Sphera Funds Management LTD.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Sphera Funds Management LTD. reported 111 stock positions worth $405.5 million. Its top holding was Teva Pharmaceutical-SP ADR (TEVA) at 6.0% of the portfolio, followed by Syndax Pharmaceuticals (SNDX, 5.0%) and Sanofi-ADR (SNY, 4.2%). Compared with Q4 2024, it opened 18 new positions, sold out of 9, added to 18 and reduced 51. The biggest buy was Syndax Pharmaceuticals (SNDX, shares +20%) and the biggest sale Bridgebio Pharma (BBIO, shares −60%).
- Most Recent 13F
- Q2 2026
- Location
- TEL AVIV, L3
- CIK
- 0001496201
- Portfolio Value
- $405.5M (Q1 2025)
- SEC Filing
- 0001496201-25-000007 ↗ filed May 15, 2025
Holdings Value
Holdings 111 stocks · $405.5M
| TEVA Teva Pharmaceutical-SP ADR | 5.96% | 1,572,181 | $24.2M | Add +0.2% |
| SNDX Syndax Pharmaceuticals Inc. | 5.04% | 1,663,974 | $20.4M | Add +20.5% |
| SNY Sanofi-ADR | 4.16% | 304,515 | $16.9M | Reduce -20.8% |
| NVMI Nova Ltd. | 4.12% | 90,697 | $16.7M | Add +33.1% |
| AZN Astrazeneca PLC-Spons ADR | 3.17% | 175,060 | $12.9M | Reduce -22.2% |
| BBIO Bridgebio Pharma Inc. | 3.13% | 366,608 | $12.7M | Reduce -59.5% |
| SRPT Sarepta Therapeutics Inc. | 2.49% | 157,931 | $10.1M | Add +59.6% |
| RARE Ultragenyx Pharmaceutical Inc. | 2.39% | 267,385 | $9.7M | Add +16.9% |
| LLY Eli Lilly & Co. | 2.38% | 11,690 | $9.7M | Reduce -11.4% |
| CLDX Celldex Therapeutics Inc. | 2.27% | 507,829 | $9.2M | Add +7.1% |
| JNJ Johnson & Johnson | 2.16% | 52,831 | $8.8M | Reduce -24.3% |
| NVO Novo-Nordisk A/S-Spons ADR | 2.02% | 118,080 | $8.2M | Add +20.4% |
| ELDN Eledon Pharmaceuticals Inc. | 1.93% | 2,307,119 | $7.8M | Reduce -9.6% |
| MLYS Mineralys Therapeutics Inc. | 1.82% | 465,526 | $7.4M | Add +144.2% |
| AMZN Amazon.com Inc. | 1.72% | 36,607 | $7.0M | Reduce -41.5% |
| ABBV Abbvie Inc. | 1.56% | 30,256 | $6.3M | Reduce -11.7% |
| PHVS Pharvaris NV | 1.49% | 383,856 | $6.0M | Reduce -1.1% |
| ORA Ormat Technologies Inc. | 1.47% | 84,000 | $5.9M | Add +6.3% |
| CYTK Cytokinetics Inc. | 1.44% | 144,961 | $5.8M | Reduce -5.3% |
| META Meta Platforms Inc. Class A | 1.42% | 9,962 | $5.7M | Reduce -52.6% |
| NVS Novartis AG-Sponsored ADR | 1.37% | 50,000 | $5.6M | No change |
| MRK Merck & Co. Inc. | 1.32% | 59,600 | $5.3M | No change |
| PRAX Praxis Precision Medicines I | 1.31% | 140,660 | $5.3M | Add +53.6% |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27 SEPT) | 1.29% | 5,037,000 | $5.2M | No change |
| NICE Nice Ltd. - Spon ADR | 1.27% | 33,303 | $5.1M | Reduce -21.6% |
| GSK GSK PLC-Spon ADR | 1.24% | 130,000 | $5.0M | No change |
| SEDG Solaredge Technologies Inc. | 1.23% | 309,216 | $5.0M | Reduce -17.5% |
| ETNB 89BIO Inc. | 1.11% | 618,343 | $4.5M | Add +11.1% |
| MRUS Merus NV | 1.11% | 106,532 | $4.5M | Reduce -18.4% |
| IMTX Immatics NV | 1.02% | 921,111 | $4.2M | No change |
| APLS Apellis Pharmaceuticals Inc. | 0.98% | 181,346 | $4.0M | Reduce -12.1% |
| MAZE Maze Therapeutics Inc. | 0.97% | 355,554 | $3.9M | New |
| TVTX Travere Therapeutics Inc. | 0.88% | 200,000 | $3.6M | Reduce -9.4% |
| SVRA Savara Inc. | 0.88% | 1,284,151 | $3.6M | Add +6.0% |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.87% | 277,550 | $3.5M | Add +40.5% |
| DYN Dyne Therapeutics Inc. | 0.85% | 329,262 | $3.4M | Add +39.4% |
| ANNX Annexon Inc. | 0.84% | 1,764,387 | $3.4M | Add +41.9% |
| JANX Janux Therapeutics Inc. | 0.84% | 125,840 | $3.4M | Add +84.2% |
| HELP Cybin Inc. | 0.82% | 527,222 | $3.3M | Reduce -2.0% |
| IMVT Immunovant Inc. | 0.82% | 194,638 | $3.3M | New |
| NVDA Nvidia Corp. | 0.79% | 29,605 | $3.2M | New |
| RZLT Rezolute Inc. | 0.77% | 1,081,447 | $3.1M | Reduce -7.2% |
| RNAM Avidity Biosciences Inc. | 0.77% | 106,000 | $3.1M | New |
| AMGN Amgen Inc. | 0.77% | 10,000 | $3.1M | New |
| BIIB Biogen Inc. | 0.77% | 22,738 | $3.1M | No change |
| ACOG Alpha Cognition Inc. | 0.74% | 596,992 | $3.0M | Reduce -3.7% |
| VIGL Vigil Neuroscience Inc. | 0.70% | 1,604,429 | $2.9M | Add +6.8% |
| NTLA Intellia Therapeutics Inc. | 0.67% | 381,080 | $2.7M | Reduce -18.2% |
| DAWN Day One Biopharmaceuticals I | 0.66% | 334,987 | $2.7M | No change |
| AMAT Applied Materials Inc. | 0.64% | 18,000 | $2.6M | New |
| SRRK Scholar Rock Holding Corp. | 0.62% | 78,193 | $2.5M | Reduce -13.3% |
| CRM Salesforce Inc. | 0.60% | 9,100 | $2.4M | New |
| BHVN Biohaven Ltd. | 0.59% | 99,784 | $2.4M | Reduce -36.2% |
| ENGN Engene Holdings Inc. | 0.58% | 528,365 | $2.4M | Reduce -5.7% |
| SKYE Skye Bioscience Inc. | 0.58% | 1,476,353 | $2.3M | Reduce -5.6% |
| WDAY Workday Inc. Class A | 0.58% | 10,000 | $2.3M | No change |
| SWTX Springworks Therapeutics Inc. | 0.57% | 52,009 | $2.3M | Reduce -48.0% |
| PFE Pfizer Inc. | 0.56% | 90,000 | $2.3M | No change |
| KURA Kura Oncology Inc. | 0.56% | 343,522 | $2.3M | Reduce -43.7% |
| ELVN Enliven Therapeutics Inc. | 0.54% | 111,743 | $2.2M | New |
| TSEM Tower Semiconductor Ltd. | 0.54% | 61,549 | $2.2M | Reduce -63.0% |
| UBER Uber Technologies Inc. | 0.54% | 30,000 | $2.2M | No change |
| GOOG Alphabet Inc. Class C | 0.52% | 13,500 | $2.1M | Reduce -69.0% |
| VKTX Viking Therapeutics Inc. | 0.50% | 83,270 | $2.0M | Reduce -19.4% |
| COGT Cogent Biosciences Inc. | 0.49% | 335,024 | $2.0M | New |
| VTGN Vistagen Therapeutics Inc. | 0.49% | 790,550 | $2.0M | Reduce -2.2% |
| AVGO Broadcom Inc. | 0.48% | 11,695 | $2.0M | Reduce -30.7% |
| IONS Ionis Pharmaceuticals Inc. | 0.47% | 63,821 | $1.9M | No change |
| NKE Nike Inc. Class B | 0.47% | 30,050 | $1.9M | New |
| CHKP Check Point Software Tech | 0.47% | 8,334 | $1.9M | Reduce -76.6% |
| RCKT Rocket Pharmaceuticals Inc. | 0.45% | 271,792 | $1.8M | No change |
| MSFT Microsoft Corp. | 0.43% | 4,592 | $1.7M | Reduce -79.4% |
| NTR Nutrien Ltd. | 0.38% | 30,894 | $1.5M | Reduce -44.7% |
| GPCR Structure Therapeutics Inc. | 0.36% | 84,000 | $1.5M | New |
| WIX Wix.com Ltd. | 0.35% | 8,800 | $1.4M | Reduce -77.6% |
| FROG Jfrog Ltd. | 0.34% | 42,871 | $1.4M | Reduce -77.5% |
| CAMT Camtek Ltd. | 0.33% | 23,086 | $1.4M | Reduce -36.4% |
| PMN Promis Neurosciences Inc. | 0.33% | 1,929,297 | $1.3M | No change |
| SHLT SHL Telemedicine Ltd.-ADR | 0.32% | 632,456 | $1.3M | No change |
| ORIC Oric Pharmaceuticals Inc. | 0.32% | 234,834 | $1.3M | Reduce -14.1% |
| CEVA Ceva Inc. | 0.31% | 48,920 | $1.3M | New |
| BMY Bristol-Myers Squibb Co. | 0.30% | 20,000 | $1.2M | No change |
| VTYX Ventyx Biosciences Inc. | 0.29% | 1,012,749 | $1.2M | No change |
| NNDM Nano Dimension Ltd. - ADR | 0.28% | 717,518 | $1.1M | New |
| INZY Inozyme Pharma Inc. | 0.27% | 1,191,140 | $1.1M | No change |
| OTLK Outlook Therapeutics Inc. | 0.26% | 857,142 | $1.0M | New |
| ATXS Astria Therapeutics Inc. | 0.25% | 189,800 | $1.0M | Add +35.8% |
| CMMB Chemomab Therapeutics Ltd. | 0.24% | 900,428 | $981K | Reduce -25.9% |
| CATX Perspective Therapeutics Inc. | 0.24% | 460,247 | $980K | No change |
| MRVL Marvell Technology Inc. | 0.23% | 15,070 | $928K | Reduce -80.8% |
| ARVN Arvinas Inc. | 0.22% | 125,000 | $878K | New |
| XENE Xenon Pharmaceuticals Inc. | 0.22% | 26,097 | $876K | Reduce -49.9% |
| PERI Perion Network Ltd. | 0.21% | 102,612 | $835K | No change |
| RGLS Regulus Therapeutics Inc. | 0.20% | 452,845 | $792K | New |
| LRMR Larimar Therapeutics Inc. | 0.19% | 366,304 | $788K | Reduce -19.6% |
| CRVS Corvus Pharmaceuticals Inc. | 0.16% | 205,859 | $655K | Reduce -58.9% |
| HOWL Werewolf Therapeutics Inc. | 0.15% | 626,810 | $609K | No change |
| VIR Vir Biotechnology Inc. | 0.15% | 90,855 | $589K | Reduce -84.4% |
| APRE Aprea Therapeutics Inc. | 0.14% | 270,000 | $551K | No change |
| ZURA Zura Bio Ltd. | 0.13% | 421,229 | $543K | Reduce -39.0% |
Options reported separately and not counted above: TLT calls ($23.2M), PRAX calls ($3.8M), RARE calls ($1.8M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $2K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| IMTXW Immatics NV -CW | *W EXP 07/01/202 | 100,000 | $2K | No change |
Total filed on the 13F, all lines: $405.5M.
Portfolio Sells Q4 2024 → Q1 2025
| BBIO Bridgebio Pharma Inc. | Reduce -59.5% | 3.13% | −1.46 |
| MRVL Marvell Technology Inc. | Reduce -80.8% | 0.23% | −1.37 |
| MSFT Microsoft Corp. | Reduce -79.4% | 0.43% | −1.31 |
| WIX Wix.com Ltd. | Reduce -77.6% | 0.35% | −1.20 |
| TSEM Tower Semiconductor Ltd. | Reduce -63.0% | 0.54% | −1.04 |
| GOOG Alphabet Inc. Class C | Reduce -69.0% | 0.52% | −1.01 |
| ACAD Acadia Pharmaceuticals Inc. | Sold out | 0.00% | −0.98 |
| META Meta Platforms Inc. Class A | Reduce -52.6% | 1.42% | −0.86 |
| AMZN Amazon.com Inc. | Reduce -41.5% | 1.72% | −0.82 |
| CHKP Check Point Software Tech | Reduce -76.6% | 0.47% | −0.76 |
| PLRX Pliant Therapeutics Inc. | Sold out | 0.00% | −0.72 |
| FROG Jfrog Ltd. | Reduce -77.5% | 0.34% | −0.70 |
| VIR Vir Biotechnology Inc. | Reduce -84.4% | 0.15% | −0.64 |
| ENPH Enphase Energy Inc. | Sold out | 0.00% | −0.64 |
| BHVN Biohaven Ltd. | Reduce -36.2% | 0.59% | −0.49 |
| CRGX Cargo Therapeutics Inc. | Sold out | 0.00% | −0.48 |
| CGEM Cullinan Therapeutics Inc. | Sold out | 0.00% | −0.46 |
| KURA Kura Oncology Inc. | Reduce -43.7% | 0.56% | −0.42 |
| JSPR Jasper Therapeutics Inc. | Reduce -10.1% | 0.13% | −0.41 |
| NTLA Intellia Therapeutics Inc. | Reduce -18.2% | 0.67% | −0.34 |
| CRVS Corvus Pharmaceuticals Inc. | Reduce -58.9% | 0.16% | −0.33 |
| RZLT Rezolute Inc. | Reduce -7.2% | 0.77% | −0.28 |
| VKTX Viking Therapeutics Inc. | Reduce -19.4% | 0.50% | −0.27 |
| AVGO Broadcom Inc. | Reduce -30.7% | 0.48% | −0.24 |
| SKYE Skye Bioscience Inc. | Reduce -5.6% | 0.58% | −0.24 |
| APLS Apellis Pharmaceuticals Inc. | Reduce -12.1% | 0.98% | −0.24 |
| CAMT Camtek Ltd. | Reduce -36.4% | 0.33% | −0.21 |
| ZURA Zura Bio Ltd. | Reduce -39.0% | 0.13% | −0.18 |
| MERSANA THERAPEUTICS INC | Sold out | 0.00% | −0.18 |
| ALMS Alumis Inc. | Sold out | 0.00% | −0.18 |
| CMMB Chemomab Therapeutics Ltd. | Reduce -25.9% | 0.24% | −0.16 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -49.9% | 0.22% | −0.16 |
| LRMR Larimar Therapeutics Inc. | Reduce -19.6% | 0.19% | −0.13 |
| ENGN Engene Holdings Inc. | Reduce -5.7% | 0.58% | −0.10 |
| SWTX Springworks Therapeutics Inc. | Reduce -48.0% | 0.57% | −0.10 |
| SRRK Scholar Rock Holding Corp. | Reduce -13.3% | 0.62% | −0.10 |
| ORIC Oric Pharmaceuticals Inc. | Reduce -14.1% | 0.32% | −0.08 |
| NTR Nutrien Ltd. | Reduce -44.7% | 0.38% | −0.08 |
| ELEV Elevation Oncology Inc. | Reduce -64.8% | 0.02% | −0.08 |
| KYTX Kyverna Therapeutics Inc. | Sold out | 0.00% | −0.08 |
| ALEC Alector Inc. | Reduce -66.4% | 0.03% | −0.08 |
| NICE Nice Ltd. - Spon ADR | Reduce -21.6% | 1.27% | −0.07 |
| OKUR Onkure Therapeutics Inc. Class A | Reduce -7.9% | 0.09% | −0.05 |
| HELP Cybin Inc. | Reduce -2.0% | 0.82% | −0.05 |
| CGEN Compugen Ltd. | Sold out | 0.00% | −0.05 |
| ELDN Eledon Pharmaceuticals Inc. | Reduce -9.6% | 1.93% | −0.01 |
| CLYM Climb Bio Inc. | Reduce -4.0% | 0.07% | −0.01 |
| LVTX Lava Therapeutics NV | Reduce -61.7% | 0.02% | −0.01 |
| VTGN Vistagen Therapeutics Inc. | Reduce -2.2% | 0.49% | +0.05 |
| ACOG Alpha Cognition Inc. | Reduce -3.7% | 0.74% | +0.07 |
Portfolio Buys Q4 2024 → Q1 2025
| SNDX Syndax Pharmaceuticals Inc. | Add +20.5% | 5.04% | +1.67 |
| NVMI Nova Ltd. | Add +33.1% | 4.12% | +1.64 |
| MLYS Mineralys Therapeutics Inc. | Add +144.2% | 1.82% | +1.39 |
| MAZE Maze Therapeutics Inc. | New | 0.97% | +0.97 |
| IMVT Immunovant Inc. | New | 0.82% | +0.82 |
| NVDA Nvidia Corp. | New | 0.79% | +0.79 |
| RNAM Avidity Biosciences Inc. | New | 0.77% | +0.77 |
| AMGN Amgen Inc. | New | 0.77% | +0.77 |
| AMAT Applied Materials Inc. | New | 0.64% | +0.64 |
| RARE Ultragenyx Pharmaceutical Inc. | Add +16.9% | 2.39% | +0.61 |
| CRM Salesforce Inc. | New | 0.60% | +0.60 |
| ELVN Enliven Therapeutics Inc. | New | 0.54% | +0.54 |
| COGT Cogent Biosciences Inc. | New | 0.49% | +0.49 |
| ORA Ormat Technologies Inc. | Add +6.3% | 1.47% | +0.48 |
| NKE Nike Inc. Class B | New | 0.47% | +0.47 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +20.4% | 2.02% | +0.46 |
| GPCR Structure Therapeutics Inc. | New | 0.36% | +0.36 |
| CEVA Ceva Inc. | New | 0.31% | +0.31 |
| ETNB 89BIO Inc. | Add +11.1% | 1.11% | +0.30 |
| NNDM Nano Dimension Ltd. - ADR | New | 0.28% | +0.28 |
| SRPT Sarepta Therapeutics Inc. | Add +59.6% | 2.49% | +0.26 |
| OTLK Outlook Therapeutics Inc. | New | 0.26% | +0.26 |
| VIGL Vigil Neuroscience Inc. | Add +6.8% | 0.70% | +0.23 |
| ARVN Arvinas Inc. | New | 0.22% | +0.22 |
| RGLS Regulus Therapeutics Inc. | New | 0.20% | +0.20 |
| SVRA Savara Inc. | Add +6.0% | 0.88% | +0.19 |
| ARWR Arrowhead Pharmaceuticals Inc. | Add +40.5% | 0.87% | +0.19 |
| JANX Janux Therapeutics Inc. | Add +84.2% | 0.84% | +0.16 |
| IBIT iShares Bitcoin Trust ETF | New | 0.09% | +0.09 |
| CDTX Cidara Therapeutics Inc. | New | 0.09% | +0.09 |
| CLDX Celldex Therapeutics Inc. | Add +7.1% | 2.27% | +0.06 |
| ATXS Astria Therapeutics Inc. | Add +35.8% | 0.25% | +0.02 |
| PRAX Praxis Precision Medicines I | Add +53.6% | 1.31% | +0.01 |
| DYN Dyne Therapeutics Inc. | Add +39.4% | 0.85% | −0.18 |
| ANNX Annexon Inc. | Add +41.9% | 0.84% | −0.34 |
| TEVA Teva Pharmaceutical-SP ADR | Add +0.2% | 5.96% | −0.43 |
Options Activity Q4 2024 → Q1 2025
| TLT iShares 20+ Year Treasury BD | call | New | 255,100 | $23.2M |
| PRAX Praxis Precision Medicines I | call | Add +20.5% | 100,000 | $3.8M |
| CYTK Cytokinetics Inc. | call | Sold out | 50,000 | $2.4Mbefore exit |
| RARE Ultragenyx Pharmaceutical Inc. | call | New | 50,000 | $1.8M |
| JSPR Jasper Therapeutics Inc. | put | Sold out | 77,500 | $1.7Mbefore exit |
| JSPR Jasper Therapeutics Inc. | call | Sold out | 61,100 | $1.3Mbefore 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 | 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 |