Vestal Point Capital, LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Vestal Point Capital, LP reported 73 stock positions worth $1.7 billion. Its top holding was Jazz Pharmaceuticals (JAZZ) at 7.1% of the portfolio, followed by Cytokinetics (CYTK, 6.6%) and Merck (MRK, 4.7%). Compared with Q3 2024, it opened 25 new positions, sold out of 19, added to 32 and reduced 11. The biggest buy was a new position in Merck (MRK) and the biggest sale Insmed (INSM, shares −44%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001974915
- Portfolio Value
- $1.7B (Q4 2024)
- SEC Filing
- 0001974915-25-000002 ↗ filed Feb 14, 2025
Holdings Value
Holdings 73 stocks · $1.7B
| JAZZ Jazz Pharmaceuticals PLC | 7.12% | 975,000 | $120.1M | Add +8.3% |
| CYTK Cytokinetics Inc. | 6.55% | 2,350,000 | $110.5M | Add +56.7% |
| MRK Merck & Co. Inc. | 4.72% | 800,000 | $79.6M | New |
| ASND Ascendis Pharma A/S | 4.24% | 520,000 | $71.6M | Add +108.0% |
| RARE Ultragenyx Pharmaceutical Inc. | 3.74% | 1,500,000 | $63.1M | Add +100.0% |
| INSM Insmed Inc. | 3.68% | 900,000 | $62.1M | Reduce -43.8% |
| BMRN Biomarin Pharmaceutical Inc. | 3.35% | 860,000 | $56.5M | Add +115.0% |
| QURE Uniqure NV | 3.17% | 3,025,000 | $53.4M | Reduce -36.3% |
| SLNO Soleno Therapeutics Inc. | 2.82% | 1,060,000 | $47.6M | Add +47.2% |
| NUVL Nuvalent Inc. Class A | 2.78% | 600,000 | $47.0M | New |
| GPCR Structure Therapeutics Inc. | 2.77% | 1,725,000 | $46.8M | Add +50.0% |
| VERA Vera Therapeutics Inc. | 2.70% | 1,075,000 | $45.5M | New |
| IMTX Immatics NV | 2.65% | 6,275,000 | $44.6M | Add +67.3% |
| KALV Kalvista Pharmaceuticals Inc. | 2.40% | 4,770,000 | $40.4M | Add +19.3% |
| GERN Geron Corp. | 2.31% | 11,000,000 | $38.9M | Add +947.6% |
| ATXS Astria Therapeutics Inc. | 2.22% | 4,180,000 | $37.4M | Add +4.5% |
| ACLX Arcellx Inc. | 2.16% | 475,000 | $36.4M | Reduce -29.6% |
| SNY Sanofi-ADR | 2.14% | 750,000 | $36.2M | Add +400.0% |
| GSK GSK PLC-Spon ADR | 2.01% | 1,000,000 | $33.8M | Add +233.3% |
| SVRA Savara Inc. | 1.96% | 10,775,000 | $33.1M | Add +33.2% |
| XENE Xenon Pharmaceuticals Inc. | 1.88% | 810,000 | $31.8M | Reduce -1.8% |
| FOLD Amicus Therapeutics Inc. | 1.87% | 3,350,000 | $31.6M | New |
| AZN Astrazeneca PLC-Spons ADR | 1.85% | 475,000 | $31.1M | New |
| SRPT Sarepta Therapeutics Inc. | 1.80% | 250,000 | $30.4M | New |
| MDGL Madrigal Pharmaceuticals Inc. | 1.74% | 95,000 | $29.3M | Add +216.7% |
| GMED Globus Medical Inc. Class A | 1.59% | 325,000 | $26.9M | New |
| DNTH Dianthus Therapeutics Inc. | 1.39% | 1,075,000 | $23.4M | Add +172.2% |
| NYXH Nyxoah SA | 1.39% | 2,924,216 | $23.4M | New |
| VRNA Verona Pharma Ltd. | 1.36% | 495,000 | $23.0M | New |
| IONS Ionis Pharmaceuticals Inc. | 1.23% | 595,000 | $20.8M | New |
| LQDA Liquidia Corp. | 1.23% | 1,760,000 | $20.7M | Add +17.3% |
| DAWN Day One Biopharmaceuticals I | 1.08% | 1,440,000 | $18.2M | Reduce -42.4% |
| URGN Urogen Pharma Ltd. | 1.03% | 1,630,000 | $17.4M | Add +307.5% |
| LEGN Legend Biotech Corp.-ADR | 0.92% | 475,000 | $15.5M | Add +280.0% |
| ROIV Roivant Sciences Ltd. | 0.88% | 1,250,000 | $14.8M | New |
| REGN Regeneron Pharmaceuticals | 0.84% | 20,000 | $14.2M | New |
| ESTA Establishment Labs Holdings | 0.82% | 300,000 | $13.8M | Add +650.0% |
| TYRA Tyra Biosciences Inc. | 0.82% | 990,000 | $13.8M | New |
| BCAX Bicara Therapeutics Inc. | 0.73% | 710,000 | $12.4M | Add +67.1% |
| BDTX Black Diamond Therapeutics I | 0.71% | 5,600,000 | $12.0M | Add +11.4% |
| SLDB Solid Biosciences Inc. | 0.68% | 2,850,000 | $11.4M | Add +1.8% |
| A Agilent Technologies Inc. | 0.60% | 75,000 | $10.1M | Reduce -25.0% |
| APLT Applied Therapeutics Inc. | 0.58% | 11,500,000 | $9.8M | Add +904.4% |
| PRGO Perrigo Co. PLC | 0.57% | 375,000 | $9.6M | New |
| NRIX Nurix Therapeutics Inc. | 0.54% | 485,000 | $9.1M | Add +14.1% |
| LXEO Lexeo Therapeutics Inc. | 0.47% | 1,200,000 | $7.9M | Add +41.2% |
| ZLAB Zai Lab Ltd.-ADR | 0.47% | 300,000 | $7.9M | New |
| CLDX Celldex Therapeutics Inc. | 0.46% | 305,000 | $7.7M | New |
| VYGR Voyager Therapeutics Inc. | 0.41% | 1,230,000 | $7.0M | Add +151.0% |
| ITOS Iteos Therapeutics Inc. | 0.41% | 900,000 | $6.9M | Reduce -12.2% |
| NTLA Intellia Therapeutics Inc. | 0.36% | 525,000 | $6.1M | New |
| OKUR Onkure Therapeutics Inc. Class A | 0.32% | 635,000 | $5.5M | New |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 0.29% | 180,000 | $5.0M | No change |
| CMRX Chimerix Inc. | 0.29% | 1,400,000 | $4.9M | No change |
| STRO Sutro Biopharma Inc. Com SHS | 0.28% | 2,570,000 | $4.7M | New |
| VTYX Ventyx Biosciences Inc. | 0.26% | 2,000,000 | $4.4M | Add +15.9% |
| FATE Fate Therapeutics Inc. | 0.24% | 2,465,000 | $4.1M | Add +46.3% |
| ANRO Alto Neuroscience Inc. | 0.23% | 915,000 | $3.9M | Add +40.8% |
| VERV Verve Therapeutics Inc. | 0.22% | 645,000 | $3.6M | Add +22.9% |
| PASG Passage Bio Inc. | 0.21% | 6,100,000 | $3.5M | No change |
| ALLO Allogene Therapeutics Inc. | 0.19% | 1,500,000 | $3.2M | No change |
| TMDX Transmedics Group Inc. | 0.18% | 50,000 | $3.1M | New |
| GLUE Monte Rosa Therapeutics Inc. | 0.17% | 425,000 | $2.9M | Reduce -54.3% |
| ZYME Zymeworks Inc. | 0.16% | 185,000 | $2.7M | Reduce -69.9% |
| ENGN Engene Holdings Inc. | 0.15% | 370,000 | $2.5M | New |
| BHC Bausch Health Cos Inc. | 0.12% | 250,000 | $2.0M | New |
| NGNE Neurogene Inc. | 0.11% | 80,000 | $1.8M | New |
| ACHL Achilles Therapeutics PL-ADR | 0.10% | 1,500,000 | $1.7M | No change |
| ATRA Atara Biotherapeutics Inc. | 0.10% | 125,000 | $1.7M | Add +0.3% |
| IMVT Immunovant Inc. | 0.07% | 45,000 | $1.1M | New |
| MGNX Macrogenics Inc. | 0.05% | 280,000 | $910K | Reduce -66.3% |
| TRAW Traws Pharma Inc. | 0.04% | 75,000 | $666K | New |
| TENX Tenax Therapeutics Inc. | 0.02% | 55,189 | $342K | Reduce -33.8% |
Portfolio Sells Q3 2024 → Q4 2024
| INSM Insmed Inc. | Reduce -43.8% | 3.68% | −5.53 |
| NARI Inari Medical Inc. | Sold out | 0.00% | −5.04 |
| AGIO Agios Pharmaceuticals Inc. | Sold out | 0.00% | −2.66 |
| ACLX Arcellx Inc. | Reduce -29.6% | 2.16% | −2.29 |
| JANX Janux Therapeutics Inc. | Sold out | 0.00% | −1.74 |
| DAWN Day One Biopharmaceuticals I | Reduce -42.4% | 1.08% | −1.67 |
| EW Edwards Lifesciences Corp. | Sold out | 0.00% | −1.43 |
| GILD Gilead Sciences Inc. | Sold out | 0.00% | −1.32 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −1.02 |
| CRNX Crinetics Pharmaceuticals Inc. | Sold out | 0.00% | −0.83 |
| BRKR Bruker Corp. | Sold out | 0.00% | −0.68 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -1.8% | 1.88% | −0.68 |
| APGE Apogee Therapeutics Inc. | Sold out | 0.00% | −0.63 |
| TARS Tarsus Pharmaceuticals Inc. | Sold out | 0.00% | −0.60 |
| A Agilent Technologies Inc. | Reduce -25.0% | 0.60% | −0.57 |
| BDX Becton Dickinson and Co. | Sold out | 0.00% | −0.57 |
| ZYME Zymeworks Inc. | Reduce -69.9% | 0.16% | −0.45 |
| ITOS Iteos Therapeutics Inc. | Reduce -12.2% | 0.41% | −0.42 |
| PRME Prime Medicine Inc. | Sold out | 0.00% | −0.33 |
| ZVRA Zevra Therapeutics Inc. | Sold out | 0.00% | −0.29 |
| ARDX Ardelyx Inc. | Sold out | 0.00% | −0.27 |
| PTCT PTC Therapeutics Inc. | Sold out | 0.00% | −0.23 |
| PEN Penumbra Inc. | Sold out | 0.00% | −0.23 |
| GLUE Monte Rosa Therapeutics Inc. | Reduce -54.3% | 0.17% | −0.21 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −0.17 |
| MGNX Macrogenics Inc. | Reduce -66.3% | 0.05% | −0.16 |
| RLMD Relmada Therapeutics Inc. | Sold out | 0.00% | −0.13 |
| RENEO PHARMACEUTICALS INC | Sold out | 0.00% | −0.11 |
| TENX Tenax Therapeutics Inc. | Reduce -33.8% | 0.02% | −0.00 |
| QURE Uniqure NV | Reduce -36.3% | 3.17% | +1.32 |
Portfolio Buys Q3 2024 → Q4 2024
| MRK Merck & Co. Inc. | New | 4.72% | +4.72 |
| NUVL Nuvalent Inc. Class A | New | 2.78% | +2.78 |
| VERA Vera Therapeutics Inc. | New | 2.70% | +2.70 |
| GERN Geron Corp. | Add +947.6% | 2.31% | +1.93 |
| FOLD Amicus Therapeutics Inc. | New | 1.87% | +1.87 |
| AZN Astrazeneca PLC-Spons ADR | New | 1.85% | +1.85 |
| SRPT Sarepta Therapeutics Inc. | New | 1.80% | +1.80 |
| GMED Globus Medical Inc. Class A | New | 1.59% | +1.59 |
| SNY Sanofi-ADR | Add +400.0% | 2.14% | +1.46 |
| NYXH Nyxoah SA | New | 1.39% | +1.39 |
| VRNA Verona Pharma Ltd. | New | 1.36% | +1.36 |
| ASND Ascendis Pharma A/S | Add +108.0% | 4.24% | +1.30 |
| MDGL Madrigal Pharmaceuticals Inc. | Add +216.7% | 1.74% | +1.24 |
| IONS Ionis Pharmaceuticals Inc. | New | 1.23% | +1.23 |
| BMRN Biomarin Pharmaceutical Inc. | Add +115.0% | 3.35% | +1.13 |
| GSK GSK PLC-Spon ADR | Add +233.3% | 2.01% | +1.04 |
| ROIV Roivant Sciences Ltd. | New | 0.88% | +0.88 |
| REGN Regeneron Pharmaceuticals | New | 0.84% | +0.84 |
| TYRA Tyra Biosciences Inc. | New | 0.82% | +0.82 |
| ESTA Establishment Labs Holdings | Add +650.0% | 0.82% | +0.68 |
| URGN Urogen Pharma Ltd. | Add +307.5% | 1.03% | +0.63 |
| PRGO Perrigo Co. PLC | New | 0.57% | +0.57 |
| DNTH Dianthus Therapeutics Inc. | Add +172.2% | 1.39% | +0.54 |
| ZLAB Zai Lab Ltd.-ADR | New | 0.47% | +0.47 |
| CLDX Celldex Therapeutics Inc. | New | 0.46% | +0.46 |
| RARE Ultragenyx Pharmaceutical Inc. | Add +100.0% | 3.74% | +0.45 |
| LEGN Legend Biotech Corp.-ADR | Add +280.0% | 0.92% | +0.44 |
| NTLA Intellia Therapeutics Inc. | New | 0.36% | +0.36 |
| OKUR Onkure Therapeutics Inc. Class A | New | 0.32% | +0.32 |
| CYTK Cytokinetics Inc. | Add +56.7% | 6.55% | +0.30 |
| STRO Sutro Biopharma Inc. Com SHS | New | 0.28% | +0.28 |
| VYGR Voyager Therapeutics Inc. | Add +151.0% | 0.41% | +0.19 |
| TMDX Transmedics Group Inc. | New | 0.18% | +0.18 |
| ENGN Engene Holdings Inc. | New | 0.15% | +0.15 |
| BHC Bausch Health Cos Inc. | New | 0.12% | +0.12 |
| NGNE Neurogene Inc. | New | 0.11% | +0.11 |
| IMVT Immunovant Inc. | New | 0.07% | +0.07 |
| LQDA Liquidia Corp. | Add +17.3% | 1.23% | +0.04 |
| TRAW Traws Pharma Inc. | New | 0.04% | +0.04 |
| ATRA Atara Biotherapeutics Inc. | Add +0.3% | 0.10% | +0.02 |
| VERV Verve Therapeutics Inc. | Add +22.9% | 0.22% | +0.02 |
| VTYX Ventyx Biosciences Inc. | Add +15.9% | 0.26% | −0.04 |
| SLNO Soleno Therapeutics Inc. | Add +47.2% | 2.82% | −0.04 |
| BCAX Bicara Therapeutics Inc. | Add +67.1% | 0.73% | −0.12 |
| LXEO Lexeo Therapeutics Inc. | Add +41.2% | 0.47% | −0.14 |
| APLT Applied Therapeutics Inc. | Add +904.4% | 0.58% | −0.18 |
| NRIX Nurix Therapeutics Inc. | Add +14.1% | 0.54% | −0.21 |
| FATE Fate Therapeutics Inc. | Add +46.3% | 0.24% | −0.22 |
| ANRO Alto Neuroscience Inc. | Add +40.8% | 0.23% | −0.36 |
| IMTX Immatics NV | Add +67.3% | 2.65% | −0.73 |
Options Activity Q3 2024 → Q4 2024
| AVDL Avadel Pharmaceuticals Ltd. | put | Sold out | 2,000,000 | $26.2Mbefore exit |
| BHVN Biohaven Ltd. | call | Sold out | 500,000 | $25.0Mbefore 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 | 68 | $4.3B | BMRN, NBIX, ABVX, UTHR, ELVN |
| Q1 2026 | 90 | $3.6B | RVMD, BMRN, ABVX, NBIX, ARWR |
| Q4 2025 | 75 | $2.7B | ABVX, ACLX, TERN, BMRN, GMED |
| Q3 2025 | 80 | $2.2B | ASND, ACLX, NUVL, ABVX, ALC |
| Q2 2025 | 72 | $1.9B | ACLX, JAZZ, CYTK, NUVL, VERA |
| Q1 2025 | 63 | $1.4B | ACLX, CYTK, INSM, NUVL, VERA |
| Q4 2024 | 73 | $1.7B | JAZZ, CYTK, MRK, ASND, RARE |
| Q3 2024 | 67 | $1.3B | INSM, JAZZ, CYTK, NARI, ACLX |
| Q2 2024 | 60 | $1.3B | JAZZ, CYTK, ASND, RARE, GMED |
| Q1 2024 | 58 | $1.2B | CYTK, JAZZ, NBIX, ASND, GMED |