PFM Health Sciences, LP
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), PFM Health Sciences, LP reported 96 stock positions worth $1.2 billion. Its top holding was Ascendis Pharma A/S (ASND) at 5.4% of the portfolio, followed by Axsome Therapeutics (AXSM, 4.7%) and Eli Lilly (LLY, 4.1%). Compared with Q1 2026, it opened 32 new positions, sold out of 12, added to 23 and reduced 41. The biggest buy was a new position in Humana (HUM) and the biggest sale Tenet Healthcare (THC, shares −68%).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001442756
- Portfolio Value
- $1.2B (Q2 2026)
- SEC Filing
- 0001442756-26-000006 ↗ filed Aug 14, 2026
Holdings Value
Holdings 96 stocks · $1.2B
| ASND Ascendis Pharma A/S | 5.40% | 233,171 | $62.2M | Add +53.4% |
| AXSM Axsome Therapeutics Inc. | 4.67% | 219,596 | $53.8M | Reduce -16.9% |
| LLY Eli Lilly & Co. | 4.09% | 39,258 | $47.1M | Reduce -40.3% |
| JAZZ Jazz Pharmaceuticals PLC | 3.36% | 160,768 | $38.7M | Reduce -9.8% |
| HUM Humana Inc. | 3.25% | 94,375 | $37.5M | New |
| UNH Unitedhealth Group Inc. | 3.19% | 88,276 | $36.7M | Add +52.1% |
| NBIX Neurocrine Biosciences Inc. | 3.12% | 213,407 | $36.0M | Reduce -1.1% |
| INBX Inhibrx Biosciences Inc. | 2.54% | 308,385 | $29.2M | Add +1.0% |
| UTHR United Therapeutics Corp. | 2.35% | 49,991 | $27.1M | Add +25.6% |
| RVMD Revolution Medicines Inc. | 2.33% | 143,222 | $26.8M | Add +1.7% |
| ICLR Icon PLC filed as ICON PUB LTD CO | 2.06% | 136,482 | $23.7M | Add +137.4% |
| THC Tenet Healthcare Corp. | 2.06% | 126,572 | $23.7M | Reduce -68.2% |
| EW Edwards Lifesciences Corp. | 1.97% | 250,453 | $22.7M | Reduce -1.6% |
| WAT Waters Corp. | 1.95% | 59,825 | $22.4M | Add +50.5% |
| PEN Penumbra Inc. | 1.65% | 60,221 | $19.0M | Reduce -56.9% |
| BBIO Bridgebio Pharma Inc. | 1.64% | 253,358 | $18.9M | Reduce -1.7% |
| SYK Stryker Corp. | 1.55% | 56,637 | $17.8M | Add +157.9% |
| MTD Mettler-Toledo International | 1.48% | 13,344 | $17.0M | New |
| INDV Indivior Pharmaceuticals Inc. | 1.43% | 401,208 | $16.5M | Reduce -30.2% |
| MRK Merck & Co. Inc. | 1.42% | 127,118 | $16.3M | New |
| CYTK Cytokinetics Inc. | 1.42% | 191,686 | $16.3M | New |
| LNTH Lantheus Holdings Inc. | 1.41% | 146,403 | $16.2M | New |
| CNC Centene Corp. | 1.39% | 248,867 | $16.0M | Reduce -5.5% |
| COO The Cooper Cos Inc. | 1.38% | 220,890 | $15.8M | Add +30.1% |
| MDGL Madrigal Pharmaceuticals Inc. | 1.37% | 29,313 | $15.7M | Reduce -14.2% |
| ACHC Acadia Healthcare Co. Inc. | 1.35% | 524,934 | $15.5M | Reduce -9.9% |
| ORKA Oruka Therapeutics Inc. | 1.31% | 158,825 | $15.1M | Reduce -8.8% |
| OSCR Oscar Health Inc. Class A | 1.29% | 519,016 | $14.8M | Add +3.8% |
| TMO Thermo Fisher Scientific Inc. | 1.24% | 28,496 | $14.3M | Add +92.1% |
| CVS CVS Health Corp. | 1.23% | 137,457 | $14.2M | New |
| MMSI Merit Medical Systems Inc. | 1.19% | 197,038 | $13.7M | Add +21.3% |
| PRAX Praxis Precision Medicines I | 1.12% | 38,575 | $12.9M | Add +8.8% |
| CLDX Celldex Therapeutics Inc. | 1.11% | 342,751 | $12.8M | Add +5.5% |
| NVO Novo-Nordisk A/S-Spons ADR | 1.10% | 265,016 | $12.7M | Add +34.4% |
| ITGR Integer Holdings Corp. | 1.03% | 126,669 | $11.8M | Reduce -6.2% |
| DNTH Dianthus Therapeutics Inc. | 1.03% | 121,222 | $11.8M | Reduce -29.6% |
| DFTX Definium Therapeutics Inc. | 1.02% | 249,020 | $11.7M | Add +21.3% |
| GILD Gilead Sciences Inc. | 1.00% | 90,858 | $11.5M | New |
| RYTM Rhythm Pharmaceuticals Inc. | 0.98% | 101,550 | $11.3M | Reduce -25.7% |
| HSIC Henry Schein Inc. filed as SCHEIN HENRY INC | 0.97% | 134,423 | $11.2M | Reduce -12.2% |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.93% | 131,667 | $10.7M | Add +104.8% |
| TNGX Tango Therapeutics Inc. | 0.88% | 326,047 | $10.2M | Reduce -19.7% |
| TFX Teleflex Inc. | 0.88% | 79,708 | $10.1M | New |
| VKTX Viking Therapeutics Inc. | 0.86% | 255,330 | $10.0M | Reduce -3.0% |
| BTSG Brightspring Health Services | 0.86% | 141,914 | $9.9M | Reduce -24.3% |
| VERA Vera Therapeutics Inc. | 0.84% | 224,289 | $9.6M | Add +28.3% |
| ROIV Roivant Sciences Ltd. | 0.82% | 268,008 | $9.5M | Add +29.2% |
| CGON CG Oncology Inc. | 0.79% | 128,286 | $9.1M | Reduce -22.7% |
| AMRX Amneal Pharmaceuticals Inc. | 0.72% | 480,715 | $8.3M | Reduce -48.3% |
| EPRX Eupraxia Pharmaceuticals Inc. | 0.69% | 1,210,661 | $8.0M | Add +123.8% |
| IRTC Irhythm Holdings Inc. | 0.67% | 65,196 | $7.8M | New |
| KOD Kodiak Sciences Inc. | 0.65% | 193,315 | $7.5M | Add +68.5% |
| ABT Abbott Laboratories | 0.65% | 82,230 | $7.5M | Reduce -41.4% |
| WST West Pharmaceutical Services | 0.65% | 20,733 | $7.4M | New |
| TAK Takeda Pharmaceutic-SP ADR | 0.62% | 444,173 | $7.1M | New |
| HNGE Hinge Health Inc. Class A | 0.60% | 82,860 | $6.9M | New |
| ARQT Arcutis Biotherapeutics Inc. | 0.55% | 242,069 | $6.3M | New |
| IART Integra Lifesciences Holding | 0.54% | 348,746 | $6.3M | New |
| ILMN Illumina Inc. | 0.53% | 35,040 | $6.2M | Add +21.4% |
| MGTX Meiragtx Holdings PLC | 0.53% | 455,286 | $6.2M | New |
| OCS Oculis Holding AG | 0.53% | 436,042 | $6.0M | New |
| NTRA Natera Inc. | 0.52% | 22,077 | $6.0M | Reduce -63.2% |
| ABVX Abivax SA-ADR | 0.50% | 43,264 | $5.8M | Add +62.3% |
| GH Guardant Health Inc. | 0.48% | 36,701 | $5.5M | New |
| CELC Celcuity Inc. | 0.47% | 52,155 | $5.5M | New |
| BLTE Belite Bio Inc. - ADR | 0.47% | 34,803 | $5.4M | Reduce -41.4% |
| GPCR Structure Therapeutics Inc. | 0.43% | 91,550 | $4.9M | Reduce -27.6% |
| RCUS Arcus Biosciences Inc. | 0.41% | 152,129 | $4.7M | New |
| CRL Charles River Laboratories | 0.37% | 18,747 | $4.3M | New |
| ELAN Elanco Animal Health Inc. | 0.37% | 172,489 | $4.2M | New |
| ARGX Argenx SE - ADR | 0.36% | 4,482 | $4.2M | Reduce -1.2% |
| BIO Bio-Rad Laboratories-A | 0.36% | 13,995 | $4.1M | New |
| SYRE Spyre Therapeutics Inc. | 0.36% | 46,217 | $4.1M | New |
| MBX MBX Biosciences Inc. | 0.34% | 70,971 | $3.9M | Reduce -1.3% |
| MIRM Mirum Pharmaceuticals Inc. | 0.32% | 31,536 | $3.7M | New |
| CGEM Cullinan Therapeutics Inc. | 0.30% | 192,442 | $3.5M | Reduce -15.4% |
| CMPS Compass Pathways PLC | 0.30% | 247,589 | $3.5M | Reduce -81.9% |
| HCA HCA Healthcare Inc. | 0.28% | 8,295 | $3.2M | Reduce -37.9% |
| CAPR Capricor Therapeutics Inc. | 0.26% | 122,221 | $2.9M | Reduce -1.3% |
| DNLI Denali Therapeutics Inc. | 0.23% | 100,966 | $2.6M | New |
| SNDX Syndax Pharmaceuticals Inc. | 0.22% | 118,422 | $2.6M | Reduce -51.7% |
| AMLX Amylyx Pharmaceuticals Inc. | 0.22% | 143,700 | $2.6M | Reduce -1.1% |
| TARS Tarsus Pharmaceuticals Inc. | 0.22% | 40,579 | $2.6M | Reduce -49.4% |
| OM Outset Medical Inc. | 0.22% | 582,122 | $2.5M | Reduce -2.1% |
| OMDA Omada Health Inc. | 0.22% | 114,442 | $2.5M | New |
| ERAS Erasca Inc. | 0.21% | 134,088 | $2.5M | New |
| COR Cencora Inc. | 0.18% | 7,385 | $2.1M | New |
| BCRX Biocryst Pharmaceuticals Inc. | 0.18% | 207,357 | $2.1M | New |
| OMCL Omnicell Inc. | 0.18% | 49,040 | $2.0M | New |
| CVRX CVRX Inc. | 0.16% | 369,572 | $1.9M | New |
| HIMS Hims & Hers Health Inc. | 0.15% | 49,454 | $1.7M | New |
| MLYS Mineralys Therapeutics Inc. | 0.15% | 62,418 | $1.7M | Reduce -56.3% |
| TECX Tectonic Therapeutic Inc. | 0.14% | 45,631 | $1.6M | Reduce -1.1% |
| QURE Uniqure NV | 0.11% | 26,396 | $1.2M | Reduce -38.1% |
| RZLT Rezolute Inc. | 0.06% | 127,289 | $662K | Reduce -1.1% |
| CRBU Caribou Biosciences Inc. | 0.05% | 354,687 | $624K | Reduce -63.0% |
Options reported separately and not counted above: COR calls ($8.0M), CNC puts ($5.7M).
Portfolio Sells Q1 2026 → Q2 2026
| THC Tenet Healthcare Corp. | Reduce -68.2% | 2.06% | −6.00 |
| PEN Penumbra Inc. | Reduce -56.9% | 1.65% | −3.27 |
| GKOS Glaukos Corp. | Sold out | 0.00% | −2.49 |
| LLY Eli Lilly & Co. | Reduce -40.3% | 4.09% | −2.39 |
| CNTA Centessa Pharmaceuticals Ltd. | Sold out | 0.00% | −2.25 |
| NEO Neogenomics Inc. | Sold out | 0.00% | −1.42 |
| DXCM Dexcom Inc. | Sold out | 0.00% | −1.01 |
| TERN Terns Pharmaceuticals Inc. | Sold out | 0.00% | −0.98 |
| ABT Abbott Laboratories | Reduce -41.4% | 0.65% | −0.90 |
| SLNO Soleno Therapeutics Inc. | Sold out | 0.00% | −0.89 |
| NTRA Natera Inc. | Reduce -63.2% | 0.52% | −0.77 |
| BLLN Billiontoone Inc. Class A | Sold out | 0.00% | −0.74 |
| CAH Cardinal Health Inc. | Sold out | 0.00% | −0.72 |
| ALHC Alignment Healthcare Inc. | Sold out | 0.00% | −0.68 |
| PSNL Personalis Inc. | Sold out | 0.00% | −0.59 |
| BLTE Belite Bio Inc. - ADR | Reduce -41.4% | 0.47% | −0.55 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -14.2% | 1.37% | −0.55 |
| DNTH Dianthus Therapeutics Inc. | Reduce -29.6% | 1.03% | −0.52 |
| AMRX Amneal Pharmaceuticals Inc. | Reduce -48.3% | 0.72% | −0.52 |
| CMPS Compass Pathways PLC | Reduce -81.9% | 0.30% | −0.51 |
| INDV Indivior Pharmaceuticals Inc. | Reduce -30.2% | 1.43% | −0.45 |
| MDLN Medline Inc. Class A | Sold out | 0.00% | −0.41 |
| BBIO Bridgebio Pharma Inc. | Reduce -1.7% | 1.64% | −0.41 |
| CGON CG Oncology Inc. | Reduce -22.7% | 0.79% | −0.41 |
| HCA HCA Healthcare Inc. | Reduce -37.9% | 0.28% | −0.40 |
| SNDX Syndax Pharmaceuticals Inc. | Reduce -51.7% | 0.22% | −0.39 |
| TARS Tarsus Pharmaceuticals Inc. | Reduce -49.4% | 0.22% | −0.38 |
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -25.7% | 0.98% | −0.29 |
| MLYS Mineralys Therapeutics Inc. | Reduce -56.3% | 0.15% | −0.27 |
| ITGR Integer Holdings Corp. | Reduce -6.2% | 1.03% | −0.25 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -9.8% | 3.36% | −0.24 |
| HSIC Henry Schein Inc. | Reduce -12.2% | 0.97% | −0.23 |
| GPCR Structure Therapeutics Inc. | Reduce -27.6% | 0.43% | −0.23 |
| EW Edwards Lifesciences Corp. | Reduce -1.6% | 1.97% | −0.22 |
| GMED Globus Medical Inc. Class A | Sold out | 0.00% | −0.16 |
| CAPR Capricor Therapeutics Inc. | Reduce -1.3% | 0.26% | −0.15 |
| CRBU Caribou Biosciences Inc. | Reduce -63.0% | 0.05% | −0.14 |
| AXSM Axsome Therapeutics Inc. | Reduce -16.9% | 4.67% | −0.12 |
| ACHC Acadia Healthcare Co. Inc. | Reduce -9.9% | 1.35% | −0.11 |
| VKTX Viking Therapeutics Inc. | Reduce -3.0% | 0.86% | −0.05 |
| CGEM Cullinan Therapeutics Inc. | Reduce -15.4% | 0.30% | −0.04 |
| OM Outset Medical Inc. | Reduce -2.1% | 0.22% | −0.03 |
| TNGX Tango Therapeutics Inc. | Reduce -19.7% | 0.88% | −0.03 |
| TECX Tectonic Therapeutic Inc. | Reduce -1.1% | 0.14% | −0.02 |
| BTSG Brightspring Health Services | Reduce -24.3% | 0.86% | +0.00 |
| ARGX Argenx SE - ADR | Reduce -1.2% | 0.36% | +0.01 |
| AMLX Amylyx Pharmaceuticals Inc. | Reduce -1.1% | 0.22% | +0.01 |
| RZLT Rezolute Inc. | Reduce -1.1% | 0.06% | +0.02 |
| QURE Uniqure NV | Reduce -38.1% | 0.11% | +0.03 |
| NBIX Neurocrine Biosciences Inc. | Reduce -1.1% | 3.12% | +0.08 |
Portfolio Buys Q1 2026 → Q2 2026
| HUM Humana Inc. | New | 3.25% | +3.25 |
| ASND Ascendis Pharma A/S | Add +53.4% | 5.40% | +1.67 |
| UNH Unitedhealth Group Inc. | Add +52.1% | 3.19% | +1.50 |
| MTD Mettler-Toledo International | New | 1.48% | +1.48 |
| MRK Merck & Co. Inc. | New | 1.42% | +1.42 |
| CYTK Cytokinetics Inc. | New | 1.42% | +1.42 |
| LNTH Lantheus Holdings Inc. | New | 1.41% | +1.41 |
| ICLR Icon PLC | Add +137.4% | 2.06% | +1.38 |
| CVS CVS Health Corp. | New | 1.23% | +1.23 |
| GILD Gilead Sciences Inc. | New | 1.00% | +1.00 |
| TFX Teleflex Inc. | New | 0.88% | +0.88 |
| RVMD Revolution Medicines Inc. | Add +1.7% | 2.33% | +0.86 |
| SYK Stryker Corp. | Add +157.9% | 1.55% | +0.78 |
| WAT Waters Corp. | Add +50.5% | 1.95% | +0.68 |
| IRTC Irhythm Holdings Inc. | New | 0.67% | +0.67 |
| OSCR Oscar Health Inc. Class A | Add +3.8% | 1.29% | +0.67 |
| WST West Pharmaceutical Services | New | 0.65% | +0.65 |
| TAK Takeda Pharmaceutic-SP ADR | New | 0.62% | +0.62 |
| DFTX Definium Therapeutics Inc. | Add +21.3% | 1.02% | +0.60 |
| HNGE Hinge Health Inc. Class A | New | 0.60% | +0.60 |
| ARQT Arcutis Biotherapeutics Inc. | New | 0.55% | +0.55 |
| IART Integra Lifesciences Holding | New | 0.54% | +0.54 |
| MGTX Meiragtx Holdings PLC | New | 0.53% | +0.53 |
| OCS Oculis Holding AG | New | 0.53% | +0.53 |
| ARWR Arrowhead Pharmaceuticals Inc. | Add +104.8% | 0.93% | +0.50 |
| GH Guardant Health Inc. | New | 0.48% | +0.48 |
| CELC Celcuity Inc. | New | 0.47% | +0.47 |
| TMO Thermo Fisher Scientific Inc. | Add +92.1% | 1.24% | +0.46 |
| RCUS Arcus Biosciences Inc. | New | 0.41% | +0.41 |
| CRL Charles River Laboratories | New | 0.37% | +0.37 |
| ELAN Elanco Animal Health Inc. | New | 0.37% | +0.37 |
| BIO Bio-Rad Laboratories-A | New | 0.36% | +0.36 |
| SYRE Spyre Therapeutics Inc. | New | 0.36% | +0.36 |
| INBX Inhibrx Biosciences Inc. | Add +1.0% | 2.54% | +0.34 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +34.4% | 1.10% | +0.33 |
| MIRM Mirum Pharmaceuticals Inc. | New | 0.32% | +0.32 |
| EPRX Eupraxia Pharmaceuticals Inc. | Add +123.8% | 0.69% | +0.28 |
| DNLI Denali Therapeutics Inc. | New | 0.23% | +0.23 |
| OMDA Omada Health Inc. | New | 0.22% | +0.22 |
| ERAS Erasca Inc. | New | 0.21% | +0.21 |
| ROIV Roivant Sciences Ltd. | Add +29.2% | 0.82% | +0.21 |
| KOD Kodiak Sciences Inc. | Add +68.5% | 0.65% | +0.19 |
| ABVX Abivax SA-ADR | Add +62.3% | 0.50% | +0.18 |
| COR Cencora Inc. | New | 0.18% | +0.18 |
| BCRX Biocryst Pharmaceuticals Inc. | New | 0.18% | +0.18 |
| OMCL Omnicell Inc. | New | 0.18% | +0.18 |
| CVRX CVRX Inc. | New | 0.16% | +0.16 |
| ILMN Illumina Inc. | Add +21.4% | 0.53% | +0.15 |
| HIMS Hims & Hers Health Inc. | New | 0.15% | +0.15 |
| VERA Vera Therapeutics Inc. | Add +28.3% | 0.84% | +0.08 |
Options Activity Q1 2026 → Q2 2026
| XBI SS SPDR S&P Biotech ETF | put | Sold out | 455,300 | $58.2Mbefore exit |
| XLV SS Health Care Select Sector | call | Sold out | 238,900 | $35.0Mbefore exit |
| UTHR United Therapeutics Corp. | put | Sold out | 45,900 | $27.2Mbefore exit |
| UTHR United Therapeutics Corp. | call | Sold out | 31,700 | $18.8Mbefore exit |
| COR Cencora Inc. | call | New | 28,100 | $8.0M |
| CNC Centene Corp. | put | New | 88,200 | $5.7M |
| ASND Ascendis Pharma A/S | call | Sold out | 22,400 | $5.1Mbefore exit |
| HCA HCA Healthcare Inc. | put | Sold out | 4,600 | $2.2Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2026 → Q2 2026
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | Sold out | 11,505,000 | $16.9Mbefore exit |
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 | 96 | $1.2B | ASND, AXSM, LLY, JAZZ, HUM |
| Q1 2026 | 76 | $933.3M | THC, LLY, PEN, AXSM, ASND |
| Q4 2025 | 76 | $972.6M | THC, LLY, AXSM, PEN, ASND |
| Q3 2025 | 66 | $1.2B | LLY, THC, AXSM, MCK, PEN |
| Q2 2025 | 55 | $1.1B | LLY, THC, MCK, AXSM, ISRG |
| Q1 2025 | 62 | $1.3B | LLY, ABBV, THC, MCK, AXSM |
| Q4 2024 | 71 | $1.3B | LLY, THC, ABBV, MCK, VRTX |
| Q3 2024 | 72 | $1.7B | LLY, THC, CYTK, ABBV, VRTX |
| Q2 2024 | 71 | $1.8B | LLY, CYTK, THC, MRK, VRTX |
| Q1 2024 | 79 | $2.0B | LLY, CYTK, MRK, ABBV, EW |