Orbimed Advisors LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Orbimed Advisors LLC reported 98 stock positions worth $4.2 billion. Its top holding was Edgewise Therapeutics (EWTX) at 6.0% of the portfolio, followed by Boston Scientific (BSX, 5.7%) and Eli Lilly (LLY, 5.5%). Compared with Q2 2025, it opened 17 new positions, sold out of 16, added to 13 and reduced 24. The biggest buy was a new position in Danaher (DHR) and the biggest sale an exit from Unitedhealth (UNH).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001055951
- Portfolio Value
- $4.2B (Q3 2025)
- SEC Filing
- 0001172661-25-005047 ↗ filed Nov 14, 2025
Holdings Value
Holdings 98 stocks · $4.2B
| EWTX Edgewise Therapeutics Inc. | 6.04% | 15,518,492 | $251.7M | No change |
| BSX Boston Scientific Corp. | 5.69% | 2,429,300 | $237.2M | Reduce -13.7% |
| LLY Eli Lilly & Co. | 5.51% | 301,200 | $229.8M | Reduce -10.8% |
| SVA Sinovac Biotech Ltd. | 4.43% | 2,718,735 | $184.5M | No change |
| ELVN Enliven Therapeutics Inc. | 3.91% | 7,959,538 | $162.9M | No change |
| ALNY Alnylam Pharmaceuticals Inc. | 3.30% | 301,600 | $137.5M | Reduce -11.8% |
| SYK Stryker Corp. | 3.19% | 359,200 | $132.8M | No change |
| EW Edwards Lifesciences Corp. | 3.14% | 1,684,000 | $131.0M | Reduce -1.4% |
| ISRG Intuitive Surgical Inc. | 3.08% | 287,200 | $128.4M | Reduce -1.3% |
| ARGX Argenx SE - ADR | 3.05% | 172,300 | $127.1M | Reduce -17.2% |
| SION Sionna Therapeutics Inc. | 2.61% | 3,704,959 | $109.0M | No change |
| UPB Upstream Bio Inc. | 2.57% | 5,693,589 | $107.1M | No change |
| IRON Disc Medicine Inc. | 2.24% | 1,415,020 | $93.5M | No change |
| CAI Caris Life Sciences Inc. | 2.20% | 3,034,858 | $91.8M | No change |
| SPRY Ars Pharmaceuticals Inc. | 2.00% | 8,288,510 | $83.3M | No change |
| RNAM Avidity Biosciences Inc. | 1.71% | 1,638,886 | $71.4M | Reduce -9.6% |
| MBX MBX Biosciences Inc. | 1.68% | 4,002,887 | $70.1M | No change |
| CGON CG Oncology Inc. | 1.67% | 1,726,850 | $69.6M | Reduce -8.0% |
| NTRA Natera Inc. | 1.66% | 429,300 | $69.1M | Reduce -27.7% |
| AXSM Axsome Therapeutics Inc. | 1.55% | 531,800 | $64.6M | Add +24.3% |
| TERN Terns Pharmaceuticals Inc. | 1.36% | 7,562,971 | $56.8M | No change |
| AVBP Arrivent Biopharma Inc. | 1.34% | 3,027,328 | $55.9M | No change |
| MLYS Mineralys Therapeutics Inc. | 1.34% | 1,469,494 | $55.7M | Add +93.3% |
| EXAS Exact Sciences Corp. | 1.31% | 994,616 | $54.4M | Add +63.8% |
| CMPX Compass Therapeutics Inc. | 1.28% | 15,219,994 | $53.3M | No change |
| CRVS Corvus Pharmaceuticals Inc. | 1.27% | 7,165,006 | $52.8M | No change |
| APLS Apellis Pharmaceuticals Inc. | 1.26% | 2,323,368 | $52.6M | Add +56.7% |
| DHR Danaher Corp. | 1.25% | 263,100 | $52.2M | New |
| NBIX Neurocrine Biosciences Inc. | 1.19% | 353,640 | $49.6M | Reduce -19.4% |
| UTHR United Therapeutics Corp. | 1.16% | 114,900 | $48.2M | New |
| CI The Cigna Group | 1.13% | 162,800 | $46.9M | New |
| CRNX Crinetics Pharmaceuticals Inc. | 1.10% | 1,099,000 | $45.8M | Reduce -4.3% |
| ORIC Oric Pharmaceuticals Inc. | 1.05% | 3,641,756 | $43.7M | Add +305.0% |
| JANX Janux Therapeutics Inc. | 1.04% | 1,766,100 | $43.2M | Add +45.9% |
| ROIV Roivant Sciences Ltd. | 0.99% | 2,714,798 | $41.1M | Reduce -2.3% |
| ASND Ascendis Pharma A/S | 0.92% | 191,905 | $38.2M | Add +457.9% |
| SIBN Si-Bone Inc. | 0.91% | 2,578,979 | $38.0M | No change |
| SCPH Scpharmaceuticals Inc. | 0.82% | 6,059,528 | $34.4M | No change |
| ABVX Abivax SA-ADR | 0.77% | 380,000 | $32.3M | New |
| GPCR Structure Therapeutics Inc. | 0.77% | 1,139,300 | $31.9M | Reduce -5.0% |
| TRVI Trevi Therapeutics Inc. | 0.73% | 3,308,400 | $30.3M | No change |
| ITGR Integer Holdings Corp. | 0.72% | 290,000 | $30.0M | Reduce -33.1% |
| DYN Dyne Therapeutics Inc. | 0.70% | 2,314,184 | $29.3M | Add +124.4% |
| RAPT Rapt Therapeutics Inc. | 0.67% | 1,086,618 | $28.0M | Reduce -33.8% |
| CTMX Cytomx Therapeutics Inc. | 0.65% | 8,461,500 | $27.0M | No change |
| NPCE Neuropace Inc. | 0.65% | 2,614,184 | $27.0M | No change |
| QURE Uniqure NV | 0.64% | 458,500 | $26.8M | New |
| EYPT Eyepoint Inc. | 0.61% | 1,796,000 | $25.6M | New |
| AKRO Akero Therapeutics Inc. | 0.60% | 526,200 | $25.0M | Add +149.0% |
| ADCT Adc Therapeutics SA | 0.57% | 5,907,351 | $23.6M | No change |
| TMO Thermo Fisher Scientific Inc. | 0.54% | 46,500 | $22.6M | No change |
| RYTM Rhythm Pharmaceuticals Inc. | 0.52% | 215,152 | $21.7M | Reduce -13.4% |
| KRYS Krystal Biotech Inc. | 0.44% | 102,745 | $18.1M | Add +1016.8% |
| FBRX Forte Biosciences Inc. | 0.43% | 1,196,955 | $18.0M | No change |
| AVTX Avalo Therapeutics Inc. | 0.41% | 1,349,300 | $17.1M | Add +39.5% |
| XENE Xenon Pharmaceuticals Inc. | 0.40% | 419,600 | $16.8M | Reduce -55.7% |
| CARL Carlsmed Inc. | 0.40% | 1,252,600 | $16.8M | New |
| KROS Keros Therapeutics Inc. | 0.39% | 1,018,734 | $16.1M | No change |
| PRLD Prelude Therapeutics Inc. | 0.38% | 10,909,256 | $15.7M | No change |
| STTK Shattuck Labs Inc. | 0.36% | 6,306,127 | $15.1M | New |
| CRBP Corbus Pharmaceuticals Holdi | 0.36% | 1,172,287 | $14.8M | No change |
| URGN Urogen Pharma Ltd. | 0.33% | 689,000 | $13.7M | Add +44.0% |
| VIR Vir Biotechnology Inc. | 0.33% | 2,380,715 | $13.6M | No change |
| FOLD Amicus Therapeutics Inc. | 0.31% | 1,645,400 | $13.0M | Reduce -28.0% |
| 0 | 0.30% | 6,210,899 | $12.5M | Reduce -48.5% |
| TARS Tarsus Pharmaceuticals Inc. | 0.28% | 197,900 | $11.8M | No change |
| CCCC C4 Therapeutics Inc. | 0.28% | 5,235,146 | $11.6M | Reduce -23.4% |
| CGEM Cullinan Therapeutics Inc. | 0.27% | 1,923,855 | $11.4M | No change |
| VTGN Vistagen Therapeutics Inc. | 0.26% | 3,060,000 | $10.9M | New |
| AMLX Amylyx Pharmaceuticals Inc. | 0.24% | 750,600 | $10.2M | Add +139.7% |
| ACET Adicet Bio Inc. | 0.22% | 11,447,140 | $9.3M | No change |
| PMVP PMV Pharmaceuticals Inc. | 0.20% | 5,975,291 | $8.4M | Reduce -7.7% |
| WHWK Whitehawk Therapeutics Inc. | 0.19% | 4,166,000 | $7.9M | No change |
| VSTM Verastem Inc. | 0.19% | 887,561 | $7.8M | New |
| BTSG Brightspring Health Services | 0.19% | 263,800 | $7.8M | New |
| ALMS Alumis Inc. | 0.18% | 1,926,423 | $7.7M | No change |
| BCRX Biocryst Pharmaceuticals Inc. | 0.16% | 901,500 | $6.8M | New |
| MIST Milestone Pharmaceuticals Inc. | 0.15% | 3,221,828 | $6.4M | New |
| RPTX Repare Therapeutics Inc. | 0.14% | 3,322,488 | $5.8M | No change |
| NSPR Inspiremd Inc. | 0.12% | 2,133,405 | $5.1M | No change |
| BIOA Bioage Labs Inc. | 0.11% | 790,901 | $4.7M | Reduce -14.2% |
| JBIO Jade Biosciences Inc. | 0.11% | 531,163 | $4.6M | No change |
| QTTB Q32 Bio Inc. | 0.11% | 2,252,987 | $4.5M | No change |
| MIND MEDICINE MINDMED INC | 0.10% | 367,824 | $4.3M | New |
| CELC Celcuity Inc. | 0.10% | 84,020 | $4.2M | New |
| IMTX Immatics NV | 0.10% | 466,601 | $4.0M | Reduce -35.2% |
| IMA Imagenebio Inc. | 0.07% | 378,556 | $3.1M | New |
| INSM Insmed Inc. | 0.05% | 13,459 | $1.9M | No change |
| ATAIBECKLEY INC filed as ATAI LIFE SCIENCES NV | 0.04% | 347,000 | $1.8M | New |
| KRRO Korro Bio Inc. | 0.04% | 32,400 | $1.6M | No change |
| MURA Mural Oncology PLC | 0.03% | 588,800 | $1.2M | No change |
| TRAW Traws Pharma Inc. | 0.03% | 605,531 | $1.1M | No change |
| ANRO Alto Neuroscience Inc. | 0.02% | 250,000 | $1.0M | No change |
| LYEL Lyell Immunopharma Inc. | 0.02% | 51,727 | $840K | No change |
| KZR Kezar Life Sciences Inc. | 0.02% | 192,700 | $752K | No change |
| XERS Xeris Biopharma Holdings Inc. | 0.02% | 80,420 | $655K | No change |
| PASG Passage Bio Inc. | 0.01% | 59,046 | $474K | Reduce -80.5% |
| DIH HLDG US INC | 0.01% | 1,915,000 | $358K | No change |
Options reported separately and not counted above: ABT calls ($20.1M), BSX calls ($19.5M), PFE calls ($12.7M), AZN calls ($11.5M), APLS calls ($5.7M), BTSG calls ($4.4M), CRNX puts ($4.2M), SRRK calls ($3.7M), TGTX calls ($3.6M), VTGN calls ($160K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | 2,000,000 | $2.7M | New |
Total filed on the 13F, all lines: $4.2B.
Portfolio Sells Q2 2025 → Q3 2025
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −2.64 |
| VRTX Vertex Pharmaceuticals Inc. | Sold out | 0.00% | −2.35 |
| THC Tenet Healthcare Corp. | Sold out | 0.00% | −2.06 |
| BSX Boston Scientific Corp. | Reduce -13.7% | 5.69% | −1.91 |
| LLY Eli Lilly & Co. | Reduce -10.8% | 5.51% | −1.10 |
| CYTK Cytokinetics Inc. | Sold out | 0.00% | −0.89 |
| ISRG Intuitive Surgical Inc. | Reduce -1.3% | 3.08% | −0.89 |
| NTRA Natera Inc. | Reduce -27.7% | 1.66% | −0.86 |
| THRD Third Harmonic Bio Inc. | Sold out | 0.00% | −0.79 |
| ITGR Integer Holdings Corp. | Reduce -33.1% | 0.72% | −0.62 |
| AGIO Agios Pharmaceuticals Inc. | Sold out | 0.00% | −0.47 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -55.7% | 0.40% | −0.34 |
| ABCL Abcellera Biologics Inc. | Sold out | 0.00% | −0.29 |
| CPRX Catalyst Pharmaceuticals Inc. | Sold out | 0.00% | −0.23 |
| EW Edwards Lifesciences Corp. | Reduce -1.4% | 3.14% | −0.22 |
| ZLAB Zai Lab Ltd.-ADR | Sold out | 0.00% | −0.20 |
| NBIX Neurocrine Biosciences Inc. | Reduce -19.4% | 1.19% | −0.19 |
| TYRA Tyra Biosciences Inc. | Sold out | 0.00% | −0.19 |
| ITOS Iteos Therapeutics Inc. | Sold out | 0.00% | −0.18 |
| IKENA ONCOLOGY INC | Sold out | 0.00% | −0.12 |
| ENGN Engene Holdings Inc. | Sold out | 0.00% | −0.06 |
| PASG Passage Bio Inc. | Reduce -80.5% | 0.01% | −0.05 |
| 0 | Reduce -48.5% | 0.30% | −0.03 |
| TSBX Turnstone Biologics Corp. | Sold out | 0.00% | −0.03 |
| CMMB Chemomab Therapeutics Ltd. | Sold out | 0.00% | −0.03 |
| FOLD Amicus Therapeutics Inc. | Reduce -28.0% | 0.31% | −0.02 |
| IMTX Immatics NV | Reduce -35.2% | 0.10% | −0.00 |
| LSBCF Lakeshore Biopharma Co. Ltd. | Sold out | 0.00% | −0.00 |
| BIOA Bioage Labs Inc. | Reduce -14.2% | 0.11% | +0.02 |
| PMVP PMV Pharmaceuticals Inc. | Reduce -7.7% | 0.20% | +0.03 |
| CCCC C4 Therapeutics Inc. | Reduce -23.4% | 0.28% | +0.03 |
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -13.4% | 0.52% | +0.13 |
| GPCR Structure Therapeutics Inc. | Reduce -5.0% | 0.77% | +0.14 |
| ARGX Argenx SE - ADR | Reduce -17.2% | 3.05% | +0.17 |
| ROIV Roivant Sciences Ltd. | Reduce -2.3% | 0.99% | +0.20 |
| CRNX Crinetics Pharmaceuticals Inc. | Reduce -4.3% | 1.10% | +0.27 |
| RAPT Rapt Therapeutics Inc. | Reduce -33.8% | 0.67% | +0.34 |
| RNAM Avidity Biosciences Inc. | Reduce -9.6% | 1.71% | +0.42 |
| CGON CG Oncology Inc. | Reduce -8.0% | 1.67% | +0.44 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -11.8% | 3.30% | +0.50 |
Portfolio Buys Q2 2025 → Q3 2025
| DHR Danaher Corp. | New | 1.25% | +1.25 |
| UTHR United Therapeutics Corp. | New | 1.16% | +1.16 |
| CI The Cigna Group | New | 1.13% | +1.13 |
| MLYS Mineralys Therapeutics Inc. | Add +93.3% | 1.34% | +1.08 |
| ORIC Oric Pharmaceuticals Inc. | Add +305.0% | 1.05% | +0.82 |
| ABVX Abivax SA-ADR | New | 0.77% | +0.77 |
| ASND Ascendis Pharma A/S | Add +457.9% | 0.92% | +0.77 |
| QURE Uniqure NV | New | 0.64% | +0.64 |
| APLS Apellis Pharmaceuticals Inc. | Add +56.7% | 1.26% | +0.62 |
| EYPT Eyepoint Inc. | New | 0.61% | +0.61 |
| EXAS Exact Sciences Corp. | Add +63.8% | 1.31% | +0.49 |
| DYN Dyne Therapeutics Inc. | Add +124.4% | 0.70% | +0.46 |
| AXSM Axsome Therapeutics Inc. | Add +24.3% | 1.55% | +0.43 |
| KRYS Krystal Biotech Inc. | Add +1016.8% | 0.44% | +0.40 |
| CARL Carlsmed Inc. | New | 0.40% | +0.40 |
| STTK Shattuck Labs Inc. | New | 0.36% | +0.36 |
| JANX Janux Therapeutics Inc. | Add +45.9% | 1.04% | +0.33 |
| AKRO Akero Therapeutics Inc. | Add +149.0% | 0.60% | +0.32 |
| AVTX Avalo Therapeutics Inc. | Add +39.5% | 0.41% | +0.29 |
| VTGN Vistagen Therapeutics Inc. | New | 0.26% | +0.26 |
| AMLX Amylyx Pharmaceuticals Inc. | Add +139.7% | 0.24% | +0.19 |
| VSTM Verastem Inc. | New | 0.19% | +0.19 |
| BTSG Brightspring Health Services | New | 0.19% | +0.19 |
| URGN Urogen Pharma Ltd. | Add +44.0% | 0.33% | +0.17 |
| BCRX Biocryst Pharmaceuticals Inc. | New | 0.16% | +0.16 |
| MIST Milestone Pharmaceuticals Inc. | New | 0.15% | +0.15 |
| MIND MEDICINE MINDMED INC | New | 0.10% | +0.10 |
| CELC Celcuity Inc. | New | 0.10% | +0.10 |
| IMA Imagenebio Inc. | New | 0.07% | +0.07 |
| ATAIBECKLEY INC | New | 0.04% | +0.04 |
Options Activity Q2 2025 → Q3 2025
| ABT Abbott Laboratories | call | New | 150,000 | $20.1M |
| BSX Boston Scientific Corp. | call | New | 200,000 | $19.5M |
| UNH Unitedhealth Group Inc. | call | Sold out | 50,000 | $15.6Mbefore exit |
| PFE Pfizer Inc. | call | New | 500,000 | $12.7M |
| AZN Astrazeneca PLC-Spons ADR | call | Add +50.0% | 150,000 | $11.5M |
| APLS Apellis Pharmaceuticals Inc. | call | Add +400.0% | 250,000 | $5.7M |
| BTSG Brightspring Health Services | call | New | 150,000 | $4.4M |
| CRNX Crinetics Pharmaceuticals Inc. | put | New | 100,000 | $4.2M |
| CGON CG Oncology Inc. | call | Sold out | 150,000 | $3.9Mbefore exit |
| SRRK Scholar Rock Holding Corp. | call | New | 100,000 | $3.7M |
| TGTX TG Therapeutics Inc. | call | New | 100,000 | $3.6M |
| VTGN Vistagen Therapeutics Inc. | call | New | 45,200 | $160K |
| INMB Inmune Bio Inc. | put | Sold out | 50,000 | $116Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | New | 2,000,000 | $2.7M |
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 | 117 | $5.3B | EWTX, ELVN, LLY, MBX, SVA |
| Q1 2026 | 105 | $4.4B | EWTX, ELVN, LLY, SVA, BSX |
| Q4 2025 | 104 | $4.9B | EWTX, LLY, BSX, SVA, EW |
| Q3 2025 | 98 | $4.2B | EWTX, BSX, LLY, SVA, ELVN |
| Q2 2025 | 97 | $4.0B | SVA, BSX, LLY, EWTX, ELVN |
| Q1 2025 | 106 | $4.2B | SVA, EWTX, BSX, LLY, ELVN |
| Q4 2024 | 111 | $4.8B | EWTX, SVA, BSX, LLY, ISRG |
| Q3 2024 | 109 | $5.5B | EWTX, SVA, LLY, BSX, ISRG |
| Q2 2024 | 108 | $5.0B | SVA, LLY, EWTX, BSX, ISRG |
| Q1 2024 | 112 | $5.4B | SVA, LLY, EWTX, BSX, ISRG |