Paradigm Biocapital Advisors LP In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Paradigm Biocapital Advisors LP reported 27 stock positions worth $2.2 billion . Its top holding was Nuvalent Class A (NUVL) at 17.2% of the portfolio, followed by Arcellx (ACLX, 13.6% ) and Revolution Medicines (RVMD, 10.1% ). Compared with Q4 2024, it opened 5 new positions, sold out of 6, added to 11 and reduced 10. The biggest buy was Beone Medicines Ltd.-ADR (ONC, shares +8% ) and the biggest sale Argenx SE - ADR (ARGX, shares −88% ).
Location NEW YORK, NY
CIK 0001855655
Portfolio Value $2.2B (Q1 2025) Holdings 27 stocks · $2.2B 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 Q4 2024 NUVL Nuvalent Inc. Class A 5,269,433 $373.7M Reduce -1.8% ACLX Arcellx Inc. 4,492,032 $294.7M Add +2.8% RVMD Revolution Medicines Inc. 6,178,111 $218.5M Reduce -5.7% ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 666,024 $181.3M Add +8.1% MRUS Merus NV 3,369,699 $141.8M Add +99.4% TARS Tarsus Pharmaceuticals Inc. 2,610,197 $134.1M Add +3.1% EWTX Edgewise Therapeutics Inc. 4,394,556 $96.7M Reduce -2.2% JANX Janux Therapeutics Inc. 3,329,909 $89.9M Reduce -5.3% CRNX Crinetics Pharmaceuticals Inc. 1,946,168 $65.3M Add +1.9% PCVX Vaxcyte Inc. 1,696,481 $64.1M Add +19.2% IRON Disc Medicine Inc. 1,210,971 $60.1M Reduce -19.1% COGT Cogent Biosciences Inc. 8,963,655 $53.7M Add +82.3% LENZ Lenz Therapeutics Inc. 1,511,932 $38.9M Add +96.2% APGE Apogee Therapeutics Inc. 961,707 $35.9M Reduce -25.1% ARGX Argenx SE - ADR 59,679 $35.3M Reduce -87.6% CYTK Cytokinetics Inc. 858,664 $34.5M New INSM Insmed Inc. 451,359 $34.4M New SYRE Spyre Therapeutics Inc. 2,127,205 $34.3M Add +39.3% MTSR Metsera Inc. 1,191,462 $32.4M New VRDN Viridian Therapeutics Inc. 2,095,079 $28.2M Add +15.1% OLMA Olema Pharmaceuticals Inc. 6,741,172 $25.3M Reduce -7.7% MLTX Moonlake Immunotherapeutics 627,423 $24.5M Reduce -64.6% ARQT Arcutis Biotherapeutics Inc. 1,465,334 $22.9M New YMAB Y-Mabs Therapeutics Inc. 4,236,346 $18.8M No change ERAS Erasca Inc. 10,802,354 $14.8M Add +0.5% OCUL Ocular Therapeutix Inc. 1,314,018 $9.6M New IMTX Immatics NV 1,907,108 $8.6M Reduce -64.8%
Options reported separately and not counted above: EWTX calls ($11.0M).
Portfolio Sells Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ ARGX Argenx SE - ADR Reduce -87.6% 1.63% −8.67 JANX Janux Therapeutics Inc. Reduce -5.3% 4.14% −2.41 MLTX Moonlake Immunotherapeutics Reduce -64.6% 1.13% −2.21 VERA Vera Therapeutics Inc. Sold out 0.00% −2.11 PLRX Pliant Therapeutics Inc. Sold out 0.00% −1.47 IMTX Immatics NV Reduce -64.8% 0.40% −0.94 TECX Tectonic Therapeutic Inc. Sold out 0.00% −0.78 SRRK Scholar Rock Holding Corp. Sold out 0.00% −0.60 ORKA Oruka Therapeutics Inc. Sold out 0.00% −0.55 IRON Disc Medicine Inc. Reduce -19.1% 2.77% −0.54 APGE Apogee Therapeutics Inc. Reduce -25.1% 1.65% −0.37 AGIO Agios Pharmaceuticals Inc. Sold out 0.00% −0.32 OLMA Olema Pharmaceuticals Inc. Reduce -7.7% 1.17% −0.32 RVMD Revolution Medicines Inc. Reduce -5.7% 10.06% +0.08 EWTX Edgewise Therapeutics Inc. Reduce -2.2% 4.45% +0.28 NUVL Nuvalent Inc. Class A Reduce -1.8% 17.20% +2.59
Portfolio Buys Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ ONC Beone Medicines Ltd.-ADR Add +8.1% 8.34% +4.39 MRUS Merus NV Add +99.4% 6.53% +4.06 ACLX Arcellx Inc. Add +2.8% 13.56% +1.90 CYTK Cytokinetics Inc. New 1.59% +1.59 INSM Insmed Inc. New 1.59% +1.59 MTSR Metsera Inc. New 1.49% +1.49 TARS Tarsus Pharmaceuticals Inc. Add +3.1% 6.17% +1.29 COGT Cogent Biosciences Inc. Add +82.3% 2.47% +1.14 ARQT Arcutis Biotherapeutics Inc. New 1.05% +1.05 LENZ Lenz Therapeutics Inc. Add +96.2% 1.79% +1.02 OCUL Ocular Therapeutix Inc. New 0.44% +0.44 SYRE Spyre Therapeutics Inc. Add +39.3% 1.58% +0.34 VRDN Viridian Therapeutics Inc. Add +15.1% 1.30% +0.09 ERAS Erasca Inc. Add +0.5% 0.68% −0.26 CRNX Crinetics Pharmaceuticals Inc. Add +1.9% 3.00% −0.39 PCVX Vaxcyte Inc. Add +19.2% 2.95% −1.10
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ EWTX Edgewise Therapeutics Inc. call New 500,000 $11.0M
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