PFM Health Sciences, LP

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), PFM Health Sciences, LP reported 71 stock positions worth $1.8 billion. Its top holding was Eli Lilly (LLY) at 15.1% of the portfolio, followed by Cytokinetics (CYTK, 5.3%) and Tenet Healthcare (THC, 4.4%). Compared with Q1 2024, it opened 5 new positions, sold out of 13, added to 24 and reduced 12. The biggest buy was Unitedhealth (UNH, shares +259%) and the biggest sale an exit from Legend Biotech Corp.-ADR (LEGN).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001442756
Portfolio Value
$1.8B (Q2 2024)
SEC Filing
0001104659-24-089590 ↗ filed Aug 14, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $2.0B Q1 2024 Q2 2024: $1.8B $1.8B Q2 2024 Q3 2024: $1.7B Q3 2024 Q4 2024: $1.3B Q4 2024 Q1 2025: $1.3B Q1 2025 Q2 2025: $1.1B Q2 2025 Q3 2025: $1.2B Q3 2025 Q4 2025: $972.6M Q4 2025 Q1 2026: $933.3M Q1 2026 Q2 2026: $1.2B Q2 2026

Holdings 71 stocks · $1.8B
LLY Eli Lilly & Co. 15.11% 298,643 $270.4M No change
CYTK Cytokinetics Inc. 5.32% 1,757,192 $95.2M No change
THC Tenet Healthcare Corp. 4.38% 589,409 $78.4M No change
MRK Merck & Co. Inc. 4.12% 596,261 $73.8M No change
VRTX Vertex Pharmaceuticals Inc. 3.90% 148,852 $69.8M No change
ABBV Abbvie Inc. 3.87% 403,861 $69.3M No change
EW Edwards Lifesciences Corp. 3.82% 740,260 $68.4M No change
ISRG Intuitive Surgical Inc. 3.41% 137,327 $61.1M Add +23.7%
MCK McKesson Corp. 3.18% 97,498 $56.9M No change
HUM Humana Inc. 2.62% 125,340 $46.8M No change
HCA HCA Healthcare Inc. 2.24% 124,840 $40.1M No change
CNC Centene Corp. 2.22% 598,513 $39.7M No change
UHS Universal Health Services-B 2.21% 213,983 $39.6M No change
SYK Stryker Corp. 2.17% 114,297 $38.9M Add +107.5%
AXSM Axsome Therapeutics Inc. 2.10% 467,427 $37.6M No change
ARGX Argenx SE - ADR 2.09% 86,832 $37.3M No change
ICLR Icon PLC 2.04% 116,532 $36.5M Add +0.7%
UNH Unitedhealth Group Inc. 1.98% 69,438 $35.4M Add +258.6%
TMO Thermo Fisher Scientific Inc. 1.97% 63,650 $35.2M Add +9.7%
PEN Penumbra Inc. 1.86% 185,111 $33.3M Add +18.8%
DHR Danaher Corp. 1.75% 125,515 $31.4M No change
BDX Becton Dickinson and Co. 1.72% 131,378 $30.7M Reduce -23.4%
ELV Elevance Health Inc. 1.67% 55,250 $29.9M No change
ACHC Acadia Healthcare Co. Inc. 1.59% 420,164 $28.4M Add +56.9%
BSX Boston Scientific Corp. 1.50% 348,107 $26.8M Add +101.5%
DXCM Dexcom Inc. 1.46% 231,007 $26.2M Add +48.2%
AMGN Amgen Inc. 1.41% 81,034 $25.3M New
IQV Iqvia Holdings Inc. 1.32% 111,854 $23.7M No change
MOH Molina Healthcare Inc. 1.16% 70,088 $20.8M No change
JNJ Johnson & Johnson 1.05% 128,825 $18.8M New
PRAX Praxis Precision Medicines I 1.05% 453,146 $18.7M Reduce -5.1%
ACLX Arcellx Inc. 0.96% 311,980 $17.2M Add +2.9%
INSM Insmed Inc. 0.90% 241,315 $16.2M New
EPIX Essa Pharma Inc. 0.87% 2,965,442 $15.6M Reduce -0.5%
SRPT Sarepta Therapeutics Inc. 0.78% 88,216 $13.9M Add +681.3%
CELC Celcuity Inc. 0.77% 837,002 $13.7M Add +68.4%
OSCR Oscar Health Inc. Class A 0.76% 860,821 $13.6M No change
IMVT Immunovant Inc. 0.70% 472,540 $12.5M No change
ITCI Intra-Cellular Therapies Inc. 0.65% 170,400 $11.7M Add +72.3%
ERAS Erasca Inc. 0.62% 4,671,774 $11.0M Add +84.3%
ADAPY Adaptimmune Therapeutics-ADR 0.57% 10,520,231 $10.3M Add +0.9%
MDGL Madrigal Pharmaceuticals Inc. 0.47% 29,973 $8.4M No change
SNDX Syndax Pharmaceuticals Inc. 0.44% 387,357 $8.0M Reduce -41.2%
HOWL Werewolf Therapeutics Inc. 0.44% 3,241,074 $7.9M Add +7.8%
CRBU Caribou Biosciences Inc. 0.37% 4,083,372 $6.7M Reduce -37.0%
CMPS Compass Pathways PLC 0.37% 1,089,592 $6.6M No change
WAT Waters Corp. 0.33% 20,541 $6.0M Reduce -46.6%
XENE Xenon Pharmaceuticals Inc. 0.33% 150,554 $5.9M No change
CNTA Centessa Pharmaceuticals Ltd. 0.32% 635,643 $5.7M Add +102.0%
DAWN Day One Biopharmaceuticals I 0.31% 396,644 $5.5M Add +11.7%
MGX Metagenomi Therapeutics Inc. 0.29% 1,267,002 $5.2M No change
CGEM Cullinan Therapeutics Inc. 0.29% 296,036 $5.2M Add +15.7%
ALKS Alkermes PLC 0.28% 205,073 $4.9M Reduce -52.3%
APLS Apellis Pharmaceuticals Inc. 0.18% 82,952 $3.2M No change
VKTX Viking Therapeutics Inc. 0.17% 58,811 $3.1M Add +79.2%
OM Outset Medical Inc. 0.16% 744,600 $2.9M Reduce -36.3%
IOBTQ Io Biotech Inc. 0.15% 2,341,107 $2.7M No change
EYPT Eyepoint Inc. 0.14% 292,926 $2.5M Add +71.4%
TSBX Turnstone Biologics Corp. 0.14% 932,348 $2.4M Add +1.2%
GBIO Generation Bio Co. 0.12% 787,914 $2.2M Reduce -51.4%
SGMT Sagimet Biosciences Inc. Class A 0.12% 649,006 $2.2M Reduce -19.1%
PMVP PMV Pharmaceuticals Inc. 0.12% 1,275,462 $2.1M No change
CLDX Celldex Therapeutics Inc. 0.11% 52,120 $1.9M Add +48.9%
INBX Inhibrx Biosciences Inc. 0.11% 135,546 $1.9M Add +1031.5%
KROS Keros Therapeutics Inc. 0.09% 33,355 $1.5M New
QURE Uniqure NV 0.07% 274,540 $1.2M No change
IOVA Iovance Biotherapeutics Inc. 0.07% 152,795 $1.2M Reduce -50.8%
WAY Waystar Holding Corp. 0.04% 35,000 $753K New
TNYA Tenaya Therapeutics Inc. 0.04% 222,222 $689K No change
SANA Sana Biotechnology Inc. 0.03% 110,834 $605K Reduce -83.6%
BOLD Boundless Bio Inc. 0.03% 140,513 $544K No change

Options reported separately and not counted above: QQQ calls ($89.8M), XBI calls ($55.1M), UNH calls ($26.7M), IWM puts ($14.3M).

Other holdings (3): bonds, preferreds, convertibles and warrants · $45.0M (not counted above)
SecurityClassShares / PrincipalValueChange
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal 18,000,000$20.1MAdd +200.0%
BIOMARIN PHARMACEUTICAL (BMRN 0.599 08/01/24) NOTE 0.599% 8/0 · principal 15,000,000$14.9MNo change
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) NOTE 1.250% 9/1 · principal 7,750,000$10.0MNew

Total filed on the 13F, all lines: $1.8B.

Portfolio Sells Q1 2024 → Q2 2024
LEGN Legend Biotech Corp.-ADR Sold out 0.00% −2.10
ZBH Zimmer Biomet Holdings Inc. Sold out 0.00% −2.02
AVTR Avantor Inc. Sold out 0.00% −1.75
VEEV Veeva Systems Inc. Class A Sold out 0.00% −1.41
CRBU Caribou Biosciences Inc. Reduce -37.0% 0.37% −1.33
IWM iShares Russell 2000 ETF Sold out 0.00% −1.06
WST West Pharmaceutical Services Sold out 0.00% −1.03
ARKK ARK Innovation ETF Sold out 0.00% −0.62
BDX Becton Dickinson and Co. Reduce -23.4% 1.72% −0.45
PRAX Praxis Precision Medicines I Reduce -5.1% 1.05% −0.44
EPIX Essa Pharma Inc. Reduce -0.5% 0.87% −0.42
ALGN Align Technology Inc. Sold out 0.00% −0.38
INSP Inspire Medical Systems Inc. Sold out 0.00% −0.37
SNDX Syndax Pharmaceuticals Inc. Reduce -41.2% 0.44% −0.36
WAT Waters Corp. Reduce -46.6% 0.33% −0.34
ALKS Alkermes PLC Reduce -52.3% 0.28% −0.32
SANA Sana Biotechnology Inc. Reduce -83.6% 0.03% −0.31
SILK Silk Road Medical Inc. Sold out 0.00% −0.31
ATXS Astria Therapeutics Inc. Sold out 0.00% −0.23
GBIO Generation Bio Co. Reduce -51.4% 0.12% −0.21
FXI iShares China Large-Cap ETF Sold out 0.00% −0.17
IOVA Iovance Biotherapeutics Inc. Reduce -50.8% 0.07% −0.17
BLUEBIRD BIO INC Sold out 0.00% −0.13
SGMT Sagimet Biosciences Inc. Class A Reduce -19.1% 0.12% −0.10
OM Outset Medical Inc. Reduce -36.3% 0.16% +0.03

Portfolio Buys Q1 2024 → Q2 2024
UNH Unitedhealth Group Inc. Add +258.6% 1.98% +1.49
AMGN Amgen Inc. New 1.41% +1.41
SYK Stryker Corp. Add +107.5% 2.17% +1.17
ISRG Intuitive Surgical Inc. Add +23.7% 3.41% +1.15
JNJ Johnson & Johnson New 1.05% +1.05
INSM Insmed Inc. New 0.90% +0.90
BSX Boston Scientific Corp. Add +101.5% 1.50% +0.89
SRPT Sarepta Therapeutics Inc. Add +681.3% 0.78% +0.70
ACHC Acadia Healthcare Co. Inc. Add +56.9% 1.59% +0.50
DXCM Dexcom Inc. Add +48.2% 1.46% +0.36
ERAS Erasca Inc. Add +84.3% 0.62% +0.35
ITCI Intra-Cellular Therapies Inc. Add +72.3% 0.65% +0.30
TMO Thermo Fisher Scientific Inc. Add +9.7% 1.97% +0.25
CELC Celcuity Inc. Add +68.4% 0.77% +0.22
CNTA Centessa Pharmaceuticals Ltd. Add +102.0% 0.32% +0.14
PEN Penumbra Inc. Add +18.8% 1.86% +0.09
KROS Keros Therapeutics Inc. New 0.09% +0.09
CGEM Cullinan Therapeutics Inc. Add +15.7% 0.29% +0.07
ICLR Icon PLC Add +0.7% 2.04% +0.06
WAY Waystar Holding Corp. New 0.04% +0.04
VKTX Viking Therapeutics Inc. Add +79.2% 0.17% +0.04
CLDX Celldex Therapeutics Inc. Add +48.9% 0.11% +0.03
INBX Inhibrx Biosciences Inc. Add +1031.5% 0.11% +0.02
TSBX Turnstone Biologics Corp. Add +1.2% 0.14% +0.01
DAWN Day One Biopharmaceuticals I Add +11.7% 0.31% +0.01
EYPT Eyepoint Inc. Add +71.4% 0.14% −0.04
ACLX Arcellx Inc. Add +2.9% 0.96% −0.11
ADAPY Adaptimmune Therapeutics-ADR Add +0.9% 0.57% −0.27
HOWL Werewolf Therapeutics Inc. Add +7.8% 0.44% −0.55

Options Activity Q1 2024 → Q2 2024
QQQ Invesco QQQ Trust Series 1 call New 187,400 $89.8M
XBI SS SPDR S&P Biotech ETF call New 594,500 $55.1M
TLT iShares 20+ Year Treasury BD put Sold out 523,000 $49.5Mbefore exit
UNH Unitedhealth Group Inc. call New 52,400 $26.7M
FXI iShares China Large-Cap ETF call Sold out 1,022,800 $24.6Mbefore exit
HCA HCA Healthcare Inc. call Sold out 71,800 $23.9Mbefore exit
IWM iShares Russell 2000 ETF call Sold out 88,600 $18.6Mbefore exit
IWM iShares Russell 2000 ETF put New 70,700 $14.3M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q1 2024 → Q2 2024
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal Add +200.0% 18,000,000 $20.1M
NEVRO CORP (NVRO 2.75 04/01/25) NOTE 2.750% 4/0 · principal Sold out 17,500,000 $16.6Mbefore exit
CYTOKINETICS INC (CYTK 3.5 07/01/27) NOTE 3.500% 7/0 · principal Sold out 7,200,000 $11.4Mbefore exit
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) NOTE 1.250% 9/1 · principal New 7,750,000 $10.0M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 96$1.2BASND, AXSM, LLY, JAZZ, HUM
Q1 2026 76$933.3MTHC, LLY, PEN, AXSM, ASND
Q4 2025 76$972.6MTHC, LLY, AXSM, PEN, ASND
Q3 2025 66$1.2BLLY, THC, AXSM, MCK, PEN
Q2 2025 55$1.1BLLY, THC, MCK, AXSM, ISRG
Q1 2025 62$1.3BLLY, ABBV, THC, MCK, AXSM
Q4 2024 71$1.3BLLY, THC, ABBV, MCK, VRTX
Q3 2024 72$1.7BLLY, THC, CYTK, ABBV, VRTX
Q2 2024 71$1.8BLLY, CYTK, THC, MRK, VRTX
Q1 2024 79$2.0BLLY, CYTK, MRK, ABBV, EW