PFM Health Sciences, LP
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), PFM Health Sciences, LP reported 79 stock positions worth $2.0 billion. Its top holding was Eli Lilly (LLY) at 11.8% of the portfolio, followed by Cytokinetics (CYTK, 6.3%) and Merck (MRK, 4.0%). Compared with Q4 2023, it opened 23 new positions, sold out of 3, added to 17 and reduced 15. The biggest buy was Intuitive Surgical (ISRG, shares +357%) and the biggest sale an exit from Karuna Therapeutics (KRTX).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001442756
- Portfolio Value
- $2.0B (Q1 2024)
- SEC Filing
- 0001104659-24-061155 ↗ filed May 14, 2024
Holdings Value
Holdings 79 stocks · $2.0B
| LLY Eli Lilly & Co. | 11.85% | 298,643 | $232.3M | No change |
| CYTK Cytokinetics Inc. | 6.28% | 1,757,192 | $123.2M | No change |
| MRK Merck & Co. Inc. | 4.01% | 596,261 | $78.7M | No change |
| ABBV Abbvie Inc. | 3.75% | 403,861 | $73.5M | Reduce -0.8% |
| EW Edwards Lifesciences Corp. | 3.61% | 740,260 | $70.7M | No change |
| VRTX Vertex Pharmaceuticals Inc. | 3.17% | 148,852 | $62.2M | No change |
| THC Tenet Healthcare Corp. | 3.16% | 589,409 | $62.0M | No change |
| MCK McKesson Corp. | 2.67% | 97,498 | $52.3M | No change |
| CNC Centene Corp. | 2.40% | 598,513 | $47.0M | Add +7.3% |
| ISRG Intuitive Surgical Inc. | 2.26% | 111,037 | $44.3M | Add +356.8% |
| HUM Humana Inc. | 2.22% | 125,340 | $43.5M | No change |
| BDX Becton Dickinson and Co. | 2.16% | 171,552 | $42.5M | Reduce -14.2% |
| HCA HCA Healthcare Inc. | 2.12% | 124,840 | $41.6M | No change |
| LEGN Legend Biotech Corp.-ADR | 2.10% | 734,293 | $41.2M | Add +8.1% |
| ZBH Zimmer Biomet Holdings Inc. | 2.02% | 300,351 | $39.6M | Add +166.6% |
| UHS Universal Health Services-B | 1.99% | 213,983 | $39.0M | Add +5.8% |
| ICLR Icon PLC | 1.98% | 115,726 | $38.9M | Add +13.7% |
| AXSM Axsome Therapeutics Inc. | 1.90% | 467,427 | $37.3M | No change |
| PEN Penumbra Inc. | 1.77% | 155,786 | $34.8M | No change |
| AVTR Avantor Inc. | 1.75% | 1,343,309 | $34.3M | Add +98.5% |
| ARGX Argenx SE - ADR | 1.74% | 86,832 | $34.2M | No change |
| TMO Thermo Fisher Scientific Inc. | 1.72% | 58,038 | $33.7M | Add +13.1% |
| CRBU Caribou Biosciences Inc. | 1.70% | 6,483,270 | $33.3M | Add +0.0% |
| DHR Danaher Corp. | 1.60% | 125,515 | $31.3M | No change |
| PRAX Praxis Precision Medicines I | 1.49% | 477,605 | $29.1M | Reduce -27.3% |
| MOH Molina Healthcare Inc. | 1.47% | 70,088 | $28.8M | No change |
| ELV Elevance Health Inc. | 1.46% | 55,250 | $28.6M | Add +15.9% |
| IQV Iqvia Holdings Inc. | 1.44% | 111,854 | $28.3M | No change |
| VEEV Veeva Systems Inc. Class A | 1.41% | 118,905 | $27.5M | No change |
| EPIX Essa Pharma Inc. | 1.29% | 2,980,420 | $25.3M | Reduce -8.7% |
| DXCM Dexcom Inc. | 1.10% | 155,878 | $21.6M | New |
| ACHC Acadia Healthcare Co. Inc. | 1.08% | 267,734 | $21.2M | Reduce -13.1% |
| ACLX Arcellx Inc. | 1.08% | 303,210 | $21.1M | Reduce -9.5% |
| IWM iShares Russell 2000 ETF | 1.06% | 99,115 | $20.8M | New |
| WST West Pharmaceutical Services | 1.03% | 51,197 | $20.3M | New |
| SYK Stryker Corp. | 1.01% | 55,092 | $19.7M | Reduce -6.0% |
| HOWL Werewolf Therapeutics Inc. | 0.99% | 3,006,734 | $19.5M | Reduce -13.3% |
| ADAPY Adaptimmune Therapeutics-ADR | 0.84% | 10,423,135 | $16.5M | No change |
| SNDX Syndax Pharmaceuticals Inc. | 0.80% | 658,694 | $15.7M | Add +10.6% |
| IMVT Immunovant Inc. | 0.78% | 472,540 | $15.3M | No change |
| MGX Metagenomi Therapeutics Inc. | 0.68% | 1,267,002 | $13.4M | New |
| WAT Waters Corp. | 0.68% | 38,464 | $13.2M | New |
| OSCR Oscar Health Inc. Class A | 0.65% | 860,821 | $12.8M | Add +156.1% |
| ARKK ARK Innovation ETF | 0.62% | 242,260 | $12.1M | New |
| BSX Boston Scientific Corp. | 0.60% | 172,786 | $11.8M | Reduce -27.4% |
| ALKS Alkermes PLC | 0.59% | 429,573 | $11.6M | New |
| CELC Celcuity Inc. | 0.55% | 497,002 | $10.7M | Add +216.6% |
| UNH Unitedhealth Group Inc. | 0.49% | 19,361 | $9.6M | No change |
| CMPS Compass Pathways PLC | 0.46% | 1,089,592 | $9.1M | Add +221.6% |
| MDGL Madrigal Pharmaceuticals Inc. | 0.41% | 29,973 | $8.0M | New |
| ALGN Align Technology Inc. | 0.38% | 22,751 | $7.5M | New |
| INSP Inspire Medical Systems Inc. | 0.37% | 33,557 | $7.2M | New |
| ITCI Intra-Cellular Therapies Inc. | 0.35% | 98,879 | $6.8M | New |
| SANA Sana Biotechnology Inc. | 0.34% | 675,000 | $6.8M | Reduce -64.2% |
| GBIO Generation Bio Co. | 0.34% | 1,622,487 | $6.6M | No change |
| XENE Xenon Pharmaceuticals Inc. | 0.33% | 150,554 | $6.5M | Reduce -21.9% |
| SILK Silk Road Medical Inc. filed as SILK RD MED INC | 0.31% | 331,064 | $6.1M | New |
| DAWN Day One Biopharmaceuticals I | 0.30% | 355,251 | $5.9M | Reduce -72.8% |
| ERAS Erasca Inc. | 0.27% | 2,535,102 | $5.2M | Reduce -1.6% |
| APLS Apellis Pharmaceuticals Inc. | 0.25% | 82,952 | $4.9M | New |
| IOVA Iovance Biotherapeutics Inc. | 0.23% | 310,754 | $4.6M | New |
| ATXS Astria Therapeutics Inc. | 0.23% | 327,045 | $4.6M | New |
| CGEM Cullinan Therapeutics Inc. | 0.22% | 255,967 | $4.4M | New |
| SGMT Sagimet Biosciences Inc. Class A | 0.22% | 802,712 | $4.4M | Add +18.7% |
| IOBTQ Io Biotech Inc. | 0.21% | 2,341,107 | $4.1M | No change |
| CNTA Centessa Pharmaceuticals Ltd. | 0.18% | 314,674 | $3.6M | New |
| EYPT Eyepoint Inc. | 0.18% | 170,871 | $3.5M | No change |
| FXI iShares China Large-Cap ETF | 0.17% | 141,122 | $3.4M | New |
| VKTX Viking Therapeutics Inc. | 0.14% | 32,827 | $2.7M | New |
| BLUEBIRD BIO INC | 0.13% | 2,042,651 | $2.6M | No change |
| OM Outset Medical Inc. | 0.13% | 1,168,035 | $2.6M | Add +16.9% |
| TSBX Turnstone Biologics Corp. | 0.12% | 920,976 | $2.4M | Add +45.4% |
| PMVP PMV Pharmaceuticals Inc. | 0.11% | 1,275,462 | $2.2M | Reduce -13.4% |
| BOLD Boundless Bio Inc. | 0.10% | 140,513 | $2.0M | New |
| INHIBRX INC | 0.09% | 47,918 | $1.7M | Reduce -91.1% |
| CLDX Celldex Therapeutics Inc. | 0.07% | 35,000 | $1.5M | No change |
| SRPT Sarepta Therapeutics Inc. | 0.07% | 11,291 | $1.5M | New |
| QURE Uniqure NV | 0.07% | 274,540 | $1.4M | New |
| TNYA Tenaya Therapeutics Inc. | 0.06% | 222,222 | $1.2M | New |
Options reported separately and not counted above: TLT puts ($49.5M), FXI calls ($24.6M), HCA calls ($23.9M), IWM calls ($18.6M).
Other holdings (4): bonds, preferreds, convertibles and warrants · $49.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NEVRO CORP (NVRO 2.75 04/01/25) | NOTE 2.750% 4/0 · principal | 17,500,000 | $16.6M | No change |
| BIOMARIN PHARMACEUTICAL (BMRN 0.599 08/01/24) | NOTE 0.599% 8/0 · principal | 15,000,000 | $14.8M | No change |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | 7,200,000 | $11.4M | Reduce -10.0% |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 6,000,000 | $6.9M | New |
Total filed on the 13F, all lines: $2.0B.
Portfolio Sells Q4 2023 → Q1 2024
| KRTX Karuna Therapeutics Inc. | Sold out | 0.00% | −2.56 |
| INHIBRX INC | Reduce -91.1% | 0.09% | −1.18 |
| DAWN Day One Biopharmaceuticals I | Reduce -72.8% | 0.30% | −0.88 |
| BDX Becton Dickinson and Co. | Reduce -14.2% | 2.16% | −0.86 |
| ROIV Roivant Sciences Ltd. | Sold out | 0.00% | −0.85 |
| PRTA Prothena Corp. PLC | Sold out | 0.00% | −0.43 |
| ACHC Acadia Healthcare Co. Inc. | Reduce -13.1% | 1.08% | −0.40 |
| BSX Boston Scientific Corp. | Reduce -27.4% | 0.60% | −0.25 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -21.9% | 0.33% | −0.22 |
| PMVP PMV Pharmaceuticals Inc. | Reduce -13.4% | 0.11% | −0.17 |
| ABBV Abbvie Inc. | Reduce -0.8% | 3.75% | −0.16 |
| SANA Sana Biotechnology Inc. | Reduce -64.2% | 0.34% | −0.13 |
| SYK Stryker Corp. | Reduce -6.0% | 1.01% | −0.08 |
| ACLX Arcellx Inc. | Reduce -9.5% | 1.08% | −0.08 |
| ERAS Erasca Inc. | Reduce -1.6% | 0.27% | −0.07 |
| EPIX Essa Pharma Inc. | Reduce -8.7% | 1.29% | −0.05 |
| HOWL Werewolf Therapeutics Inc. | Reduce -13.3% | 0.99% | +0.16 |
| PRAX Praxis Precision Medicines I | Reduce -27.3% | 1.49% | +0.58 |
Portfolio Buys Q4 2023 → Q1 2024
| ISRG Intuitive Surgical Inc. | Add +356.8% | 2.26% | +1.75 |
| ZBH Zimmer Biomet Holdings Inc. | Add +166.6% | 2.02% | +1.17 |
| DXCM Dexcom Inc. | New | 1.10% | +1.10 |
| IWM iShares Russell 2000 ETF | New | 1.06% | +1.06 |
| WST West Pharmaceutical Services | New | 1.03% | +1.03 |
| AVTR Avantor Inc. | Add +98.5% | 1.75% | +0.79 |
| MGX Metagenomi Therapeutics Inc. | New | 0.68% | +0.68 |
| WAT Waters Corp. | New | 0.68% | +0.68 |
| ARKK ARK Innovation ETF | New | 0.62% | +0.62 |
| ALKS Alkermes PLC | New | 0.59% | +0.59 |
| OSCR Oscar Health Inc. Class A | Add +156.1% | 0.65% | +0.46 |
| MDGL Madrigal Pharmaceuticals Inc. | New | 0.41% | +0.41 |
| CELC Celcuity Inc. | Add +216.6% | 0.55% | +0.41 |
| ALGN Align Technology Inc. | New | 0.38% | +0.38 |
| INSP Inspire Medical Systems Inc. | New | 0.37% | +0.37 |
| ITCI Intra-Cellular Therapies Inc. | New | 0.35% | +0.35 |
| SILK Silk Road Medical Inc. | New | 0.31% | +0.31 |
| CMPS Compass Pathways PLC | Add +221.6% | 0.46% | +0.28 |
| APLS Apellis Pharmaceuticals Inc. | New | 0.25% | +0.25 |
| IOVA Iovance Biotherapeutics Inc. | New | 0.23% | +0.23 |
| ATXS Astria Therapeutics Inc. | New | 0.23% | +0.23 |
| CGEM Cullinan Therapeutics Inc. | New | 0.22% | +0.22 |
| ICLR Icon PLC | Add +13.7% | 1.98% | +0.19 |
| CNTA Centessa Pharmaceuticals Ltd. | New | 0.18% | +0.18 |
| FXI iShares China Large-Cap ETF | New | 0.17% | +0.17 |
| VKTX Viking Therapeutics Inc. | New | 0.14% | +0.14 |
| BOLD Boundless Bio Inc. | New | 0.10% | +0.10 |
| UHS Universal Health Services-B | Add +5.8% | 1.99% | +0.08 |
| SRPT Sarepta Therapeutics Inc. | New | 0.07% | +0.07 |
| QURE Uniqure NV | New | 0.07% | +0.07 |
| ELV Elevance Health Inc. | Add +15.9% | 1.46% | +0.07 |
| TNYA Tenaya Therapeutics Inc. | New | 0.06% | +0.06 |
| TMO Thermo Fisher Scientific Inc. | Add +13.1% | 1.72% | +0.03 |
| TSBX Turnstone Biologics Corp. | Add +45.4% | 0.12% | +0.02 |
| SNDX Syndax Pharmaceuticals Inc. | Add +10.6% | 0.80% | +0.00 |
| SGMT Sagimet Biosciences Inc. Class A | Add +18.7% | 0.22% | −0.01 |
| CNC Centene Corp. | Add +7.3% | 2.40% | −0.17 |
| OM Outset Medical Inc. | Add +16.9% | 0.13% | −0.20 |
| LEGN Legend Biotech Corp.-ADR | Add +8.1% | 2.10% | −0.44 |
| CRBU Caribou Biosciences Inc. | Add +0.0% | 1.70% | −0.61 |
Options Activity Q4 2023 → Q1 2024
| TLT iShares 20+ Year Treasury BD | put | New | 523,000 | $49.5M |
| FXI iShares China Large-Cap ETF | call | New | 1,022,800 | $24.6M |
| HCA HCA Healthcare Inc. | call | New | 71,800 | $23.9M |
| IWM iShares Russell 2000 ETF | call | New | 88,600 | $18.6M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | Reduce -10.0% | 7,200,000 | $11.4M |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | Sold out | 9,500,000 | $10.7Mbefore exit |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | New | 6,000,000 | $6.9M |
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 |