Rock Springs Capital Management LP
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Rock Springs Capital Management LP reported 106 stock positions worth $3.1 billion. Its top holding was Unitedhealth (UNH) at 5.6% of the portfolio, followed by Intuitive Surgical (ISRG, 4.3%) and Argenx SE - ADR (ARGX, 4.1%). Compared with Q2 2024, it opened 6 new positions, sold out of 6, added to 34 and reduced 30. The biggest buy was Unitedhealth (UNH, shares +7%) and the biggest sale Blueprint Medicines (BPMC, shares −69%).
- Most Recent 13F
- Q2 2026
- Location
- Baltimore, MD
- CIK
- 0001595725
- Portfolio Value
- $3.1B (Q3 2024)
- SEC Filing
- 0001172661-24-004721 ↗ filed Nov 14, 2024
Holdings Value
Holdings 106 stocks · $3.1B
| UNH Unitedhealth Group Inc. | 5.61% | 294,250 | $172.0M | Add +7.0% |
| ISRG Intuitive Surgical Inc. | 4.32% | 270,000 | $132.6M | Reduce -9.6% |
| ARGX Argenx SE - ADR | 4.13% | 233,500 | $126.6M | Add +1.9% |
| LLY Eli Lilly & Co. | 4.10% | 142,000 | $125.8M | Add +16.9% |
| RARE Ultragenyx Pharmaceutical Inc. | 3.58% | 1,978,272 | $109.9M | Add +2.8% |
| NBIX Neurocrine Biosciences Inc. | 3.53% | 939,000 | $108.2M | Reduce -0.1% |
| EXAS Exact Sciences Corp. | 2.55% | 1,147,500 | $78.2M | Add +6.1% |
| BPMC Blueprint Medicines Corp. | 2.32% | 768,776 | $71.1M | Reduce -68.8% |
| ALNY Alnylam Pharmaceuticals Inc. | 2.24% | 250,000 | $68.8M | No change |
| TVTX Travere Therapeutics Inc. | 2.14% | 4,684,476 | $65.5M | Add +4.5% |
| RYTM Rhythm Pharmaceuticals Inc. | 2.10% | 1,228,093 | $64.3M | Reduce -4.1% |
| MIRM Mirum Pharmaceuticals Inc. | 2.01% | 1,580,488 | $61.6M | Reduce -10.8% |
| FRPT Freshpet Inc. | 1.99% | 446,500 | $61.1M | Reduce -7.0% |
| EVH Evolent Health Inc. Class A | 1.91% | 2,070,000 | $58.5M | Reduce -49.2% |
| MDGL Madrigal Pharmaceuticals Inc. | 1.82% | 263,062 | $55.8M | Add +7.2% |
| PHR Phreesia Inc. | 1.70% | 2,282,500 | $52.0M | Reduce -5.6% |
| XENE Xenon Pharmaceuticals Inc. | 1.69% | 1,316,477 | $51.8M | Add +3.4% |
| ACHC Acadia Healthcare Co. Inc. | 1.68% | 815,000 | $51.7M | Reduce -30.8% |
| PEN Penumbra Inc. | 1.68% | 265,000 | $51.5M | No change |
| WST West Pharmaceutical Services | 1.64% | 167,750 | $50.4M | Add +15.3% |
| INSM Insmed Inc. | 1.63% | 683,344 | $49.9M | Reduce -15.5% |
| KYMR Kymera Therapeutics Inc. | 1.62% | 1,049,386 | $49.7M | Reduce -9.8% |
| ASND Ascendis Pharma A/S | 1.58% | 325,000 | $48.5M | Add +12.1% |
| HUM Humana Inc. | 1.53% | 148,000 | $46.9M | Add +0.4% |
| GPCR Structure Therapeutics Inc. | 1.52% | 1,063,910 | $46.7M | Add +6.4% |
| RVMD Revolution Medicines Inc. | 1.49% | 1,009,945 | $45.8M | Add +7.1% |
| MRUS Merus NV | 1.45% | 892,549 | $44.6M | Reduce -10.8% |
| NUVL Nuvalent Inc. Class A | 1.43% | 429,994 | $44.0M | Add +68.0% |
| MREO Mereo Biopharma Group PL-ADR | 1.28% | 9,534,170 | $39.2M | Add +2.7% |
| BSX Boston Scientific Corp. | 1.26% | 460,000 | $38.5M | Reduce -43.7% |
| SRPT Sarepta Therapeutics Inc. | 1.25% | 307,500 | $38.4M | Add +8.3% |
| EW Edwards Lifesciences Corp. | 1.24% | 576,900 | $38.1M | Add +4.9% |
| CLDX Celldex Therapeutics Inc. | 1.22% | 1,103,778 | $37.5M | Reduce -21.1% |
| AGL Agilon Health Inc. | 1.17% | 9,096,800 | $35.8M | Add +2.2% |
| DXCM Dexcom Inc. | 1.14% | 524,000 | $35.1M | Add +4.8% |
| IMVT Immunovant Inc. | 1.13% | 1,221,309 | $34.8M | Add +3.0% |
| ZLAB Zai Lab Ltd.-ADR | 1.04% | 1,315,673 | $31.8M | Add +1.4% |
| PODD Insulet Corp. | 1.02% | 134,000 | $31.2M | Reduce -31.3% |
| AGIO Agios Pharmaceuticals Inc. | 1.01% | 699,389 | $31.1M | Reduce -33.0% |
| IRTC Irhythm Holdings Inc. | 0.96% | 397,500 | $29.5M | No change |
| ALGN Align Technology Inc. | 0.95% | 114,500 | $29.1M | Reduce -10.2% |
| BCRX Biocryst Pharmaceuticals Inc. | 0.90% | 3,622,358 | $27.5M | Add +0.1% |
| INSP Inspire Medical Systems Inc. | 0.89% | 130,000 | $27.4M | No change |
| AKRO Akero Therapeutics Inc. | 0.87% | 933,399 | $26.8M | Reduce -13.1% |
| AZTA Azenta Inc. | 0.84% | 532,500 | $25.8M | Reduce -23.5% |
| LEGN Legend Biotech Corp.-ADR | 0.81% | 508,932 | $24.8M | Add +0.6% |
| WRBY Warby Parker Inc. Class A | 0.77% | 1,439,050 | $23.5M | Reduce -30.8% |
| SMMT Summit Therapeutics Inc. | 0.74% | 1,040,000 | $22.8M | New |
| LFST Lifestance Health Group Inc. | 0.71% | 3,101,000 | $21.7M | Reduce -35.8% |
| OSCR Oscar Health Inc. Class A | 0.70% | 1,011,400 | $21.5M | Reduce -19.2% |
| INZY Inozyme Pharma Inc. | 0.65% | 3,802,883 | $19.9M | Add +2.8% |
| VERA Vera Therapeutics Inc. | 0.55% | 383,492 | $17.0M | Add +0.6% |
| DYN Dyne Therapeutics Inc. | 0.54% | 461,028 | $16.6M | No change |
| NVO Novo-Nordisk A/S-Spons ADR | 0.51% | 132,000 | $15.7M | Reduce -10.5% |
| ZBIO Zenas Biopharma Inc. | 0.48% | 878,667 | $14.9M | New |
| APLT Applied Therapeutics Inc. | 0.48% | 1,746,449 | $14.8M | Add +12.3% |
| CRNX Crinetics Pharmaceuticals Inc. | 0.48% | 289,400 | $14.8M | No change |
| PHVS Pharvaris NV | 0.46% | 756,931 | $14.0M | No change |
| FOLD Amicus Therapeutics Inc. | 0.44% | 1,250,280 | $13.4M | Add +2.6% |
| JNJ Johnson & Johnson | 0.42% | 80,000 | $13.0M | Reduce -52.9% |
| CGEM Cullinan Therapeutics Inc. | 0.40% | 736,914 | $12.3M | Add +11.9% |
| BCAX Bicara Therapeutics Inc. | 0.37% | 445,975 | $11.4M | New |
| ELVN Enliven Therapeutics Inc. | 0.36% | 428,571 | $10.9M | No change |
| NMRA Neumora Therapeutics Inc. | 0.36% | 828,101 | $10.9M | Add +9.0% |
| CYTK Cytokinetics Inc. | 0.35% | 206,108 | $10.9M | New |
| BMRN Biomarin Pharmaceutical Inc. | 0.35% | 151,000 | $10.6M | No change |
| PRTA Prothena Corp. PLC | 0.34% | 625,048 | $10.5M | No change |
| CMPX Compass Therapeutics Inc. | 0.34% | 5,629,239 | $10.4M | Add +2.1% |
| KRYS Krystal Biotech Inc. | 0.33% | 55,861 | $10.2M | Reduce -47.1% |
| AUPH Aurinia Pharmaceuticals Inc. | 0.28% | 1,179,740 | $8.6M | No change |
| JSPR Jasper Therapeutics Inc. | 0.28% | 459,088 | $8.6M | Add +13.5% |
| NVAX Novavax Inc. | 0.27% | 650,000 | $8.2M | Reduce -3.7% |
| XNCR Xencor Inc. | 0.26% | 401,013 | $8.1M | New |
| NVRO Nevro LLC filed as NEVRO CORP | 0.25% | 1,381,500 | $7.7M | No change |
| DVAX Dynavax Technologies Corp. | 0.22% | 605,013 | $6.7M | Reduce -53.2% |
| SWTX Springworks Therapeutics Inc. | 0.21% | 199,855 | $6.4M | No change |
| BHVN Biohaven Ltd. | 0.21% | 127,558 | $6.4M | No change |
| BEAM Beam Therapeutics Inc. | 0.20% | 249,923 | $6.1M | No change |
| PCRX Pacira Biosciences Inc. | 0.20% | 400,000 | $6.0M | Reduce -49.0% |
| NAMS Newamsterdam Pharma Co. NV | 0.19% | 353,319 | $5.9M | New |
| MERSANA THERAPEUTICS INC | 0.19% | 3,046,782 | $5.8M | No change |
| LUNG Pulmonx Corp. | 0.19% | 691,300 | $5.7M | Add +6.0% |
| ABOS Acumen Pharmaceuticals Inc. | 0.19% | 2,300,059 | $5.7M | No change |
| CATX Perspective Therapeutics Inc. | 0.18% | 414,396 | $5.5M | Add +3.3% |
| PLRX Pliant Therapeutics Inc. | 0.14% | 384,996 | $4.3M | No change |
| EPIX Essa Pharma Inc. | 0.13% | 677,005 | $4.1M | No change |
| FOCL Edap TMS SA -ADR | 0.13% | 1,568,000 | $4.0M | Add +6.3% |
| AUTL Autolus Therapeutics PLC | 0.12% | 1,032,988 | $3.7M | No change |
| MGNX Macrogenics Inc. | 0.11% | 1,053,647 | $3.5M | No change |
| CYPH Cypherpunk Technologies Inc. filed as LEAP THERAPEUTICS INC | 0.11% | 1,266,546 | $3.3M | No change |
| GOSS Gossamer Bio Inc. | 0.10% | 3,266,960 | $3.2M | No change |
| ACRS Aclaris Therapeutics Inc. | 0.10% | 2,753,495 | $3.2M | No change |
| XLO Xilio Therapeutics Inc. | 0.08% | 3,003,259 | $2.4M | No change |
| APLS Apellis Pharmaceuticals Inc. | 0.08% | 80,000 | $2.3M | Reduce -43.1% |
| ADAPY Adaptimmune Therapeutics-ADR | 0.08% | 2,425,468 | $2.3M | No change |
| SGMT Sagimet Biosciences Inc. Class A | 0.07% | 787,808 | $2.2M | No change |
| BMEA Biomea Fusion Inc. | 0.06% | 181,147 | $1.8M | No change |
| CGEN Compugen Ltd. | 0.06% | 989,990 | $1.8M | No change |
| VIGL Vigil Neuroscience Inc. | 0.05% | 471,958 | $1.6M | No change |
| SPRB Spruce Biosciences Inc. | 0.04% | 2,609,125 | $1.2M | No change |
Other holdings (3): bonds, preferreds, convertibles and warrants · $5.5M (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 | $5.0M | No change |
| NEVRO CORP (NVRO 2.75 04/01/25) | NOTE 2.750% 4/0 · principal | 500,000 | $484K | No change |
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | 134,028 | $13K | No change |
Total filed on the 13F, all lines: $3.1B.
Portfolio Sells Q2 2024 → Q3 2024
| BPMC Blueprint Medicines Corp. | Reduce -68.8% | 2.32% | −5.70 |
| IDXX Idexx Laboratories Inc. | Sold out | 0.00% | −1.76 |
| ACHC Acadia Healthcare Co. Inc. | Reduce -30.8% | 1.68% | −0.72 |
| BSX Boston Scientific Corp. | Reduce -43.7% | 1.26% | −0.65 |
| PCRX Pacira Biosciences Inc. | Reduce -49.0% | 0.20% | −0.48 |
| EVH Evolent Health Inc. Class A | Reduce -49.2% | 1.91% | −0.45 |
| IMCR Immunocore Holdings PLC-ADR | Sold out | 0.00% | −0.43 |
| NBIX Neurocrine Biosciences Inc. | Reduce -0.1% | 3.53% | −0.39 |
| OLK Olink Holding AB - ADR | Sold out | 0.00% | −0.39 |
| CRL Charles River Laboratories | Sold out | 0.00% | −0.38 |
| AGIO Agios Pharmaceuticals Inc. | Reduce -33.0% | 1.01% | −0.35 |
| CLDX Celldex Therapeutics Inc. | Reduce -21.1% | 1.22% | −0.34 |
| MRUS Merus NV | Reduce -10.8% | 1.45% | −0.34 |
| JNJ Johnson & Johnson | Reduce -52.9% | 0.42% | −0.33 |
| AZTA Azenta Inc. | Reduce -23.5% | 0.84% | −0.27 |
| KRYS Krystal Biotech Inc. | Reduce -47.1% | 0.33% | −0.26 |
| WRBY Warby Parker Inc. Class A | Reduce -30.8% | 0.77% | −0.24 |
| ACCD Accolade Inc. | Reduce -93.0% | 0.02% | −0.23 |
| DVAX Dynavax Technologies Corp. | Reduce -53.2% | 0.22% | −0.22 |
| PODD Insulet Corp. | Reduce -31.3% | 1.02% | −0.17 |
| FULC Fulcrum Therapeutics Inc. | Sold out | 0.00% | −0.14 |
| MLYS Mineralys Therapeutics Inc. | Sold out | 0.00% | −0.13 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -10.5% | 0.51% | −0.12 |
| APLS Apellis Pharmaceuticals Inc. | Reduce -43.1% | 0.08% | −0.09 |
| INSM Insmed Inc. | Reduce -15.5% | 1.63% | −0.01 |
| LFST Lifestance Health Group Inc. | Reduce -35.8% | 0.71% | −0.01 |
| NVAX Novavax Inc. | Reduce -3.7% | 0.27% | +0.01 |
| ALGN Align Technology Inc. | Reduce -10.2% | 0.95% | +0.02 |
| OSCR Oscar Health Inc. Class A | Reduce -19.2% | 0.70% | +0.10 |
| AKRO Akero Therapeutics Inc. | Reduce -13.1% | 0.87% | +0.11 |
| FRPT Freshpet Inc. | Reduce -7.0% | 1.99% | +0.11 |
| PHR Phreesia Inc. | Reduce -5.6% | 1.70% | +0.14 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -10.8% | 2.01% | +0.18 |
| ISRG Intuitive Surgical Inc. | Reduce -9.6% | 4.32% | +0.31 |
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -4.1% | 2.10% | +0.51 |
| KYMR Kymera Therapeutics Inc. | Reduce -9.8% | 1.62% | +0.57 |
Portfolio Buys Q2 2024 → Q3 2024
| UNH Unitedhealth Group Inc. | Add +7.0% | 5.61% | +1.37 |
| RARE Ultragenyx Pharmaceutical Inc. | Add +2.8% | 3.58% | +1.19 |
| EXAS Exact Sciences Corp. | Add +6.1% | 2.55% | +1.17 |
| ARGX Argenx SE - ADR | Add +1.9% | 4.13% | +1.14 |
| TVTX Travere Therapeutics Inc. | Add +4.5% | 2.14% | +1.02 |
| NUVL Nuvalent Inc. Class A | Add +68.0% | 1.43% | +0.85 |
| LLY Eli Lilly & Co. | Add +16.9% | 4.10% | +0.77 |
| SMMT Summit Therapeutics Inc. | New | 0.74% | +0.74 |
| ZBIO Zenas Biopharma Inc. | New | 0.48% | +0.48 |
| RVMD Revolution Medicines Inc. | Add +7.1% | 1.49% | +0.39 |
| ASND Ascendis Pharma A/S | Add +12.1% | 1.58% | +0.39 |
| BCAX Bicara Therapeutics Inc. | New | 0.37% | +0.37 |
| CYTK Cytokinetics Inc. | New | 0.35% | +0.35 |
| ZLAB Zai Lab Ltd.-ADR | Add +1.4% | 1.04% | +0.35 |
| GPCR Structure Therapeutics Inc. | Add +6.4% | 1.52% | +0.33 |
| MREO Mereo Biopharma Group PL-ADR | Add +2.7% | 1.28% | +0.27 |
| APLT Applied Therapeutics Inc. | Add +12.3% | 0.48% | +0.26 |
| XNCR Xencor Inc. | New | 0.26% | +0.26 |
| BCRX Biocryst Pharmaceuticals Inc. | Add +0.1% | 0.90% | +0.22 |
| WST West Pharmaceutical Services | Add +15.3% | 1.64% | +0.19 |
| NAMS Newamsterdam Pharma Co. NV | New | 0.19% | +0.19 |
| IMVT Immunovant Inc. | Add +3.0% | 1.13% | +0.19 |
| XENE Xenon Pharmaceuticals Inc. | Add +3.4% | 1.69% | +0.19 |
| CMPX Compass Therapeutics Inc. | Add +2.1% | 0.34% | +0.17 |
| INZY Inozyme Pharma Inc. | Add +2.8% | 0.65% | +0.15 |
| VERA Vera Therapeutics Inc. | Add +0.6% | 0.55% | +0.14 |
| LEGN Legend Biotech Corp.-ADR | Add +0.6% | 0.81% | +0.13 |
| NMRA Neumora Therapeutics Inc. | Add +9.0% | 0.36% | +0.13 |
| FOLD Amicus Therapeutics Inc. | Add +2.6% | 0.44% | +0.07 |
| LUNG Pulmonx Corp. | Add +6.0% | 0.19% | +0.06 |
| CATX Perspective Therapeutics Inc. | Add +3.3% | 0.18% | +0.06 |
| CGEM Cullinan Therapeutics Inc. | Add +11.9% | 0.40% | +0.05 |
| JSPR Jasper Therapeutics Inc. | Add +13.5% | 0.28% | +0.00 |
| SRPT Sarepta Therapeutics Inc. | Add +8.3% | 1.25% | −0.11 |
| FOCL Edap TMS SA -ADR | Add +6.3% | 0.13% | −0.11 |
| HUM Humana Inc. | Add +0.4% | 1.53% | −0.14 |
| MDGL Madrigal Pharmaceuticals Inc. | Add +7.2% | 1.82% | −0.26 |
| EW Edwards Lifesciences Corp. | Add +4.9% | 1.24% | −0.30 |
| DXCM Dexcom Inc. | Add +4.8% | 1.14% | −0.57 |
| AGL Agilon Health Inc. | Add +2.2% | 1.17% | −0.60 |
Options Activity Q2 2024 → Q3 2024
| BPMC Blueprint Medicines Corp. | call | Sold out | 57,000 | $6.1Mbefore exit |
| GPCR Structure Therapeutics Inc. | call | Sold out | 65,600 | $2.6Mbefore 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
| TRAVERE THERAPEUTICS INC (TVTX 2.5 09/15/25) | NOTE 2.500% 9/1 · principal | Sold out | 3,250,000 | $2.9Mbefore 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 |