEL, CAH, BIIB, ENTA |
| Q2 2024 | 13 | $217.8M | EXEL, UTHR, BIIB, TARO, CAH |
| Q1 2024 | 12 | $225.5M | EXEL, UTHR, BIIB, TARO, CAH |