Sofinnova Investments, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Sofinnova Investments, Inc. reported 60 stock positions worth $2.3 billion. Its top holding was Natera (NTRA) at 15.3% of the portfolio, followed by Jazz Pharmaceuticals (JAZZ, 7.0%) and Astrazeneca PLC-Spons ADR (AZN, 6.5%). Compared with Q3 2025, it opened 11 new positions, sold out of 6, added to 23 and reduced 18. The biggest buy was a new position in Bristol-Myers Squibb (BMY) and the biggest sale an exit from Gilead Sciences (GILD).
- Most Recent 13F
- Q2 2026
- Location
- Menlo Park, CA
- CIK
- 0001631134
- Portfolio Value
- $2.3B (Q4 2025)
- SEC Filing
- 0001104659-26-015127 ↗ filed Feb 13, 2026
Holdings Value
Holdings 60 stocks · $2.3B
| NTRA Natera Inc. | 15.31% | 1,550,280 | $355.2M | No change |
| JAZZ Jazz Pharmaceuticals PLC | 7.04% | 959,860 | $163.2M | Add +63.0% |
| AZN Astrazeneca PLC-Spons ADR | 6.47% | 1,632,334 | $150.1M | Add +98.1% |
| VERA Vera Therapeutics Inc. | 6.10% | 2,793,987 | $141.5M | No change |
| BMY Bristol-Myers Squibb Co. | 3.52% | 1,512,994 | $81.6M | New |
| UTHR United Therapeutics Corp. | 3.31% | 157,641 | $76.8M | Reduce -17.3% |
| VRTX Vertex Pharmaceuticals Inc. | 3.22% | 164,594 | $74.6M | Add +39.6% |
| ABBV Abbvie Inc. | 3.13% | 317,783 | $72.6M | Add +110.5% |
| ISRG Intuitive Surgical Inc. | 3.10% | 126,968 | $71.9M | Add +14.5% |
| COGT Cogent Biosciences Inc. | 3.02% | 1,973,625 | $70.1M | Reduce -7.3% |
| LLY Eli Lilly & Co. | 2.86% | 61,652 | $66.3M | New |
| RAPP Rapport Therapeutics Inc. | 2.49% | 1,904,408 | $57.8M | Reduce -2.2% |
| BBIO Bridgebio Pharma Inc. | 2.38% | 720,448 | $55.1M | Reduce -13.4% |
| RNAM Avidity Biosciences Inc. | 2.32% | 745,116 | $53.7M | Reduce -14.9% |
| DYN Dyne Therapeutics Inc. | 1.90% | 2,254,161 | $44.1M | Add +128.7% |
| BMRN Biomarin Pharmaceutical Inc. | 1.79% | 697,133 | $41.4M | New |
| APGE Apogee Therapeutics Inc. | 1.74% | 534,845 | $40.4M | Reduce -5.4% |
| CDTX Cidara Therapeutics Inc. | 1.72% | 180,265 | $39.8M | Add +232.6% |
| PRAX Praxis Precision Medicines I | 1.60% | 125,722 | $37.1M | Reduce -27.3% |
| IMTX Immatics NV | 1.56% | 3,435,542 | $36.1M | Add +54.2% |
| INBX Inhibrx Biosciences Inc. | 1.55% | 454,657 | $35.9M | Add +3.3% |
| IMNM Immunome Inc. | 1.50% | 1,618,477 | $34.8M | Add +271.2% |
| AVBP Arrivent Biopharma Inc. | 1.47% | 1,696,752 | $34.1M | No change |
| GKOS Glaukos Corp. | 1.40% | 288,128 | $32.5M | Reduce -7.9% |
| IDYA Ideaya Biosciences Inc. | 1.32% | 885,121 | $30.6M | Reduce -4.1% |
| BIOA Bioage Labs Inc. | 1.31% | 2,293,788 | $30.3M | No change |
| CELC Celcuity Inc. | 1.29% | 299,417 | $29.9M | Add +18.2% |
| RYTM Rhythm Pharmaceuticals Inc. | 1.25% | 271,394 | $29.1M | Add +9.9% |
| CNTA Centessa Pharmaceuticals Ltd. | 1.19% | 1,104,274 | $27.6M | New |
| SUPN Supernus Pharmaceuticals Inc. | 1.19% | 553,095 | $27.5M | Add +46.7% |
| INSM Insmed Inc. | 1.18% | 156,801 | $27.3M | Add +50.3% |
| ALC Alcon Inc. filed as ALCON AG | 1.13% | 332,520 | $26.2M | New |
| RCUS Arcus Biosciences Inc. | 1.13% | 1,096,705 | $26.1M | Reduce -10.3% |
| DXCM Dexcom Inc. | 1.08% | 378,219 | $25.1M | Reduce -51.5% |
| PHVS Pharvaris NV | 0.89% | 745,169 | $20.7M | Add +0.7% |
| NKTR Nektar Therapeutics | 0.80% | 438,630 | $18.5M | Add +270.4% |
| CMPX Compass Therapeutics Inc. | 0.78% | 3,365,446 | $18.1M | Add +65.9% |
| ROIV Roivant Sciences Ltd. | 0.69% | 734,582 | $15.9M | Reduce -76.7% |
| ANAB Anaptysbio Inc. | 0.60% | 287,690 | $13.9M | Add +13.1% |
| GEHC GE Healthcare Technology | 0.57% | 160,876 | $13.2M | Add +6.5% |
| EWTX Edgewise Therapeutics Inc. | 0.47% | 437,819 | $10.9M | Reduce -15.8% |
| EXAS Exact Sciences Corp. | 0.44% | 101,443 | $10.3M | Reduce -72.2% |
| IRON Disc Medicine Inc. | 0.38% | 111,010 | $8.8M | Add +719.1% |
| AMLX Amylyx Pharmaceuticals Inc. | 0.27% | 527,099 | $6.4M | New |
| MASI Masimo Corp. | 0.26% | 46,201 | $6.0M | New |
| QURE Uniqure NV | 0.18% | 176,513 | $4.2M | Add +29.0% |
| NXTC Nextcure Inc. | 0.14% | 222,654 | $3.2M | No change |
| WVE Wave Life Sciences Ltd. | 0.12% | 158,182 | $2.7M | Reduce -7.5% |
| XENE Xenon Pharmaceuticals Inc. | 0.12% | 59,900 | $2.7M | New |
| EVMN Evommune Inc. | 0.11% | 153,320 | $2.6M | New |
| AXSM Axsome Therapeutics Inc. | 0.10% | 12,266 | $2.2M | Reduce -96.9% |
| ESTA Establishment Labs Holdings | 0.09% | 28,366 | $2.1M | Add +163.0% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.08% | 83,300 | $1.9M | New |
| SVRA Savara Inc. | 0.08% | 304,770 | $1.8M | Reduce -87.5% |
| MIRM Mirum Pharmaceuticals Inc. | 0.08% | 23,100 | $1.8M | New |
| ACAD Acadia Pharmaceuticals Inc. | 0.08% | 65,567 | $1.8M | Add +144.7% |
| JBIO Jade Biosciences Inc. | 0.07% | 107,391 | $1.7M | No change |
| BOLT Bolt Biotherapeutics Inc. | 0.03% | 137,721 | $753K | No change |
| SLNO Soleno Therapeutics Inc. | 0.02% | 12,414 | $575K | Reduce -92.5% |
| IMA Imagenebio Inc. | 0.01% | 31,884 | $220K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| GILD Gilead Sciences Inc. | Sold out | 0.00% | −8.53 |
| BSX Boston Scientific Corp. | Sold out | 0.00% | −3.41 |
| AXSM Axsome Therapeutics Inc. | Reduce -96.9% | 0.10% | −2.84 |
| ROIV Roivant Sciences Ltd. | Reduce -76.7% | 0.69% | −2.24 |
| DXCM Dexcom Inc. | Reduce -51.5% | 1.08% | −2.14 |
| UTHR United Therapeutics Corp. | Reduce -17.3% | 3.31% | −1.59 |
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −1.38 |
| RAPP Rapport Therapeutics Inc. | Reduce -2.2% | 2.49% | −1.06 |
| MRUS Merus NV | Sold out | 0.00% | −0.96 |
| EXAS Exact Sciences Corp. | Reduce -72.2% | 0.44% | −0.78 |
| PTCT PTC Therapeutics Inc. | Sold out | 0.00% | −0.70 |
| SLNO Soleno Therapeutics Inc. | Reduce -92.5% | 0.02% | −0.66 |
| SVRA Savara Inc. | Reduce -87.5% | 0.08% | −0.45 |
| BBIO Bridgebio Pharma Inc. | Reduce -13.4% | 2.38% | −0.27 |
| IDYA Ideaya Biosciences Inc. | Reduce -4.1% | 1.32% | −0.22 |
| GKOS Glaukos Corp. | Reduce -7.9% | 1.40% | −0.16 |
| SRRK Scholar Rock Holding Corp. | Sold out | 0.00% | −0.07 |
| EWTX Edgewise Therapeutics Inc. | Reduce -15.8% | 0.47% | −0.05 |
| RNAM Avidity Biosciences Inc. | Reduce -14.9% | 2.32% | −0.02 |
| WVE Wave Life Sciences Ltd. | Reduce -7.5% | 0.12% | +0.04 |
| RCUS Arcus Biosciences Inc. | Reduce -10.3% | 1.13% | +0.11 |
| APGE Apogee Therapeutics Inc. | Reduce -5.4% | 1.74% | +0.36 |
| PRAX Praxis Precision Medicines I | Reduce -27.3% | 1.60% | +1.04 |
| COGT Cogent Biosciences Inc. | Reduce -7.3% | 3.02% | +1.15 |
Portfolio Buys Q3 2025 → Q4 2025
| BMY Bristol-Myers Squibb Co. | New | 3.52% | +3.52 |
| LLY Eli Lilly & Co. | New | 2.86% | +2.86 |
| AZN Astrazeneca PLC-Spons ADR | Add +98.1% | 6.47% | +2.59 |
| JAZZ Jazz Pharmaceuticals PLC | Add +63.0% | 7.04% | +2.27 |
| BMRN Biomarin Pharmaceutical Inc. | New | 1.79% | +1.79 |
| CDTX Cidara Therapeutics Inc. | Add +232.6% | 1.72% | +1.40 |
| CNTA Centessa Pharmaceuticals Ltd. | New | 1.19% | +1.19 |
| IMNM Immunome Inc. | Add +271.2% | 1.50% | +1.19 |
| DYN Dyne Therapeutics Inc. | Add +128.7% | 1.90% | +1.14 |
| ALC Alcon Inc. | New | 1.13% | +1.13 |
| ABBV Abbvie Inc. | Add +110.5% | 3.13% | +0.99 |
| INBX Inhibrx Biosciences Inc. | Add +3.3% | 1.55% | +0.64 |
| CELC Celcuity Inc. | Add +18.2% | 1.29% | +0.52 |
| IMTX Immatics NV | Add +54.2% | 1.56% | +0.39 |
| NKTR Nektar Therapeutics | Add +270.4% | 0.80% | +0.39 |
| VRTX Vertex Pharmaceuticals Inc. | Add +39.6% | 3.22% | +0.39 |
| CMPX Compass Therapeutics Inc. | Add +65.9% | 0.78% | +0.34 |
| IRON Disc Medicine Inc. | Add +719.1% | 0.38% | +0.33 |
| AMLX Amylyx Pharmaceuticals Inc. | New | 0.27% | +0.27 |
| MASI Masimo Corp. | New | 0.26% | +0.26 |
| INSM Insmed Inc. | Add +50.3% | 1.18% | +0.25 |
| ANAB Anaptysbio Inc. | Add +13.1% | 0.60% | +0.12 |
| XENE Xenon Pharmaceuticals Inc. | New | 0.12% | +0.12 |
| EVMN Evommune Inc. | New | 0.11% | +0.11 |
| RARE Ultragenyx Pharmaceutical Inc. | New | 0.08% | +0.08 |
| SUPN Supernus Pharmaceuticals Inc. | Add +46.7% | 1.19% | +0.08 |
| MIRM Mirum Pharmaceuticals Inc. | New | 0.08% | +0.08 |
| ESTA Establishment Labs Holdings | Add +163.0% | 0.09% | +0.06 |
| ISRG Intuitive Surgical Inc. | Add +14.5% | 3.10% | +0.06 |
| ACAD Acadia Pharmaceuticals Inc. | Add +144.7% | 0.08% | +0.04 |
| GEHC GE Healthcare Technology | Add +6.5% | 0.57% | −0.13 |
| PHVS Pharvaris NV | Add +0.7% | 0.89% | −0.24 |
| RYTM Rhythm Pharmaceuticals Inc. | Add +9.9% | 1.25% | −0.28 |
| QURE Uniqure NV | Add +29.0% | 0.18% | −0.31 |
Options Activity Q3 2025 → Q4 2025
| IBB iShares Biotechnology ETF | put | Sold out | 325,000 | $46.9Mbefore exit |
| UTHR United Therapeutics Corp. | put | Sold out | 97,100 | $40.7Mbefore exit |
| XBI SS SPDR S&P Biotech ETF | put | Sold out | 400,000 | $40.1Mbefore exit |
| QURE Uniqure NV | put | Sold out | 500,000 | $29.2Mbefore exit |
| SMMT Summit Therapeutics Inc. | call | Sold out | 900,000 | $18.6Mbefore exit |
| QURE Uniqure NV | call | Sold out | 300,000 | $17.5Mbefore exit |
| LQDA Liquidia Corp. | put | Sold out | 250,000 | $5.7Mbefore 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 |