Krensavage Asset Management, LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Krensavage Asset Management, LLC reported 20 stock positions worth $255.7 million. Its top holding was United Therapeutics (UTHR) at 19.5% of the portfolio, followed by Enanta Pharmaceuticals (ENTA, 14.2%) and Jazz Pharmaceuticals (JAZZ, 12.4%). Compared with Q4 2025, it opened 4 new positions, sold out of 2, added to 4 and reduced 4. The biggest buy was a new position in Embecta (EMBC) and the biggest sale an exit from Avadel Pharmaceuticals (AVDL).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001609251
- Portfolio Value
- $255.7M (Q1 2026)
- SEC Filing
- 0001609251-26-000004 ↗ filed May 15, 2026
Holdings Value
Holdings 20 stocks · $255.7M
| UTHR United Therapeutics Corp. | 19.55% | 84,282 | $50.0M | Reduce -7.7% |
| ENTA Enanta Pharmaceuticals Inc. | 14.16% | 2,866,138 | $36.2M | Add +3.6% |
| JAZZ Jazz Pharmaceuticals PLC | 12.41% | 167,816 | $31.7M | No change |
| BMRN Biomarin Pharmaceutical Inc. | 11.59% | 524,786 | $29.6M | No change |
| EXEL Exelixis Inc. | 6.97% | 415,693 | $17.8M | Reduce -15.8% |
| SNY Sanofi-ADR | 6.10% | 323,946 | $15.6M | No change |
| SUPN Supernus Pharmaceuticals Inc. | 5.67% | 280,681 | $14.5M | Reduce -10.5% |
| INDV Indivior Pharmaceuticals Inc. | 4.05% | 339,532 | $10.3M | No change |
| RARE Ultragenyx Pharmaceutical Inc. | 3.20% | 390,879 | $8.2M | Add +161.2% |
| VNDA Vanda Pharmaceuticals Inc. | 3.19% | 1,180,388 | $8.2M | No change |
| EMBC Embecta Corp. | 2.54% | 735,340 | $6.5M | New |
| GSK GSK PLC-Spon ADR | 2.09% | 96,729 | $5.3M | No change |
| BNTX Biontech SE-ADR | 2.07% | 59,523 | $5.3M | Reduce -40.2% |
| ALKS Alkermes PLC | 1.49% | 107,822 | $3.8M | No change |
| BIIB Biogen Inc. | 1.43% | 20,000 | $3.7M | Add +100.0% |
| REGN Regeneron Pharmaceuticals | 1.21% | 4,000 | $3.1M | No change |
| ARDX Ardelyx Inc. | 1.17% | 500,000 | $3.0M | New |
| INMD Inmode Ltd. | 0.65% | 120,942 | $1.7M | New |
| EOLS Evolus Inc. | 0.25% | 157,985 | $649K | Add +58.0% |
| ABT Abbott Laboratories | 0.20% | 5,000 | $513K | New |
Portfolio Sells Q4 2025 → Q1 2026
| AVDL Avadel Pharmaceuticals Ltd. | Sold out | 0.00% | −6.51 |
| CAH Cardinal Health Inc. | Sold out | 0.00% | −5.35 |
| BNTX Biontech SE-ADR | Reduce -40.2% | 2.07% | −1.28 |
| EXEL Exelixis Inc. | Reduce -15.8% | 6.97% | −0.67 |
| SUPN Supernus Pharmaceuticals Inc. | Reduce -10.5% | 5.67% | +0.17 |
| UTHR United Therapeutics Corp. | Reduce -7.7% | 19.55% | +3.84 |
Portfolio Buys Q4 2025 → Q1 2026
| EMBC Embecta Corp. | New | 2.54% | +2.54 |
| RARE Ultragenyx Pharmaceutical Inc. | Add +161.2% | 3.20% | +1.99 |
| ARDX Ardelyx Inc. | New | 1.17% | +1.17 |
| BIIB Biogen Inc. | Add +100.0% | 1.43% | +0.81 |
| INMD Inmode Ltd. | New | 0.65% | +0.65 |
| ABT Abbott Laboratories | New | 0.20% | +0.20 |
| EOLS Evolus Inc. | Add +58.0% | 0.25% | +0.02 |
| ENTA Enanta Pharmaceuticals Inc. | Add +3.6% | 14.16% | −1.25 |
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 |