Paradigm Biocapital Advisors LP In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Paradigm Biocapital Advisors LP reported 31 stock positions worth $2.9 billion . Its top holding was Nuvalent Class A (NUVL) at 17.9% of the portfolio, followed by Arcellx (ACLX, 11.7% ) and Argenx SE - ADR (ARGX, 9.1% ). Compared with Q2 2024, it opened 7 new positions, sold out of 11, added to 15 and reduced 7. The biggest buy was Nuvalent Class A (NUVL, shares +9% ) and the biggest sale an exit from Sarepta Therapeutics (SRPT).
Location NEW YORK, NY
CIK 0001855655
Portfolio Value $2.9B (Q3 2024) Holdings 31 stocks · $2.9B 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 Q2 2024 NUVL Nuvalent Inc. Class A 5,000,000 $511.5M Add +9.4% ACLX Arcellx Inc. 4,000,000 $334.0M Add +4.0% ARGX Argenx SE - ADR 480,374 $260.4M Reduce -10.7% RVMD Revolution Medicines Inc. 5,314,089 $241.0M Add +1.1% CRNX Crinetics Pharmaceuticals Inc. 2,516,686 $128.6M Add +0.1% MRUS Merus NV 2,454,917 $122.6M Add +21.5% JANX Janux Therapeutics Inc. 2,400,574 $109.1M Add +53.5% KURA Kura Oncology Inc. 4,331,321 $84.6M Reduce -4.6% TARS Tarsus Pharmaceuticals Inc. 2,440,445 $80.3M Add +0.2% EWTX Edgewise Therapeutics Inc. 2,789,172 $74.4M Add +19.9% IRON Disc Medicine Inc. 1,497,720 $73.6M Reduce -44.6% PCVX Vaxcyte Inc. 627,732 $71.7M Add +0.1% VRDN Viridian Therapeutics Inc. 2,895,689 $65.9M Reduce -0.0% OLMA Olema Pharmaceuticals Inc. 5,503,600 $65.7M Reduce -30.4% ARVN Arvinas Inc. 2,339,961 $57.6M Reduce -4.0% YMAB Y-Mabs Therapeutics Inc. 4,086,346 $53.7M Add +5.6% COGT Cogent Biosciences Inc. 4,609,762 $49.8M Add +27.2% VERA Vera Therapeutics Inc. 1,096,851 $48.5M New MLTX Moonlake Immunotherapeutics 931,480 $47.0M New ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 200,336 $45.0M New IMTX Immatics NV 3,904,862 $44.6M Add +14.1% APGE Apogee Therapeutics Inc. 701,817 $41.2M Add +112.7% IMVT Immunovant Inc. 1,362,827 $38.9M No change CGEM Cullinan Therapeutics Inc. 2,321,013 $38.9M Add +50.4% SYRE Spyre Therapeutics Inc. 1,267,581 $37.3M New PLRX Pliant Therapeutics Inc. 3,104,486 $34.8M New KROS Keros Therapeutics Inc. 525,037 $30.5M New ERAS Erasca Inc. 10,668,141 $29.1M Add +47.1% ORKA Oruka Therapeutics Inc. 719,660 $17.6M New CATX Perspective Therapeutics Inc. 919,692 $12.3M No change CMPS Compass Pathways PLC 1,160,000 $7.3M Reduce -50.3%
Options reported separately and not counted above: ACLX calls ($66.8M), PCVX calls ($31.6M).
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ SRPT Sarepta Therapeutics Inc. Sold out 0.00% −5.73 CERE Cerevel Therapeutics Holding Sold out 0.00% −3.65 ASND Ascendis Pharma A/S Sold out 0.00% −3.47 XENE Xenon Pharmaceuticals Inc. Sold out 0.00% −3.05 IRON Disc Medicine Inc. Reduce -44.6% 2.58% −2.09 LEGN Legend Biotech Corp.-ADR Sold out 0.00% −2.04 BBIO Bridgebio Pharma Inc. Sold out 0.00% −1.06 OLMA Olema Pharmaceuticals Inc. Reduce -30.4% 2.30% −0.97 KURA Kura Oncology Inc. Reduce -4.6% 2.96% −0.62 ARVN Arvinas Inc. Reduce -4.0% 2.02% −0.47 VRNA Verona Pharma Ltd. Sold out 0.00% −0.40 ALXO Alx Oncology Holdings Inc. Sold out 0.00% −0.36 CMPS Compass Pathways PLC Reduce -50.3% 0.26% −0.28 VOR Vor Biopharma Inc. Sold out 0.00% −0.25 ACRV Acrivon Therapeutics Inc. Sold out 0.00% −0.15 TCRX Tscan Therapeutics Inc. Sold out 0.00% −0.08 ARGX Argenx SE - ADR Reduce -10.7% 9.11% +0.26 VRDN Viridian Therapeutics Inc. Reduce -0.0% 2.31% +0.86
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ NUVL Nuvalent Inc. Class A Add +9.4% 17.90% +4.63 ACLX Arcellx Inc. Add +4.0% 11.69% +3.56 VERA Vera Therapeutics Inc. New 1.70% +1.70 MLTX Moonlake Immunotherapeutics New 1.64% +1.64 ONC Beone Medicines Ltd.-ADR New 1.57% +1.57 JANX Janux Therapeutics Inc. Add +53.5% 3.82% +1.31 SYRE Spyre Therapeutics Inc. New 1.30% +1.30 PLRX Pliant Therapeutics Inc. New 1.22% +1.22 KROS Keros Therapeutics Inc. New 1.07% +1.07 EWTX Edgewise Therapeutics Inc. Add +19.9% 2.61% +1.00 APGE Apogee Therapeutics Inc. Add +112.7% 1.44% +0.95 PCVX Vaxcyte Inc. Add +0.1% 2.51% +0.70 RVMD Revolution Medicines Inc. Add +1.1% 8.43% +0.62 ORKA Oruka Therapeutics Inc. New 0.62% +0.62 COGT Cogent Biosciences Inc. Add +27.2% 1.74% +0.57 ERAS Erasca Inc. Add +47.1% 1.02% +0.36 CGEM Cullinan Therapeutics Inc. Add +50.4% 1.36% +0.33 TARS Tarsus Pharmaceuticals Inc. Add +0.2% 2.81% +0.28 CRNX Crinetics Pharmaceuticals Inc. Add +0.1% 4.50% +0.19 YMAB Y-Mabs Therapeutics Inc. Add +5.6% 1.88% +0.09 IMTX Immatics NV Add +14.1% 1.56% +0.04 MRUS Merus NV Add +21.5% 4.29% −0.28
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ ACLX Arcellx Inc. call New 800,000 $66.8M PCVX Vaxcyte Inc. call New 276,800 $31.6M
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 28 $5.3B RVMD, NUVL, EWTX, GMAB, SYRE Q1 2026 35 $4.9B ACLX, RVMD, NUVL, PCVX, EWTX Q4 2025 29 $3.7B NUVL, RVMD, ACLX, GMAB, TARS Q3 2025 33 $3.4B NUVL, MRUS, ACLX, RVMD, TARS Q2 2025 28 $2.3B NUVL, ACLX, MRUS, RVMD, TARS Q1 2025 27 $2.2B NUVL, ACLX, RVMD, ONC, MRUS Q4 2024 28 $2.9B NUVL, ACLX, ARGX, RVMD, JANX Q3 2024 31 $2.9B NUVL, ACLX, ARGX, RVMD, CRNX Q2 2024 35 $2.6B NUVL, ARGX, ACLX, RVMD, SRPT Q1 2024 34 $2.8B NUVL, ACLX, ARGX, IRON, CRNX