Sphera Funds Management LTD.
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Sphera Funds Management LTD. reported 97 stock positions worth $698.8 million. Its top holding was Teva Pharmaceutical-SP ADR (TEVA) at 7.3% of the portfolio, followed by Mineralys Therapeutics (MLYS, 5.7%) and Tower Semiconductor (TSEM, 4.0%). Compared with Q1 2026, it opened 22 new positions, sold out of 17, added to 33 and reduced 28. The biggest buy was Cytokinetics (CYTK, shares +453%) and the biggest sale Nova (NVMI, shares −53%).
- Most Recent 13F
- Q2 2026
- Location
- TEL AVIV, L3
- CIK
- 0001496201
- Portfolio Value
- $698.8M (Q2 2026)
- SEC Filing
- 0001496201-26-000004 ↗ filed Aug 14, 2026
Holdings Value
Holdings 97 stocks · $698.8M
| TEVA Teva Pharmaceutical-SP ADR | 7.27% | 1,500,082 | $50.8M | Add +31.9% |
| MLYS Mineralys Therapeutics Inc. | 5.68% | 1,469,971 | $39.7M | Add +9.7% |
| TSEM Tower Semiconductor Ltd. | 4.04% | 108,265 | $28.2M | Reduce -25.7% |
| SNDX Syndax Pharmaceuticals Inc. | 3.17% | 1,014,606 | $22.2M | Add +40.0% |
| BIIB Biogen Inc. | 2.99% | 96,626 | $20.9M | Add +4.4% |
| RARE Ultragenyx Pharmaceutical Inc. | 2.81% | 588,494 | $19.6M | Reduce -27.3% |
| BMRN Biomarin Pharmaceutical Inc. | 2.69% | 328,550 | $18.8M | Add +134.8% |
| CYTK Cytokinetics Inc. | 2.68% | 219,987 | $18.7M | Add +452.5% |
| BBIO Bridgebio Pharma Inc. | 2.61% | 245,346 | $18.3M | Add +0.0% |
| COGT Cogent Biosciences Inc. | 2.54% | 459,340 | $17.8M | Add +10.3% |
| NVMI Nova Ltd. | 1.96% | 25,169 | $13.7M | Reduce -52.8% |
| INSM Insmed Inc. | 1.81% | 118,800 | $12.7M | New |
| MAZE Maze Therapeutics Inc. | 1.78% | 417,564 | $12.5M | Add +83.7% |
| AZN Astrazeneca PLC | 1.70% | 62,530 | $11.9M | No change |
| SNY Sanofi-ADR | 1.65% | 269,515 | $11.5M | No change |
| HELP Cybin Inc. | 1.53% | 1,620,753 | $10.7M | Add +64.2% |
| LLY Eli Lilly & Co. | 1.38% | 8,040 | $9.6M | Reduce -11.1% |
| MDGL Madrigal Pharmaceuticals Inc. | 1.34% | 17,419 | $9.4M | Add +92.7% |
| TRVI Trevi Therapeutics Inc. | 1.33% | 499,029 | $9.3M | Reduce -13.1% |
| ACAD Acadia Pharmaceuticals Inc. | 1.29% | 356,534 | $9.0M | Add +39.2% |
| CLDX Celldex Therapeutics Inc. | 1.28% | 240,868 | $9.0M | Reduce -1.1% |
| RYTM Rhythm Pharmaceuticals Inc. | 1.28% | 80,400 | $8.9M | New |
| ORIC Oric Pharmaceuticals Inc. | 1.17% | 752,983 | $8.2M | Add +40.1% |
| LRCX Lam Research Corp. | 1.15% | 18,470 | $8.0M | New |
| AMAT Applied Materials Inc. | 1.14% | 11,040 | $8.0M | New |
| TNGX Tango Therapeutics Inc. | 1.14% | 254,250 | $7.9M | Reduce -26.0% |
| NVS Novartis AG-Sponsored ADR | 1.12% | 50,000 | $7.8M | Add +35.1% |
| SOLAR EDGE TECHNOLOGIES (SEDG 2.25 07/01/29) | 1.11% | 4,000,000 | $7.7M | No change |
| VOR Vor Biopharma Inc. | 1.10% | 416,417 | $7.7M | Add +29.4% |
| ABBV Abbvie Inc. | 1.09% | 30,256 | $7.6M | No change |
| MRK Merck & Co. Inc. | 1.08% | 58,600 | $7.5M | Add +20.6% |
| JNJ Johnson & Johnson | 1.05% | 28,831 | $7.3M | No change |
| IDYA Ideaya Biosciences Inc. | 1.05% | 196,408 | $7.3M | New |
| IMTX Immatics NV | 1.04% | 720,057 | $7.3M | Add +3.4% |
| NVCT Nuvectis Pharma Inc. | 1.01% | 382,945 | $7.0M | New |
| PFE Pfizer Inc. | 0.99% | 286,000 | $6.9M | Add +53.8% |
| HRMY Harmony Biosciences Holdings | 0.92% | 176,663 | $6.4M | New |
| XENE Xenon Pharmaceuticals Inc. | 0.91% | 105,000 | $6.3M | Reduce -17.3% |
| CLYM Climb Bio Inc. | 0.90% | 483,747 | $6.3M | Add +15.4% |
| ZBIO Zenas Biopharma Inc. | 0.84% | 230,834 | $5.9M | Add +7.7% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.83% | 120,677 | $5.8M | No change |
| ELVN Enliven Therapeutics Inc. | 0.82% | 112,765 | $5.7M | Reduce -26.4% |
| PRLD Prelude Therapeutics Inc. | 0.78% | 1,019,832 | $5.4M | Add +82.7% |
| GSK GSK PLC-Spon ADR | 0.77% | 102,000 | $5.3M | Reduce -16.4% |
| FBRX Forte Biosciences Inc. | 0.76% | 249,693 | $5.3M | Add +35.0% |
| BIOA Bioage Labs Inc. | 0.75% | 213,671 | $5.2M | Add +147.0% |
| SRRK Scholar Rock Holding Corp. | 0.74% | 94,265 | $5.2M | No change |
| MSLE Satellos Bioscience Inc. | 0.73% | 652,590 | $5.1M | Add +33.4% |
| PALI Palisade Bio Inc. | 0.68% | 2,257,106 | $4.7M | Add +30.2% |
| ELDN Eledon Pharmaceuticals Inc. | 0.67% | 1,191,187 | $4.7M | Reduce -32.8% |
| VST Vistra Corp. | 0.67% | 29,450 | $4.7M | New |
| TLN Talen Energy Corp. | 0.67% | 12,135 | $4.7M | New |
| SVRA Savara Inc. | 0.67% | 756,164 | $4.7M | Add +2.3% |
| IRON Disc Medicine Inc. | 0.67% | 63,538 | $4.6M | Add +18.7% |
| CLOU Global X Cloud Computing ETF | 0.64% | 195,900 | $4.5M | New |
| DYN Dyne Therapeutics Inc. | 0.63% | 199,594 | $4.4M | Add +24.3% |
| RLAY Relay Therapeutics Inc. | 0.63% | 233,836 | $4.4M | Reduce -42.8% |
| AVTX Avalo Therapeutics Inc. | 0.61% | 232,294 | $4.3M | New |
| PMN Promis Neurosciences Inc. | 0.61% | 325,591 | $4.3M | No change |
| BCRX Biocryst Pharmaceuticals Inc. | 0.60% | 422,051 | $4.2M | Reduce -51.3% |
| RVMD Revolution Medicines Inc. | 0.60% | 22,400 | $4.2M | Reduce -59.4% |
| CABA Cabaletta Bio Inc. | 0.59% | 1,329,012 | $4.1M | New |
| GENB Generate Biomedicines Inc. | 0.59% | 245,000 | $4.1M | Add +32.4% |
| MDWD Mediwound Ltd. | 0.57% | 273,192 | $4.0M | No change |
| ACOG Alpha Cognition Inc. | 0.56% | 545,816 | $3.9M | Reduce -3.8% |
| WVE Wave Life Sciences Ltd. | 0.53% | 638,272 | $3.7M | Add +16.4% |
| CRVS Corvus Pharmaceuticals Inc. | 0.52% | 244,961 | $3.7M | Reduce -1.2% |
| OVID Ovid Therapeutics Inc. | 0.52% | 1,353,000 | $3.6M | Reduce -16.6% |
| BBOT Bridgebio Oncology Therapeut | 0.50% | 460,985 | $3.5M | New |
| CTMX Cytomx Therapeutics Inc. | 0.47% | 879,000 | $3.3M | Add +299.6% |
| PRQR Proqr Therapeutics NV | 0.47% | 1,757,458 | $3.3M | New |
| ALNY Alnylam Pharmaceuticals Inc. | 0.47% | 10,800 | $3.3M | New |
| KURA Kura Oncology Inc. | 0.46% | 295,039 | $3.2M | Reduce -0.2% |
| KOD Kodiak Sciences Inc. | 0.46% | 81,796 | $3.2M | Reduce -28.8% |
| ORA Ormat Technologies Inc. | 0.44% | 28,015 | $3.1M | Reduce -59.0% |
| CTNM Contineum Therapeutics Inc. Class A | 0.43% | 183,475 | $3.0M | Add +5.8% |
| LRMR Larimar Therapeutics Inc. | 0.40% | 926,004 | $2.8M | New |
| IMMX Immix Biopharma Inc. | 0.40% | 270,000 | $2.8M | New |
| AMGN Amgen Inc. | 0.39% | 7,500 | $2.7M | No change |
| BHVN Biohaven Ltd. | 0.35% | 164,437 | $2.4M | Reduce -72.3% |
| CEG Constellation Energy | 0.35% | 9,850 | $2.4M | New |
| VSTM Verastem Inc. | 0.35% | 632,632 | $2.4M | Add +84.1% |
| TENX Tenax Therapeutics Inc. | 0.25% | 120,200 | $1.7M | Reduce -11.6% |
| TSHA Taysha Gene Therapies Inc. | 0.24% | 250,000 | $1.7M | New |
| GPCR Structure Therapeutics Inc. | 0.22% | 28,600 | $1.5M | Reduce -43.7% |
| UPB Upstream Bio Inc. | 0.22% | 219,700 | $1.5M | Reduce -38.6% |
| VYGR Voyager Therapeutics Inc. | 0.21% | 427,554 | $1.5M | Reduce -9.0% |
| ORGO Organogenesis Holdings Inc. | 0.19% | 550,000 | $1.3M | No change |
| IKT Inhibikase Therapeutics Inc. | 0.19% | 649,309 | $1.3M | New |
| CRIS Curis Inc. | 0.15% | 98,996 | $1.0M | Reduce -95.0% |
| STTK Shattuck Labs Inc. | 0.09% | 86,461 | $600K | Reduce -69.2% |
| TRAX First Tracks Biotherapeutics | 0.08% | 27,876 | $561K | New |
| SKYE Skye Bioscience Inc. | 0.07% | 678,928 | $471K | No change |
| TRAW Traws Pharma Inc. | 0.05% | 398,486 | $336K | New |
| EVMN Evommune Inc. | 0.04% | 22,632 | $301K | Reduce -71.1% |
| HOWL Werewolf Therapeutics Inc. | 0.03% | 626,810 | $226K | No change |
| APRE Aprea Therapeutics Inc. | 0.03% | 270,000 | $217K | No change |
Options reported separately and not counted above: XBI puts ($23.7M), BIIB calls ($21.6M), CYTK calls ($8.5M), PRAX calls ($4.2M), TLT calls ($4.1M), ABVX puts ($2.7M), TENX calls ($1.9M), ORIC calls ($1.1M).
Portfolio Sells Q1 2026 → Q2 2026
| NVMI Nova Ltd. | Reduce -52.8% | 1.96% | −2.03 |
| FOLD Amicus Therapeutics Inc. | Sold out | 0.00% | −1.50 |
| CLBT Cellebrite Di Ltd. | Sold out | 0.00% | −1.50 |
| APLS Apellis Pharmaceuticals Inc. | Sold out | 0.00% | −1.49 |
| PANW Palo Alto Networks Inc. | Sold out | 0.00% | −1.46 |
| CAMT Camtek Ltd. | Sold out | 0.00% | −1.38 |
| SLNO Soleno Therapeutics Inc. | Sold out | 0.00% | −1.25 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −1.14 |
| AAOI Applied Optoelectronics Inc. | Sold out | 0.00% | −1.07 |
| ENPH Enphase Energy Inc. | Sold out | 0.00% | −0.93 |
| ORA Ormat Technologies Inc. | Reduce -59.0% | 0.44% | −0.88 |
| BCRX Biocryst Pharmaceuticals Inc. | Reduce -51.3% | 0.60% | −0.81 |
| BHVN Biohaven Ltd. | Reduce -72.3% | 0.35% | −0.51 |
| ZIM Zim Integrated Shipping Serv | Sold out | 0.00% | −0.48 |
| SEDG Solaredge Technologies Inc. | Sold out | 0.00% | −0.46 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.39 |
| GSK GSK PLC-Spon ADR | Reduce -16.4% | 0.77% | −0.39 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -17.3% | 0.91% | −0.36 |
| TSEM Tower Semiconductor Ltd. | Reduce -25.7% | 4.04% | −0.36 |
| UPB Upstream Bio Inc. | Reduce -38.6% | 0.22% | −0.34 |
| RVMD Revolution Medicines Inc. | Reduce -59.4% | 0.60% | −0.32 |
| ASND Ascendis Pharma A/S | Sold out | 0.00% | −0.31 |
| KOD Kodiak Sciences Inc. | Reduce -28.8% | 0.46% | −0.30 |
| ELDN Eledon Pharmaceuticals Inc. | Reduce -32.8% | 0.67% | −0.27 |
| EVMN Evommune Inc. | Reduce -71.1% | 0.04% | −0.27 |
| STTK Shattuck Labs Inc. | Reduce -69.2% | 0.09% | −0.22 |
| ELVN Enliven Therapeutics Inc. | Reduce -26.4% | 0.82% | −0.21 |
| GPCR Structure Therapeutics Inc. | Reduce -43.7% | 0.22% | −0.20 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.18 |
| TENX Tenax Therapeutics Inc. | Reduce -11.6% | 0.25% | −0.12 |
| NICE Nice Ltd. - Spon ADR | Sold out | 0.00% | −0.11 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -27.3% | 2.81% | −0.10 |
| CRVS Corvus Pharmaceuticals Inc. | Reduce -1.2% | 0.52% | −0.10 |
| OVID Ovid Therapeutics Inc. | Reduce -16.6% | 0.52% | −0.10 |
| TNGX Tango Therapeutics Inc. | Reduce -26.0% | 1.14% | −0.10 |
| VYGR Voyager Therapeutics Inc. | Reduce -9.0% | 0.21% | −0.10 |
| RLAY Relay Therapeutics Inc. | Reduce -42.8% | 0.63% | −0.07 |
| LLY Eli Lilly & Co. | Reduce -11.1% | 1.38% | −0.05 |
| CLDX Celldex Therapeutics Inc. | Reduce -1.1% | 1.28% | −0.05 |
| CRIS Curis Inc. | Reduce -95.0% | 0.15% | −0.04 |
| DTIL Precision Biosciences Inc. | Sold out | 0.00% | −0.04 |
| FHTX Foghorn Therapeutics Inc. | Sold out | 0.00% | −0.01 |
| ACOG Alpha Cognition Inc. | Reduce -3.8% | 0.56% | +0.03 |
| KURA Kura Oncology Inc. | Reduce -0.2% | 0.46% | +0.05 |
| TRVI Trevi Therapeutics Inc. | Reduce -13.1% | 1.33% | +0.15 |
Portfolio Buys Q1 2026 → Q2 2026
| CYTK Cytokinetics Inc. | Add +452.5% | 2.68% | +2.23 |
| INSM Insmed Inc. | New | 1.81% | +1.81 |
| TEVA Teva Pharmaceutical-SP ADR | Add +31.9% | 7.27% | +1.38 |
| BMRN Biomarin Pharmaceutical Inc. | Add +134.8% | 2.69% | +1.33 |
| RYTM Rhythm Pharmaceuticals Inc. | New | 1.28% | +1.28 |
| LRCX Lam Research Corp. | New | 1.15% | +1.15 |
| AMAT Applied Materials Inc. | New | 1.14% | +1.14 |
| IDYA Ideaya Biosciences Inc. | New | 1.05% | +1.05 |
| NVCT Nuvectis Pharma Inc. | New | 1.01% | +1.01 |
| HRMY Harmony Biosciences Holdings | New | 0.92% | +0.92 |
| HELP Cybin Inc. | Add +64.2% | 1.53% | +0.72 |
| VST Vistra Corp. | New | 0.67% | +0.67 |
| TLN Talen Energy Corp. | New | 0.67% | +0.67 |
| CLOU Global X Cloud Computing ETF | New | 0.64% | +0.64 |
| MAZE Maze Therapeutics Inc. | Add +83.7% | 1.78% | +0.62 |
| AVTX Avalo Therapeutics Inc. | New | 0.61% | +0.61 |
| CABA Cabaletta Bio Inc. | New | 0.59% | +0.59 |
| MDGL Madrigal Pharmaceuticals Inc. | Add +92.7% | 1.34% | +0.52 |
| BBOT Bridgebio Oncology Therapeut | New | 0.50% | +0.50 |
| BIOA Bioage Labs Inc. | Add +147.0% | 0.75% | +0.49 |
| PRQR Proqr Therapeutics NV | New | 0.47% | +0.47 |
| ALNY Alnylam Pharmaceuticals Inc. | New | 0.47% | +0.47 |
| PRLD Prelude Therapeutics Inc. | Add +82.7% | 0.78% | +0.45 |
| CLYM Climb Bio Inc. | Add +15.4% | 0.90% | +0.41 |
| LRMR Larimar Therapeutics Inc. | New | 0.40% | +0.40 |
| IMMX Immix Biopharma Inc. | New | 0.40% | +0.40 |
| CEG Constellation Energy | New | 0.35% | +0.35 |
| ACAD Acadia Pharmaceuticals Inc. | Add +39.2% | 1.29% | +0.31 |
| CTMX Cytomx Therapeutics Inc. | Add +299.6% | 0.47% | +0.29 |
| SNDX Syndax Pharmaceuticals Inc. | Add +40.0% | 3.17% | +0.26 |
| MSLE Satellos Bioscience Inc. | Add +33.4% | 0.73% | +0.25 |
| TSHA Taysha Gene Therapies Inc. | New | 0.24% | +0.24 |
| GENB Generate Biomedicines Inc. | Add +32.4% | 0.59% | +0.19 |
| IKT Inhibikase Therapeutics Inc. | New | 0.19% | +0.19 |
| PALI Palisade Bio Inc. | Add +30.2% | 0.68% | +0.15 |
| NVS Novartis AG-Sponsored ADR | Add +35.1% | 1.12% | +0.15 |
| DYN Dyne Therapeutics Inc. | Add +24.3% | 0.63% | +0.13 |
| ZBIO Zenas Biopharma Inc. | Add +7.7% | 0.84% | +0.12 |
| VOR Vor Biopharma Inc. | Add +29.4% | 1.10% | +0.11 |
| PFE Pfizer Inc. | Add +53.8% | 0.99% | +0.09 |
| TRAX First Tracks Biotherapeutics | New | 0.08% | +0.08 |
| IRON Disc Medicine Inc. | Add +18.7% | 0.67% | +0.08 |
| MRK Merck & Co. Inc. | Add +20.6% | 1.08% | +0.07 |
| BIIB Biogen Inc. | Add +4.4% | 2.99% | +0.07 |
| TRAW Traws Pharma Inc. | New | 0.05% | +0.05 |
| CTNM Contineum Therapeutics Inc. Class A | Add +5.8% | 0.43% | +0.04 |
| VSTM Verastem Inc. | Add +84.1% | 0.35% | +0.03 |
| ORIC Oric Pharmaceuticals Inc. | Add +40.1% | 1.17% | −0.00 |
| SVRA Savara Inc. | Add +2.3% | 0.67% | −0.03 |
| FBRX Forte Biosciences Inc. | Add +35.0% | 0.76% | −0.06 |
Options Activity Q1 2026 → Q2 2026
| XBI SS SPDR S&P Biotech ETF | put | Reduce -25.0% | 150,000 | $23.7M |
| BIIB Biogen Inc. | call | New | 100,000 | $21.6M |
| CYTK Cytokinetics Inc. | call | Reduce -61.4% | 100,000 | $8.5M |
| PRAX Praxis Precision Medicines I | call | New | 12,500 | $4.2M |
| ABVX Abivax SA-ADR | put | New | 20,000 | $2.7M |
| TENX Tenax Therapeutics Inc. | call | New | 127,600 | $1.9M |
| OLMA Olema Pharmaceuticals Inc. | call | Sold out | 100,000 | $1.5Mbefore exit |
| ORIC Oric Pharmaceuticals Inc. | call | New | 100,000 | $1.1M |
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 | $698.8M | TEVA, MLYS, TSEM, SNDX, BIIB |
| Q1 2026 | 92 | $581.5M | MLYS, TEVA, TSEM, NVMI, BBIO |
| Q4 2025 | 94 | $478.5M | TEVA, BIIB, MLYS, SNDX, NVMI |
| Q3 2025 | 101 | $421.6M | TEVA, NICE, TSEM, NVMI, QQQ |
| Q2 2025 | 101 | $382.5M | TEVA, NVMI, SNDX, TSEM, CYTK |
| Q1 2025 | 111 | $405.5M | TEVA, SNDX, SNY, NVMI, AZN |
| Q4 2024 | 102 | $541.4M | TEVA, BBIO, SNY, SNDX, AZN |
| Q3 2024 | 107 | $611.0M | TEVA, SNY, BBIO, SNDX, AMZN |
| Q2 2024 | 109 | $613.3M | BBIO, SNY, CYTK, AMZN, SNDX |
| Q1 2024 | 92 | $617.3M | TEVA, SNY, NICE, CYTK, SNDX |