PFM Health Sciences, LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), PFM Health Sciences, LP reported 71 stock positions worth $1.3 billion. Its top holding was Eli Lilly (LLY) at 18.0% of the portfolio, followed by Tenet Healthcare (THC, 4.8%) and Abbvie (ABBV, 4.6%). Compared with Q3 2024, it opened 18 new positions, sold out of 19, added to 9 and reduced 25. The biggest buy was a new position in Dexcom (DXCM) and the biggest sale an exit from Cytokinetics (CYTK).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001442756
- Portfolio Value
- $1.3B (Q4 2024)
- SEC Filing
- 0001104659-25-014169 ↗ filed Feb 14, 2025
Holdings Value
Holdings 71 stocks · $1.3B
| LLY Eli Lilly & Co. | 18.03% | 298,643 | $230.6M | No change |
| THC Tenet Healthcare Corp. | 4.85% | 491,334 | $62.0M | Reduce -16.6% |
| ABBV Abbvie Inc. | 4.61% | 331,741 | $59.0M | Reduce -17.9% |
| MCK McKesson Corp. | 4.34% | 97,498 | $55.6M | No change |
| VRTX Vertex Pharmaceuticals Inc. | 4.00% | 126,989 | $51.1M | Reduce -14.7% |
| ISRG Intuitive Surgical Inc. | 3.80% | 93,073 | $48.6M | Reduce -32.2% |
| EW Edwards Lifesciences Corp. | 3.44% | 594,172 | $44.0M | Add +52.0% |
| AXSM Axsome Therapeutics Inc. | 3.09% | 467,427 | $39.5M | No change |
| PEN Penumbra Inc. | 3.09% | 166,261 | $39.5M | No change |
| ARGX Argenx SE - ADR | 3.06% | 63,699 | $39.2M | Reduce -26.6% |
| UHS Universal Health Services-B | 3.00% | 213,983 | $38.4M | No change |
| UNH Unitedhealth Group Inc. | 2.99% | 75,588 | $38.2M | No change |
| DHR Danaher Corp. | 2.25% | 125,515 | $28.8M | No change |
| ICLR Icon PLC | 2.11% | 128,637 | $27.0M | Add +10.4% |
| DXCM Dexcom Inc. | 2.00% | 328,763 | $25.6M | New |
| NBIX Neurocrine Biosciences Inc. | 1.78% | 166,803 | $22.8M | New |
| IQV Iqvia Holdings Inc. | 1.72% | 111,854 | $22.0M | No change |
| WAT Waters Corp. | 1.71% | 59,053 | $21.9M | Add +15.7% |
| IJH iShares Core S&P Midcap ETF | 1.69% | 347,637 | $21.7M | New |
| HUM Humana Inc. | 1.65% | 83,037 | $21.1M | Reduce -18.6% |
| HCA HCA Healthcare Inc. | 1.63% | 69,441 | $20.8M | Reduce -44.4% |
| MOH Molina Healthcare Inc. | 1.60% | 70,088 | $20.4M | No change |
| RSP Invesco S&P 500 Equal Weight | 1.48% | 108,041 | $18.9M | New |
| UTHR United Therapeutics Corp. | 1.45% | 52,500 | $18.5M | New |
| CAH Cardinal Health Inc. | 1.37% | 148,173 | $17.5M | New |
| BHVN Biohaven Ltd. | 1.26% | 431,916 | $16.1M | New |
| SLNO Soleno Therapeutics Inc. | 1.08% | 307,503 | $13.8M | New |
| SRPT Sarepta Therapeutics Inc. | 0.95% | 100,172 | $12.2M | Add +13.6% |
| SYK Stryker Corp. | 0.91% | 32,349 | $11.6M | Reduce -51.7% |
| VEEV Veeva Systems Inc. Class A | 0.91% | 55,383 | $11.6M | Add +187.6% |
| OSCR Oscar Health Inc. Class A | 0.90% | 860,821 | $11.6M | No change |
| XLV SS Health Care Select Sector | 0.90% | 83,806 | $11.5M | New |
| ERAS Erasca Inc. | 0.86% | 4,390,427 | $11.0M | Reduce -10.0% |
| TMO Thermo Fisher Scientific Inc. | 0.86% | 21,040 | $10.9M | Reduce -64.0% |
| PRAX Praxis Precision Medicines I | 0.72% | 119,509 | $9.2M | Reduce -34.7% |
| CNC Centene Corp. | 0.68% | 144,501 | $8.8M | New |
| TEVA Teva Pharmaceutical-SP ADR | 0.68% | 397,024 | $8.8M | New |
| BBIO Bridgebio Pharma Inc. | 0.62% | 290,242 | $8.0M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.57% | 12,427 | $7.3M | New |
| ASND Ascendis Pharma A/S | 0.56% | 52,392 | $7.2M | Reduce -42.3% |
| CNTA Centessa Pharmaceuticals Ltd. | 0.49% | 371,766 | $6.2M | Add +38.1% |
| CRBU Caribou Biosciences Inc. | 0.48% | 3,876,462 | $6.2M | Reduce -10.0% |
| KWEB Kranesh Csi China Internet | 0.41% | 180,974 | $5.3M | New |
| QURE Uniqure NV | 0.39% | 283,158 | $5.0M | Add +132.8% |
| XENE Xenon Pharmaceuticals Inc. | 0.36% | 116,998 | $4.6M | Reduce -35.0% |
| ACLX Arcellx Inc. | 0.34% | 56,603 | $4.3M | Reduce -6.6% |
| HOWL Werewolf Therapeutics Inc. | 0.34% | 2,905,465 | $4.3M | Reduce -14.5% |
| BNTX Biontech SE-ADR | 0.29% | 33,109 | $3.8M | New |
| BPMC Blueprint Medicines Corp. | 0.29% | 42,840 | $3.7M | New |
| ITCI Intra-Cellular Therapies Inc. | 0.27% | 40,610 | $3.4M | Reduce -47.5% |
| MGX Metagenomi Therapeutics Inc. | 0.25% | 885,803 | $3.2M | Reduce -14.3% |
| PMVP PMV Pharmaceuticals Inc. | 0.25% | 2,079,245 | $3.1M | Add +3.4% |
| INSM Insmed Inc. | 0.24% | 43,774 | $3.0M | Reduce -71.2% |
| TGTX TG Therapeutics Inc. | 0.23% | 98,674 | $3.0M | Reduce -57.7% |
| SGMT Sagimet Biosciences Inc. Class A | 0.23% | 649,006 | $2.9M | No change |
| SNDX Syndax Pharmaceuticals Inc. | 0.21% | 206,871 | $2.7M | Reduce -51.2% |
| ADAPY Adaptimmune Therapeutics-ADR | 0.21% | 4,871,969 | $2.6M | Reduce -51.3% |
| ALKS Alkermes PLC | 0.18% | 80,719 | $2.3M | Reduce -60.6% |
| JAZZ Jazz Pharmaceuticals PLC | 0.17% | 17,597 | $2.2M | New |
| IOBTQ Io Biotech Inc. | 0.17% | 2,341,107 | $2.2M | No change |
| INBX Inhibrx Biosciences Inc. | 0.16% | 135,546 | $2.1M | No change |
| CELC Celcuity Inc. | 0.16% | 158,746 | $2.1M | Reduce -77.7% |
| CMPS Compass Pathways PLC | 0.13% | 451,267 | $1.7M | No change |
| KROS Keros Therapeutics Inc. | 0.13% | 104,323 | $1.7M | Add +3.2% |
| IOVA Iovance Biotherapeutics Inc. | 0.08% | 132,152 | $978K | No change |
| GBIO Generation Bio Co. | 0.07% | 787,914 | $835K | No change |
| CAPR Capricor Therapeutics Inc. | 0.06% | 54,357 | $750K | Reduce -64.4% |
| VERV Verve Therapeutics Inc. | 0.06% | 125,999 | $711K | No change |
| BOLD Boundless Bio Inc. | 0.05% | 240,513 | $697K | No change |
| BLUEBIRD BIO INC | 0.05% | 75,758 | $632K | New |
| TSBX Turnstone Biologics Corp. | 0.04% | 932,348 | $463K | No change |
Options reported separately and not counted above: IEF puts ($92.5M), XLV calls ($63.9M), EW calls ($38.9M), UNH calls ($29.0M), NVO calls ($28.8M), XBI puts ($16.1M), KWEB calls ($12.7M), IWM calls ($12.1M), SWTX calls ($5.4M), BBIO calls ($1.4M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $33.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 23,000,000 | $25.3M | No change |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | 7,750,000 | $8.5M | No change |
Total filed on the 13F, all lines: $1.3B.
Portfolio Sells Q3 2024 → Q4 2024
| CYTK Cytokinetics Inc. | Sold out | 0.00% | −5.43 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −3.61 |
| ACHC Acadia Healthcare Co. Inc. | Sold out | 0.00% | −2.55 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −1.72 |
| AMGN Amgen Inc. | Sold out | 0.00% | −1.70 |
| BDX Becton Dickinson and Co. | Sold out | 0.00% | −1.44 |
| HCA HCA Healthcare Inc. | Reduce -44.4% | 1.63% | −1.34 |
| TMO Thermo Fisher Scientific Inc. | Reduce -64.0% | 0.86% | −1.26 |
| INSP Inspire Medical Systems Inc. | Sold out | 0.00% | −1.22 |
| EPIX Essa Pharma Inc. | Sold out | 0.00% | −0.97 |
| THC Tenet Healthcare Corp. | Reduce -16.6% | 4.85% | −0.89 |
| XBI SS SPDR S&P Biotech ETF | Sold out | 0.00% | −0.70 |
| BSX Boston Scientific Corp. | Sold out | 0.00% | −0.53 |
| SYK Stryker Corp. | Reduce -51.7% | 0.91% | −0.51 |
| CELC Celcuity Inc. | Reduce -77.7% | 0.16% | −0.46 |
| INSM Insmed Inc. | Reduce -71.2% | 0.24% | −0.41 |
| CON Concentra Group Holdings Par | Sold out | 0.00% | −0.39 |
| ADAPY Adaptimmune Therapeutics-ADR | Reduce -51.3% | 0.21% | −0.35 |
| DAWN Day One Biopharmaceuticals I | Sold out | 0.00% | −0.28 |
| SNDX Syndax Pharmaceuticals Inc. | Reduce -51.2% | 0.21% | −0.26 |
| HUM Humana Inc. | Reduce -18.6% | 1.65% | −0.24 |
| ASND Ascendis Pharma A/S | Reduce -42.3% | 0.56% | −0.23 |
| LBPH Longboard Pharmaceuticals Inc. | Sold out | 0.00% | −0.22 |
| OCUL Ocular Therapeutix Inc. | Sold out | 0.00% | −0.21 |
| IMVT Immunovant Inc. | Sold out | 0.00% | −0.20 |
| CGEM Cullinan Therapeutics Inc. | Sold out | 0.00% | −0.18 |
| LUNG Pulmonx Corp. | Sold out | 0.00% | −0.18 |
| ALKS Alkermes PLC | Reduce -60.6% | 0.18% | −0.15 |
| ISRG Intuitive Surgical Inc. | Reduce -32.2% | 3.80% | −0.15 |
| ARKG ARK Genomic Revolution ETF | Sold out | 0.00% | −0.13 |
| CLDX Celldex Therapeutics Inc. | Sold out | 0.00% | −0.10 |
| TGTX TG Therapeutics Inc. | Reduce -57.7% | 0.23% | −0.09 |
| HOWL Werewolf Therapeutics Inc. | Reduce -14.5% | 0.34% | −0.09 |
| CAPR Capricor Therapeutics Inc. | Reduce -64.4% | 0.06% | −0.08 |
| ITCI Intra-Cellular Therapies Inc. | Reduce -47.5% | 0.27% | −0.07 |
| ABBV Abbvie Inc. | Reduce -17.9% | 4.61% | −0.06 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -35.0% | 0.36% | −0.06 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -14.7% | 4.00% | −0.06 |
| CRBU Caribou Biosciences Inc. | Reduce -10.0% | 0.48% | −0.01 |
| ACLX Arcellx Inc. | Reduce -6.6% | 0.34% | +0.04 |
| ERAS Erasca Inc. | Reduce -10.0% | 0.86% | +0.08 |
| PRAX Praxis Precision Medicines I | Reduce -34.7% | 0.72% | +0.10 |
| MGX Metagenomi Therapeutics Inc. | Reduce -14.3% | 0.25% | +0.12 |
| ARGX Argenx SE - ADR | Reduce -26.6% | 3.06% | +0.31 |
Portfolio Buys Q3 2024 → Q4 2024
| DXCM Dexcom Inc. | New | 2.00% | +2.00 |
| EW Edwards Lifesciences Corp. | Add +52.0% | 3.44% | +1.93 |
| NBIX Neurocrine Biosciences Inc. | New | 1.78% | +1.78 |
| IJH iShares Core S&P Midcap ETF | New | 1.69% | +1.69 |
| RSP Invesco S&P 500 Equal Weight | New | 1.48% | +1.48 |
| UTHR United Therapeutics Corp. | New | 1.45% | +1.45 |
| CAH Cardinal Health Inc. | New | 1.37% | +1.37 |
| BHVN Biohaven Ltd. | New | 1.26% | +1.26 |
| SLNO Soleno Therapeutics Inc. | New | 1.08% | +1.08 |
| XLV SS Health Care Select Sector | New | 0.90% | +0.90 |
| CNC Centene Corp. | New | 0.68% | +0.68 |
| TEVA Teva Pharmaceutical-SP ADR | New | 0.68% | +0.68 |
| VEEV Veeva Systems Inc. Class A | Add +187.6% | 0.91% | +0.67 |
| WAT Waters Corp. | Add +15.7% | 1.71% | +0.64 |
| BBIO Bridgebio Pharma Inc. | New | 0.62% | +0.62 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.57% | +0.57 |
| KWEB Kranesh Csi China Internet | New | 0.41% | +0.41 |
| QURE Uniqure NV | Add +132.8% | 0.39% | +0.36 |
| SRPT Sarepta Therapeutics Inc. | Add +13.6% | 0.95% | +0.31 |
| BNTX Biontech SE-ADR | New | 0.29% | +0.29 |
| BPMC Blueprint Medicines Corp. | New | 0.29% | +0.29 |
| CNTA Centessa Pharmaceuticals Ltd. | Add +38.1% | 0.49% | +0.23 |
| JAZZ Jazz Pharmaceuticals PLC | New | 0.17% | +0.17 |
| ICLR Icon PLC | Add +10.4% | 2.11% | +0.15 |
| PMVP PMV Pharmaceuticals Inc. | Add +3.4% | 0.25% | +0.07 |
| BLUEBIRD BIO INC | New | 0.05% | +0.05 |
| KROS Keros Therapeutics Inc. | Add +3.2% | 0.13% | −0.21 |
Options Activity Q3 2024 → Q4 2024
| IEF iShares 7-10 Year Treasury B | put | New | 1,000,000 | $92.5M |
| XLV SS Health Care Select Sector | call | New | 464,700 | $63.9M |
| EW Edwards Lifesciences Corp. | call | New | 525,400 | $38.9M |
| UNH Unitedhealth Group Inc. | call | New | 57,300 | $29.0M |
| NVO Novo-Nordisk A/S-Spons ADR | call | New | 334,900 | $28.8M |
| XBI SS SPDR S&P Biotech ETF | call | Sold out | 218,200 | $21.6Mbefore exit |
| XBI SS SPDR S&P Biotech ETF | put | New | 179,100 | $16.1M |
| KWEB Kranesh Csi China Internet | call | New | 434,700 | $12.7M |
| IWM iShares Russell 2000 ETF | call | New | 54,800 | $12.1M |
| SWTX Springworks Therapeutics Inc. | call | New | 150,000 | $5.4M |
| BBIO Bridgebio Pharma Inc. | call | New | 50,000 | $1.4M |
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 | 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 |