Orbimed Advisors LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Orbimed Advisors LLC reported 104 stock positions worth $4.9 billion. Its top holding was Edgewise Therapeutics (EWTX) at 7.9% of the portfolio, followed by Eli Lilly (LLY, 6.6%) and Boston Scientific (BSX, 4.7%). Compared with Q3 2025, it opened 23 new positions, sold out of 17, added to 21 and reduced 35. The biggest buy was Structure Therapeutics (GPCR, shares +2%) and the biggest sale Boston Scientific (BSX, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001055951
- Portfolio Value
- $4.9B (Q4 2025)
- SEC Filing
- 0001172661-26-001119 ↗ filed Feb 17, 2026
Holdings Value
Holdings 104 stocks · $4.9B
| EWTX Edgewise Therapeutics Inc. | 7.88% | 15,518,492 | $385.1M | No change |
| LLY Eli Lilly & Co. | 6.63% | 301,200 | $323.7M | No change |
| BSX Boston Scientific Corp. | 4.72% | 2,419,300 | $230.7M | Reduce -0.4% |
| SVA Sinovac Biotech Ltd. | 3.78% | 2,718,735 | $184.5M | No change |
| EW Edwards Lifesciences Corp. | 3.22% | 1,842,900 | $157.1M | Add +9.4% |
| UPB Upstream Bio Inc. | 3.16% | 5,693,589 | $154.6M | No change |
| ISRG Intuitive Surgical Inc. | 3.05% | 263,400 | $149.2M | Reduce -8.3% |
| SION Sionna Therapeutics Inc. | 3.00% | 3,561,655 | $146.5M | Reduce -3.9% |
| MBX MBX Biosciences Inc. | 2.54% | 3,935,203 | $124.1M | Reduce -1.7% |
| ARGX Argenx SE - ADR | 2.51% | 146,000 | $122.8M | Reduce -15.3% |
| ELVN Enliven Therapeutics Inc. | 2.51% | 7,959,538 | $122.6M | No change |
| ALNY Alnylam Pharmaceuticals Inc. | 2.35% | 288,800 | $114.8M | Reduce -4.2% |
| SYK Stryker Corp. | 2.34% | 325,000 | $114.2M | Reduce -9.5% |
| SPRY Ars Pharmaceuticals Inc. | 1.98% | 8,288,510 | $96.6M | No change |
| TERN Terns Pharmaceuticals Inc. | 1.78% | 2,153,300 | $87.0M | Reduce -71.5% |
| IRON Disc Medicine Inc. | 1.74% | 1,067,550 | $84.8M | Reduce -24.6% |
| CAI Caris Life Sciences Inc. | 1.72% | 3,116,011 | $84.1M | Add +2.7% |
| NTRA Natera Inc. | 1.72% | 365,800 | $83.8M | Reduce -14.8% |
| CMPX Compass Therapeutics Inc. | 1.67% | 15,219,994 | $81.7M | No change |
| GPCR Structure Therapeutics Inc. | 1.65% | 1,161,803 | $80.8M | Add +2.0% |
| DHR Danaher Corp. | 1.40% | 299,800 | $68.6M | Add +13.9% |
| CGON CG Oncology Inc. | 1.29% | 1,516,550 | $63.0M | Reduce -12.2% |
| APLS Apellis Pharmaceuticals Inc. | 1.25% | 2,429,868 | $61.0M | Add +4.6% |
| AVBP Arrivent Biopharma Inc. | 1.25% | 3,027,328 | $60.9M | No change |
| CI The Cigna Group | 1.15% | 205,000 | $56.4M | Add +25.9% |
| RAPT Rapt Therapeutics Inc. | 1.14% | 1,642,891 | $55.6M | Add +51.2% |
| CRVS Corvus Pharmaceuticals Inc. | 1.13% | 7,165,006 | $55.2M | No change |
| UTHR United Therapeutics Corp. | 1.05% | 105,200 | $51.3M | Reduce -8.4% |
| ABVX Abivax SA-ADR | 1.02% | 367,900 | $49.6M | Reduce -3.2% |
| ROIV Roivant Sciences Ltd. | 0.97% | 2,190,907 | $47.5M | Reduce -19.3% |
| CRNX Crinetics Pharmaceuticals Inc. | 0.95% | 999,000 | $46.5M | Reduce -9.1% |
| AXSM Axsome Therapeutics Inc. | 0.95% | 253,121 | $46.2M | Reduce -52.4% |
| EYPT Eyepoint Inc. | 0.92% | 2,468,314 | $45.1M | Add +37.4% |
| RNAM Avidity Biosciences Inc. | 0.91% | 619,530 | $44.7M | Reduce -62.2% |
| NBIX Neurocrine Biosciences Inc. | 0.91% | 314,240 | $44.6M | Reduce -11.1% |
| DYN Dyne Therapeutics Inc. | 0.88% | 2,202,184 | $43.1M | Reduce -4.8% |
| BMY Bristol-Myers Squibb Co. | 0.86% | 775,000 | $41.8M | New |
| PFE Pfizer Inc. | 0.84% | 1,652,900 | $41.2M | New |
| TRVI Trevi Therapeutics Inc. | 0.82% | 3,190,700 | $39.9M | Reduce -3.6% |
| NPCE Neuropace Inc. | 0.76% | 2,406,335 | $37.2M | Reduce -8.0% |
| ASND Ascendis Pharma A/S | 0.75% | 171,977 | $36.7M | Reduce -10.4% |
| EXAS Exact Sciences Corp. | 0.73% | 351,716 | $35.7M | Reduce -64.6% |
| MLYS Mineralys Therapeutics Inc. | 0.73% | 980,400 | $35.6M | Reduce -33.3% |
| ELV Elevance Health Inc. | 0.71% | 99,100 | $34.7M | New |
| FBRX Forte Biosciences Inc. | 0.67% | 1,196,955 | $32.6M | No change |
| PRLD Prelude Therapeutics Inc. | 0.65% | 10,909,256 | $31.6M | No change |
| HELP Cybin Inc. | 0.64% | 3,840,500 | $31.4M | New |
| ORIC Oric Pharmaceuticals Inc. | 0.61% | 3,641,756 | $29.8M | No change |
| KRYS Krystal Biotech Inc. | 0.60% | 119,800 | $29.5M | Add +16.6% |
| PRAX Praxis Precision Medicines I | 0.57% | 94,500 | $27.9M | New |
| JANX Janux Therapeutics Inc. | 0.55% | 1,954,426 | $27.0M | Add +10.7% |
| TMO Thermo Fisher Scientific Inc. | 0.55% | 46,500 | $26.9M | No change |
| BRKR Bruker Corp. | 0.54% | 555,789 | $26.2M | New |
| RYTM Rhythm Pharmaceuticals Inc. | 0.53% | 239,800 | $25.7M | Add +11.5% |
| STTK Shattuck Labs Inc. | 0.47% | 6,306,127 | $23.0M | No change |
| ESPR Esperion Therapeutics Inc. | 0.45% | 5,965,498 | $22.1M | New |
| AVTX Avalo Therapeutics Inc. | 0.44% | 1,187,300 | $21.6M | Reduce -12.0% |
| LXEO Lexeo Therapeutics Inc. | 0.43% | 2,125,000 | $21.1M | New |
| ADCT Adc Therapeutics SA | 0.42% | 5,822,854 | $20.6M | Reduce -1.4% |
| URGN Urogen Pharma Ltd. | 0.42% | 875,487 | $20.5M | Add +27.1% |
| 0 | 0.41% | 6,210,899 | $20.1M | No change |
| XENE Xenon Pharmaceuticals Inc. | 0.41% | 447,200 | $20.0M | Add +6.6% |
| BTSG Brightspring Health Services | 0.37% | 488,500 | $18.3M | Add +85.2% |
| VERA Vera Therapeutics Inc. | 0.37% | 353,500 | $17.9M | New |
| QURE Uniqure NV | 0.36% | 737,400 | $17.6M | Add +60.8% |
| MIND MEDICINE MINDMED INC | 0.34% | 1,226,700 | $16.4M | Add +233.5% |
| KROS Keros Therapeutics Inc. | 0.34% | 804,212 | $16.4M | Reduce -21.1% |
| CARL Carlsmed Inc. | 0.32% | 1,252,600 | $15.5M | No change |
| CTMX Cytomx Therapeutics Inc. | 0.31% | 3,525,650 | $15.0M | Reduce -58.3% |
| VIR Vir Biotechnology Inc. | 0.29% | 2,380,715 | $14.4M | No change |
| BCRX Biocryst Pharmaceuticals Inc. | 0.28% | 1,741,800 | $13.6M | Add +93.2% |
| COGT Cogent Biosciences Inc. | 0.27% | 371,000 | $13.2M | New |
| CRBP Corbus Pharmaceuticals Holdi | 0.27% | 1,597,287 | $13.0M | Add +36.3% |
| TARS Tarsus Pharmaceuticals Inc. | 0.26% | 154,400 | $12.6M | Reduce -22.0% |
| RLMD Relmada Therapeutics Inc. | 0.26% | 2,610,600 | $12.6M | New |
| TECX Tectonic Therapeutic Inc. | 0.25% | 574,600 | $12.0M | New |
| ALMS Alumis Inc. | 0.22% | 1,102,730 | $10.8M | Reduce -42.8% |
| BIOA Bioage Labs Inc. | 0.21% | 790,901 | $10.5M | No change |
| FOLD Amicus Therapeutics Inc. | 0.21% | 729,900 | $10.4M | Reduce -55.6% |
| WHWK Whitehawk Therapeutics Inc. | 0.21% | 4,166,000 | $10.1M | No change |
| ACET Adicet Bio Inc. | 0.18% | 1,027,944 | $8.7M | New |
| RPTX Repare Therapeutics Inc. | 0.18% | 3,322,488 | $8.6M | No change |
| CELC Celcuity Inc. | 0.17% | 85,664 | $8.5M | Add +2.0% |
| JBIO Jade Biosciences Inc. | 0.17% | 531,163 | $8.2M | No change |
| KNSA Kiniksa Pharmaceuticals Inte | 0.16% | 187,199 | $7.7M | New |
| QTTB Q32 Bio Inc. | 0.15% | 2,252,987 | $7.5M | No change |
| PMVP PMV Pharmaceuticals Inc. | 0.13% | 4,975,291 | $6.2M | Reduce -16.7% |
| KALV Kalvista Pharmaceuticals Inc. | 0.13% | 382,400 | $6.2M | New |
| PHVS Pharvaris NV | 0.12% | 205,400 | $5.7M | New |
| NSPR Inspiremd Inc. | 0.11% | 3,133,405 | $5.6M | Add +46.9% |
| INSM Insmed Inc. | 0.09% | 25,400 | $4.4M | Add +88.7% |
| PALI Palisade Bio Inc. | 0.09% | 1,871,420 | $4.4M | New |
| BCAX Bicara Therapeutics Inc. | 0.07% | 209,100 | $3.5M | New |
| CGEM Cullinan Therapeutics Inc. | 0.06% | 270,006 | $2.8M | Reduce -86.0% |
| CCCC C4 Therapeutics Inc. | 0.05% | 1,404,902 | $2.7M | Reduce -73.2% |
| IMA Imagenebio Inc. | 0.05% | 378,556 | $2.6M | No change |
| ANRO Alto Neuroscience Inc. | 0.05% | 125,000 | $2.2M | Reduce -50.0% |
| RVMD Revolution Medicines Inc. | 0.04% | 25,900 | $2.1M | New |
| VTGN Vistagen Therapeutics Inc. | 0.04% | 3,060,000 | $2.0M | No change |
| OCUL Ocular Therapeutix Inc. | 0.04% | 157,300 | $1.9M | New |
| PTGX Protagonist Therapeutics Inc. | 0.04% | 21,700 | $1.9M | New |
| PTCT PTC Therapeutics Inc. | 0.04% | 23,200 | $1.8M | New |
| MPLT Maplight Therapeutics Inc. | 0.02% | 56,000 | $952K | New |
| TRAW Traws Pharma Inc. | 0.01% | 605,531 | $684K | No change |
Options reported separately and not counted above: EW calls ($12.8M), VTGN calls ($30K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| COGENT BIOSCIENCES INC (COGT 1.625 11/15/31) | NOTE 1.625%11/1 · principal | 1,000,000 | $1.2M | New |
Total filed on the 13F, all lines: $4.9B.
Portfolio Sells Q3 2025 → Q4 2025
| BSX Boston Scientific Corp. | Reduce -0.4% | 4.72% | −0.97 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -4.2% | 2.35% | −0.95 |
| SIBN Si-Bone Inc. | Sold out | 0.00% | −0.91 |
| SYK Stryker Corp. | Reduce -9.5% | 2.34% | −0.85 |
| SCPH Scpharmaceuticals Inc. | Sold out | 0.00% | −0.82 |
| RNAM Avidity Biosciences Inc. | Reduce -62.2% | 0.91% | −0.80 |
| ITGR Integer Holdings Corp. | Sold out | 0.00% | −0.72 |
| MLYS Mineralys Therapeutics Inc. | Reduce -33.3% | 0.73% | −0.61 |
| AXSM Axsome Therapeutics Inc. | Reduce -52.4% | 0.95% | −0.60 |
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −0.60 |
| EXAS Exact Sciences Corp. | Reduce -64.6% | 0.73% | −0.57 |
| ARGX Argenx SE - ADR | Reduce -15.3% | 2.51% | −0.54 |
| IRON Disc Medicine Inc. | Reduce -24.6% | 1.74% | −0.51 |
| CGON CG Oncology Inc. | Reduce -12.2% | 1.29% | −0.38 |
| CTMX Cytomx Therapeutics Inc. | Reduce -58.3% | 0.31% | −0.34 |
| NBIX Neurocrine Biosciences Inc. | Reduce -11.1% | 0.91% | −0.28 |
| AMLX Amylyx Pharmaceuticals Inc. | Sold out | 0.00% | −0.24 |
| CCCC C4 Therapeutics Inc. | Reduce -73.2% | 0.05% | −0.22 |
| ACET Adicet Bio Inc. | Sold out | 0.00% | −0.22 |
| CGEM Cullinan Therapeutics Inc. | Reduce -86.0% | 0.06% | −0.22 |
| VSTM Verastem Inc. | Sold out | 0.00% | −0.19 |
| ASND Ascendis Pharma A/S | Reduce -10.4% | 0.75% | −0.16 |
| MIST Milestone Pharmaceuticals Inc. | Sold out | 0.00% | −0.15 |
| CRNX Crinetics Pharmaceuticals Inc. | Reduce -9.1% | 0.95% | −0.15 |
| ADCT Adc Therapeutics SA | Reduce -1.4% | 0.42% | −0.15 |
| UTHR United Therapeutics Corp. | Reduce -8.4% | 1.05% | −0.11 |
| FOLD Amicus Therapeutics Inc. | Reduce -55.6% | 0.21% | −0.10 |
| IMTX Immatics NV | Sold out | 0.00% | −0.10 |
| PMVP PMV Pharmaceuticals Inc. | Reduce -16.7% | 0.13% | −0.07 |
| KROS Keros Therapeutics Inc. | Reduce -21.1% | 0.34% | −0.05 |
| ATAIBECKLEY INC | Sold out | 0.00% | −0.04 |
| KRRO Korro Bio Inc. | Sold out | 0.00% | −0.04 |
| MURA Mural Oncology PLC | Sold out | 0.00% | −0.03 |
| ISRG Intuitive Surgical Inc. | Reduce -8.3% | 3.05% | −0.03 |
| TARS Tarsus Pharmaceuticals Inc. | Reduce -22.0% | 0.26% | −0.02 |
| LYEL Lyell Immunopharma Inc. | Sold out | 0.00% | −0.02 |
| KZR Kezar Life Sciences Inc. | Sold out | 0.00% | −0.02 |
| XERS Xeris Biopharma Holdings Inc. | Sold out | 0.00% | −0.02 |
| ROIV Roivant Sciences Ltd. | Reduce -19.3% | 0.97% | −0.01 |
| PASG Passage Bio Inc. | Sold out | 0.00% | −0.01 |
| DIH HLDG US INC | Sold out | 0.00% | −0.01 |
| ANRO Alto Neuroscience Inc. | Reduce -50.0% | 0.05% | +0.02 |
| AVTX Avalo Therapeutics Inc. | Reduce -12.0% | 0.44% | +0.03 |
| ALMS Alumis Inc. | Reduce -42.8% | 0.22% | +0.04 |
| NTRA Natera Inc. | Reduce -14.8% | 1.72% | +0.06 |
| TRVI Trevi Therapeutics Inc. | Reduce -3.6% | 0.82% | +0.09 |
| NPCE Neuropace Inc. | Reduce -8.0% | 0.76% | +0.11 |
| DYN Dyne Therapeutics Inc. | Reduce -4.8% | 0.88% | +0.18 |
| ABVX Abivax SA-ADR | Reduce -3.2% | 1.02% | +0.24 |
| SION Sionna Therapeutics Inc. | Reduce -3.9% | 3.00% | +0.38 |
Portfolio Buys Q3 2025 → Q4 2025
| GPCR Structure Therapeutics Inc. | Add +2.0% | 1.65% | +0.89 |
| BMY Bristol-Myers Squibb Co. | New | 0.86% | +0.86 |
| PFE Pfizer Inc. | New | 0.84% | +0.84 |
| ELV Elevance Health Inc. | New | 0.71% | +0.71 |
| HELP Cybin Inc. | New | 0.64% | +0.64 |
| PRAX Praxis Precision Medicines I | New | 0.57% | +0.57 |
| BRKR Bruker Corp. | New | 0.54% | +0.54 |
| RAPT Rapt Therapeutics Inc. | Add +51.2% | 1.14% | +0.47 |
| ESPR Esperion Therapeutics Inc. | New | 0.45% | +0.45 |
| LXEO Lexeo Therapeutics Inc. | New | 0.43% | +0.43 |
| VERA Vera Therapeutics Inc. | New | 0.37% | +0.37 |
| EYPT Eyepoint Inc. | Add +37.4% | 0.92% | +0.31 |
| COGT Cogent Biosciences Inc. | New | 0.27% | +0.27 |
| RLMD Relmada Therapeutics Inc. | New | 0.26% | +0.26 |
| TECX Tectonic Therapeutic Inc. | New | 0.25% | +0.25 |
| MIND MEDICINE MINDMED INC | Add +233.5% | 0.34% | +0.23 |
| BTSG Brightspring Health Services | Add +85.2% | 0.37% | +0.19 |
| ACET Adicet Bio Inc. | New | 0.18% | +0.18 |
| KRYS Krystal Biotech Inc. | Add +16.6% | 0.60% | +0.17 |
| KNSA Kiniksa Pharmaceuticals Inte | New | 0.16% | +0.16 |
| DHR Danaher Corp. | Add +13.9% | 1.40% | +0.15 |
| KALV Kalvista Pharmaceuticals Inc. | New | 0.13% | +0.13 |
| PHVS Pharvaris NV | New | 0.12% | +0.12 |
| BCRX Biocryst Pharmaceuticals Inc. | Add +93.2% | 0.28% | +0.11 |
| PALI Palisade Bio Inc. | New | 0.09% | +0.09 |
| URGN Urogen Pharma Ltd. | Add +27.1% | 0.42% | +0.09 |
| CELC Celcuity Inc. | Add +2.0% | 0.17% | +0.08 |
| EW Edwards Lifesciences Corp. | Add +9.4% | 3.22% | +0.07 |
| BCAX Bicara Therapeutics Inc. | New | 0.07% | +0.07 |
| INSM Insmed Inc. | Add +88.7% | 0.09% | +0.04 |
| RVMD Revolution Medicines Inc. | New | 0.04% | +0.04 |
| OCUL Ocular Therapeutix Inc. | New | 0.04% | +0.04 |
| PTGX Protagonist Therapeutics Inc. | New | 0.04% | +0.04 |
| PTCT PTC Therapeutics Inc. | New | 0.04% | +0.04 |
| CI The Cigna Group | Add +25.9% | 1.15% | +0.03 |
| MPLT Maplight Therapeutics Inc. | New | 0.02% | +0.02 |
| XENE Xenon Pharmaceuticals Inc. | Add +6.6% | 0.41% | +0.01 |
| RYTM Rhythm Pharmaceuticals Inc. | Add +11.5% | 0.53% | +0.00 |
| NSPR Inspiremd Inc. | Add +46.9% | 0.11% | −0.01 |
| APLS Apellis Pharmaceuticals Inc. | Add +4.6% | 1.25% | −0.01 |
| CRBP Corbus Pharmaceuticals Holdi | Add +36.3% | 0.27% | −0.09 |
| QURE Uniqure NV | Add +60.8% | 0.36% | −0.28 |
| CAI Caris Life Sciences Inc. | Add +2.7% | 1.72% | −0.48 |
| JANX Janux Therapeutics Inc. | Add +10.7% | 0.55% | −0.48 |
Options Activity Q3 2025 → Q4 2025
| ABT Abbott Laboratories | call | Sold out | 150,000 | $20.1Mbefore exit |
| BSX Boston Scientific Corp. | call | Sold out | 200,000 | $19.5Mbefore exit |
| EW Edwards Lifesciences Corp. | call | New | 150,000 | $12.8M |
| PFE Pfizer Inc. | call | Sold out | 500,000 | $12.7Mbefore exit |
| AZN Astrazeneca PLC-Spons ADR | call | Sold out | 150,000 | $11.5Mbefore exit |
| APLS Apellis Pharmaceuticals Inc. | call | Sold out | 250,000 | $5.7Mbefore exit |
| BTSG Brightspring Health Services | call | Sold out | 150,000 | $4.4Mbefore exit |
| CRNX Crinetics Pharmaceuticals Inc. | put | Sold out | 100,000 | $4.2Mbefore exit |
| SRRK Scholar Rock Holding Corp. | call | Sold out | 100,000 | $3.7Mbefore exit |
| TGTX TG Therapeutics Inc. | call | Sold out | 100,000 | $3.6Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | Sold out | 2,000,000 | $2.7Mbefore exit |
| COGENT BIOSCIENCES INC (COGT 1.625 11/15/31) | NOTE 1.625%11/1 · principal | New | 1,000,000 | $1.2M |
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 |