PFM Health Sciences, LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), PFM Health Sciences, LP reported 76 stock positions worth $933.3 million. Its top holding was Tenet Healthcare (THC) at 8.1% of the portfolio, followed by Eli Lilly (LLY, 6.5%) and Penumbra (PEN, 4.9%). Compared with Q4 2025, it opened 18 new positions, sold out of 18, added to 37 and reduced 19. The biggest buy was Jazz Pharmaceuticals (JAZZ, shares +253%) and the biggest sale an exit from Adma Biologics (ADMA).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001442756
- Portfolio Value
- $933.3M (Q1 2026)
- SEC Filing
- 0001442756-26-000002 ↗ filed May 15, 2026
Holdings Value
Holdings 76 stocks · $933.3M
| THC Tenet Healthcare Corp. | 8.06% | 398,567 | $75.2M | Add +0.2% |
| LLY Eli Lilly & Co. | 6.48% | 65,762 | $60.5M | Reduce -3.7% |
| PEN Penumbra Inc. | 4.92% | 139,779 | $45.9M | Reduce -3.7% |
| AXSM Axsome Therapeutics Inc. | 4.79% | 264,304 | $44.7M | Add +5.1% |
| ASND Ascendis Pharma A/S | 3.73% | 152,034 | $34.8M | Reduce -14.4% |
| JAZZ Jazz Pharmaceuticals PLC | 3.61% | 178,144 | $33.7M | Add +252.7% |
| NBIX Neurocrine Biosciences Inc. | 3.04% | 215,678 | $28.4M | Add +32.2% |
| UTHR United Therapeutics Corp. | 2.53% | 39,805 | $23.6M | Reduce -41.2% |
| GKOS Glaukos Corp. | 2.49% | 215,685 | $23.2M | Add +7.0% |
| CNTA Centessa Pharmaceuticals Ltd. | 2.25% | 528,224 | $21.0M | Reduce -10.7% |
| INBX Inhibrx Biosciences Inc. | 2.20% | 305,431 | $20.5M | Add +15.0% |
| EW Edwards Lifesciences Corp. | 2.18% | 254,510 | $20.4M | Add +3.1% |
| BBIO Bridgebio Pharma Inc. | 2.05% | 257,747 | $19.1M | Reduce -15.9% |
| MDGL Madrigal Pharmaceuticals Inc. | 1.92% | 34,146 | $17.9M | Add +370.5% |
| INDV Indivior Pharmaceuticals Inc. | 1.88% | 574,666 | $17.5M | Add +59.3% |
| UNH Unitedhealth Group Inc. | 1.68% | 58,038 | $15.7M | Add +14.8% |
| DNTH Dianthus Therapeutics Inc. | 1.55% | 172,137 | $14.4M | Add +72.9% |
| ABT Abbott Laboratories | 1.54% | 140,432 | $14.4M | New |
| RVMD Revolution Medicines Inc. | 1.47% | 140,770 | $13.7M | Reduce -7.0% |
| ACHC Acadia Healthcare Co. Inc. | 1.46% | 582,745 | $13.6M | New |
| NEO Neogenomics Inc. | 1.42% | 1,784,552 | $13.2M | Add +5.3% |
| COO The Cooper Cos Inc. | 1.30% | 169,829 | $12.1M | Add +68.5% |
| NTRA Natera Inc. | 1.29% | 60,004 | $12.0M | New |
| ITGR Integer Holdings Corp. | 1.27% | 135,081 | $11.9M | Add +26.7% |
| RYTM Rhythm Pharmaceuticals Inc. | 1.27% | 136,621 | $11.9M | Add +239.8% |
| WAT Waters Corp. | 1.27% | 39,763 | $11.8M | Reduce -8.0% |
| AMRX Amneal Pharmaceuticals Inc. | 1.24% | 930,096 | $11.6M | Reduce -36.5% |
| PRAX Praxis Precision Medicines I | 1.22% | 35,438 | $11.4M | Add +13.7% |
| HSIC Henry Schein Inc. filed as SCHEIN HENRY INC | 1.21% | 153,114 | $11.3M | New |
| CGON CG Oncology Inc. | 1.20% | 165,925 | $11.2M | Add +1.2% |
| MMSI Merit Medical Systems Inc. | 1.20% | 162,469 | $11.2M | New |
| CLDX Celldex Therapeutics Inc. | 1.10% | 324,957 | $10.3M | Add +144.0% |
| BLTE Belite Bio Inc. - ADR | 1.02% | 59,432 | $9.5M | Add +199.8% |
| DXCM Dexcom Inc. | 1.01% | 149,734 | $9.4M | Reduce -34.1% |
| TERN Terns Pharmaceuticals Inc. | 0.98% | 172,962 | $9.1M | New |
| CNC Centene Corp. | 0.92% | 263,486 | $8.6M | Reduce -63.7% |
| VKTX Viking Therapeutics Inc. | 0.92% | 263,106 | $8.6M | Add +39.2% |
| ORKA Oruka Therapeutics Inc. | 0.91% | 174,052 | $8.5M | New |
| TNGX Tango Therapeutics Inc. | 0.91% | 406,245 | $8.5M | New |
| SLNO Soleno Therapeutics Inc. | 0.89% | 248,180 | $8.3M | Add +0.1% |
| BTSG Brightspring Health Services | 0.86% | 187,335 | $8.0M | Add +58.1% |
| CMPS Compass Pathways PLC | 0.81% | 1,367,099 | $7.6M | Add +75.3% |
| TMO Thermo Fisher Scientific Inc. | 0.78% | 14,832 | $7.3M | Reduce -60.9% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.78% | 197,181 | $7.2M | New |
| SYK Stryker Corp. | 0.77% | 21,957 | $7.2M | Reduce -56.8% |
| VERA Vera Therapeutics Inc. | 0.75% | 174,867 | $7.0M | Add +62.4% |
| BLLN Billiontoone Inc. Class A | 0.74% | 88,069 | $7.0M | Add +0.6% |
| CAH Cardinal Health Inc. | 0.72% | 31,941 | $6.7M | Reduce -48.8% |
| ICLR Icon PLC | 0.68% | 57,500 | $6.4M | Reduce -50.1% |
| ALHC Alignment Healthcare Inc. | 0.68% | 359,826 | $6.3M | New |
| HCA HCA Healthcare Inc. | 0.68% | 13,351 | $6.3M | Reduce -3.7% |
| GPCR Structure Therapeutics Inc. | 0.65% | 126,383 | $6.1M | Add +85.2% |
| ROIV Roivant Sciences Ltd. | 0.62% | 207,446 | $5.7M | New |
| OSCR Oscar Health Inc. Class A | 0.61% | 499,837 | $5.7M | No change |
| SNDX Syndax Pharmaceuticals Inc. | 0.61% | 245,021 | $5.7M | Add +0.8% |
| TARS Tarsus Pharmaceuticals Inc. | 0.60% | 80,226 | $5.6M | Add +193.5% |
| PSNL Personalis Inc. | 0.59% | 870,097 | $5.5M | Add +8.0% |
| KOD Kodiak Sciences Inc. | 0.47% | 114,719 | $4.4M | New |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.43% | 64,279 | $4.0M | New |
| EPRX Eupraxia Pharmaceuticals Inc. | 0.42% | 540,871 | $3.9M | New |
| DFTX Definium Therapeutics Inc. | 0.42% | 205,317 | $3.9M | New |
| MLYS Mineralys Therapeutics Inc. | 0.41% | 142,677 | $3.9M | Add +199.5% |
| MDLN Medline Inc. Class A | 0.41% | 86,777 | $3.9M | Add +2.1% |
| CAPR Capricor Therapeutics Inc. | 0.40% | 123,831 | $3.8M | New |
| ILMN Illumina Inc. | 0.38% | 28,869 | $3.6M | New |
| ARGX Argenx SE - ADR | 0.35% | 4,535 | $3.3M | Add +7.9% |
| CGEM Cullinan Therapeutics Inc. | 0.35% | 227,406 | $3.2M | Add +0.2% |
| ABVX Abivax SA-ADR | 0.32% | 26,664 | $3.0M | Reduce -16.4% |
| OM Outset Medical Inc. | 0.24% | 594,630 | $2.3M | Add +12.0% |
| MBX MBX Biosciences Inc. | 0.23% | 71,894 | $2.1M | Reduce -9.3% |
| AMLX Amylyx Pharmaceuticals Inc. | 0.22% | 145,275 | $2.0M | Add +8.0% |
| CRBU Caribou Biosciences Inc. | 0.20% | 957,787 | $1.8M | No change |
| GMED Globus Medical Inc. Class A | 0.16% | 16,923 | $1.5M | New |
| TECX Tectonic Therapeutic Inc. | 0.15% | 46,129 | $1.4M | Add +8.0% |
| QURE Uniqure NV | 0.07% | 42,635 | $697K | Add +7.9% |
| RZLT Rezolute Inc. | 0.04% | 128,726 | $393K | Reduce -37.6% |
Options reported separately and not counted above: XBI puts ($58.2M), XLV calls ($35.0M), UTHR puts ($27.2M), UTHR calls ($18.8M), ASND calls ($5.1M), HCA puts ($2.2M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $16.9M (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 | 11,505,000 | $16.9M | Add +8.0% |
Total filed on the 13F, all lines: $950.2M.
Portfolio Sells Q4 2025 → Q1 2026
| ADMA Adma Biologics Inc. | Sold out | 0.00% | −2.38 |
| CNC Centene Corp. | Reduce -63.7% | 0.92% | −2.15 |
| MDT Medtronic PLC | Sold out | 0.00% | −2.11 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −2.03 |
| ICLR Icon PLC | Reduce -50.1% | 0.68% | −1.48 |
| TMO Thermo Fisher Scientific Inc. | Reduce -60.9% | 0.78% | −1.48 |
| UHS Universal Health Services-B | Sold out | 0.00% | −1.29 |
| TFX Teleflex Inc. | Sold out | 0.00% | −1.28 |
| LLY Eli Lilly & Co. | Reduce -3.7% | 6.48% | −1.07 |
| SYK Stryker Corp. | Reduce -56.8% | 0.77% | −1.06 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −0.90 |
| GILD Gilead Sciences Inc. | Sold out | 0.00% | −0.90 |
| CVS CVS Health Corp. | Sold out | 0.00% | −0.88 |
| SNY Sanofi-ADR | Sold out | 0.00% | −0.88 |
| IQV Iqvia Holdings Inc. | Sold out | 0.00% | −0.88 |
| UTHR United Therapeutics Corp. | Reduce -41.2% | 2.53% | −0.86 |
| VEEV Veeva Systems Inc. Class A | Sold out | 0.00% | −0.75 |
| ALGN Align Technology Inc. | Sold out | 0.00% | −0.68 |
| AMRX Amneal Pharmaceuticals Inc. | Reduce -36.5% | 1.24% | −0.66 |
| CAH Cardinal Health Inc. | Reduce -48.8% | 0.72% | −0.59 |
| DXCM Dexcom Inc. | Reduce -34.1% | 1.01% | −0.54 |
| ELAN Elanco Animal Health Inc. | Sold out | 0.00% | −0.48 |
| WAT Waters Corp. | Reduce -8.0% | 1.27% | −0.42 |
| MOH Molina Healthcare Inc. | Sold out | 0.00% | −0.41 |
| BBIO Bridgebio Pharma Inc. | Reduce -15.9% | 2.05% | −0.36 |
| FTRE Fortrea Holdings Inc. | Sold out | 0.00% | −0.29 |
| ASND Ascendis Pharma A/S | Reduce -14.4% | 3.73% | −0.17 |
| ABVX Abivax SA-ADR | Reduce -16.4% | 0.32% | −0.12 |
| IRON Disc Medicine Inc. | Sold out | 0.00% | −0.09 |
| MBX MBX Biosciences Inc. | Reduce -9.3% | 0.23% | −0.03 |
| NPCE Neuropace Inc. | Sold out | 0.00% | −0.02 |
| TMCI Treace Medical Concepts Inc. | Sold out | 0.00% | −0.01 |
| RZLT Rezolute Inc. | Reduce -37.6% | 0.04% | −0.01 |
| HCA HCA Healthcare Inc. | Reduce -3.7% | 0.68% | +0.01 |
| RVMD Revolution Medicines Inc. | Reduce -7.0% | 1.47% | +0.23 |
| PEN Penumbra Inc. | Reduce -3.7% | 4.92% | +0.28 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -10.7% | 2.25% | +0.73 |
Portfolio Buys Q4 2025 → Q1 2026
| JAZZ Jazz Pharmaceuticals PLC | Add +252.7% | 3.61% | +2.73 |
| ABT Abbott Laboratories | New | 1.54% | +1.54 |
| MDGL Madrigal Pharmaceuticals Inc. | Add +370.5% | 1.92% | +1.48 |
| ACHC Acadia Healthcare Co. Inc. | New | 1.46% | +1.46 |
| NTRA Natera Inc. | New | 1.29% | +1.29 |
| HSIC Henry Schein Inc. | New | 1.21% | +1.21 |
| MMSI Merit Medical Systems Inc. | New | 1.20% | +1.20 |
| DNTH Dianthus Therapeutics Inc. | Add +72.9% | 1.55% | +1.13 |
| TERN Terns Pharmaceuticals Inc. | New | 0.98% | +0.98 |
| ORKA Oruka Therapeutics Inc. | New | 0.91% | +0.91 |
| TNGX Tango Therapeutics Inc. | New | 0.91% | +0.91 |
| RYTM Rhythm Pharmaceuticals Inc. | Add +239.8% | 1.27% | +0.83 |
| NVO Novo-Nordisk A/S-Spons ADR | New | 0.78% | +0.78 |
| CLDX Celldex Therapeutics Inc. | Add +144.0% | 1.10% | +0.73 |
| BLTE Belite Bio Inc. - ADR | Add +199.8% | 1.02% | +0.69 |
| ALHC Alignment Healthcare Inc. | New | 0.68% | +0.68 |
| NBIX Neurocrine Biosciences Inc. | Add +32.2% | 3.04% | +0.66 |
| ROIV Roivant Sciences Ltd. | New | 0.62% | +0.62 |
| INDV Indivior Pharmaceuticals Inc. | Add +59.3% | 1.88% | +0.55 |
| CGON CG Oncology Inc. | Add +1.2% | 1.20% | +0.50 |
| KOD Kodiak Sciences Inc. | New | 0.47% | +0.47 |
| COO The Cooper Cos Inc. | Add +68.5% | 1.30% | +0.45 |
| ARWR Arrowhead Pharmaceuticals Inc. | New | 0.43% | +0.43 |
| EPRX Eupraxia Pharmaceuticals Inc. | New | 0.42% | +0.42 |
| DFTX Definium Therapeutics Inc. | New | 0.42% | +0.42 |
| ITGR Integer Holdings Corp. | Add +26.7% | 1.27% | +0.41 |
| CAPR Capricor Therapeutics Inc. | New | 0.40% | +0.40 |
| BTSG Brightspring Health Services | Add +58.1% | 0.86% | +0.40 |
| ILMN Illumina Inc. | New | 0.38% | +0.38 |
| TARS Tarsus Pharmaceuticals Inc. | Add +193.5% | 0.60% | +0.37 |
| PRAX Praxis Precision Medicines I | Add +13.7% | 1.22% | +0.28 |
| CMPS Compass Pathways PLC | Add +75.3% | 0.81% | +0.26 |
| MLYS Mineralys Therapeutics Inc. | Add +199.5% | 0.41% | +0.24 |
| VKTX Viking Therapeutics Inc. | Add +39.2% | 0.92% | +0.23 |
| VERA Vera Therapeutics Inc. | Add +62.4% | 0.75% | +0.19 |
| GPCR Structure Therapeutics Inc. | Add +85.2% | 0.65% | +0.16 |
| GMED Globus Medical Inc. Class A | New | 0.16% | +0.16 |
| GKOS Glaukos Corp. | Add +7.0% | 2.49% | +0.15 |
| CGEM Cullinan Therapeutics Inc. | Add +0.2% | 0.35% | +0.10 |
| SNDX Syndax Pharmaceuticals Inc. | Add +0.8% | 0.61% | +0.09 |
| AXSM Axsome Therapeutics Inc. | Add +5.1% | 4.79% | +0.06 |
| TECX Tectonic Therapeutic Inc. | Add +8.0% | 0.15% | +0.06 |
| AMLX Amylyx Pharmaceuticals Inc. | Add +8.0% | 0.22% | +0.05 |
| MDLN Medline Inc. Class A | Add +2.1% | 0.41% | +0.05 |
| INBX Inhibrx Biosciences Inc. | Add +15.0% | 2.20% | +0.04 |
| OM Outset Medical Inc. | Add +12.0% | 0.24% | +0.04 |
| EW Edwards Lifesciences Corp. | Add +3.1% | 2.18% | +0.02 |
| BLLN Billiontoone Inc. Class A | Add +0.6% | 0.74% | +0.01 |
| ARGX Argenx SE - ADR | Add +7.9% | 0.35% | −0.01 |
| QURE Uniqure NV | Add +7.9% | 0.07% | −0.02 |
Options Activity Q4 2025 → Q1 2026
| XBI SS SPDR S&P Biotech ETF | put | New | 455,300 | $58.2M |
| XLV SS Health Care Select Sector | call | New | 238,900 | $35.0M |
| UTHR United Therapeutics Corp. | put | New | 45,900 | $27.2M |
| UTHR United Therapeutics Corp. | call | New | 31,700 | $18.8M |
| CNC Centene Corp. | call | Sold out | 372,300 | $15.3Mbefore exit |
| ASND Ascendis Pharma A/S | call | New | 22,400 | $5.1M |
| HCA HCA Healthcare Inc. | put | New | 4,600 | $2.2M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | Add +8.0% | 11,505,000 | $16.9M |
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 |