Paradigm Biocapital Advisors LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Paradigm Biocapital Advisors LP reported 28 stock positions worth $2.3 billion. Its top holding was Nuvalent Class A (NUVL) at 17.2% of the portfolio, followed by Arcellx (ACLX, 13.1%) and Merus (MRUS, 9.6%). Compared with Q1 2025, it opened 6 new positions, sold out of 5, added to 14 and reduced 5. The biggest buy was Merus (MRUS, shares +27%) and the biggest sale Beone Medicines Ltd.-ADR (ONC, shares −48%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001855655
- Portfolio Value
- $2.3B (Q2 2025)
- SEC Filing
- 0001855655-25-000010 ↗ filed Aug 14, 2025
Holdings Value
Holdings 28 stocks · $2.3B
| NUVL Nuvalent Inc. Class A | 17.17% | 5,269,433 | $402.1M | No change |
| ACLX Arcellx Inc. | 13.07% | 4,649,016 | $306.1M | Add +3.5% |
| MRUS Merus NV | 9.62% | 4,281,954 | $225.2M | Add +27.1% |
| RVMD Revolution Medicines Inc. | 9.57% | 6,093,291 | $224.2M | Reduce -1.4% |
| TARS Tarsus Pharmaceuticals Inc. | 5.15% | 2,976,099 | $120.6M | Add +14.0% |
| PCVX Vaxcyte Inc. | 4.68% | 3,372,837 | $109.7M | Add +98.8% |
| ONC Beone Medicines Ltd.-ADR | 3.59% | 347,787 | $84.2M | Reduce -47.8% |
| EWTX Edgewise Therapeutics Inc. | 3.44% | 6,142,344 | $80.5M | Add +39.8% |
| COGT Cogent Biosciences Inc. | 3.17% | 10,352,449 | $74.3M | Add +15.5% |
| JANX Janux Therapeutics Inc. | 2.88% | 2,920,258 | $67.5M | Reduce -12.3% |
| CRNX Crinetics Pharmaceuticals Inc. | 2.88% | 2,343,553 | $67.4M | Add +20.4% |
| IRON Disc Medicine Inc. | 2.74% | 1,210,971 | $64.1M | No change |
| SRRK Scholar Rock Holding Corp. | 2.42% | 1,600,554 | $56.7M | New |
| LENZ Lenz Therapeutics Inc. | 2.15% | 1,717,066 | $50.3M | Add +13.6% |
| BBIO Bridgebio Pharma Inc. | 1.78% | 965,764 | $41.7M | New |
| APGE Apogee Therapeutics Inc. | 1.78% | 958,630 | $41.6M | Reduce -0.3% |
| MLTX Moonlake Immunotherapeutics | 1.77% | 878,323 | $41.5M | Add +40.0% |
| ALKS Alkermes PLC | 1.68% | 1,375,569 | $39.4M | New |
| VRDN Viridian Therapeutics Inc. | 1.64% | 2,741,576 | $38.3M | Add +30.9% |
| AGIO Agios Pharmaceuticals Inc. | 1.62% | 1,142,511 | $38.0M | New |
| OCUL Ocular Therapeutix Inc. | 1.36% | 3,420,340 | $31.7M | Add +160.3% |
| OLMA Olema Pharmaceuticals Inc. | 1.23% | 6,764,172 | $28.8M | Add +0.3% |
| SYRE Spyre Therapeutics Inc. | 1.20% | 1,870,445 | $28.0M | Reduce -12.1% |
| YMAB Y-Mabs Therapeutics Inc. | 0.82% | 4,236,346 | $19.1M | No change |
| PHVS Pharvaris NV | 0.80% | 1,062,911 | $18.7M | New |
| IMTX Immatics NV | 0.72% | 3,144,157 | $16.9M | Add +64.9% |
| ERAS Erasca Inc. | 0.65% | 11,907,182 | $15.1M | Add +10.2% |
| CBIO Crescent Biopharma Inc. | 0.44% | 642,721 | $10.4M | New |
Portfolio Sells Q1 2025 → Q2 2025
| ONC Beone Medicines Ltd.-ADR | Reduce -47.8% | 3.59% | −4.75 |
| ARGX Argenx SE - ADR | Sold out | 0.00% | −1.63 |
| CYTK Cytokinetics Inc. | Sold out | 0.00% | −1.59 |
| INSM Insmed Inc. | Sold out | 0.00% | −1.59 |
| MTSR Metsera Inc. | Sold out | 0.00% | −1.49 |
| JANX Janux Therapeutics Inc. | Reduce -12.3% | 2.88% | −1.26 |
| ARQT Arcutis Biotherapeutics Inc. | Sold out | 0.00% | −1.05 |
| RVMD Revolution Medicines Inc. | Reduce -1.4% | 9.57% | −0.48 |
| SYRE Spyre Therapeutics Inc. | Reduce -12.1% | 1.20% | −0.38 |
| APGE Apogee Therapeutics Inc. | Reduce -0.3% | 1.78% | +0.12 |
Portfolio Buys Q1 2025 → Q2 2025
| MRUS Merus NV | Add +27.1% | 9.62% | +3.09 |
| SRRK Scholar Rock Holding Corp. | New | 2.42% | +2.42 |
| BBIO Bridgebio Pharma Inc. | New | 1.78% | +1.78 |
| PCVX Vaxcyte Inc. | Add +98.8% | 4.68% | +1.73 |
| ALKS Alkermes PLC | New | 1.68% | +1.68 |
| AGIO Agios Pharmaceuticals Inc. | New | 1.62% | +1.62 |
| OCUL Ocular Therapeutix Inc. | Add +160.3% | 1.36% | +0.91 |
| PHVS Pharvaris NV | New | 0.80% | +0.80 |
| COGT Cogent Biosciences Inc. | Add +15.5% | 3.17% | +0.70 |
| MLTX Moonlake Immunotherapeutics | Add +40.0% | 1.77% | +0.64 |
| CBIO Crescent Biopharma Inc. | New | 0.44% | +0.44 |
| LENZ Lenz Therapeutics Inc. | Add +13.6% | 2.15% | +0.36 |
| VRDN Viridian Therapeutics Inc. | Add +30.9% | 1.64% | +0.34 |
| IMTX Immatics NV | Add +64.9% | 0.72% | +0.33 |
| OLMA Olema Pharmaceuticals Inc. | Add +0.3% | 1.23% | +0.06 |
| ERAS Erasca Inc. | Add +10.2% | 0.65% | −0.04 |
| CRNX Crinetics Pharmaceuticals Inc. | Add +20.4% | 2.88% | −0.13 |
| ACLX Arcellx Inc. | Add +3.5% | 13.07% | −0.49 |
| EWTX Edgewise Therapeutics Inc. | Add +39.8% | 3.44% | −1.01 |
| TARS Tarsus Pharmaceuticals Inc. | Add +14.0% | 5.15% | −1.02 |
Options Activity Q1 2025 → Q2 2025
| EWTX Edgewise Therapeutics Inc. | call | Sold out | 500,000 | $11.0Mbefore exit |
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 |