Sphera Funds Management LTD.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Sphera Funds Management LTD. reported 101 stock positions worth $382.5 million. Its top holding was Teva Pharmaceutical-SP ADR (TEVA) at 7.1% of the portfolio, followed by Nova (NVMI, 5.5%) and Syndax Pharmaceuticals (SNDX, 3.8%). Compared with Q1 2025, it opened 16 new positions, sold out of 26, added to 23 and reduced 53. The biggest buy was Tower Semiconductor (TSEM, shares +330%) and the biggest sale Bridgebio Pharma (BBIO, shares −76%).
- Most Recent 13F
- Q2 2026
- Location
- TEL AVIV, L3
- CIK
- 0001496201
- Portfolio Value
- $382.5M (Q2 2025)
- SEC Filing
- 0001496201-25-000010 ↗ filed Aug 14, 2025
Holdings Value
Holdings 101 stocks · $382.5M
| TEVA Teva Pharmaceutical-SP ADR | 7.10% | 1,620,990 | $27.2M | Add +3.1% |
| NVMI Nova Ltd. | 5.46% | 75,836 | $20.9M | Reduce -16.4% |
| SNDX Syndax Pharmaceuticals Inc. | 3.85% | 1,571,564 | $14.7M | Reduce -5.5% |
| TSEM Tower Semiconductor Ltd. | 3.00% | 264,722 | $11.5M | Add +330.1% |
| CYTK Cytokinetics Inc. | 2.82% | 326,718 | $10.8M | Add +125.4% |
| SNY Sanofi-ADR | 2.77% | 219,515 | $10.6M | Reduce -27.9% |
| BIIB Biogen Inc. | 2.72% | 82,738 | $10.4M | Add +263.9% |
| AZN Astrazeneca PLC-Spons ADR | 2.47% | 135,060 | $9.4M | Reduce -22.9% |
| LLY Eli Lilly & Co. | 2.35% | 11,540 | $9.0M | Reduce -1.3% |
| NVDA Nvidia Corp. | 2.25% | 54,515 | $8.6M | Add +84.1% |
| CLDX Celldex Therapeutics Inc. | 2.23% | 419,540 | $8.5M | Reduce -17.4% |
| NVO Novo-Nordisk A/S-Spons ADR | 1.91% | 105,677 | $7.3M | Reduce -10.5% |
| AMZN Amazon.com Inc. | 1.86% | 32,441 | $7.1M | Reduce -11.4% |
| CDTX Cidara Therapeutics Inc. | 1.76% | 138,001 | $6.7M | Add +705.7% |
| ORA Ormat Technologies Inc. | 1.71% | 78,000 | $6.5M | Reduce -7.1% |
| MLYS Mineralys Therapeutics Inc. | 1.70% | 480,974 | $6.5M | Add +3.3% |
| FBRX Forte Biosciences Inc. | 1.67% | 495,109 | $6.4M | New |
| META Meta Platforms Inc. Class A | 1.65% | 8,526 | $6.3M | Reduce -14.4% |
| JNJ Johnson & Johnson | 1.63% | 40,831 | $6.2M | Reduce -22.7% |
| MSFT Microsoft Corp. | 1.53% | 11,792 | $5.9M | Add +156.8% |
| FOLD Amicus Therapeutics Inc. | 1.48% | 990,718 | $5.7M | New |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27 SEPT) | 1.47% | 5,037,000 | $5.6M | No change |
| PHVS Pharvaris NV | 1.43% | 309,931 | $5.5M | Reduce -19.3% |
| ELDN Eledon Pharmaceuticals Inc. | 1.39% | 1,959,610 | $5.3M | Reduce -15.1% |
| TVTX Travere Therapeutics Inc. | 1.30% | 335,333 | $5.0M | Add +67.7% |
| ABBV Abbvie Inc. | 1.23% | 25,256 | $4.7M | Reduce -16.5% |
| GSK GSK PLC-Spon ADR | 1.22% | 122,000 | $4.7M | Reduce -6.2% |
| PRAX Praxis Precision Medicines I | 1.21% | 109,757 | $4.6M | Reduce -22.0% |
| NVS Novartis AG-Sponsored ADR | 1.17% | 37,000 | $4.5M | Reduce -26.0% |
| TRVI Trevi Therapeutics Inc. | 1.14% | 799,957 | $4.4M | New |
| MAZE Maze Therapeutics Inc. | 1.14% | 356,453 | $4.4M | Add +0.3% |
| ANNX Annexon Inc. | 1.11% | 1,764,387 | $4.2M | No change |
| IMVT Immunovant Inc. | 1.07% | 256,743 | $4.1M | Add +31.9% |
| ORIC Oric Pharmaceuticals Inc. | 1.05% | 394,693 | $4.0M | Add +68.1% |
| MRK Merck & Co. Inc. | 1.01% | 48,600 | $3.8M | Reduce -18.5% |
| ACAD Acadia Pharmaceuticals Inc. | 0.99% | 174,900 | $3.8M | New |
| BBIO Bridgebio Pharma Inc. | 0.98% | 87,108 | $3.8M | Reduce -76.2% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.95% | 100,085 | $3.6M | Reduce -62.6% |
| RNAM Avidity Biosciences Inc. | 0.94% | 126,000 | $3.6M | Add +18.9% |
| ACOG Alpha Cognition Inc. | 0.92% | 376,649 | $3.5M | Reduce -36.9% |
| RZLT Rezolute Inc. | 0.88% | 751,447 | $3.4M | Reduce -30.5% |
| HELP Cybin Inc. | 0.87% | 398,309 | $3.3M | Reduce -24.4% |
| AMAT Applied Materials Inc. | 0.86% | 18,000 | $3.3M | No change |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.84% | 202,996 | $3.2M | Reduce -26.9% |
| IMTX Immatics NV | 0.82% | 583,105 | $3.1M | Reduce -36.7% |
| SVRA Savara Inc. | 0.78% | 1,310,233 | $3.0M | Add +2.0% |
| UBER Uber Technologies Inc. | 0.73% | 30,000 | $2.8M | No change |
| SRPT Sarepta Therapeutics Inc. | 0.71% | 159,323 | $2.7M | Add +0.9% |
| CAMT Camtek Ltd. | 0.71% | 31,976 | $2.7M | Add +38.5% |
| ESLT Elbit Systems Ltd. | 0.71% | 6,000 | $2.7M | New |
| PANW Palo Alto Networks Inc. | 0.70% | 13,114 | $2.7M | New |
| WIX Wix.com Ltd. | 0.70% | 16,931 | $2.7M | Add +92.4% |
| AMGN Amgen Inc. | 0.69% | 9,500 | $2.7M | Reduce -5.0% |
| SEDG Solaredge Technologies Inc. | 0.68% | 127,966 | $2.6M | Reduce -58.6% |
| ELVN Enliven Therapeutics Inc. | 0.67% | 128,515 | $2.6M | Add +15.0% |
| SKYE Skye Bioscience Inc. | 0.59% | 538,434 | $2.3M | Reduce -63.5% |
| DYN Dyne Therapeutics Inc. | 0.55% | 221,416 | $2.1M | Reduce -32.8% |
| PFE Pfizer Inc. | 0.55% | 86,000 | $2.1M | Reduce -4.4% |
| BHVN Biohaven Ltd. | 0.54% | 145,372 | $2.1M | Add +45.7% |
| SRRK Scholar Rock Holding Corp. | 0.53% | 57,497 | $2.0M | Reduce -26.5% |
| ETNB 89BIO Inc. | 0.53% | 205,675 | $2.0M | Reduce -66.7% |
| GPCR Structure Therapeutics Inc. | 0.52% | 95,931 | $2.0M | Add +14.2% |
| JANX Janux Therapeutics Inc. | 0.52% | 85,840 | $2.0M | Reduce -31.8% |
| APLS Apellis Pharmaceuticals Inc. | 0.52% | 114,346 | $2.0M | Reduce -37.0% |
| CRM Salesforce Inc. | 0.48% | 6,800 | $1.9M | Reduce -25.3% |
| ENGN Engene Holdings Inc. | 0.48% | 504,409 | $1.8M | Reduce -4.5% |
| CYBR Cyberark Software Ltd./Israel | 0.43% | 4,000 | $1.6M | New |
| MRVL Marvell Technology Inc. | 0.38% | 18,730 | $1.4M | Add +24.3% |
| ATXS Astria Therapeutics Inc. | 0.36% | 257,402 | $1.4M | Add +35.6% |
| KURA Kura Oncology Inc. | 0.36% | 235,522 | $1.4M | Reduce -31.4% |
| IBIT iShares Bitcoin Trust ETF | 0.34% | 21,455 | $1.3M | Add +163.3% |
| NTLA Intellia Therapeutics Inc. | 0.32% | 128,780 | $1.2M | Reduce -66.2% |
| VTYX Ventyx Biosciences Inc. | 0.31% | 555,814 | $1.2M | Reduce -45.1% |
| AMD Advanced Micro Devices | 0.31% | 8,250 | $1.2M | New |
| NNDM Nano Dimension Ltd. - ADR | 0.30% | 717,518 | $1.2M | No change |
| DAWN Day One Biopharmaceuticals I | 0.30% | 175,371 | $1.1M | Reduce -47.6% |
| CEVA Ceva Inc. | 0.28% | 48,920 | $1.1M | No change |
| CATX Perspective Therapeutics Inc. | 0.28% | 310,343 | $1.1M | Reduce -32.6% |
| COGT Cogent Biosciences Inc. | 0.27% | 143,693 | $1.0M | Reduce -57.1% |
| KRYS Krystal Biotech Inc. | 0.26% | 7,335 | $1.0M | New |
| TSHA Taysha Gene Therapies Inc. | 0.25% | 420,000 | $970K | New |
| PMN Promis Neurosciences Inc. | 0.24% | 1,899,297 | $919K | Reduce -1.6% |
| VTGN Vistagen Therapeutics Inc. | 0.23% | 447,939 | $896K | Reduce -43.3% |
| CMMB Chemomab Therapeutics Ltd. | 0.22% | 738,048 | $856K | Reduce -18.0% |
| BMY Bristol-Myers Squibb Co. | 0.21% | 17,500 | $810K | Reduce -12.5% |
| CRVS Corvus Pharmaceuticals Inc. | 0.19% | 183,094 | $732K | Reduce -11.1% |
| HOWL Werewolf Therapeutics Inc. | 0.18% | 626,810 | $683K | No change |
| VSTM Verastem Inc. | 0.18% | 163,307 | $678K | New |
| BCAX Bicara Therapeutics Inc. | 0.16% | 65,679 | $610K | New |
| LRMR Larimar Therapeutics Inc. | 0.15% | 196,635 | $568K | Reduce -46.3% |
| S Sentinelone Inc. Class A | 0.13% | 27,000 | $494K | New |
| APRE Aprea Therapeutics Inc. | 0.12% | 270,000 | $456K | No change |
| CGNT Cognyte Software Ltd. | 0.11% | 45,181 | $417K | New |
| KZR Kezar Life Sciences Inc. | 0.07% | 58,539 | $268K | Reduce -46.0% |
| CLYM Climb Bio Inc. | 0.07% | 209,837 | $260K | Reduce -13.3% |
| SLDB Solid Biosciences Inc. | 0.06% | 50,190 | $244K | New |
| PEPG Pepgen Inc. | 0.05% | 156,467 | $174K | New |
| OKUR Onkure Therapeutics Inc. Class A | 0.04% | 60,454 | $144K | Reduce -24.9% |
| ELEV Elevation Oncology Inc. | 0.03% | 328,562 | $121K | Reduce -8.4% |
| JSPR Jasper Therapeutics Inc. | 0.02% | 14,671 | $81K | Reduce -88.0% |
| APLT Applied Therapeutics Inc. | 0.00% | 50,000 | $16K | No change |
Options reported separately and not counted above: XBI puts ($16.6M), RARE calls ($6.6M), MLTX calls ($5.9M), PRAX calls ($4.2M), TLT calls ($4.1M), SRPT calls ($2.6M), BBIO puts ($2.2M), COGT calls ($1.4M), ELDN calls ($85K).
Portfolio Sells Q1 2025 → Q2 2025
| BBIO Bridgebio Pharma Inc. | Reduce -76.2% | 0.98% | −2.14 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -62.6% | 0.95% | −1.44 |
| SNY Sanofi-ADR | Reduce -27.9% | 2.77% | −1.39 |
| NICE Nice Ltd. - Spon ADR | Sold out | 0.00% | −1.27 |
| SNDX Syndax Pharmaceuticals Inc. | Reduce -5.5% | 3.85% | −1.19 |
| MRUS Merus NV | Sold out | 0.00% | −1.11 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -22.9% | 2.47% | −0.71 |
| VIGL Vigil Neuroscience Inc. | Sold out | 0.00% | −0.70 |
| ETNB 89BIO Inc. | Reduce -66.7% | 0.53% | −0.58 |
| WDAY Workday Inc. Class A | Sold out | 0.00% | −0.58 |
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −0.57 |
| SEDG Solaredge Technologies Inc. | Reduce -58.6% | 0.68% | −0.55 |
| ELDN Eledon Pharmaceuticals Inc. | Reduce -15.1% | 1.39% | −0.54 |
| JNJ Johnson & Johnson | Reduce -22.7% | 1.63% | −0.53 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.52 |
| VKTX Viking Therapeutics Inc. | Sold out | 0.00% | −0.50 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −0.48 |
| IONS Ionis Pharmaceuticals Inc. | Sold out | 0.00% | −0.47 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.47 |
| CHKP Check Point Software Tech | Sold out | 0.00% | −0.47 |
| APLS Apellis Pharmaceuticals Inc. | Reduce -37.0% | 0.52% | −0.46 |
| RCKT Rocket Pharmaceuticals Inc. | Sold out | 0.00% | −0.45 |
| NTR Nutrien Ltd. | Sold out | 0.00% | −0.38 |
| DAWN Day One Biopharmaceuticals I | Reduce -47.6% | 0.30% | −0.36 |
| NTLA Intellia Therapeutics Inc. | Reduce -66.2% | 0.32% | −0.35 |
| FROG Jfrog Ltd. | Sold out | 0.00% | −0.34 |
| ABBV Abbvie Inc. | Reduce -16.5% | 1.23% | −0.34 |
| SHLT SHL Telemedicine Ltd.-ADR | Sold out | 0.00% | −0.32 |
| JANX Janux Therapeutics Inc. | Reduce -31.8% | 0.52% | −0.32 |
| MRK Merck & Co. Inc. | Reduce -18.5% | 1.01% | −0.31 |
| DYN Dyne Therapeutics Inc. | Reduce -32.8% | 0.55% | −0.30 |
| INZY Inozyme Pharma Inc. | Sold out | 0.00% | −0.27 |
| OTLK Outlook Therapeutics Inc. | Sold out | 0.00% | −0.26 |
| VTGN Vistagen Therapeutics Inc. | Reduce -43.3% | 0.23% | −0.25 |
| COGT Cogent Biosciences Inc. | Reduce -57.1% | 0.27% | −0.23 |
| ARVN Arvinas Inc. | Sold out | 0.00% | −0.22 |
| XENE Xenon Pharmaceuticals Inc. | Sold out | 0.00% | −0.22 |
| PERI Perion Network Ltd. | Sold out | 0.00% | −0.21 |
| IMTX Immatics NV | Reduce -36.7% | 0.82% | −0.20 |
| NVS Novartis AG-Sponsored ADR | Reduce -26.0% | 1.17% | −0.20 |
| KURA Kura Oncology Inc. | Reduce -31.4% | 0.36% | −0.20 |
| RGLS Regulus Therapeutics Inc. | Sold out | 0.00% | −0.20 |
| VIR Vir Biotechnology Inc. | Sold out | 0.00% | −0.15 |
| ZURA Zura Bio Ltd. | Sold out | 0.00% | −0.13 |
| CRM Salesforce Inc. | Reduce -25.3% | 0.48% | −0.12 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -10.5% | 1.91% | −0.12 |
| JSPR Jasper Therapeutics Inc. | Reduce -88.0% | 0.02% | −0.11 |
| PRAX Praxis Precision Medicines I | Reduce -22.0% | 1.21% | −0.11 |
| ENGN Engene Holdings Inc. | Reduce -4.5% | 0.48% | −0.10 |
| PMN Promis Neurosciences Inc. | Reduce -1.6% | 0.24% | −0.09 |
Portfolio Buys Q1 2025 → Q2 2025
| TSEM Tower Semiconductor Ltd. | Add +330.1% | 3.00% | +2.46 |
| BIIB Biogen Inc. | Add +263.9% | 2.72% | +1.95 |
| FBRX Forte Biosciences Inc. | New | 1.67% | +1.67 |
| CDTX Cidara Therapeutics Inc. | Add +705.7% | 1.76% | +1.67 |
| FOLD Amicus Therapeutics Inc. | New | 1.48% | +1.48 |
| NVDA Nvidia Corp. | Add +84.1% | 2.25% | +1.46 |
| CYTK Cytokinetics Inc. | Add +125.4% | 2.82% | +1.39 |
| TRVI Trevi Therapeutics Inc. | New | 1.14% | +1.14 |
| TEVA Teva Pharmaceutical-SP ADR | Add +3.1% | 7.10% | +1.14 |
| MSFT Microsoft Corp. | Add +156.8% | 1.53% | +1.11 |
| ACAD Acadia Pharmaceuticals Inc. | New | 0.99% | +0.99 |
| ORIC Oric Pharmaceuticals Inc. | Add +68.1% | 1.05% | +0.72 |
| ESLT Elbit Systems Ltd. | New | 0.71% | +0.71 |
| PANW Palo Alto Networks Inc. | New | 0.70% | +0.70 |
| CYBR Cyberark Software Ltd./Israel | New | 0.43% | +0.43 |
| TVTX Travere Therapeutics Inc. | Add +67.7% | 1.30% | +0.41 |
| CAMT Camtek Ltd. | Add +38.5% | 0.71% | +0.37 |
| WIX Wix.com Ltd. | Add +92.4% | 0.70% | +0.35 |
| AMD Advanced Micro Devices | New | 0.31% | +0.31 |
| KRYS Krystal Biotech Inc. | New | 0.26% | +0.26 |
| TSHA Taysha Gene Therapies Inc. | New | 0.25% | +0.25 |
| IMVT Immunovant Inc. | Add +31.9% | 1.07% | +0.25 |
| IBIT iShares Bitcoin Trust ETF | Add +163.3% | 0.34% | +0.25 |
| MAZE Maze Therapeutics Inc. | Add +0.3% | 1.14% | +0.18 |
| VSTM Verastem Inc. | New | 0.18% | +0.18 |
| RNAM Avidity Biosciences Inc. | Add +18.9% | 0.94% | +0.16 |
| GPCR Structure Therapeutics Inc. | Add +14.2% | 0.52% | +0.16 |
| BCAX Bicara Therapeutics Inc. | New | 0.16% | +0.16 |
| MRVL Marvell Technology Inc. | Add +24.3% | 0.38% | +0.15 |
| ELVN Enliven Therapeutics Inc. | Add +15.0% | 0.67% | +0.13 |
| S Sentinelone Inc. Class A | New | 0.13% | +0.13 |
| ATXS Astria Therapeutics Inc. | Add +35.6% | 0.36% | +0.11 |
| CGNT Cognyte Software Ltd. | New | 0.11% | +0.11 |
| SLDB Solid Biosciences Inc. | New | 0.06% | +0.06 |
| PEPG Pepgen Inc. | New | 0.05% | +0.05 |
| BHVN Biohaven Ltd. | Add +45.7% | 0.54% | −0.06 |
| SVRA Savara Inc. | Add +2.0% | 0.78% | −0.10 |
| MLYS Mineralys Therapeutics Inc. | Add +3.3% | 1.70% | −0.12 |
| SRPT Sarepta Therapeutics Inc. | Add +0.9% | 0.71% | −1.77 |
Options Activity Q1 2025 → Q2 2025
| XBI SS SPDR S&P Biotech ETF | put | New | 200,000 | $16.6M |
| RARE Ultragenyx Pharmaceutical Inc. | call | Add +261.2% | 180,600 | $6.6M |
| MLTX Moonlake Immunotherapeutics | call | New | 125,000 | $5.9M |
| TLT iShares 20+ Year Treasury BD | call | Reduce -81.6% | 47,000 | $4.1M |
| SRPT Sarepta Therapeutics Inc. | call | New | 150,000 | $2.6M |
| BBIO Bridgebio Pharma Inc. | put | New | 49,900 | $2.2M |
| COGT Cogent Biosciences Inc. | call | New | 200,000 | $1.4M |
| ELDN Eledon Pharmaceuticals Inc. | call | New | 31,200 | $85K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| IMTXW Immatics NV -CW | *W EXP 07/01/202 | Sold out | 100,000 | $2Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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 |