Rock Springs Capital Management LP
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Rock Springs Capital Management LP reported 106 stock positions worth $3.3 billion. Its top holding was Blueprint Medicines (BPMC) at 8.0% of the portfolio, followed by Unitedhealth (UNH, 4.2%) and Intuitive Surgical (ISRG, 4.0%). Compared with Q1 2024, it opened 8 new positions, sold out of 10, added to 41 and reduced 28. The biggest buy was a new position in Insmed (INSM) and the biggest sale Immunocore Holdings PLC-ADR (IMCR, shares −82%).
- Most Recent 13F
- Q2 2026
- Location
- Baltimore, MD
- CIK
- 0001595725
- Portfolio Value
- $3.3B (Q2 2024)
- SEC Filing
- 0001172661-24-003467 ↗ filed Aug 14, 2024
Holdings Value
Holdings 106 stocks · $3.3B
| BPMC Blueprint Medicines Corp. | 8.02% | 2,460,417 | $265.2M | Reduce -1.5% |
| UNH Unitedhealth Group Inc. | 4.24% | 275,000 | $140.0M | Add +19.6% |
| ISRG Intuitive Surgical Inc. | 4.02% | 298,500 | $132.8M | No change |
| NBIX Neurocrine Biosciences Inc. | 3.91% | 940,000 | $129.4M | Reduce -10.9% |
| LLY Eli Lilly & Co. | 3.33% | 121,500 | $110.0M | Add +17.7% |
| ARGX Argenx SE - ADR | 2.98% | 229,250 | $98.6M | No change |
| ACHC Acadia Healthcare Co. Inc. | 2.41% | 1,177,500 | $79.5M | No change |
| RARE Ultragenyx Pharmaceutical Inc. | 2.39% | 1,924,072 | $79.1M | Add +8.4% |
| EVH Evolent Health Inc. Class A | 2.36% | 4,077,500 | $78.0M | Add +2.3% |
| MDGL Madrigal Pharmaceuticals Inc. | 2.08% | 245,499 | $68.8M | Reduce -14.1% |
| BSX Boston Scientific Corp. | 1.90% | 817,500 | $63.0M | Reduce -33.7% |
| FRPT Freshpet Inc. | 1.88% | 480,000 | $62.1M | Reduce -27.6% |
| ALNY Alnylam Pharmaceuticals Inc. | 1.84% | 250,000 | $60.8M | Add +2.5% |
| MIRM Mirum Pharmaceuticals Inc. | 1.83% | 1,772,038 | $60.6M | Reduce -4.5% |
| MRUS Merus NV | 1.79% | 1,001,073 | $59.2M | Reduce -12.7% |
| IDXX Idexx Laboratories Inc. | 1.76% | 119,500 | $58.2M | Reduce -33.3% |
| AGL Agilon Health Inc. | 1.76% | 8,900,000 | $58.2M | Add +0.7% |
| DXCM Dexcom Inc. | 1.72% | 500,000 | $56.7M | Reduce -16.2% |
| HUM Humana Inc. | 1.67% | 147,408 | $55.1M | No change |
| INSM Insmed Inc. | 1.64% | 808,356 | $54.2M | New |
| RYTM Rhythm Pharmaceuticals Inc. | 1.59% | 1,280,493 | $52.6M | Reduce -15.9% |
| CLDX Celldex Therapeutics Inc. | 1.57% | 1,398,994 | $51.8M | Add +1.9% |
| PHR Phreesia Inc. | 1.55% | 2,417,500 | $51.3M | Add +2.2% |
| EW Edwards Lifesciences Corp. | 1.54% | 550,000 | $50.8M | Reduce -15.0% |
| XENE Xenon Pharmaceuticals Inc. | 1.50% | 1,272,877 | $49.6M | Add +1.4% |
| WST West Pharmaceutical Services | 1.45% | 145,500 | $47.9M | Add +6.0% |
| PEN Penumbra Inc. | 1.44% | 265,000 | $47.7M | Reduce -47.5% |
| EXAS Exact Sciences Corp. | 1.38% | 1,081,500 | $45.7M | Add +2.0% |
| AGIO Agios Pharmaceuticals Inc. | 1.36% | 1,044,261 | $45.0M | Reduce -40.8% |
| SRPT Sarepta Therapeutics Inc. | 1.36% | 284,000 | $44.9M | Reduce -13.3% |
| IRTC Irhythm Holdings Inc. | 1.29% | 397,500 | $42.8M | Add +1.3% |
| ASND Ascendis Pharma A/S | 1.20% | 290,000 | $39.6M | No change |
| PODD Insulet Corp. | 1.19% | 195,000 | $39.4M | Reduce -39.1% |
| GPCR Structure Therapeutics Inc. | 1.19% | 999,862 | $39.3M | Add +142.3% |
| TVTX Travere Therapeutics Inc. | 1.11% | 4,482,265 | $36.8M | Add +30.9% |
| AZTA Azenta Inc. | 1.11% | 696,000 | $36.6M | Add +0.2% |
| RVMD Revolution Medicines Inc. | 1.11% | 943,195 | $36.6M | Add +2.1% |
| KYMR Kymera Therapeutics Inc. | 1.05% | 1,163,973 | $34.7M | Reduce -23.5% |
| MREO Mereo Biopharma Group PL-ADR | 1.01% | 9,283,492 | $33.4M | Add +14.0% |
| WRBY Warby Parker Inc. Class A | 1.01% | 2,080,000 | $33.4M | No change |
| IMVT Immunovant Inc. | 0.95% | 1,185,654 | $31.3M | Add +3.1% |
| ALGN Align Technology Inc. | 0.93% | 127,500 | $30.8M | Reduce -42.0% |
| AKRO Akero Therapeutics Inc. | 0.76% | 1,074,261 | $25.2M | Reduce -17.4% |
| JNJ Johnson & Johnson | 0.75% | 170,000 | $24.8M | New |
| LFST Lifestance Health Group Inc. | 0.72% | 4,827,700 | $23.7M | Add +1.0% |
| ZLAB Zai Lab Ltd.-ADR | 0.68% | 1,297,873 | $22.5M | Add +0.1% |
| PCRX Pacira Biosciences Inc. | 0.68% | 785,000 | $22.5M | Reduce -25.6% |
| LEGN Legend Biotech Corp.-ADR | 0.68% | 505,786 | $22.4M | Add +1.3% |
| BCRX Biocryst Pharmaceuticals Inc. | 0.68% | 3,619,258 | $22.4M | Add +3.5% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.64% | 147,500 | $21.1M | No change |
| OSCR Oscar Health Inc. Class A | 0.60% | 1,251,500 | $19.8M | Reduce -40.7% |
| NUVL Nuvalent Inc. Class A | 0.59% | 255,989 | $19.4M | Add +104.3% |
| KRYS Krystal Biotech Inc. | 0.59% | 105,569 | $19.4M | Add +1.5% |
| INSP Inspire Medical Systems Inc. | 0.53% | 130,000 | $17.4M | Reduce -0.4% |
| INZY Inozyme Pharma Inc. | 0.50% | 3,698,374 | $16.5M | Add +0.5% |
| DYN Dyne Therapeutics Inc. | 0.49% | 461,028 | $16.3M | Add +2.0% |
| DVAX Dynavax Technologies Corp. | 0.44% | 1,292,637 | $14.5M | Reduce -22.9% |
| PHVS Pharvaris NV | 0.43% | 756,931 | $14.2M | Add +0.5% |
| IMCR Immunocore Holdings PLC-ADR | 0.43% | 419,030 | $14.2M | Reduce -82.3% |
| VERA Vera Therapeutics Inc. | 0.42% | 381,192 | $13.8M | Add +11.7% |
| CRNX Crinetics Pharmaceuticals Inc. | 0.39% | 289,400 | $13.0M | No change |
| PRTA Prothena Corp. PLC | 0.39% | 625,048 | $12.9M | No change |
| OLK Olink Holding AB - ADR | 0.39% | 500,000 | $12.7M | Reduce -70.2% |
| CRL Charles River Laboratories | 0.38% | 60,250 | $12.4M | Add +24.2% |
| BMRN Biomarin Pharmaceutical Inc. | 0.38% | 151,000 | $12.4M | Add +1.5% |
| FOLD Amicus Therapeutics Inc. | 0.37% | 1,218,580 | $12.1M | Add +5.7% |
| NVRO Nevro LLC filed as NEVRO CORP | 0.35% | 1,381,500 | $11.6M | Add +29.7% |
| CGEM Cullinan Therapeutics Inc. | 0.35% | 658,338 | $11.5M | New |
| ELVN Enliven Therapeutics Inc. | 0.30% | 428,571 | $10.0M | No change |
| JSPR Jasper Therapeutics Inc. | 0.28% | 404,335 | $9.2M | No change |
| NVAX Novavax Inc. | 0.26% | 675,000 | $8.5M | Add +25.6% |
| ACCD Accolade Inc. | 0.25% | 2,290,000 | $8.2M | Reduce -35.3% |
| FOCL Edap TMS SA -ADR | 0.24% | 1,475,000 | $8.0M | No change |
| SWTX Springworks Therapeutics Inc. | 0.23% | 199,855 | $7.5M | New |
| NMRA Neumora Therapeutics Inc. | 0.23% | 760,007 | $7.5M | Add +17.6% |
| APLT Applied Therapeutics Inc. | 0.22% | 1,555,004 | $7.3M | Add +3.8% |
| AUPH Aurinia Pharmaceuticals Inc. | 0.20% | 1,179,740 | $6.7M | Add +2.6% |
| MERSANA THERAPEUTICS INC | 0.19% | 3,046,782 | $6.1M | No change |
| BEAM Beam Therapeutics Inc. | 0.18% | 249,923 | $5.9M | Add +69.4% |
| ABOS Acumen Pharmaceuticals Inc. | 0.17% | 2,300,059 | $5.6M | No change |
| CMPX Compass Therapeutics Inc. | 0.17% | 5,513,788 | $5.5M | No change |
| APLS Apellis Pharmaceuticals Inc. | 0.16% | 140,700 | $5.4M | New |
| FULC Fulcrum Therapeutics Inc. | 0.14% | 727,673 | $4.5M | No change |
| MGNX Macrogenics Inc. | 0.14% | 1,053,647 | $4.5M | Reduce -19.3% |
| MLYS Mineralys Therapeutics Inc. | 0.13% | 378,932 | $4.4M | Reduce -52.2% |
| BHVN Biohaven Ltd. | 0.13% | 127,558 | $4.4M | Add +0.5% |
| PLRX Pliant Therapeutics Inc. | 0.13% | 384,996 | $4.1M | No change |
| LUNG Pulmonx Corp. | 0.13% | 652,400 | $4.1M | No change |
| CATX Perspective Therapeutics Inc. | 0.12% | 401,196 | $4.0M | New |
| AUTL Autolus Therapeutics PLC | 0.11% | 1,032,988 | $3.6M | No change |
| EPIX Essa Pharma Inc. | 0.11% | 677,005 | $3.6M | No change |
| ACRS Aclaris Therapeutics Inc. | 0.09% | 2,753,495 | $3.0M | No change |
| GOSS Gossamer Bio Inc. | 0.09% | 3,266,960 | $2.9M | No change |
| XLO Xilio Therapeutics Inc. | 0.09% | 3,003,259 | $2.8M | Add +108.5% |
| SGMT Sagimet Biosciences Inc. Class A | 0.08% | 787,808 | $2.7M | Add +2.2% |
| CYPH Cypherpunk Technologies Inc. filed as LEAP THERAPEUTICS INC | 0.08% | 1,266,546 | $2.5M | Add +38.9% |
| ADAPY Adaptimmune Therapeutics-ADR | 0.07% | 2,425,468 | $2.4M | No change |
| VIGL Vigil Neuroscience Inc. | 0.06% | 471,958 | $1.9M | No change |
| CGEN Compugen Ltd. | 0.05% | 989,990 | $1.7M | Reduce -23.3% |
| SPRB Spruce Biosciences Inc. | 0.04% | 2,609,125 | $1.4M | No change |
Options reported separately and not counted above: BPMC calls ($6.1M), GPCR calls ($2.6M).
Other holdings (4): bonds, preferreds, convertibles and warrants · $8.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GOSSAMER BIO INC (GOSS 5 06/01/27) | NOTE 5.000% 6/0 · principal | 9,573,000 | $4.7M | No change |
| TRAVERE THERAPEUTICS INC (TVTX 2.5 09/15/25) | NOTE 2.500% 9/1 · principal | 3,250,000 | $2.9M | No change |
| NEVRO CORP (NVRO 2.75 04/01/25) | NOTE 2.750% 4/0 · principal | 500,000 | $483K | No change |
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | 134,028 | $21K | No change |
Total filed on the 13F, all lines: $3.3B.
Portfolio Sells Q1 2024 → Q2 2024
| IMCR Immunocore Holdings PLC-ADR | Reduce -82.3% | 0.43% | −3.49 |
| PEN Penumbra Inc. | Reduce -47.5% | 1.44% | −1.43 |
| SWAV Shockwave Medical Inc. | Sold out | 0.00% | −1.12 |
| ALGN Align Technology Inc. | Reduce -42.0% | 0.93% | −0.91 |
| SGRY Surgery Partners Inc. | Sold out | 0.00% | −0.75 |
| IDXX Idexx Laboratories Inc. | Reduce -33.3% | 1.76% | −0.70 |
| ACCD Accolade Inc. | Reduce -35.3% | 0.25% | −0.70 |
| OLK Olink Holding AB - ADR | Reduce -70.2% | 0.39% | −0.62 |
| CERE Cerevel Therapeutics Holding | Sold out | 0.00% | −0.59 |
| IRON Disc Medicine Inc. | Sold out | 0.00% | −0.58 |
| COLL Collegium Pharmaceutical Inc. | Sold out | 0.00% | −0.56 |
| VKTX Viking Therapeutics Inc. | Sold out | 0.00% | −0.55 |
| KYMR Kymera Therapeutics Inc. | Reduce -23.5% | 1.05% | −0.51 |
| DXCM Dexcom Inc. | Reduce -16.2% | 1.72% | −0.39 |
| MGNX Macrogenics Inc. | Reduce -19.3% | 0.14% | −0.35 |
| BSX Boston Scientific Corp. | Reduce -33.7% | 1.90% | −0.25 |
| IMTX Immatics NV | Sold out | 0.00% | −0.23 |
| PODD Insulet Corp. | Reduce -39.1% | 1.19% | −0.21 |
| OSCR Oscar Health Inc. Class A | Reduce -40.7% | 0.60% | −0.20 |
| CGON CG Oncology Inc. | Sold out | 0.00% | −0.19 |
| INSP Inspire Medical Systems Inc. | Reduce -0.4% | 0.53% | −0.19 |
| MLYS Mineralys Therapeutics Inc. | Reduce -52.2% | 0.13% | −0.13 |
| PCRX Pacira Biosciences Inc. | Reduce -25.6% | 0.68% | −0.11 |
| DVAX Dynavax Technologies Corp. | Reduce -22.9% | 0.44% | −0.09 |
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -15.9% | 1.59% | −0.09 |
| FRPT Freshpet Inc. | Reduce -27.6% | 1.88% | −0.08 |
| AKRO Akero Therapeutics Inc. | Reduce -17.4% | 0.76% | −0.07 |
| AMLX Amylyx Pharmaceuticals Inc. | Sold out | 0.00% | −0.07 |
| EW Edwards Lifesciences Corp. | Reduce -15.0% | 1.54% | −0.04 |
| CGEN Compugen Ltd. | Reduce -23.3% | 0.05% | −0.03 |
| RENEO PHARMACEUTICALS INC | Sold out | 0.00% | −0.03 |
| AGIO Agios Pharmaceuticals Inc. | Reduce -40.8% | 1.36% | +0.05 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -14.1% | 2.08% | +0.14 |
| NBIX Neurocrine Biosciences Inc. | Reduce -10.9% | 3.91% | +0.21 |
| SRPT Sarepta Therapeutics Inc. | Reduce -13.3% | 1.36% | +0.28 |
| MRUS Merus NV | Reduce -12.7% | 1.79% | +0.48 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -4.5% | 1.83% | +0.64 |
| BPMC Blueprint Medicines Corp. | Reduce -1.5% | 8.02% | +1.98 |
Portfolio Buys Q1 2024 → Q2 2024
| INSM Insmed Inc. | New | 1.64% | +1.64 |
| UNH Unitedhealth Group Inc. | Add +19.6% | 4.24% | +1.34 |
| LLY Eli Lilly & Co. | Add +17.7% | 3.33% | +1.28 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +2.5% | 1.84% | +0.91 |
| JNJ Johnson & Johnson | New | 0.75% | +0.75 |
| GPCR Structure Therapeutics Inc. | Add +142.3% | 1.19% | +0.74 |
| TVTX Travere Therapeutics Inc. | Add +30.9% | 1.11% | +0.44 |
| AGL Agilon Health Inc. | Add +0.7% | 1.76% | +0.39 |
| RVMD Revolution Medicines Inc. | Add +2.1% | 1.11% | +0.35 |
| NUVL Nuvalent Inc. Class A | Add +104.3% | 0.59% | +0.35 |
| CGEM Cullinan Therapeutics Inc. | New | 0.35% | +0.35 |
| MREO Mereo Biopharma Group PL-ADR | Add +14.0% | 1.01% | +0.33 |
| RARE Ultragenyx Pharmaceutical Inc. | Add +8.4% | 2.39% | +0.28 |
| SWTX Springworks Therapeutics Inc. | New | 0.23% | +0.23 |
| BCRX Biocryst Pharmaceuticals Inc. | Add +3.5% | 0.68% | +0.22 |
| NVAX Novavax Inc. | Add +25.6% | 0.26% | +0.19 |
| DYN Dyne Therapeutics Inc. | Add +2.0% | 0.49% | +0.17 |
| APLS Apellis Pharmaceuticals Inc. | New | 0.16% | +0.16 |
| ZLAB Zai Lab Ltd.-ADR | Add +0.1% | 0.68% | +0.15 |
| IRTC Irhythm Holdings Inc. | Add +1.3% | 1.29% | +0.14 |
| XENE Xenon Pharmaceuticals Inc. | Add +1.4% | 1.50% | +0.12 |
| CATX Perspective Therapeutics Inc. | New | 0.12% | +0.12 |
| KRYS Krystal Biotech Inc. | Add +1.5% | 0.59% | +0.12 |
| PHR Phreesia Inc. | Add +2.2% | 1.55% | +0.11 |
| CLDX Celldex Therapeutics Inc. | Add +1.9% | 1.57% | +0.10 |
| WST West Pharmaceutical Services | Add +6.0% | 1.45% | +0.07 |
| AUPH Aurinia Pharmaceuticals Inc. | Add +2.6% | 0.20% | +0.06 |
| BEAM Beam Therapeutics Inc. | Add +69.4% | 0.18% | +0.05 |
| XLO Xilio Therapeutics Inc. | Add +108.5% | 0.09% | +0.05 |
| BMRN Biomarin Pharmaceutical Inc. | Add +1.5% | 0.38% | +0.04 |
| VERA Vera Therapeutics Inc. | Add +11.7% | 0.42% | +0.04 |
| CRL Charles River Laboratories | Add +24.2% | 0.38% | +0.04 |
| AZTA Azenta Inc. | Add +0.2% | 1.11% | +0.04 |
| KRRO Korro Bio Inc. | New | 0.04% | +0.04 |
| ALLK Allakos LLC | New | 0.04% | +0.04 |
| FOLD Amicus Therapeutics Inc. | Add +5.7% | 0.37% | +0.02 |
| CYPH Cypherpunk Technologies Inc. | Add +38.9% | 0.08% | +0.01 |
| IMVT Immunovant Inc. | Add +3.1% | 0.95% | +0.00 |
| NMRA Neumora Therapeutics Inc. | Add +17.6% | 0.23% | −0.00 |
| PHVS Pharvaris NV | Add +0.5% | 0.43% | −0.01 |
| SGMT Sagimet Biosciences Inc. Class A | Add +2.2% | 0.08% | −0.02 |
| LFST Lifestance Health Group Inc. | Add +1.0% | 0.72% | −0.03 |
| LEGN Legend Biotech Corp.-ADR | Add +1.3% | 0.68% | −0.04 |
| APLT Applied Therapeutics Inc. | Add +3.8% | 0.22% | −0.04 |
| NVRO Nevro LLC | Add +29.7% | 0.35% | −0.04 |
| BHVN Biohaven Ltd. | Add +0.5% | 0.13% | −0.04 |
| INZY Inozyme Pharma Inc. | Add +0.5% | 0.50% | −0.22 |
| EXAS Exact Sciences Corp. | Add +2.0% | 1.38% | −0.48 |
| EVH Evolent Health Inc. Class A | Add +2.3% | 2.36% | −0.97 |
Options Activity Q1 2024 → Q2 2024
| BPMC Blueprint Medicines Corp. | call | New | 57,000 | $6.1M |
| ALNY Alnylam Pharmaceuticals Inc. | call | Sold out | 32,500 | $4.9Mbefore exit |
| GPCR Structure Therapeutics Inc. | call | New | 65,600 | $2.6M |
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
| NEUROCRINE BIOSCIENCES (NBIX 2.25 05/15/24) | NOTE 2.250% 5/1 · principal | Sold out | 1,000,000 | $1.8Mbefore exit |
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 | 104 | $2.0B | RVMD, TVTX, LLY, MDGL, MIRM |
| Q1 2026 | 100 | $1.7B | RVMD, LLY, MDGL, MIRM, ARGX |
| Q4 2025 | 96 | $1.9B | LLY, RVMD, ARGX, TVTX, MDGL |
| Q3 2025 | 90 | $1.7B | ARGX, LLY, RYTM, MDGL, RVMD |
| Q2 2025 | 91 | $1.6B | ARGX, LLY, MRUS, RYTM, INSM |
| Q1 2025 | 94 | $1.7B | ARGX, LLY, BPMC, MDGL, UNH |
| Q4 2024 | 104 | $2.6B | ARGX, ISRG, LLY, NBIX, BPMC |
| Q3 2024 | 106 | $3.1B | UNH, ISRG, ARGX, LLY, RARE |
| Q2 2024 | 106 | $3.3B | BPMC, UNH, ISRG, NBIX, LLY |
| Q1 2024 | 108 | $3.9B | BPMC, IMCR, NBIX, EVH, ISRG |