Sphera Funds Management LTD.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Sphera Funds Management LTD. reported 101 stock positions worth $421.6 million. Its top holding was Teva Pharmaceutical-SP ADR (TEVA) at 7.2% of the portfolio, followed by Nice Ltd. - Spon ADR (NICE, 5.4%) and Tower Semiconductor (TSEM, 5.3%). Compared with Q2 2025, it opened 23 new positions, sold out of 23, added to 21 and reduced 34. The biggest buy was a new position in Nice Ltd. - Spon ADR (NICE) and the biggest sale Syndax Pharmaceuticals (SNDX, shares −75%).
- Most Recent 13F
- Q2 2026
- Location
- TEL AVIV, L3
- CIK
- 0001496201
- Portfolio Value
- $421.6M (Q3 2025)
- SEC Filing
- 0001496201-25-000017 ↗ filed Nov 14, 2025
Holdings Value
Holdings 101 stocks · $421.6M
| TEVA Teva Pharmaceutical-SP ADR | 7.22% | 1,507,025 | $30.4M | Reduce -7.0% |
| NICE Nice Ltd. - Spon ADR | 5.41% | 157,400 | $22.8M | New |
| TSEM Tower Semiconductor Ltd. | 5.35% | 311,802 | $22.5M | Add +17.8% |
| NVMI Nova Ltd. | 3.33% | 43,896 | $14.0M | Reduce -42.1% |
| QQQ Invesco QQQ Trust Series 1 | 3.27% | 22,960 | $13.8M | New |
| BIIB Biogen Inc. | 2.75% | 82,738 | $11.6M | No change |
| RARE Ultragenyx Pharmaceutical Inc. | 2.52% | 352,558 | $10.6M | Add +252.3% |
| AZN Astrazeneca PLC-Spons ADR | 2.46% | 135,060 | $10.4M | No change |
| SNY Sanofi-ADR | 2.46% | 219,515 | $10.4M | No change |
| CYTK Cytokinetics Inc. | 2.11% | 161,517 | $8.9M | Reduce -50.6% |
| MLYS Mineralys Therapeutics Inc. | 1.98% | 219,910 | $8.3M | Reduce -54.3% |
| FOLD Amicus Therapeutics Inc. | 1.85% | 991,142 | $7.8M | Add +0.0% |
| LLY Eli Lilly & Co. | 1.82% | 10,040 | $7.7M | Reduce -13.0% |
| JNJ Johnson & Johnson | 1.80% | 40,831 | $7.6M | No change |
| CDTX Cidara Therapeutics Inc. | 1.72% | 75,743 | $7.3M | Reduce -45.1% |
| FBRX Forte Biosciences Inc. | 1.69% | 474,309 | $7.1M | Reduce -4.2% |
| SNDX Syndax Pharmaceuticals Inc. | 1.41% | 387,716 | $6.0M | Reduce -75.3% |
| TRVI Trevi Therapeutics Inc. | 1.40% | 643,957 | $5.9M | Reduce -19.5% |
| NVO Novo-Nordisk A/S-Spons ADR | 1.39% | 105,677 | $5.9M | No change |
| ABBV Abbvie Inc. | 1.39% | 25,256 | $5.8M | No change |
| CLBT Cellebrite Di Ltd. | 1.31% | 298,948 | $5.5M | New |
| ANNX Annexon Inc. | 1.30% | 1,794,387 | $5.5M | Add +1.7% |
| DYN Dyne Therapeutics Inc. | 1.28% | 426,518 | $5.4M | Add +92.6% |
| CLDX Celldex Therapeutics Inc. | 1.27% | 207,764 | $5.4M | Reduce -50.5% |
| SOLAR EDGE TECHNOLOGIES (SEDG 2.25 07/01/29) | 1.26% | 4,000,000 | $5.3M | New |
| GSK GSK PLC-Spon ADR | 1.25% | 122,000 | $5.3M | No change |
| SEDG Solaredge Technologies Inc. | 1.24% | 140,966 | $5.2M | Add +10.2% |
| ORIC Oric Pharmaceuticals Inc. | 1.23% | 431,693 | $5.2M | Add +9.4% |
| IMTX Immatics NV | 1.18% | 583,105 | $5.0M | No change |
| GPCR Structure Therapeutics Inc. | 1.16% | 173,931 | $4.9M | Add +81.3% |
| SVRA Savara Inc. | 1.14% | 1,350,333 | $4.8M | Add +3.1% |
| NVS Novartis AG-Sponsored ADR | 1.13% | 37,000 | $4.7M | No change |
| RAPP Rapport Therapeutics Inc. | 1.11% | 157,533 | $4.7M | New |
| VRNS Varonis Systems Inc. | 1.01% | 73,900 | $4.2M | New |
| IMVT Immunovant Inc. | 0.98% | 256,743 | $4.1M | No change |
| MRK Merck & Co. Inc. | 0.97% | 48,600 | $4.1M | No change |
| MAZE Maze Therapeutics Inc. | 0.95% | 154,343 | $4.0M | Reduce -56.7% |
| ENGN Engene Holdings Inc. | 0.82% | 504,409 | $3.4M | No change |
| ESLT Elbit Systems Ltd. | 0.81% | 6,740 | $3.4M | Add +12.3% |
| RZLT Rezolute Inc. | 0.81% | 363,947 | $3.4M | Reduce -51.6% |
| ELVN Enliven Therapeutics Inc. | 0.81% | 166,765 | $3.4M | Add +29.8% |
| MDWD Mediwound Ltd. | 0.79% | 185,270 | $3.3M | New |
| ELDN Eledon Pharmaceuticals Inc. | 0.79% | 1,280,233 | $3.3M | Reduce -34.7% |
| ACAD Acadia Pharmaceuticals Inc. | 0.75% | 148,900 | $3.2M | Reduce -14.9% |
| PRAX Praxis Precision Medicines I | 0.73% | 57,901 | $3.1M | Reduce -47.3% |
| CAMT Camtek Ltd. | 0.72% | 29,048 | $3.1M | Reduce -9.2% |
| AMZN Amazon.com Inc. | 0.72% | 13,760 | $3.0M | Reduce -57.6% |
| CRVS Corvus Pharmaceuticals Inc. | 0.71% | 407,709 | $3.0M | Add +122.7% |
| PHVS Pharvaris NV | 0.71% | 119,406 | $3.0M | Reduce -61.5% |
| META Meta Platforms Inc. Class A | 0.68% | 3,924 | $2.9M | Reduce -54.0% |
| SLNO Soleno Therapeutics Inc. | 0.67% | 41,606 | $2.8M | New |
| RVMD Revolution Medicines Inc. | 0.66% | 60,000 | $2.8M | New |
| ORA Ormat Technologies Inc. | 0.66% | 29,000 | $2.8M | Reduce -62.8% |
| IDYA Ideaya Biosciences Inc. | 0.65% | 100,000 | $2.7M | New |
| AMGN Amgen Inc. | 0.64% | 9,500 | $2.7M | No change |
| AMD Advanced Micro Devices | 0.59% | 15,470 | $2.5M | Add +87.5% |
| ACOG Alpha Cognition Inc. | 0.52% | 338,752 | $2.2M | Reduce -10.1% |
| PFE Pfizer Inc. | 0.52% | 86,000 | $2.2M | No change |
| HELP Cybin Inc. | 0.52% | 370,376 | $2.2M | Reduce -7.0% |
| KURA Kura Oncology Inc. | 0.52% | 245,522 | $2.2M | Add +4.3% |
| AVGO Broadcom Inc. | 0.51% | 6,555 | $2.2M | New |
| CEVA Ceva Inc. | 0.51% | 81,085 | $2.1M | Add +65.8% |
| BBIO Bridgebio Pharma Inc. | 0.50% | 40,746 | $2.1M | Reduce -53.2% |
| JANX Janux Therapeutics Inc. | 0.50% | 85,840 | $2.1M | No change |
| SKYE Skye Bioscience Inc. | 0.45% | 478,928 | $1.9M | Reduce -11.1% |
| ATXS Astria Therapeutics Inc. | 0.43% | 251,225 | $1.8M | Reduce -2.4% |
| TECX Tectonic Therapeutic Inc. | 0.43% | 115,908 | $1.8M | New |
| PCVX Vaxcyte Inc. | 0.43% | 50,000 | $1.8M | New |
| CATX Perspective Therapeutics Inc. | 0.42% | 510,343 | $1.8M | Add +64.4% |
| IMNM Immunome Inc. | 0.41% | 147,200 | $1.7M | New |
| MIST Milestone Pharmaceuticals Inc. | 0.39% | 820,000 | $1.6M | New |
| JSPR Jasper Therapeutics Inc. | 0.36% | 629,470 | $1.5M | Add +4190.6% |
| QURE Uniqure NV | 0.34% | 24,900 | $1.5M | New |
| APLS Apellis Pharmaceuticals Inc. | 0.34% | 63,660 | $1.4M | Reduce -44.3% |
| COGT Cogent Biosciences Inc. | 0.34% | 98,526 | $1.4M | Reduce -31.4% |
| IBIT iShares Bitcoin Trust ETF | 0.33% | 21,455 | $1.4M | No change |
| VTYX Ventyx Biosciences Inc. | 0.32% | 440,114 | $1.4M | Reduce -20.8% |
| BHVN Biohaven Ltd. | 0.32% | 91,155 | $1.4M | Reduce -37.3% |
| BCAX Bicara Therapeutics Inc. | 0.32% | 85,747 | $1.4M | Add +30.6% |
| TSHA Taysha Gene Therapies Inc. | 0.32% | 408,146 | $1.3M | Reduce -2.8% |
| DAWN Day One Biopharmaceuticals I | 0.29% | 175,371 | $1.2M | No change |
| HOWL Werewolf Therapeutics Inc. | 0.29% | 626,810 | $1.2M | No change |
| SABS Sab Biotherapeutics Inc. | 0.27% | 566,395 | $1.1M | New |
| ENPH Enphase Energy Inc. | 0.22% | 26,700 | $945K | New |
| VYGR Voyager Therapeutics Inc. | 0.22% | 199,761 | $933K | New |
| CLYM Climb Bio Inc. | 0.21% | 434,837 | $874K | Add +107.2% |
| LRMR Larimar Therapeutics Inc. | 0.20% | 260,385 | $841K | Add +32.4% |
| PEPG Pepgen Inc. | 0.19% | 171,467 | $792K | Add +9.6% |
| BMY Bristol-Myers Squibb Co. | 0.19% | 17,500 | $789K | No change |
| VSTM Verastem Inc. | 0.16% | 78,307 | $691K | Reduce -52.0% |
| ROIV Roivant Sciences Ltd. | 0.15% | 42,571 | $644K | New |
| ETNB 89BIO Inc. | 0.14% | 39,675 | $583K | Reduce -80.7% |
| MLTX Moonlake Immunotherapeutics | 0.12% | 71,010 | $509K | New |
| CMMB Chemomab Therapeutics Ltd. | 0.11% | 179,425 | $472K | No change |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.10% | 12,496 | $431K | Reduce -93.8% |
| APRE Aprea Therapeutics Inc. | 0.09% | 270,000 | $398K | No change |
| WVE Wave Life Sciences Ltd. | 0.09% | 50,000 | $366K | New |
| OKUR Onkure Therapeutics Inc. Class A | 0.04% | 60,454 | $166K | No change |
| DSGN Design Therapeutics Inc. | 0.04% | 21,918 | $165K | New |
| PMN Promis Neurosciences Inc. | 0.03% | 295,187 | $125K | Reduce -84.5% |
| APLT Applied Therapeutics Inc. | 0.01% | 50,000 | $30K | No change |
Options reported separately and not counted above: MRUS calls ($14.1M), CDTX calls ($9.6M), BBIO calls ($6.8M), QURE puts ($4.4M), TLT calls ($4.2M), SRPT calls ($2.9M), PRAX calls ($2.6M), TVTX calls ($2.4M), ROIV calls ($2.3M), GPCR calls ($1.4M), TRVI calls ($1.2M), ELDN puts ($518K), and 1 more.
Portfolio Sells Q2 2025 → Q3 2025
| SNDX Syndax Pharmaceuticals Inc. | Reduce -75.3% | 1.41% | −2.43 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −2.25 |
| NVMI Nova Ltd. | Reduce -42.1% | 3.33% | −2.13 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −1.53 |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27 SEPT) | Sold out | 0.00% | −1.47 |
| TVTX Travere Therapeutics Inc. | Sold out | 0.00% | −1.30 |
| AMZN Amazon.com Inc. | Reduce -57.6% | 0.72% | −1.14 |
| ORA Ormat Technologies Inc. | Reduce -62.8% | 0.66% | −1.05 |
| META Meta Platforms Inc. Class A | Reduce -54.0% | 0.68% | −0.96 |
| CLDX Celldex Therapeutics Inc. | Reduce -50.5% | 1.27% | −0.96 |
| RNAM Avidity Biosciences Inc. | Sold out | 0.00% | −0.94 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.86 |
| ARWR Arrowhead Pharmaceuticals Inc. | Reduce -93.8% | 0.10% | −0.74 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.73 |
| PHVS Pharvaris NV | Reduce -61.5% | 0.71% | −0.72 |
| CYTK Cytokinetics Inc. | Reduce -50.6% | 2.11% | −0.72 |
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −0.71 |
| PANW Palo Alto Networks Inc. | Sold out | 0.00% | −0.70 |
| WIX Wix.com Ltd. | Sold out | 0.00% | −0.70 |
| ELDN Eledon Pharmaceuticals Inc. | Reduce -34.7% | 0.79% | −0.60 |
| LLY Eli Lilly & Co. | Reduce -13.0% | 1.82% | −0.53 |
| SRRK Scholar Rock Holding Corp. | Sold out | 0.00% | −0.53 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.48 |
| BBIO Bridgebio Pharma Inc. | Reduce -53.2% | 0.50% | −0.48 |
| PRAX Praxis Precision Medicines I | Reduce -47.3% | 0.73% | −0.48 |
| CYBR Cyberark Software Ltd./Israel | Sold out | 0.00% | −0.43 |
| ACOG Alpha Cognition Inc. | Reduce -10.1% | 0.52% | −0.40 |
| ETNB 89BIO Inc. | Reduce -80.7% | 0.14% | −0.39 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −0.38 |
| HELP Cybin Inc. | Reduce -7.0% | 0.52% | −0.36 |
| NTLA Intellia Therapeutics Inc. | Sold out | 0.00% | −0.32 |
| NNDM Nano Dimension Ltd. - ADR | Sold out | 0.00% | −0.30 |
| KRYS Krystal Biotech Inc. | Sold out | 0.00% | −0.26 |
| VTGN Vistagen Therapeutics Inc. | Sold out | 0.00% | −0.23 |
| ACAD Acadia Pharmaceuticals Inc. | Reduce -14.9% | 0.75% | −0.23 |
| BHVN Biohaven Ltd. | Reduce -37.3% | 0.32% | −0.21 |
| PMN Promis Neurosciences Inc. | Reduce -84.5% | 0.03% | −0.21 |
| MAZE Maze Therapeutics Inc. | Reduce -56.7% | 0.95% | −0.19 |
| APLS Apellis Pharmaceuticals Inc. | Reduce -44.3% | 0.34% | −0.18 |
| SKYE Skye Bioscience Inc. | Reduce -11.1% | 0.45% | −0.14 |
| S Sentinelone Inc. Class A | Sold out | 0.00% | −0.13 |
| CGNT Cognyte Software Ltd. | Sold out | 0.00% | −0.11 |
| KZR Kezar Life Sciences Inc. | Sold out | 0.00% | −0.07 |
| RZLT Rezolute Inc. | Reduce -51.6% | 0.81% | −0.06 |
| SLDB Solid Biosciences Inc. | Sold out | 0.00% | −0.06 |
| CDTX Cidara Therapeutics Inc. | Reduce -45.1% | 1.72% | −0.04 |
| ELEV Elevation Oncology Inc. | Sold out | 0.00% | −0.03 |
| VSTM Verastem Inc. | Reduce -52.0% | 0.16% | −0.01 |
| VTYX Ventyx Biosciences Inc. | Reduce -20.8% | 0.32% | +0.01 |
| FBRX Forte Biosciences Inc. | Reduce -4.2% | 1.69% | +0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| NICE Nice Ltd. - Spon ADR | New | 5.41% | +5.41 |
| QQQ Invesco QQQ Trust Series 1 | New | 3.27% | +3.27 |
| TSEM Tower Semiconductor Ltd. | Add +17.8% | 5.35% | +2.35 |
| RARE Ultragenyx Pharmaceutical Inc. | Add +252.3% | 2.52% | +1.56 |
| CLBT Cellebrite Di Ltd. | New | 1.31% | +1.31 |
| SOLAR EDGE TECHNOLOGIES (SEDG 2.25 07/01/29) | New | 1.26% | +1.26 |
| RAPP Rapport Therapeutics Inc. | New | 1.11% | +1.11 |
| VRNS Varonis Systems Inc. | New | 1.01% | +1.01 |
| MDWD Mediwound Ltd. | New | 0.79% | +0.79 |
| DYN Dyne Therapeutics Inc. | Add +92.6% | 1.28% | +0.73 |
| SLNO Soleno Therapeutics Inc. | New | 0.67% | +0.67 |
| RVMD Revolution Medicines Inc. | New | 0.66% | +0.66 |
| IDYA Ideaya Biosciences Inc. | New | 0.65% | +0.65 |
| GPCR Structure Therapeutics Inc. | Add +81.3% | 1.16% | +0.64 |
| SEDG Solaredge Technologies Inc. | Add +10.2% | 1.24% | +0.55 |
| CRVS Corvus Pharmaceuticals Inc. | Add +122.7% | 0.71% | +0.52 |
| AVGO Broadcom Inc. | New | 0.51% | +0.51 |
| TECX Tectonic Therapeutic Inc. | New | 0.43% | +0.43 |
| PCVX Vaxcyte Inc. | New | 0.43% | +0.43 |
| IMNM Immunome Inc. | New | 0.41% | +0.41 |
| MIST Milestone Pharmaceuticals Inc. | New | 0.39% | +0.39 |
| FOLD Amicus Therapeutics Inc. | Add +0.0% | 1.85% | +0.37 |
| SVRA Savara Inc. | Add +3.1% | 1.14% | +0.36 |
| QURE Uniqure NV | New | 0.34% | +0.34 |
| JSPR Jasper Therapeutics Inc. | Add +4190.6% | 0.36% | +0.33 |
| AMD Advanced Micro Devices | Add +87.5% | 0.59% | +0.29 |
| SABS Sab Biotherapeutics Inc. | New | 0.27% | +0.27 |
| CEVA Ceva Inc. | Add +65.8% | 0.51% | +0.23 |
| ENPH Enphase Energy Inc. | New | 0.22% | +0.22 |
| VYGR Voyager Therapeutics Inc. | New | 0.22% | +0.22 |
| ANNX Annexon Inc. | Add +1.7% | 1.30% | +0.19 |
| ORIC Oric Pharmaceuticals Inc. | Add +9.4% | 1.23% | +0.18 |
| BCAX Bicara Therapeutics Inc. | Add +30.6% | 0.32% | +0.16 |
| KURA Kura Oncology Inc. | Add +4.3% | 0.52% | +0.16 |
| ROIV Roivant Sciences Ltd. | New | 0.15% | +0.15 |
| PEPG Pepgen Inc. | Add +9.6% | 0.19% | +0.14 |
| CLYM Climb Bio Inc. | Add +107.2% | 0.21% | +0.14 |
| CATX Perspective Therapeutics Inc. | Add +64.4% | 0.42% | +0.14 |
| ELVN Enliven Therapeutics Inc. | Add +29.8% | 0.81% | +0.14 |
| MLTX Moonlake Immunotherapeutics | New | 0.12% | +0.12 |
| ESLT Elbit Systems Ltd. | Add +12.3% | 0.81% | +0.11 |
| WVE Wave Life Sciences Ltd. | New | 0.09% | +0.09 |
| LRMR Larimar Therapeutics Inc. | Add +32.4% | 0.20% | +0.05 |
| DSGN Design Therapeutics Inc. | New | 0.04% | +0.04 |
Options Activity Q2 2025 → Q3 2025
| XBI SS SPDR S&P Biotech ETF | put | Sold out | 200,000 | $16.6Mbefore exit |
| MRUS Merus NV | call | New | 150,000 | $14.1M |
| CDTX Cidara Therapeutics Inc. | call | New | 100,000 | $9.6M |
| BBIO Bridgebio Pharma Inc. | call | New | 130,000 | $6.8M |
| RARE Ultragenyx Pharmaceutical Inc. | call | Sold out | 180,600 | $6.6Mbefore exit |
| QURE Uniqure NV | put | New | 75,000 | $4.4M |
| PRAX Praxis Precision Medicines I | call | Reduce -50.0% | 50,000 | $2.6M |
| TVTX Travere Therapeutics Inc. | call | New | 101,800 | $2.4M |
| ROIV Roivant Sciences Ltd. | call | New | 151,600 | $2.3M |
| BBIO Bridgebio Pharma Inc. | put | Sold out | 49,900 | $2.2Mbefore exit |
| COGT Cogent Biosciences Inc. | call | Sold out | 200,000 | $1.4Mbefore exit |
| GPCR Structure Therapeutics Inc. | call | New | 50,000 | $1.4M |
| TRVI Trevi Therapeutics Inc. | call | New | 129,200 | $1.2M |
| ELDN Eledon Pharmaceuticals Inc. | put | New | 200,000 | $518K |
| ELDN Eledon Pharmaceuticals Inc. | call | Sold out | 31,200 | $85Kbefore exit |
| MLTX Moonlake Immunotherapeutics | call | Reduce -92.0% | 10,000 | $72K |
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 |