Sofinnova Investments, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Sofinnova Investments, Inc. reported 55 stock positions worth $1.6 billion. Its top holding was Natera (NTRA) at 15.3% of the portfolio, followed by Gilead Sciences (GILD, 8.5%) and Vera Therapeutics (VERA, 5.0%). Compared with Q2 2025, it opened 8 new positions, sold out of 8, added to 19 and reduced 23. The biggest buy was a new position in Vertex Pharmaceuticals (VRTX) and the biggest sale an exit from Eli Lilly (LLY).
- Most Recent 13F
- Q2 2026
- Location
- Menlo Park, CA
- CIK
- 0001631134
- Portfolio Value
- $1.6B (Q3 2025)
- SEC Filing
- 0001104659-25-111551 ↗ filed Nov 14, 2025
Holdings Value
Holdings 55 stocks · $1.6B
| NTRA Natera Inc. | 15.31% | 1,550,280 | $249.5M | No change |
| GILD Gilead Sciences Inc. | 8.53% | 1,252,312 | $139.0M | Add +19.2% |
| VERA Vera Therapeutics Inc. | 4.98% | 2,793,987 | $81.2M | No change |
| UTHR United Therapeutics Corp. | 4.90% | 190,626 | $79.9M | Add +60.9% |
| JAZZ Jazz Pharmaceuticals PLC | 4.76% | 588,828 | $77.6M | Reduce -15.2% |
| AZN Astrazeneca PLC-Spons ADR | 3.88% | 823,933 | $63.2M | Add +180.6% |
| RAPP Rapport Therapeutics Inc. | 3.55% | 1,947,579 | $57.8M | Reduce -2.4% |
| BSX Boston Scientific Corp. | 3.41% | 569,427 | $55.6M | Add +32.1% |
| DXCM Dexcom Inc. | 3.22% | 779,616 | $52.5M | Add +48.9% |
| ISRG Intuitive Surgical Inc. | 3.04% | 110,896 | $49.6M | Add +57.0% |
| AXSM Axsome Therapeutics Inc. | 2.93% | 393,499 | $47.8M | Add +320.4% |
| ROIV Roivant Sciences Ltd. | 2.92% | 3,149,270 | $47.6M | Add +2.0% |
| VRTX Vertex Pharmaceuticals Inc. | 2.83% | 117,875 | $46.2M | New |
| BBIO Bridgebio Pharma Inc. | 2.65% | 831,847 | $43.2M | Reduce -16.2% |
| RNAM Avidity Biosciences Inc. | 2.34% | 875,925 | $38.2M | Add +49.8% |
| ABBV Abbvie Inc. | 2.14% | 150,966 | $35.0M | Reduce -43.2% |
| AVBP Arrivent Biopharma Inc. | 1.92% | 1,696,752 | $31.3M | No change |
| COGT Cogent Biosciences Inc. | 1.87% | 2,127,941 | $30.6M | Reduce -9.7% |
| GKOS Glaukos Corp. | 1.57% | 312,994 | $25.5M | New |
| IDYA Ideaya Biosciences Inc. | 1.54% | 922,695 | $25.1M | Reduce -57.0% |
| RYTM Rhythm Pharmaceuticals Inc. | 1.53% | 246,966 | $24.9M | Reduce -57.9% |
| AKRO Akero Therapeutics Inc. | 1.38% | 473,625 | $22.5M | Reduce -13.7% |
| APGE Apogee Therapeutics Inc. | 1.38% | 565,417 | $22.5M | Add +642.2% |
| EXAS Exact Sciences Corp. | 1.23% | 365,000 | $20.0M | Add +75.2% |
| IMTX Immatics NV | 1.16% | 2,227,837 | $19.0M | Reduce -0.6% |
| PHVS Pharvaris NV | 1.13% | 739,876 | $18.5M | Add +26.4% |
| SUPN Supernus Pharmaceuticals Inc. | 1.11% | 377,066 | $18.0M | Reduce -52.8% |
| RCUS Arcus Biosciences Inc. | 1.02% | 1,222,263 | $16.6M | Add +0.5% |
| MRUS Merus NV | 0.96% | 166,729 | $15.7M | Reduce -58.8% |
| INSM Insmed Inc. | 0.92% | 104,339 | $15.0M | Reduce -66.8% |
| INBX Inhibrx Biosciences Inc. | 0.91% | 440,092 | $14.8M | Reduce -37.9% |
| BIOA Bioage Labs Inc. | 0.83% | 2,293,788 | $13.5M | Reduce -0.5% |
| CELC Celcuity Inc. | 0.77% | 253,375 | $12.5M | New |
| DYN Dyne Therapeutics Inc. | 0.77% | 985,828 | $12.5M | Add +60.3% |
| PTCT PTC Therapeutics Inc. | 0.70% | 186,932 | $11.5M | Reduce -50.3% |
| GEHC GE Healthcare Technology | 0.70% | 151,085 | $11.3M | New |
| SLNO Soleno Therapeutics Inc. | 0.69% | 166,281 | $11.2M | Reduce -60.0% |
| PRAX Praxis Precision Medicines I | 0.56% | 172,833 | $9.2M | Add +999.7% |
| SVRA Savara Inc. | 0.53% | 2,427,724 | $8.7M | Reduce -1.2% |
| EWTX Edgewise Therapeutics Inc. | 0.52% | 520,240 | $8.4M | Reduce -27.4% |
| QURE Uniqure NV | 0.49% | 136,862 | $8.0M | Reduce -91.2% |
| ANAB Anaptysbio Inc. | 0.48% | 254,268 | $7.8M | Reduce -75.4% |
| CMPX Compass Therapeutics Inc. | 0.44% | 2,028,886 | $7.1M | New |
| NKTR Nektar Therapeutics | 0.41% | 118,419 | $6.7M | New |
| CDTX Cidara Therapeutics Inc. | 0.32% | 54,197 | $5.2M | Reduce -78.4% |
| IMNM Immunome Inc. | 0.31% | 436,051 | $5.1M | Reduce -44.0% |
| NXTC Nextcure Inc. | 0.08% | 222,654 | $1.3M | Add +0.1% |
| WVE Wave Life Sciences Ltd. | 0.08% | 170,943 | $1.3M | Add +45.0% |
| SRRK Scholar Rock Holding Corp. | 0.07% | 31,410 | $1.2M | Add +18.8% |
| JBIO Jade Biosciences Inc. | 0.06% | 107,391 | $927K | No change |
| IRON Disc Medicine Inc. | 0.05% | 13,553 | $896K | Add +85.3% |
| BOLT Bolt Biotherapeutics Inc. | 0.04% | 137,721 | $733K | No change |
| ACAD Acadia Pharmaceuticals Inc. | 0.04% | 26,800 | $572K | New |
| ESTA Establishment Labs Holdings | 0.03% | 10,787 | $442K | Reduce -61.6% |
| IMA Imagenebio Inc. | 0.02% | 31,884 | $260K | New |
Options reported separately and not counted above: IBB puts ($46.9M), UTHR puts ($40.7M), XBI puts ($40.1M), QURE puts ($29.2M), SMMT calls ($18.6M), QURE calls ($17.5M), LQDA puts ($5.7M).
Portfolio Sells Q2 2025 → Q3 2025
| LLY Eli Lilly & Co. | Sold out | 0.00% | −5.15 |
| SLNO Soleno Therapeutics Inc. | Reduce -60.0% | 0.69% | −1.68 |
| IDYA Ideaya Biosciences Inc. | Reduce -57.0% | 1.54% | −1.53 |
| INSM Insmed Inc. | Reduce -66.8% | 0.92% | −1.23 |
| ABBV Abbvie Inc. | Reduce -43.2% | 2.14% | −1.21 |
| INZY Inozyme Pharma Inc. | Sold out | 0.00% | −1.16 |
| REPL Replimune Group Inc. | Sold out | 0.00% | −1.14 |
| ANAB Anaptysbio Inc. | Reduce -75.4% | 0.48% | −1.08 |
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -57.9% | 1.53% | −0.99 |
| QURE Uniqure NV | Reduce -91.2% | 0.49% | −0.99 |
| SNDX Syndax Pharmaceuticals Inc. | Sold out | 0.00% | −0.97 |
| YMAB Y-Mabs Therapeutics Inc. | Sold out | 0.00% | −0.67 |
| AKRO Akero Therapeutics Inc. | Reduce -13.7% | 1.38% | −0.61 |
| SUPN Supernus Pharmaceuticals Inc. | Reduce -52.8% | 1.11% | −0.61 |
| PTCT PTC Therapeutics Inc. | Reduce -50.3% | 0.70% | −0.55 |
| CDTX Cidara Therapeutics Inc. | Reduce -78.4% | 0.32% | −0.51 |
| MRUS Merus NV | Reduce -58.8% | 0.96% | −0.48 |
| BBIO Bridgebio Pharma Inc. | Reduce -16.2% | 2.65% | −0.27 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -15.2% | 4.76% | −0.25 |
| IMNM Immunome Inc. | Reduce -44.0% | 0.31% | −0.18 |
| EWTX Edgewise Therapeutics Inc. | Reduce -27.4% | 0.52% | −0.12 |
| MTSR Metsera Inc. | Sold out | 0.00% | −0.07 |
| ESTA Establishment Labs Holdings | Reduce -61.6% | 0.03% | −0.05 |
| GPCR Structure Therapeutics Inc. | Sold out | 0.00% | −0.05 |
| IKENA ONCOLOGY INC | Sold out | 0.00% | −0.03 |
| SVRA Savara Inc. | Reduce -1.2% | 0.53% | +0.15 |
| BIOA Bioage Labs Inc. | Reduce -0.5% | 0.83% | +0.18 |
| INBX Inhibrx Biosciences Inc. | Reduce -37.9% | 0.91% | +0.22 |
| IMTX Immatics NV | Reduce -0.6% | 1.16% | +0.34 |
| COGT Cogent Biosciences Inc. | Reduce -9.7% | 1.87% | +0.72 |
| RAPP Rapport Therapeutics Inc. | Reduce -2.4% | 3.55% | +2.00 |
Portfolio Buys Q2 2025 → Q3 2025
| VRTX Vertex Pharmaceuticals Inc. | New | 2.83% | +2.83 |
| UTHR United Therapeutics Corp. | Add +60.9% | 4.90% | +2.58 |
| AZN Astrazeneca PLC-Spons ADR | Add +180.6% | 3.88% | +2.48 |
| AXSM Axsome Therapeutics Inc. | Add +320.4% | 2.93% | +2.27 |
| GKOS Glaukos Corp. | New | 1.57% | +1.57 |
| RNAM Avidity Biosciences Inc. | Add +49.8% | 2.34% | +1.21 |
| APGE Apogee Therapeutics Inc. | Add +642.2% | 1.38% | +1.15 |
| CELC Celcuity Inc. | New | 0.77% | +0.77 |
| GEHC GE Healthcare Technology | New | 0.70% | +0.70 |
| GILD Gilead Sciences Inc. | Add +19.2% | 8.53% | +0.60 |
| ROIV Roivant Sciences Ltd. | Add +2.0% | 2.92% | +0.55 |
| PRAX Praxis Precision Medicines I | Add +999.7% | 0.56% | +0.52 |
| EXAS Exact Sciences Corp. | Add +75.2% | 1.23% | +0.47 |
| CMPX Compass Therapeutics Inc. | New | 0.44% | +0.44 |
| PHVS Pharvaris NV | Add +26.4% | 1.13% | +0.43 |
| ISRG Intuitive Surgical Inc. | Add +57.0% | 3.04% | +0.43 |
| NKTR Nektar Therapeutics | New | 0.41% | +0.41 |
| DYN Dyne Therapeutics Inc. | Add +60.3% | 0.77% | +0.37 |
| RCUS Arcus Biosciences Inc. | Add +0.5% | 1.02% | +0.35 |
| BSX Boston Scientific Corp. | Add +32.1% | 3.41% | +0.26 |
| DXCM Dexcom Inc. | Add +48.9% | 3.22% | +0.11 |
| ACAD Acadia Pharmaceuticals Inc. | New | 0.04% | +0.04 |
| IRON Disc Medicine Inc. | Add +85.3% | 0.05% | +0.03 |
| WVE Wave Life Sciences Ltd. | Add +45.0% | 0.08% | +0.02 |
| IMA Imagenebio Inc. | New | 0.02% | +0.02 |
| SRRK Scholar Rock Holding Corp. | Add +18.8% | 0.07% | +0.01 |
| NXTC Nextcure Inc. | Add +0.1% | 0.08% | −0.00 |
Options Activity Q2 2025 → Q3 2025
| IWM iShares Russell 2000 ETF | put | Sold out | 250,000 | $53.9Mbefore exit |
| IBB iShares Biotechnology ETF | put | Reduce -13.3% | 325,000 | $46.9M |
| UTHR United Therapeutics Corp. | put | New | 97,100 | $40.7M |
| XBI SS SPDR S&P Biotech ETF | put | New | 400,000 | $40.1M |
| QURE Uniqure NV | put | New | 500,000 | $29.2M |
| SMMT Summit Therapeutics Inc. | call | Add +28.6% | 900,000 | $18.6M |
| QURE Uniqure NV | call | New | 300,000 | $17.5M |
| RYTM Rhythm Pharmaceuticals Inc. | put | Sold out | 225,000 | $14.2Mbefore exit |
| REPL Replimune Group Inc. | put | Sold out | 1,500,000 | $13.9Mbefore exit |
| ROIV Roivant Sciences Ltd. | call | Sold out | 1,000,000 | $11.3Mbefore exit |
| LQDA Liquidia Corp. | put | New | 250,000 | $5.7M |
| CDTX Cidara Therapeutics Inc. | call | Sold out | 100,000 | $4.9Mbefore exit |
| COGT Cogent Biosciences Inc. | call | Sold out | 660,000 | $4.7Mbefore exit |
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 | 53 | $1.9B | NTRA, VERA, GMAB, JAZZ, RAPP |
| Q1 2026 | 61 | $2.0B | NTRA, BMY, JAZZ, VERA, UTHR |
| Q4 2025 | 60 | $2.3B | NTRA, JAZZ, AZN, VERA, BMY |
| Q3 2025 | 55 | $1.6B | NTRA, GILD, VERA, UTHR, JAZZ |
| Q2 2025 | 55 | $1.5B | NTRA, GILD, LLY, JAZZ, VERA |
| Q1 2025 | 59 | $1.3B | NTRA, SYK, VERA, JAZZ, MDT |
| Q4 2024 | 60 | $1.4B | NTRA, VERA, GILD, ABBV, JAZZ |
| Q3 2024 | 56 | $1.2B | NTRA, VERA, NVO, AZN, IDYA |
| Q2 2024 | 71 | $1.6B | NTRA, VERA, ASND, NVO, EW |
| Q1 2024Amended | 66 | $1.7B | NTRA, VERA, ASND, AEROVATE THERAPEUTICS INC, MRK |