Sio Capital Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Sio Capital Management, LLC reported 63 stock positions worth $603.1 million. Its top holding was Celcuity (CELC) at 7.9% of the portfolio, followed by Cigna (CI, 7.9%) and Sanofi-ADR (SNY, 7.8%). Compared with Q3 2025, it opened 23 new positions, sold out of 9, added to 8 and reduced 16. The biggest buy was a new position in Cigna (CI) and the biggest sale Maximus (MMS, shares −10%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001482416
- Portfolio Value
- $603.1M (Q4 2025)
- SEC Filing
- 0001214659-26-001854 ↗ filed Feb 17, 2026
Holdings Value
Holdings 63 stocks · $603.1M
| CELC Celcuity Inc. | 7.89% | 477,067 | $47.6M | Reduce -39.4% |
| CI The Cigna Group | 7.86% | 172,203 | $47.4M | New |
| SNY Sanofi-ADR | 7.81% | 971,686 | $47.1M | Add +72.7% |
| MMS Maximus Inc. | 7.16% | 500,304 | $43.2M | Reduce -10.3% |
| ZBH Zimmer Biomet Holdings Inc. | 5.75% | 385,642 | $34.7M | New |
| KVUE Kenvue Inc. | 4.19% | 1,465,442 | $25.3M | Add +73.6% |
| OGN Organon & Co. | 4.07% | 3,421,765 | $24.5M | New |
| ICLR Icon PLC | 3.84% | 127,202 | $23.2M | New |
| WAY Waystar Holding Corp. | 3.33% | 613,725 | $20.1M | New |
| LIVN Livanova PLC | 3.29% | 322,382 | $19.8M | New |
| DNTH Dianthus Therapeutics Inc. | 3.24% | 474,503 | $19.6M | Reduce -17.9% |
| BHVN Biohaven Ltd. | 2.33% | 1,244,764 | $14.1M | New |
| GPCR Structure Therapeutics Inc. | 2.32% | 201,500 | $14.0M | New |
| BMRN Biomarin Pharmaceutical Inc. | 2.29% | 232,688 | $13.8M | Add +3.4% |
| TYRA Tyra Biosciences Inc. | 2.29% | 526,002 | $13.8M | Add +2.1% |
| BTSG Brightspring Health Services | 1.91% | 308,010 | $11.5M | New |
| CNC Centene Corp. | 1.87% | 274,350 | $11.3M | Reduce -29.2% |
| CRL Charles River Laboratories | 1.82% | 54,985 | $11.0M | New |
| TFX Teleflex Inc. | 1.76% | 86,876 | $10.6M | Add +116.9% |
| AVR Anteris Technologies Global | 1.55% | 1,874,641 | $9.4M | Add +5.8% |
| TARA Protara Therapeutic Inc. | 1.52% | 1,715,394 | $9.1M | New |
| CCRN Cross Country Healthcare Inc. | 1.44% | 1,068,821 | $8.7M | New |
| HAE Haemonetics Corp. | 1.23% | 92,631 | $7.4M | Reduce -53.2% |
| ANIP Ani Pharmaceuticals Inc. | 1.14% | 87,272 | $6.9M | Add +56.6% |
| AQST Aquestive Therapeutics Inc. | 1.06% | 993,095 | $6.4M | Reduce -33.7% |
| DRUG Bright Minds Biosciences Inc. | 1.06% | 81,883 | $6.4M | Reduce -57.1% |
| EWTX Edgewise Therapeutics Inc. | 0.98% | 237,481 | $5.9M | Reduce -22.7% |
| ABVX Abivax SA-ADR | 0.96% | 43,124 | $5.8M | New |
| CRNX Crinetics Pharmaceuticals Inc. | 0.96% | 124,841 | $5.8M | Reduce -28.6% |
| RAPP Rapport Therapeutics Inc. | 0.93% | 185,265 | $5.6M | No change |
| COR Cencora Inc. | 0.89% | 15,900 | $5.4M | New |
| MCK McKesson Corp. | 0.87% | 6,400 | $5.2M | New |
| IRON Disc Medicine Inc. | 0.76% | 57,586 | $4.6M | Reduce -79.8% |
| PRQR Proqr Therapeutics NV | 0.72% | 2,164,181 | $4.4M | Add +4.3% |
| FULC Fulcrum Therapeutics Inc. | 0.72% | 382,000 | $4.3M | New |
| SVRA Savara Inc. | 0.61% | 613,888 | $3.7M | Reduce -15.5% |
| ORKA Oruka Therapeutics Inc. | 0.59% | 118,126 | $3.6M | New |
| VTYX Ventyx Biosciences Inc. | 0.58% | 387,751 | $3.5M | Reduce -53.2% |
| PMVP PMV Pharmaceuticals Inc. | 0.55% | 2,636,548 | $3.3M | No change |
| SI Shoulder Innovations Inc. | 0.54% | 227,971 | $3.3M | Reduce -34.9% |
| ALGS Aligos Therapeutics Inc. | 0.52% | 335,937 | $3.1M | No change |
| VIR Vir Biotechnology Inc. | 0.48% | 478,343 | $2.9M | No change |
| ALKS Alkermes PLC | 0.44% | 95,353 | $2.7M | Reduce -85.9% |
| IDYA Ideaya Biosciences Inc. | 0.43% | 75,730 | $2.6M | Reduce -39.0% |
| KYMR Kymera Therapeutics Inc. | 0.42% | 32,235 | $2.5M | New |
| OVID Ovid Therapeutics Inc. | 0.39% | 1,427,495 | $2.3M | No change |
| CNTX Context Therapeutics Inc. | 0.33% | 1,341,636 | $2.0M | No change |
| HYPR Hyperfine Inc. | 0.32% | 2,000,000 | $2.0M | New |
| BBOT Bridgebio Oncology Therapeut | 0.27% | 130,628 | $1.6M | No change |
| IBIO Ibio Inc. | 0.24% | 740,000 | $1.4M | New |
| XLO Xilio Therapeutics Inc. | 0.23% | 2,134,537 | $1.4M | New |
| ADGM Adagio Medical Holdings Inc. | 0.22% | 1,288,461 | $1.3M | New |
| AVTX Avalo Therapeutics Inc. | 0.22% | 72,173 | $1.3M | No change |
| NEUROONE MED TECHNOLOGIES CO | 0.14% | 1,140,040 | $864K | Reduce -51.7% |
| TELA Tela Bio Inc. | 0.12% | 636,300 | $751K | No change |
| FHTX Foghorn Therapeutics Inc. | 0.11% | 122,889 | $664K | No change |
| SENS Senseonics Holdings Inc. | 0.11% | 115,784 | $639K | No change |
| ENTA Enanta Pharmaceuticals Inc. | 0.10% | 40,000 | $631K | New |
| TERN Terns Pharmaceuticals Inc. | 0.07% | 10,100 | $408K | No change |
| MODULAR MED INC | 0.05% | 785,824 | $286K | No change |
| NYXH Nyxoah SA | 0.04% | 50,839 | $234K | No change |
| BOLD Boundless Bio Inc. | 0.03% | 163,679 | $196K | No change |
| NXTC Nextcure Inc. | 0.03% | 10,940 | $155K | No change |
Options reported separately and not counted above: RYTM puts ($28.4M), ELTX puts ($2.4M), OTLK puts ($1.8M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $12K (not counted above)
Total filed on the 13F, all lines: $603.2M.
Portfolio Sells Q3 2025 → Q4 2025
| MMS Maximus Inc. | Reduce -10.3% | 7.16% | −5.73 |
| ALKS Alkermes PLC | Reduce -85.9% | 0.44% | −4.68 |
| IRON Disc Medicine Inc. | Reduce -79.8% | 0.76% | −4.00 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −3.77 |
| HSIC Henry Schein Inc. | Sold out | 0.00% | −3.68 |
| GSK GSK PLC-Spon ADR | Sold out | 0.00% | −2.94 |
| DNTH Dianthus Therapeutics Inc. | Reduce -17.9% | 3.24% | −2.51 |
| KALV Kalvista Pharmaceuticals Inc. | Sold out | 0.00% | −2.11 |
| CELC Celcuity Inc. | Reduce -39.4% | 7.89% | −1.94 |
| DRUG Bright Minds Biosciences Inc. | Reduce -57.1% | 1.06% | −1.87 |
| CNC Centene Corp. | Reduce -29.2% | 1.87% | −1.63 |
| NVCR Novocure Ltd. | Sold out | 0.00% | −1.35 |
| SLP Simulations Plus Inc. | Sold out | 0.00% | −1.22 |
| HAE Haemonetics Corp. | Reduce -53.2% | 1.23% | −1.21 |
| AQST Aquestive Therapeutics Inc. | Reduce -33.7% | 1.06% | −1.06 |
| SEPN Septerna Inc. | Sold out | 0.00% | −0.90 |
| CRNX Crinetics Pharmaceuticals Inc. | Reduce -28.6% | 0.96% | −0.88 |
| ERAS Erasca Inc. | Sold out | 0.00% | −0.76 |
| SI Shoulder Innovations Inc. | Reduce -34.9% | 0.54% | −0.57 |
| IDYA Ideaya Biosciences Inc. | Reduce -39.0% | 0.43% | −0.42 |
| NEUROONE MED TECHNOLOGIES CO | Reduce -51.7% | 0.14% | −0.39 |
| EWTX Edgewise Therapeutics Inc. | Reduce -22.7% | 0.98% | −0.28 |
| VTYX Ventyx Biosciences Inc. | Reduce -53.2% | 0.58% | −0.07 |
| SVRA Savara Inc. | Reduce -15.5% | 0.61% | −0.04 |
| APRE Aprea Therapeutics Inc. | Sold out | 0.00% | −0.04 |
Portfolio Buys Q3 2025 → Q4 2025
| CI The Cigna Group | New | 7.86% | +7.86 |
| ZBH Zimmer Biomet Holdings Inc. | New | 5.75% | +5.75 |
| OGN Organon & Co. | New | 4.07% | +4.07 |
| ICLR Icon PLC | New | 3.84% | +3.84 |
| WAY Waystar Holding Corp. | New | 3.33% | +3.33 |
| LIVN Livanova PLC | New | 3.29% | +3.29 |
| BHVN Biohaven Ltd. | New | 2.33% | +2.33 |
| GPCR Structure Therapeutics Inc. | New | 2.32% | +2.32 |
| BTSG Brightspring Health Services | New | 1.91% | +1.91 |
| CRL Charles River Laboratories | New | 1.82% | +1.82 |
| TARA Protara Therapeutic Inc. | New | 1.52% | +1.52 |
| CCRN Cross Country Healthcare Inc. | New | 1.44% | +1.44 |
| SNY Sanofi-ADR | Add +72.7% | 7.81% | +1.09 |
| ABVX Abivax SA-ADR | New | 0.96% | +0.96 |
| COR Cencora Inc. | New | 0.89% | +0.89 |
| MCK McKesson Corp. | New | 0.87% | +0.87 |
| KVUE Kenvue Inc. | Add +73.6% | 4.19% | +0.72 |
| FULC Fulcrum Therapeutics Inc. | New | 0.72% | +0.72 |
| ORKA Oruka Therapeutics Inc. | New | 0.59% | +0.59 |
| TFX Teleflex Inc. | Add +116.9% | 1.76% | +0.52 |
| TYRA Tyra Biosciences Inc. | Add +2.1% | 2.29% | +0.47 |
| KYMR Kymera Therapeutics Inc. | New | 0.42% | +0.42 |
| HYPR Hyperfine Inc. | New | 0.32% | +0.32 |
| IBIO Ibio Inc. | New | 0.24% | +0.24 |
| XLO Xilio Therapeutics Inc. | New | 0.23% | +0.23 |
| ADGM Adagio Medical Holdings Inc. | New | 0.22% | +0.22 |
| ENTA Enanta Pharmaceuticals Inc. | New | 0.10% | +0.10 |
| ANIP Ani Pharmaceuticals Inc. | Add +56.6% | 1.14% | −0.15 |
| PRQR Proqr Therapeutics NV | Add +4.3% | 0.72% | −0.39 |
| AVR Anteris Technologies Global | Add +5.8% | 1.55% | −0.47 |
| BMRN Biomarin Pharmaceutical Inc. | Add +3.4% | 2.29% | −0.79 |
Options Activity Q3 2025 → Q4 2025
| RYTM Rhythm Pharmaceuticals Inc. | put | New | 265,700 | $28.4M |
| ELTX Elicio Therapeutics Inc. | put | New | 296,900 | $2.4M |
| OTLK Outlook Therapeutics Inc. | put | New | 1,125,400 | $1.8M |
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 |