Sofinnova Investments, Inc.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Sofinnova Investments, Inc. reported 61 stock positions worth $2.0 billion. Its top holding was Natera (NTRA) at 15.5% of the portfolio, followed by Bristol-Myers Squibb (BMY, 6.0%) and Jazz Pharmaceuticals (JAZZ, 5.7%). Compared with Q4 2025, it opened 16 new positions, sold out of 15, added to 24 and reduced 12. The biggest buy was Ultragenyx Pharmaceutical (RARE, shares +3677%) and the biggest sale an exit from Vertex Pharmaceuticals (VRTX).
- Most Recent 13F
- Q2 2026
- Location
- Menlo Park, CA
- CIK
- 0001631134
- Portfolio Value
- $2.0B (Q1 2026)
- SEC Filing
- 0001104659-26-062256 ↗ filed May 15, 2026
Holdings Value
Holdings 61 stocks · $2.0B
| NTRA Natera Inc. | 15.53% | 1,550,280 | $310.0M | No change |
| BMY Bristol-Myers Squibb Co. | 6.04% | 1,988,721 | $120.6M | Add +31.4% |
| JAZZ Jazz Pharmaceuticals PLC | 5.67% | 598,327 | $113.1M | Reduce -37.7% |
| VERA Vera Therapeutics Inc. | 5.63% | 2,793,987 | $112.4M | No change |
| UTHR United Therapeutics Corp. | 4.76% | 160,070 | $94.9M | Add +1.5% |
| AZN Astrazeneca PLC | 4.51% | 456,031 | $89.9M | Reduce -44.1% |
| COGT Cogent Biosciences Inc. | 4.08% | 2,113,551 | $81.4M | Add +7.1% |
| RARE Ultragenyx Pharmaceutical Inc. | 3.30% | 3,145,888 | $65.9M | Add +3676.6% |
| RAPP Rapport Therapeutics Inc. | 2.99% | 1,904,408 | $59.6M | No change |
| INSM Insmed Inc. | 2.84% | 346,075 | $56.6M | Add +120.7% |
| ALC Alcon Inc. filed as ALCON AG | 2.76% | 729,972 | $55.0M | Add +119.5% |
| SUPN Supernus Pharmaceuticals Inc. | 2.47% | 954,309 | $49.3M | Add +72.5% |
| BMRN Biomarin Pharmaceutical Inc. | 2.21% | 781,982 | $44.2M | Add +12.2% |
| BIIB Biogen Inc. | 2.11% | 229,521 | $42.1M | New |
| CELC Celcuity Inc. | 2.09% | 366,175 | $41.8M | Add +22.3% |
| BIOA Bioage Labs Inc. | 2.01% | 2,293,788 | $40.1M | No change |
| RYTM Rhythm Pharmaceuticals Inc. | 1.96% | 450,096 | $39.1M | Add +65.8% |
| AVBP Arrivent Biopharma Inc. | 1.96% | 1,696,752 | $39.1M | No change |
| IDYA Ideaya Biosciences Inc. | 1.89% | 1,131,786 | $37.7M | Add +27.9% |
| IMNM Immunome Inc. | 1.86% | 1,701,904 | $37.2M | Add +5.2% |
| NKTR Nektar Therapeutics | 1.84% | 509,546 | $36.7M | Add +16.2% |
| AXSM Axsome Therapeutics Inc. | 1.80% | 212,747 | $36.0M | Add +1634.4% |
| IMTX Immatics NV | 1.79% | 3,630,454 | $35.7M | Add +5.7% |
| BBIO Bridgebio Pharma Inc. | 1.52% | 409,183 | $30.4M | Reduce -43.2% |
| DYN Dyne Therapeutics Inc. | 1.48% | 1,633,897 | $29.6M | Reduce -27.5% |
| INBX Inhibrx Biosciences Inc. | 1.37% | 406,029 | $27.3M | Reduce -10.7% |
| DXCM Dexcom Inc. | 1.24% | 393,576 | $24.7M | Add +4.1% |
| PHVS Pharvaris NV | 1.16% | 818,328 | $23.1M | Add +9.8% |
| PRAX Praxis Precision Medicines I | 1.03% | 63,680 | $20.5M | Reduce -49.4% |
| GMAB Genmab A/S -SP ADR | 1.01% | 752,261 | $20.2M | New |
| RCUS Arcus Biosciences Inc. | 1.00% | 923,086 | $19.9M | Reduce -15.8% |
| XENE Xenon Pharmaceuticals Inc. | 0.89% | 305,216 | $17.7M | Add +409.5% |
| SYK Stryker Corp. | 0.73% | 44,480 | $14.6M | New |
| ANAB Anaptysbio Inc. | 0.69% | 248,253 | $13.8M | Reduce -13.7% |
| ROIV Roivant Sciences Ltd. | 0.66% | 477,995 | $13.2M | Reduce -34.9% |
| EWTX Edgewise Therapeutics Inc. | 0.61% | 386,498 | $12.2M | Reduce -11.7% |
| CMPX Compass Therapeutics Inc. | 0.55% | 2,056,161 | $10.9M | Reduce -38.9% |
| ORIC Oric Pharmaceuticals Inc. | 0.43% | 679,578 | $8.6M | New |
| TNGX Tango Therapeutics Inc. | 0.41% | 395,081 | $8.3M | New |
| TYRA Tyra Biosciences Inc. | 0.39% | 204,015 | $7.8M | New |
| AXGN Axogen Inc. | 0.35% | 210,665 | $7.0M | New |
| DFTX Definium Therapeutics Inc. | 0.33% | 344,166 | $6.5M | New |
| CYTK Cytokinetics Inc. | 0.30% | 91,791 | $6.0M | New |
| IRON Disc Medicine Inc. | 0.25% | 78,320 | $5.0M | Reduce -29.4% |
| MANE Veradermics Inc. | 0.23% | 73,315 | $4.6M | New |
| HRMY Harmony Biosciences Holdings | 0.21% | 152,695 | $4.3M | New |
| PCVX Vaxcyte Inc. | 0.15% | 50,600 | $2.9M | New |
| MIRM Mirum Pharmaceuticals Inc. | 0.13% | 27,591 | $2.5M | Add +19.4% |
| NXTC Nextcure Inc. | 0.12% | 222,654 | $2.4M | No change |
| SVRA Savara Inc. | 0.10% | 364,763 | $2.0M | Add +19.7% |
| ESTA Establishment Labs Holdings | 0.10% | 33,930 | $1.9M | Add +19.6% |
| ACAD Acadia Pharmaceuticals Inc. | 0.09% | 78,551 | $1.7M | Add +19.8% |
| TENX Tenax Therapeutics Inc. | 0.08% | 104,400 | $1.7M | New |
| JBIO Jade Biosciences Inc. | 0.08% | 107,391 | $1.5M | No change |
| WVE Wave Life Sciences Ltd. | 0.07% | 189,253 | $1.4M | Add +19.6% |
| SEPN Septerna Inc. | 0.06% | 47,506 | $1.1M | New |
| OKUR Onkure Therapeutics Inc. Class A | 0.03% | 141,700 | $587K | New |
| BOLT Bolt Biotherapeutics Inc. | 0.03% | 137,721 | $556K | No change |
| SLNO Soleno Therapeutics Inc. | 0.02% | 14,689 | $492K | Add +18.3% |
| IMA Imagenebio Inc. | 0.01% | 31,884 | $159K | No change |
| ZYME Zymeworks Inc. | 0.00% | 1,610 | $40K | New |
Options reported separately and not counted above: IWM puts ($148.8M), XBI puts ($134.1M), QQQ puts ($86.6M), IBB puts ($80.2M), UTHR puts ($47.6M), CELC puts ($34.2M), AXSM puts ($33.8M), PFE calls ($22.5M), LQDA puts ($18.9M), EXEL puts ($10.8M), REPL calls ($7.8M), RARE calls ($7.3M), and 1 more.
Portfolio Sells Q4 2025 → Q1 2026
| VRTX Vertex Pharmaceuticals Inc. | Sold out | 0.00% | −3.22 |
| ABBV Abbvie Inc. | Sold out | 0.00% | −3.13 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −3.10 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −2.86 |
| RNAM Avidity Biosciences Inc. | Sold out | 0.00% | −2.32 |
| AZN Astrazeneca PLC | Reduce -44.1% | 4.51% | −1.96 |
| APGE Apogee Therapeutics Inc. | Sold out | 0.00% | −1.74 |
| CDTX Cidara Therapeutics Inc. | Sold out | 0.00% | −1.72 |
| GKOS Glaukos Corp. | Sold out | 0.00% | −1.40 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -37.7% | 5.67% | −1.37 |
| CNTA Centessa Pharmaceuticals Ltd. | Sold out | 0.00% | −1.19 |
| BBIO Bridgebio Pharma Inc. | Reduce -43.2% | 1.52% | −0.85 |
| PRAX Praxis Precision Medicines I | Reduce -49.4% | 1.03% | −0.57 |
| GEHC GE Healthcare Technology | Sold out | 0.00% | −0.57 |
| EXAS Exact Sciences Corp. | Sold out | 0.00% | −0.44 |
| DYN Dyne Therapeutics Inc. | Reduce -27.5% | 1.48% | −0.42 |
| AMLX Amylyx Pharmaceuticals Inc. | Sold out | 0.00% | −0.27 |
| MASI Masimo Corp. | Sold out | 0.00% | −0.26 |
| CMPX Compass Therapeutics Inc. | Reduce -38.9% | 0.55% | −0.23 |
| QURE Uniqure NV | Sold out | 0.00% | −0.18 |
| INBX Inhibrx Biosciences Inc. | Reduce -10.7% | 1.37% | −0.18 |
| IRON Disc Medicine Inc. | Reduce -29.4% | 0.25% | −0.13 |
| RCUS Arcus Biosciences Inc. | Reduce -15.8% | 1.00% | −0.13 |
| EVMN Evommune Inc. | Sold out | 0.00% | −0.11 |
| ROIV Roivant Sciences Ltd. | Reduce -34.9% | 0.66% | −0.02 |
| ANAB Anaptysbio Inc. | Reduce -13.7% | 0.69% | +0.09 |
| EWTX Edgewise Therapeutics Inc. | Reduce -11.7% | 0.61% | +0.14 |
Portfolio Buys Q4 2025 → Q1 2026
| RARE Ultragenyx Pharmaceutical Inc. | Add +3676.6% | 3.30% | +3.22 |
| BMY Bristol-Myers Squibb Co. | Add +31.4% | 6.04% | +2.52 |
| BIIB Biogen Inc. | New | 2.11% | +2.11 |
| AXSM Axsome Therapeutics Inc. | Add +1634.4% | 1.80% | +1.71 |
| INSM Insmed Inc. | Add +120.7% | 2.84% | +1.66 |
| ALC Alcon Inc. | Add +119.5% | 2.76% | +1.63 |
| UTHR United Therapeutics Corp. | Add +1.5% | 4.76% | +1.44 |
| SUPN Supernus Pharmaceuticals Inc. | Add +72.5% | 2.47% | +1.29 |
| COGT Cogent Biosciences Inc. | Add +7.1% | 4.08% | +1.05 |
| NKTR Nektar Therapeutics | Add +16.2% | 1.84% | +1.04 |
| GMAB Genmab A/S -SP ADR | New | 1.01% | +1.01 |
| CELC Celcuity Inc. | Add +22.3% | 2.09% | +0.81 |
| XENE Xenon Pharmaceuticals Inc. | Add +409.5% | 0.89% | +0.77 |
| SYK Stryker Corp. | New | 0.73% | +0.73 |
| RYTM Rhythm Pharmaceuticals Inc. | Add +65.8% | 1.96% | +0.71 |
| IDYA Ideaya Biosciences Inc. | Add +27.9% | 1.89% | +0.57 |
| ORIC Oric Pharmaceuticals Inc. | New | 0.43% | +0.43 |
| BMRN Biomarin Pharmaceutical Inc. | Add +12.2% | 2.21% | +0.43 |
| TNGX Tango Therapeutics Inc. | New | 0.41% | +0.41 |
| TYRA Tyra Biosciences Inc. | New | 0.39% | +0.39 |
| IMNM Immunome Inc. | Add +5.2% | 1.86% | +0.37 |
| AXGN Axogen Inc. | New | 0.35% | +0.35 |
| DFTX Definium Therapeutics Inc. | New | 0.33% | +0.33 |
| CYTK Cytokinetics Inc. | New | 0.30% | +0.30 |
| PHVS Pharvaris NV | Add +9.8% | 1.16% | +0.27 |
| IMTX Immatics NV | Add +5.7% | 1.79% | +0.23 |
| MANE Veradermics Inc. | New | 0.23% | +0.23 |
| HRMY Harmony Biosciences Holdings | New | 0.21% | +0.21 |
| DXCM Dexcom Inc. | Add +4.1% | 1.24% | +0.16 |
| PCVX Vaxcyte Inc. | New | 0.15% | +0.15 |
| TENX Tenax Therapeutics Inc. | New | 0.08% | +0.08 |
| SEPN Septerna Inc. | New | 0.06% | +0.06 |
| MIRM Mirum Pharmaceuticals Inc. | Add +19.4% | 0.13% | +0.05 |
| OKUR Onkure Therapeutics Inc. Class A | New | 0.03% | +0.03 |
| SVRA Savara Inc. | Add +19.7% | 0.10% | +0.02 |
| ACAD Acadia Pharmaceuticals Inc. | Add +19.8% | 0.09% | +0.01 |
| ESTA Establishment Labs Holdings | Add +19.6% | 0.10% | +0.01 |
| ZYME Zymeworks Inc. | New | 0.00% | +0.00 |
| SLNO Soleno Therapeutics Inc. | Add +18.3% | 0.02% | −0.00 |
| WVE Wave Life Sciences Ltd. | Add +19.6% | 0.07% | −0.05 |
Options Activity Q4 2025 → Q1 2026
| IWM iShares Russell 2000 ETF | put | New | 600,000 | $148.8M |
| XBI SS SPDR S&P Biotech ETF | put | New | 1,050,000 | $134.1M |
| QQQ Invesco QQQ Trust Series 1 | put | New | 150,000 | $86.6M |
| IBB iShares Biotechnology ETF | put | New | 475,000 | $80.2M |
| UTHR United Therapeutics Corp. | put | New | 80,300 | $47.6M |
| CELC Celcuity Inc. | put | New | 300,000 | $34.2M |
| AXSM Axsome Therapeutics Inc. | put | New | 200,000 | $33.8M |
| PFE Pfizer Inc. | call | New | 800,000 | $22.5M |
| LQDA Liquidia Corp. | put | New | 500,000 | $18.9M |
| EXEL Exelixis Inc. | put | New | 251,500 | $10.8M |
| REPL Replimune Group Inc. | call | New | 1,015,400 | $7.8M |
| RARE Ultragenyx Pharmaceutical Inc. | call | New | 350,000 | $7.3M |
| CMPX Compass Therapeutics Inc. | call | New | 500,000 | $2.6M |
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 | 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 |