Soleus Capital Management, L.P.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Soleus Capital Management, L.P. reported 86 stock positions worth $1.2 billion. Its top holding was Iovance Biotherapeutics (IOVA) at 6.7% of the portfolio, followed by TG Therapeutics (TGTX, 4.9%) and Terns Pharmaceuticals (TERN, 4.3%). Compared with Q2 2024, it opened 16 new positions, sold out of 22, added to 24 and reduced 36. The biggest buy was a new position in Grifols SA-ADR (GRFS) and the biggest sale an exit from Penumbra (PEN).
- Most Recent 13F
- Q2 2026
- Location
- GREENWICH, CT
- CIK
- 0001802630
- Portfolio Value
- $1.2B (Q3 2024)
- SEC Filing
- 0001802630-24-000012 ↗ filed Nov 14, 2024
Holdings Value
Holdings 86 stocks · $1.2B
| IOVA Iovance Biotherapeutics Inc. | 6.66% | 8,528,500 | $80.1M | Add +13.0% |
| TGTX TG Therapeutics Inc. | 4.93% | 2,534,540 | $59.3M | Reduce -30.5% |
| TERN Terns Pharmaceuticals Inc. | 4.32% | 6,223,544 | $51.9M | Add +25.8% |
| AXGN Axogen Inc. | 3.50% | 3,005,943 | $42.1M | Reduce -9.1% |
| GRFS Grifols SA-ADR | 3.34% | 4,521,703 | $40.2M | New |
| KRYS Krystal Biotech Inc. | 3.28% | 216,979 | $39.5M | Add +72.2% |
| CCCC C4 Therapeutics Inc. | 3.13% | 6,603,996 | $37.6M | Add +63.0% |
| UTHR United Therapeutics Corp. | 3.04% | 101,894 | $36.5M | Reduce -28.0% |
| SNY Sanofi-ADR | 2.93% | 612,000 | $35.3M | Add +879.2% |
| ORGO Organogenesis Holdings Inc. | 2.82% | 11,839,876 | $33.9M | Add +2.8% |
| IDYA Ideaya Biosciences Inc. | 2.76% | 1,049,314 | $33.2M | Add +51.2% |
| RVMD Revolution Medicines Inc. | 2.66% | 704,584 | $32.0M | Reduce -17.7% |
| QDEL Quidelortho Corp. | 2.60% | 686,000 | $31.3M | New |
| EPIX Essa Pharma Inc. | 2.16% | 4,288,167 | $26.0M | Add +1.8% |
| JSPR Jasper Therapeutics Inc. | 2.10% | 1,343,665 | $25.3M | Add +5.3% |
| SRDX Surmodics Inc. | 2.06% | 637,698 | $24.7M | Reduce -18.4% |
| NRIX Nurix Therapeutics Inc. | 1.99% | 1,065,834 | $23.9M | Reduce -48.2% |
| TXG 10X Genomics Inc. Class A | 1.79% | 951,000 | $21.5M | Add +32.3% |
| SNDX Syndax Pharmaceuticals Inc. | 1.75% | 1,090,984 | $21.0M | Add +32.0% |
| MRUS Merus NV | 1.65% | 398,321 | $19.9M | Add +5.8% |
| CSTL Castle Biosciences Inc. | 1.57% | 662,332 | $18.9M | Reduce -22.4% |
| FOCL Edap TMS SA -ADR | 1.55% | 7,309,254 | $18.6M | Add +0.2% |
| ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD | 1.54% | 82,750 | $18.6M | Reduce -39.9% |
| CELC Celcuity Inc. | 1.54% | 1,245,387 | $18.6M | Add +2.8% |
| LLY Eli Lilly & Co. | 1.42% | 19,300 | $17.1M | New |
| NPCE Neuropace Inc. | 1.41% | 2,433,168 | $17.0M | No change |
| EOLS Evolus Inc. | 1.40% | 1,037,680 | $16.8M | Reduce -9.9% |
| ALNY Alnylam Pharmaceuticals Inc. | 1.36% | 59,400 | $16.3M | Reduce -17.1% |
| ANIP Ani Pharmaceuticals Inc. | 1.33% | 269,000 | $16.0M | New |
| ELV Elevance Health Inc. | 1.28% | 29,650 | $15.4M | New |
| RIGL Rigel Pharmaceuticals Inc. | 1.26% | 934,788 | $15.1M | Reduce -10.4% |
| PRAX Praxis Precision Medicines I | 1.24% | 259,398 | $14.9M | Reduce -51.3% |
| KROS Keros Therapeutics Inc. | 1.08% | 224,600 | $13.0M | Add +1.4% |
| CGON CG Oncology Inc. | 1.07% | 340,585 | $12.9M | Reduce -19.8% |
| IMUX Immunic Inc. | 1.00% | 7,293,007 | $12.0M | No change |
| BHC Bausch Health Cos Inc. | 0.97% | 1,424,000 | $11.6M | Add +18.1% |
| PHVS Pharvaris NV | 0.92% | 598,169 | $11.1M | Add +49.8% |
| LBPH Longboard Pharmaceuticals Inc. | 0.88% | 318,269 | $10.6M | New |
| OFIX Orthofix Medical Inc. | 0.79% | 606,933 | $9.5M | Add +1090.1% |
| VSTM Verastem Inc. | 0.70% | 2,827,963 | $8.5M | Add +70.2% |
| ENTA Enanta Pharmaceuticals Inc. | 0.68% | 785,546 | $8.1M | Reduce -1.8% |
| KIDS Orthopediatrics Corp. | 0.65% | 288,945 | $7.8M | Reduce -6.6% |
| ACLX Arcellx Inc. | 0.65% | 93,031 | $7.8M | Reduce -45.5% |
| NUVL Nuvalent Inc. Class A | 0.63% | 74,357 | $7.6M | Reduce -56.7% |
| KNSA Kiniksa Pharmaceuticals Inte | 0.63% | 302,500 | $7.6M | Add +51.3% |
| BDSX Biodesix Inc. | 0.60% | 4,038,065 | $7.2M | Reduce -33.9% |
| TAK Takeda Pharmaceutic-SP ADR | 0.59% | 500,000 | $7.1M | New |
| RLAY Relay Therapeutics Inc. | 0.54% | 910,000 | $6.4M | New |
| SMMT Summit Therapeutics Inc. | 0.52% | 285,000 | $6.2M | New |
| ELVN Enliven Therapeutics Inc. | 0.51% | 239,705 | $6.1M | Reduce -68.8% |
| BLCO Bausch + Lomb Corp. | 0.50% | 312,000 | $6.0M | New |
| THTX Theratechnologies Inc. | 0.50% | 4,801,376 | $6.0M | No change |
| ERAS Erasca Inc. | 0.49% | 2,162,162 | $5.9M | No change |
| APLT Applied Therapeutics Inc. | 0.48% | 680,784 | $5.8M | Reduce -46.4% |
| ADPT Adaptive Biotechnologies | 0.47% | 1,112,749 | $5.7M | Reduce -35.3% |
| ARVN Arvinas Inc. | 0.47% | 228,800 | $5.6M | New |
| ALEC Alector Inc. | 0.47% | 1,207,371 | $5.6M | Reduce -46.1% |
| ENGN Engene Holdings Inc. | 0.44% | 800,000 | $5.3M | No change |
| YMAB Y-Mabs Therapeutics Inc. | 0.44% | 399,982 | $5.3M | Reduce -38.3% |
| TMCI Treace Medical Concepts Inc. | 0.43% | 887,941 | $5.2M | Reduce -62.5% |
| SLN Silence Therapeutics PLC-ADR | 0.39% | 260,000 | $4.7M | New |
| BCAB Bioatla Inc. | 0.37% | 2,517,478 | $4.4M | Reduce -35.5% |
| DYN Dyne Therapeutics Inc. | 0.35% | 117,500 | $4.2M | Reduce -41.5% |
| PODD Insulet Corp. | 0.32% | 16,750 | $3.9M | Reduce -10.9% |
| NARI Inari Medical Inc. | 0.32% | 93,878 | $3.9M | Reduce -77.0% |
| NTRA Natera Inc. | 0.32% | 29,900 | $3.8M | Add +730.6% |
| NSPR Inspiremd Inc. | 0.31% | 1,378,128 | $3.7M | No change |
| MREO Mereo Biopharma Group PL-ADR | 0.29% | 846,953 | $3.5M | Reduce -32.1% |
| CALC Calcimedica Inc. | 0.29% | 783,904 | $3.5M | No change |
| ABBV Abbvie Inc. | 0.26% | 15,750 | $3.1M | New |
| PCVX Vaxcyte Inc. | 0.26% | 27,050 | $3.1M | Reduce -85.4% |
| TNGX Tango Therapeutics Inc. | 0.22% | 343,152 | $2.6M | Reduce -67.3% |
| ESTA Establishment Labs Holdings | 0.21% | 59,400 | $2.6M | Add +296.0% |
| MDXH Mdxhealth | 0.19% | 1,105,000 | $2.3M | New |
| INSM Insmed Inc. | 0.18% | 30,272 | $2.2M | Reduce -70.5% |
| VRDN Viridian Therapeutics Inc. | 0.18% | 95,000 | $2.2M | Reduce -72.1% |
| ADVM Adverum Biotechnologies Inc. | 0.17% | 287,246 | $2.0M | Add +95.1% |
| CRVO Cervomed Inc. | 0.15% | 126,614 | $1.8M | No change |
| VCYT Veracyte Inc. | 0.15% | 54,303 | $1.8M | New |
| BCYC Bicycle Therapeutics PLC-ADR | 0.15% | 78,315 | $1.8M | Add +233.3% |
| GSK GSK PLC-Spon ADR | 0.13% | 37,500 | $1.5M | Reduce -91.0% |
| ABVX Abivax SA-ADR | 0.12% | 125,000 | $1.4M | New |
| OLMA Olema Pharmaceuticals Inc. | 0.10% | 103,500 | $1.2M | Reduce -52.2% |
| WHWK Whitehawk Therapeutics Inc. filed as AADI BIOSCIENCE INC | 0.06% | 333,227 | $686K | No change |
| IMVT Immunovant Inc. | 0.02% | 9,678 | $276K | Reduce -96.2% |
| IOBTQ Io Biotech Inc. | 0.02% | 192,670 | $202K | No change |
Options reported separately and not counted above: XBI calls ($88.9M).
Portfolio Sells Q2 2024 → Q3 2024
| PEN Penumbra Inc. | Sold out | 0.00% | −1.96 |
| NRIX Nurix Therapeutics Inc. | Reduce -48.2% | 1.99% | −1.79 |
| HUM Humana Inc. | Sold out | 0.00% | −1.46 |
| NARI Inari Medical Inc. | Reduce -77.0% | 0.32% | −1.41 |
| GSK GSK PLC-Spon ADR | Reduce -91.0% | 0.13% | −1.28 |
| ELVN Enliven Therapeutics Inc. | Reduce -68.8% | 0.51% | −1.08 |
| PCVX Vaxcyte Inc. | Reduce -85.4% | 0.26% | −0.98 |
| TMCI Treace Medical Concepts Inc. | Reduce -62.5% | 0.43% | −0.96 |
| UTHR United Therapeutics Corp. | Reduce -28.0% | 3.04% | −0.94 |
| SRDX Surmodics Inc. | Reduce -18.4% | 2.06% | −0.84 |
| TEVA Teva Pharmaceutical-SP ADR | Sold out | 0.00% | −0.84 |
| TGTX TG Therapeutics Inc. | Reduce -30.5% | 4.93% | −0.79 |
| PRAX Praxis Precision Medicines I | Reduce -51.3% | 1.24% | −0.70 |
| AVDL Avadel Pharmaceuticals Ltd. | Sold out | 0.00% | −0.63 |
| CVRX CVRX Inc. | Sold out | 0.00% | −0.62 |
| HIMS Hims & Hers Health Inc. | Sold out | 0.00% | −0.59 |
| TNGX Tango Therapeutics Inc. | Reduce -67.3% | 0.22% | −0.57 |
| IMVT Immunovant Inc. | Reduce -96.2% | 0.02% | −0.56 |
| GMED Globus Medical Inc. Class A | Sold out | 0.00% | −0.52 |
| NUVL Nuvalent Inc. Class A | Reduce -56.7% | 0.63% | −0.52 |
| JAZZ Jazz Pharmaceuticals PLC | Sold out | 0.00% | −0.51 |
| ALEC Alector Inc. | Reduce -46.1% | 0.47% | −0.43 |
| INSM Insmed Inc. | Reduce -70.5% | 0.18% | −0.42 |
| IRMD Iradimed Corp. | Sold out | 0.00% | −0.40 |
| EXAS Exact Sciences Corp. | Sold out | 0.00% | −0.34 |
| DYN Dyne Therapeutics Inc. | Reduce -41.5% | 0.35% | −0.27 |
| RVMD Revolution Medicines Inc. | Reduce -17.7% | 2.66% | −0.27 |
| SKIN Skinhealth Systems Inc. | Sold out | 0.00% | −0.27 |
| YMAB Y-Mabs Therapeutics Inc. | Reduce -38.3% | 0.44% | −0.25 |
| FATE Fate Therapeutics Inc. | Sold out | 0.00% | −0.25 |
| ENTA Enanta Pharmaceuticals Inc. | Reduce -1.8% | 0.68% | −0.24 |
| BDSX Biodesix Inc. | Reduce -33.9% | 0.60% | −0.23 |
| VRDN Viridian Therapeutics Inc. | Reduce -72.1% | 0.18% | −0.21 |
| XFOR X4 Pharmaceuticals Inc. | Sold out | 0.00% | −0.21 |
| JANX Janux Therapeutics Inc. | Sold out | 0.00% | −0.20 |
| FDMT 4D Molecular Therapeutics Inc. | Sold out | 0.00% | −0.20 |
| WGS Genedx Holdings Corp. | Sold out | 0.00% | −0.20 |
| ONC Beone Medicines Ltd.-ADR | Reduce -39.9% | 1.54% | −0.19 |
| RCEL Avita Medical Inc. | Sold out | 0.00% | −0.19 |
| ACLX Arcellx Inc. | Reduce -45.5% | 0.65% | −0.18 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -17.1% | 1.36% | −0.18 |
| NVCR Novocure Ltd. | Sold out | 0.00% | −0.16 |
| KIDS Orthopediatrics Corp. | Reduce -6.6% | 0.65% | −0.13 |
| CGON CG Oncology Inc. | Reduce -19.8% | 1.07% | −0.11 |
| INBX Inhibrx Biosciences Inc. | Sold out | 0.00% | −0.11 |
| MREO Mereo Biopharma Group PL-ADR | Reduce -32.1% | 0.29% | −0.11 |
| OLMA Olema Pharmaceuticals Inc. | Reduce -52.2% | 0.10% | −0.10 |
| BCAB Bioatla Inc. | Reduce -35.5% | 0.37% | −0.10 |
| ORIC Oric Pharmaceuticals Inc. | Sold out | 0.00% | −0.10 |
| ADPT Adaptive Biotechnologies | Reduce -35.3% | 0.47% | −0.08 |
Portfolio Buys Q2 2024 → Q3 2024
| GRFS Grifols SA-ADR | New | 3.34% | +3.34 |
| SNY Sanofi-ADR | Add +879.2% | 2.93% | +2.67 |
| QDEL Quidelortho Corp. | New | 2.60% | +2.60 |
| CCCC C4 Therapeutics Inc. | Add +63.0% | 3.13% | +1.48 |
| LLY Eli Lilly & Co. | New | 1.42% | +1.42 |
| TERN Terns Pharmaceuticals Inc. | Add +25.8% | 4.32% | +1.34 |
| ANIP Ani Pharmaceuticals Inc. | New | 1.33% | +1.33 |
| IOVA Iovance Biotherapeutics Inc. | Add +13.0% | 6.66% | +1.32 |
| ELV Elevance Health Inc. | New | 1.28% | +1.28 |
| KRYS Krystal Biotech Inc. | Add +72.2% | 3.28% | +1.24 |
| LBPH Longboard Pharmaceuticals Inc. | New | 0.88% | +0.88 |
| OFIX Orthofix Medical Inc. | Add +1090.1% | 0.79% | +0.73 |
| IDYA Ideaya Biosciences Inc. | Add +51.2% | 2.76% | +0.62 |
| TAK Takeda Pharmaceutic-SP ADR | New | 0.59% | +0.59 |
| TXG 10X Genomics Inc. Class A | Add +32.3% | 1.79% | +0.55 |
| RLAY Relay Therapeutics Inc. | New | 0.54% | +0.54 |
| SMMT Summit Therapeutics Inc. | New | 0.52% | +0.52 |
| BLCO Bausch + Lomb Corp. | New | 0.50% | +0.50 |
| ARVN Arvinas Inc. | New | 0.47% | +0.47 |
| SLN Silence Therapeutics PLC-ADR | New | 0.39% | +0.39 |
| KNSA Kiniksa Pharmaceuticals Inte | Add +51.3% | 0.63% | +0.30 |
| NTRA Natera Inc. | Add +730.6% | 0.32% | +0.28 |
| VSTM Verastem Inc. | Add +70.2% | 0.70% | +0.27 |
| PHVS Pharvaris NV | Add +49.8% | 0.92% | +0.26 |
| ABBV Abbvie Inc. | New | 0.26% | +0.26 |
| SNDX Syndax Pharmaceuticals Inc. | Add +32.0% | 1.75% | +0.25 |
| BHC Bausch Health Cos Inc. | Add +18.1% | 0.97% | +0.23 |
| EPIX Essa Pharma Inc. | Add +1.8% | 2.16% | +0.21 |
| KROS Keros Therapeutics Inc. | Add +1.4% | 1.08% | +0.19 |
| MDXH Mdxhealth | New | 0.19% | +0.19 |
| VCYT Veracyte Inc. | New | 0.15% | +0.15 |
| ESTA Establishment Labs Holdings | Add +296.0% | 0.21% | +0.15 |
| ABVX Abivax SA-ADR | New | 0.12% | +0.12 |
| BCYC Bicycle Therapeutics PLC-ADR | Add +233.3% | 0.15% | +0.11 |
| ADVM Adverum Biotechnologies Inc. | Add +95.1% | 0.17% | +0.08 |
| ORGO Organogenesis Holdings Inc. | Add +2.8% | 2.82% | −0.03 |
| CELC Celcuity Inc. | Add +2.8% | 1.54% | −0.21 |
| MRUS Merus NV | Add +5.8% | 1.65% | −0.31 |
| JSPR Jasper Therapeutics Inc. | Add +5.3% | 2.10% | −0.45 |
| FOCL Edap TMS SA -ADR | Add +0.2% | 1.55% | −1.95 |
Options Activity Q2 2024 → Q3 2024
| XBI SS SPDR S&P Biotech ETF | call | New | 900,000 | $88.9M |
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 | 97 | $2.9B | KRYS, CELC, TGTX, PODD, NVCR |
| Q1 2026 | 93 | $2.5B | KRYS, CELC, TGTX, PODD, NVCR |
| Q4 2025 | 94 | $2.4B | KRYS, CELC, NVCR, PRAX, TGTX |
| Q3 2025 | 87 | $1.9B | KRYS, TGTX, NVCR, ELV, BBNX |
| Q2 2025 | 94 | $1.4B | KRYS, NVCR, TGTX, UTHR, BBNX |
| Q1 2025 | 74 | $1.3B | TGTX, NVCR, KRYS, BMRN, ORGO |
| Q4 2024 | 80 | $1.3B | NVCR, TGTX, BMRN, KRYS, GRFS |
| Q3 2024 | 86 | $1.2B | IOVA, TGTX, TERN, AXGN, GRFS |
| Q2 2024 | 92 | $1.1B | TGTX, IOVA, UTHR, NRIX, FOCL |
| Q1 2024 | 90 | $1.1B | UTHR, FOCL, IOVA, TEVA, TGTX |