Sio Capital Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Sio Capital Management, LLC reported 51 stock positions worth $330.2 million. Its top holding was Icon (ICLR) at 10.8% of the portfolio, followed by Maximus (MMS, 9.7%) and Merck (MRK, 7.4%). Compared with Q4 2024, it opened 13 new positions, sold out of 11, added to 15 and reduced 7. The biggest buy was a new position in Merck (MRK) and the biggest sale an exit from Cigna (CI).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001482416
- Portfolio Value
- $330.2M (Q1 2025)
- SEC Filing
- 0001214659-25-007756 ↗ filed May 15, 2025
Holdings Value
Holdings 51 stocks · $330.2M
| ICLR Icon PLC | 10.78% | 203,311 | $35.6M | Add +4.0% |
| MMS Maximus Inc. | 9.67% | 468,352 | $31.9M | Add +22.8% |
| MRK Merck & Co. Inc. | 7.36% | 270,596 | $24.3M | New |
| ZBH Zimmer Biomet Holdings Inc. | 6.43% | 187,685 | $21.2M | Add +7.4% |
| NBIX Neurocrine Biosciences Inc. | 6.28% | 187,573 | $20.7M | New |
| LH Labcorp Holdings Inc. | 5.91% | 83,873 | $19.5M | Reduce -26.0% |
| DRUG Bright Minds Biosciences Inc. | 5.54% | 507,562 | $18.3M | Add +12.3% |
| GMED Globus Medical Inc. Class A | 4.59% | 207,000 | $15.2M | New |
| TFX Teleflex Inc. | 4.51% | 107,780 | $14.9M | Add +61.4% |
| EMBC Embecta Corp. | 4.28% | 1,107,613 | $14.1M | Add +160.3% |
| BMRN Biomarin Pharmaceutical Inc. | 3.02% | 141,134 | $10.0M | New |
| AVR Anteris Technologies Global | 2.61% | 2,369,960 | $8.6M | Reduce 0.0% |
| HAE Haemonetics Corp. | 2.58% | 133,966 | $8.5M | New |
| ANNX Annexon Inc. | 1.99% | 3,397,786 | $6.6M | Add +43.5% |
| TARA Protara Therapeutic Inc. | 1.95% | 1,514,300 | $6.5M | Add +5.3% |
| ANIP Ani Pharmaceuticals Inc. | 1.77% | 87,298 | $5.8M | Reduce -45.5% |
| SEPN Septerna Inc. | 1.38% | 788,670 | $4.6M | Add +190.3% |
| PRAX Praxis Precision Medicines I | 1.29% | 112,500 | $4.3M | New |
| AVNS Avanos Medical Inc. | 1.24% | 285,989 | $4.1M | New |
| PMVP PMV Pharmaceuticals Inc. | 1.23% | 3,735,396 | $4.1M | Add +4.6% |
| TYRA Tyra Biosciences Inc. | 1.17% | 416,617 | $3.9M | Add +73.0% |
| IRON Disc Medicine Inc. | 1.11% | 73,511 | $3.6M | No change |
| ETNB 89BIO Inc. | 1.10% | 500,000 | $3.6M | New |
| AKRO Akero Therapeutics Inc. | 1.04% | 85,000 | $3.4M | New |
| VIR Vir Biotechnology Inc. | 0.93% | 473,607 | $3.1M | Reduce -55.1% |
| AORT Artivion Inc. | 0.90% | 121,178 | $3.0M | No change |
| VTYX Ventyx Biosciences Inc. | 0.90% | 2,582,655 | $3.0M | Reduce -36.2% |
| PRQR Proqr Therapeutics NV | 0.83% | 2,054,593 | $2.7M | No change |
| VXRT Vaxart Inc. | 0.69% | 5,583,448 | $2.3M | Reduce -51.5% |
| TVTX Travere Therapeutics Inc. | 0.66% | 121,000 | $2.2M | New |
| DNTH Dianthus Therapeutics Inc. | 0.64% | 116,997 | $2.1M | New |
| IDYA Ideaya Biosciences Inc. | 0.61% | 123,000 | $2.0M | No change |
| SVRA Savara Inc. | 0.60% | 719,654 | $2.0M | Add +19106.1% |
| ERAS Erasca Inc. | 0.56% | 1,356,186 | $1.9M | No change |
| ATXS Astria Therapeutics Inc. | 0.51% | 315,105 | $1.7M | Reduce -37.6% |
| IRWD Ironwood Pharmaceuticals Inc. | 0.45% | 1,017,616 | $1.5M | Add +12.1% |
| ALGS Aligos Therapeutics Inc. | 0.45% | 180,720 | $1.5M | New |
| AQST Aquestive Therapeutics Inc. | 0.34% | 391,629 | $1.1M | New |
| ALEC Alector Inc. | 0.31% | 837,159 | $1.0M | Add +36.0% |
| ENTA Enanta Pharmaceuticals Inc. | 0.30% | 177,004 | $977K | No change |
| CNTX Context Therapeutics Inc. | 0.25% | 1,328,352 | $813K | No change |
| TELA Tela Bio Inc. | 0.23% | 630,000 | $769K | No change |
| OVID Ovid Therapeutics Inc. | 0.21% | 2,232,000 | $696K | Add +123.2% |
| AVTX Avalo Therapeutics Inc. | 0.17% | 71,458 | $572K | No change |
| APRE Aprea Therapeutics Inc. | 0.17% | 276,603 | $564K | No change |
| FHTX Foghorn Therapeutics Inc. | 0.13% | 121,672 | $444K | No change |
| NYXH Nyxoah SA | 0.11% | 50,839 | $355K | No change |
| MODULAR MED INC | 0.08% | 251,990 | $275K | No change |
| BOLD Boundless Bio Inc. | 0.07% | 162,058 | $245K | No change |
| NXTC Nextcure Inc. | 0.02% | 130,000 | $62K | No change |
| TERN Terns Pharmaceuticals Inc. | 0.01% | 10,000 | $28K | No change |
Options reported separately and not counted above: SLNO puts ($5.6M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $35K (not counted above)
Total filed on the 13F, all lines: $330.2M.
Portfolio Sells Q4 2024 → Q1 2025
| CI The Cigna Group | Sold out | 0.00% | −7.62 |
| SNY Sanofi-ADR | Sold out | 0.00% | −5.25 |
| VTRS Viatris Inc. | Sold out | 0.00% | −2.56 |
| OGN Organon & Co. | Sold out | 0.00% | −2.55 |
| CRGX Cargo Therapeutics Inc. | Sold out | 0.00% | −1.92 |
| NMRA Neumora Therapeutics Inc. | Sold out | 0.00% | −1.90 |
| VTYX Ventyx Biosciences Inc. | Reduce -36.2% | 0.90% | −1.59 |
| VXRT Vaxart Inc. | Reduce -51.5% | 0.69% | −1.46 |
| LH Labcorp Holdings Inc. | Reduce -26.0% | 5.91% | −1.40 |
| VIR Vir Biotechnology Inc. | Reduce -55.1% | 0.93% | −1.25 |
| AVR Anteris Technologies Global | Reduce 0.0% | 2.61% | −1.11 |
| ATXS Astria Therapeutics Inc. | Reduce -37.6% | 0.51% | −0.76 |
| ACOG Alpha Cognition Inc. | Sold out | 0.00% | −0.72 |
| ANIP Ani Pharmaceuticals Inc. | Reduce -45.5% | 1.77% | −0.72 |
| QTTB Q32 Bio Inc. | Sold out | 0.00% | −0.68 |
| NUVB Nuvation Bio Inc. | Sold out | 0.00% | −0.50 |
| CCCC C4 Therapeutics Inc. | Sold out | 0.00% | −0.16 |
| MESO Mesoblast Ltd.- Spon ADR | Sold out | 0.00% | −0.06 |
Portfolio Buys Q4 2024 → Q1 2025
| MRK Merck & Co. Inc. | New | 7.36% | +7.36 |
| NBIX Neurocrine Biosciences Inc. | New | 6.28% | +6.28 |
| GMED Globus Medical Inc. Class A | New | 4.59% | +4.59 |
| BMRN Biomarin Pharmaceutical Inc. | New | 3.02% | +3.02 |
| HAE Haemonetics Corp. | New | 2.58% | +2.58 |
| EMBC Embecta Corp. | Add +160.3% | 4.28% | +1.80 |
| MMS Maximus Inc. | Add +22.8% | 9.67% | +1.66 |
| PRAX Praxis Precision Medicines I | New | 1.29% | +1.29 |
| AVNS Avanos Medical Inc. | New | 1.24% | +1.24 |
| ZBH Zimmer Biomet Holdings Inc. | Add +7.4% | 6.43% | +1.24 |
| TFX Teleflex Inc. | Add +61.4% | 4.51% | +1.17 |
| ETNB 89BIO Inc. | New | 1.10% | +1.10 |
| AKRO Akero Therapeutics Inc. | New | 1.04% | +1.04 |
| DRUG Bright Minds Biosciences Inc. | Add +12.3% | 5.54% | +0.96 |
| TVTX Travere Therapeutics Inc. | New | 0.66% | +0.66 |
| DNTH Dianthus Therapeutics Inc. | New | 0.64% | +0.64 |
| SVRA Savara Inc. | Add +19106.1% | 0.60% | +0.60 |
| ALGS Aligos Therapeutics Inc. | New | 0.45% | +0.45 |
| AQST Aquestive Therapeutics Inc. | New | 0.34% | +0.34 |
| TYRA Tyra Biosciences Inc. | Add +73.0% | 1.17% | +0.23 |
| ALEC Alector Inc. | Add +36.0% | 0.31% | −0.02 |
| OVID Ovid Therapeutics Inc. | Add +123.2% | 0.21% | −0.05 |
| TARA Protara Therapeutic Inc. | Add +5.3% | 1.95% | −0.18 |
| PMVP PMV Pharmaceuticals Inc. | Add +4.6% | 1.23% | −0.28 |
| SEPN Septerna Inc. | Add +190.3% | 1.38% | −0.37 |
| IRWD Ironwood Pharmaceuticals Inc. | Add +12.1% | 0.45% | −0.68 |
| ICLR Icon PLC | Add +4.0% | 10.78% | −0.76 |
| ANNX Annexon Inc. | Add +43.5% | 1.99% | −1.43 |
Options Activity Q4 2024 → Q1 2025
| SLNO Soleno Therapeutics Inc. | put | New | 78,300 | $5.6M |
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 | 55 | $583.5M | AVR, COR, MMS, ALLO, GMED |
| Q1 2026 | 71 | $693.9M | MMS, WAY, ICLR, COR, DNTH |
| Q4 2025 | 63 | $603.1M | CELC, CI, SNY, MMS, ZBH |
| Q3 2025 | 49 | $395.1M | MMS, CELC, SNY, DNTH, ALKS |
| Q2 2025 | 47 | $249.1M | MMS, IRON, GMED, CNC, MRK |
| Q1 2025 | 51 | $330.2M | ICLR, MMS, MRK, ZBH, NBIX |
| Q4 2024 | 49 | $355.3M | ICLR, MMS, CI, LH, SNY |
| Q3 2024 | 35 | $223.1M | LH, TEVA, MMS, ZBH, VXRT |
| Q2 2024 | 43 | $265.1M | LH, TFX, ZBH, SNN, OGN |
| Q1 2024 | 45 | $287.0M | LH, CI, GMED, MDGL, GSK |