PFM Health Sciences, LP

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), PFM Health Sciences, LP reported 72 stock positions worth $1.7 billion. Its top holding was Eli Lilly (LLY) at 15.5% of the portfolio, followed by Tenet Healthcare (THC, 5.7%) and Cytokinetics (CYTK, 5.4%). Compared with Q2 2024, it opened 12 new positions, sold out of 11, added to 13 and reduced 23. The biggest buy was a new position in Inspire Medical Systems (INSP) and the biggest sale Edwards Lifesciences (EW, shares −47%).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001442756
Portfolio Value
$1.7B (Q3 2024)
SEC Filing
0001104659-24-119211 ↗ filed Nov 14, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $2.0B Q1 2024 Q2 2024: $1.8B Q2 2024 Q3 2024: $1.7B $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 72 stocks · $1.7B
LLY Eli Lilly & Co. 15.49% 298,643 $264.6M No change
THC Tenet Healthcare Corp. 5.74% 589,409 $98.0M No change
CYTK Cytokinetics Inc. 5.43% 1,757,192 $92.8M No change
ABBV Abbvie Inc. 4.67% 403,861 $79.8M No change
VRTX Vertex Pharmaceuticals Inc. 4.05% 148,852 $69.2M No change
ISRG Intuitive Surgical Inc. 3.95% 137,327 $67.5M No change
MRK Merck & Co. Inc. 3.61% 542,811 $61.6M Reduce -9.0%
HCA HCA Healthcare Inc. 2.97% 124,840 $50.7M No change
UHS Universal Health Services-B 2.87% 213,983 $49.0M No change
MCK McKesson Corp. 2.82% 97,498 $48.2M No change
ARGX Argenx SE - ADR 2.76% 86,832 $47.1M No change
UNH Unitedhealth Group Inc. 2.59% 75,588 $44.2M Add +8.9%
ACHC Acadia Healthcare Co. Inc. 2.55% 686,150 $43.5M Add +63.3%
AXSM Axsome Therapeutics Inc. 2.46% 467,427 $42.0M No change
TMO Thermo Fisher Scientific Inc. 2.12% 58,433 $36.1M Reduce -8.2%
DHR Danaher Corp. 2.04% 125,515 $34.9M No change
ICLR Icon PLC 1.96% 116,532 $33.5M No change
PEN Penumbra Inc. 1.89% 166,261 $32.3M Reduce -10.2%
HUM Humana Inc. 1.89% 101,954 $32.3M Reduce -18.7%
ELV Elevance Health Inc. 1.72% 56,441 $29.3M Add +2.2%
AMGN Amgen Inc. 1.70% 90,297 $29.1M Add +11.4%
IQV Iqvia Holdings Inc. 1.55% 111,854 $26.5M No change
EW Edwards Lifesciences Corp. 1.51% 390,863 $25.8M Reduce -47.2%
BDX Becton Dickinson and Co. 1.44% 101,680 $24.5M Reduce -22.6%
SYK Stryker Corp. 1.42% 67,014 $24.2M Reduce -41.4%
MOH Molina Healthcare Inc. 1.41% 70,088 $24.1M No change
INSP Inspire Medical Systems Inc. 1.22% 98,322 $20.8M New
WAT Waters Corp. 1.08% 51,063 $18.4M Add +148.6%
OSCR Oscar Health Inc. Class A 1.07% 860,821 $18.3M No change
EPIX Essa Pharma Inc. 0.97% 2,742,936 $16.6M Reduce -7.5%
ASND Ascendis Pharma A/S 0.79% 90,766 $13.6M New
ERAS Erasca Inc. 0.78% 4,876,911 $13.3M Add +4.4%
XBI SS SPDR S&P Biotech ETF 0.70% 121,845 $12.0M New
INSM Insmed Inc. 0.65% 152,228 $11.1M Reduce -36.9%
SRPT Sarepta Therapeutics Inc. 0.65% 88,216 $11.0M No change
CELC Celcuity Inc. 0.62% 710,255 $10.6M Reduce -15.1%
PRAX Praxis Precision Medicines I 0.62% 183,092 $10.5M Reduce -59.6%
ADAPY Adaptimmune Therapeutics-ADR 0.56% 10,000,787 $9.5M Reduce -4.9%
BSX Boston Scientific Corp. 0.53% 108,469 $9.1M Reduce -68.8%
CRBU Caribou Biosciences Inc. 0.49% 4,306,671 $8.4M Add +5.5%
SNDX Syndax Pharmaceuticals Inc. 0.48% 423,910 $8.2M Add +9.4%
HOWL Werewolf Therapeutics Inc. 0.42% 3,398,747 $7.2M Add +4.9%
XENE Xenon Pharmaceuticals Inc. 0.41% 179,878 $7.1M Add +19.5%
CON Concentra Group Holdings Par 0.39% 300,000 $6.7M New
KROS Keros Therapeutics Inc. 0.34% 101,050 $5.9M Add +202.9%
ALKS Alkermes PLC 0.34% 205,073 $5.7M No change
ITCI Intra-Cellular Therapies Inc. 0.33% 77,387 $5.7M Reduce -54.6%
TGTX TG Therapeutics Inc. 0.32% 233,410 $5.5M New
ACLX Arcellx Inc. 0.30% 60,602 $5.1M Reduce -80.6%
DAWN Day One Biopharmaceuticals I 0.28% 342,172 $4.8M Reduce -13.7%
CNTA Centessa Pharmaceuticals Ltd. 0.25% 269,158 $4.3M Reduce -57.7%
VEEV Veeva Systems Inc. Class A 0.24% 19,259 $4.0M New
LBPH Longboard Pharmaceuticals Inc. 0.22% 113,711 $3.8M New
OCUL Ocular Therapeutix Inc. 0.21% 402,843 $3.5M New
IMVT Immunovant Inc. 0.20% 122,701 $3.5M Reduce -74.0%
CGEM Cullinan Therapeutics Inc. 0.18% 182,810 $3.1M Reduce -38.3%
LUNG Pulmonx Corp. 0.18% 368,929 $3.1M New
PMVP PMV Pharmaceuticals Inc. 0.18% 2,011,040 $3.0M Add +57.7%
CMPS Compass Pathways PLC 0.17% 451,267 $2.8M Reduce -58.6%
IOBTQ Io Biotech Inc. 0.14% 2,341,107 $2.5M No change
CAPR Capricor Therapeutics Inc. 0.14% 152,779 $2.3M New
MGX Metagenomi Therapeutics Inc. 0.13% 1,034,002 $2.2M Reduce -18.4%
ARKG ARK Genomic Revolution ETF 0.13% 86,934 $2.2M New
INBX Inhibrx Biosciences Inc. 0.12% 135,546 $2.1M No change
GBIO Generation Bio Co. 0.11% 787,914 $1.9M No change
SGMT Sagimet Biosciences Inc. Class A 0.11% 649,006 $1.8M No change
CLDX Celldex Therapeutics Inc. 0.10% 52,120 $1.8M No change
IOVA Iovance Biotherapeutics Inc. 0.07% 132,152 $1.2M Reduce -13.5%
BOLD Boundless Bio Inc. 0.05% 240,513 $835K Add +71.2%
VERV Verve Therapeutics Inc. 0.04% 125,999 $610K New
QURE Uniqure NV 0.04% 121,628 $600K Reduce -55.7%
TSBX Turnstone Biologics Corp. 0.03% 932,348 $519K No change

Options reported separately and not counted above: XBI calls ($21.6M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $35.6M (not counted above)
SecurityClassShares / PrincipalValueChange
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal 23,000,000$26.8MAdd +27.8%
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) NOTE 1.250% 9/1 · principal 7,750,000$8.8MNo change

Total filed on the 13F, all lines: $1.7B.

Portfolio Sells Q2 2024 → Q3 2024
EW Edwards Lifesciences Corp. Reduce -47.2% 1.51% −2.31
CNC Centene Corp. Sold out 0.00% −2.22
DXCM Dexcom Inc. Sold out 0.00% −1.46
JNJ Johnson & Johnson Sold out 0.00% −1.05
BSX Boston Scientific Corp. Reduce -68.8% 0.53% −0.97
SYK Stryker Corp. Reduce -41.4% 1.42% −0.76
HUM Humana Inc. Reduce -18.7% 1.89% −0.73
ACLX Arcellx Inc. Reduce -80.6% 0.30% −0.67
MRK Merck & Co. Inc. Reduce -9.0% 3.61% −0.51
IMVT Immunovant Inc. Reduce -74.0% 0.20% −0.49
MDGL Madrigal Pharmaceuticals Inc. Sold out 0.00% −0.47
PRAX Praxis Precision Medicines I Reduce -59.6% 0.62% −0.43
ITCI Intra-Cellular Therapies Inc. Reduce -54.6% 0.33% −0.32
BDX Becton Dickinson and Co. Reduce -22.6% 1.44% −0.28
INSM Insmed Inc. Reduce -36.9% 0.65% −0.25
CMPS Compass Pathways PLC Reduce -58.6% 0.17% −0.20
APLS Apellis Pharmaceuticals Inc. Sold out 0.00% −0.18
VKTX Viking Therapeutics Inc. Sold out 0.00% −0.17
OM Outset Medical Inc. Sold out 0.00% −0.16
MGX Metagenomi Therapeutics Inc. Reduce -18.4% 0.13% −0.16
CELC Celcuity Inc. Reduce -15.1% 0.62% −0.15
EYPT Eyepoint Inc. Sold out 0.00% −0.14
CGEM Cullinan Therapeutics Inc. Reduce -38.3% 0.18% −0.11
CNTA Centessa Pharmaceuticals Ltd. Reduce -57.7% 0.25% −0.07
WAY Waystar Holding Corp. Sold out 0.00% −0.04
TNYA Tenaya Therapeutics Inc. Sold out 0.00% −0.04
SANA Sana Biotechnology Inc. Sold out 0.00% −0.03
QURE Uniqure NV Reduce -55.7% 0.04% −0.03
DAWN Day One Biopharmaceuticals I Reduce -13.7% 0.28% −0.03
ADAPY Adaptimmune Therapeutics-ADR Reduce -4.9% 0.56% −0.02
IOVA Iovance Biotherapeutics Inc. Reduce -13.5% 0.07% +0.00
PEN Penumbra Inc. Reduce -10.2% 1.89% +0.03
EPIX Essa Pharma Inc. Reduce -7.5% 0.97% +0.10
TMO Thermo Fisher Scientific Inc. Reduce -8.2% 2.12% +0.15

Portfolio Buys Q2 2024 → Q3 2024
INSP Inspire Medical Systems Inc. New 1.22% +1.22
ACHC Acadia Healthcare Co. Inc. Add +63.3% 2.55% +0.96
ASND Ascendis Pharma A/S New 0.79% +0.79
WAT Waters Corp. Add +148.6% 1.08% +0.74
XBI SS SPDR S&P Biotech ETF New 0.70% +0.70
UNH Unitedhealth Group Inc. Add +8.9% 2.59% +0.61
CON Concentra Group Holdings Par New 0.39% +0.39
TGTX TG Therapeutics Inc. New 0.32% +0.32
AMGN Amgen Inc. Add +11.4% 1.70% +0.29
KROS Keros Therapeutics Inc. Add +202.9% 0.34% +0.26
VEEV Veeva Systems Inc. Class A New 0.24% +0.24
LBPH Longboard Pharmaceuticals Inc. New 0.22% +0.22
OCUL Ocular Therapeutix Inc. New 0.21% +0.21
LUNG Pulmonx Corp. New 0.18% +0.18
ERAS Erasca Inc. Add +4.4% 0.78% +0.16
CAPR Capricor Therapeutics Inc. New 0.14% +0.14
ARKG ARK Genomic Revolution ETF New 0.13% +0.13
CRBU Caribou Biosciences Inc. Add +5.5% 0.49% +0.12
XENE Xenon Pharmaceuticals Inc. Add +19.5% 0.41% +0.09
PMVP PMV Pharmaceuticals Inc. Add +57.7% 0.18% +0.06
ELV Elevance Health Inc. Add +2.2% 1.72% +0.05
VERV Verve Therapeutics Inc. New 0.04% +0.04
SNDX Syndax Pharmaceuticals Inc. Add +9.4% 0.48% +0.03
BOLD Boundless Bio Inc. Add +71.2% 0.05% +0.02
HOWL Werewolf Therapeutics Inc. Add +4.9% 0.42% −0.02

Options Activity Q2 2024 → Q3 2024
QQQ Invesco QQQ Trust Series 1 call Sold out 187,400 $89.8Mbefore exit
UNH Unitedhealth Group Inc. call Sold out 52,400 $26.7Mbefore exit
XBI SS SPDR S&P Biotech ETF call Reduce -63.3% 218,200 $21.6M
IWM iShares Russell 2000 ETF put Sold out 70,700 $14.3Mbefore exit

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

Notes & Other Activity Q2 2024 → Q3 2024
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal Add +27.8% 23,000,000 $26.8M
BIOMARIN PHARMACEUTICAL (BMRN 0.599 08/01/24) NOTE 0.599% 8/0 · principal Sold out 15,000,000 $14.9Mbefore exit

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