Vestal Point Capital, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Vestal Point Capital, LP reported 80 stock positions worth $2.2 billion. Its top holding was Ascendis Pharma A/S (ASND) at 5.4% of the portfolio, followed by Arcellx (ACLX, 4.7%) and Nuvalent Class A (NUVL, 4.3%). Compared with Q2 2025, it opened 22 new positions, sold out of 14, added to 27 and reduced 21. The biggest buy was a new position in Abivax SA-ADR (ABVX) and the biggest sale Arcellx (ACLX, shares −55%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001974915
- Portfolio Value
- $2.2B (Q3 2025)
- SEC Filing
- 0001974915-25-000008 ↗ filed Nov 14, 2025
Holdings Value
Holdings 80 stocks · $2.2B
| ASND Ascendis Pharma A/S | 5.41% | 600,000 | $119.3M | Add +200.0% |
| ACLX Arcellx Inc. | 4.66% | 1,250,000 | $102.6M | Reduce -54.5% |
| NUVL Nuvalent Inc. Class A | 4.32% | 1,100,000 | $95.1M | Add +2.3% |
| ABVX Abivax SA-ADR | 3.85% | 1,000,000 | $84.9M | New |
| ALC Alcon Inc. filed as ALCON AG | 3.72% | 1,100,000 | $82.0M | Add +109.5% |
| BCAX Bicara Therapeutics Inc. | 3.65% | 5,100,000 | $80.5M | Add +2.0% |
| FOLD Amicus Therapeutics Inc. | 3.49% | 9,750,000 | $76.8M | Reduce -18.1% |
| GMED Globus Medical Inc. Class A | 3.25% | 1,250,000 | $71.6M | Add +150.0% |
| IONS Ionis Pharmaceuticals Inc. | 3.19% | 1,075,000 | $70.3M | Add +115.0% |
| JAZZ Jazz Pharmaceuticals PLC | 2.99% | 500,000 | $65.9M | Reduce -58.3% |
| BDX Becton Dickinson and Co. | 2.76% | 325,000 | $60.8M | Add +1200.0% |
| SRRK Scholar Rock Holding Corp. | 2.53% | 1,500,000 | $55.9M | No change |
| IMTX Immatics NV | 2.45% | 6,350,000 | $54.1M | Add +1.6% |
| RGEN Repligen Corp. | 2.43% | 400,000 | $53.5M | New |
| DNTH Dianthus Therapeutics Inc. | 2.11% | 1,180,000 | $46.4M | Reduce -63.1% |
| BMRN Biomarin Pharmaceutical Inc. | 2.04% | 830,000 | $45.0M | Add +66.0% |
| XENE Xenon Pharmaceuticals Inc. | 2.00% | 1,100,000 | $44.2M | Reduce -45.0% |
| DXCM Dexcom Inc. | 1.98% | 650,000 | $43.7M | New |
| CYTK Cytokinetics Inc. | 1.81% | 725,000 | $39.8M | Reduce -75.6% |
| BIIB Biogen Inc. | 1.75% | 275,000 | $38.5M | New |
| CDTX Cidara Therapeutics Inc. | 1.74% | 400,000 | $38.3M | Reduce -20.0% |
| ATXS Astria Therapeutics Inc. | 1.64% | 4,956,000 | $36.1M | Add +9.6% |
| DYN Dyne Therapeutics Inc. | 1.59% | 2,775,000 | $35.1M | Add +281.4% |
| TYRA Tyra Biosciences Inc. | 1.54% | 2,425,000 | $33.9M | Reduce -8.7% |
| ABT Abbott Laboratories | 1.52% | 250,000 | $33.5M | Add +42.9% |
| IRON Disc Medicine Inc. | 1.50% | 500,000 | $33.0M | Add +257.1% |
| NRIX Nurix Therapeutics Inc. | 1.46% | 3,475,000 | $32.1M | Add +73.8% |
| CRNX Crinetics Pharmaceuticals Inc. | 1.42% | 750,000 | $31.2M | Reduce -50.0% |
| CLDX Celldex Therapeutics Inc. | 1.41% | 1,205,000 | $31.2M | Reduce -31.1% |
| ZYME Zymeworks Inc. | 1.37% | 1,765,000 | $30.1M | Add +53.5% |
| DHR Danaher Corp. | 1.35% | 150,000 | $29.7M | Add +200.0% |
| RVMD Revolution Medicines Inc. | 1.33% | 630,000 | $29.4M | Reduce -47.5% |
| RAPP Rapport Therapeutics Inc. | 1.28% | 950,000 | $28.2M | New |
| ELVN Enliven Therapeutics Inc. | 1.08% | 1,160,000 | $23.7M | Add +364.0% |
| GERN Geron Corp. | 1.07% | 17,225,000 | $23.6M | Reduce -27.6% |
| BLTE Belite Bio Inc. - ADR | 1.05% | 312,500 | $23.1M | New |
| RARE Ultragenyx Pharmaceutical Inc. | 1.02% | 750,000 | $22.6M | New |
| VERA Vera Therapeutics Inc. | 1.00% | 760,000 | $22.1M | Reduce -75.5% |
| LXEO Lexeo Therapeutics Inc. | 0.98% | 3,250,000 | $21.6M | Add +0.7% |
| BDTX Black Diamond Therapeutics I | 0.95% | 5,550,000 | $21.0M | Reduce -0.9% |
| DAWN Day One Biopharmaceuticals I | 0.86% | 2,675,000 | $18.9M | Reduce -10.8% |
| SLDB Solid Biosciences Inc. | 0.83% | 2,975,000 | $18.4M | Add +97.7% |
| AXSM Axsome Therapeutics Inc. | 0.83% | 150,000 | $18.2M | New |
| TSHA Taysha Gene Therapies Inc. | 0.82% | 5,500,000 | $18.0M | Add +83.3% |
| APGE Apogee Therapeutics Inc. | 0.77% | 425,000 | $16.9M | New |
| SVRA Savara Inc. | 0.65% | 4,015,000 | $14.3M | Reduce -63.5% |
| BRKR Bruker Corp. | 0.65% | 440,000 | $14.3M | Reduce -12.0% |
| REGN Regeneron Pharmaceuticals | 0.64% | 25,000 | $14.1M | New |
| QURE Uniqure NV | 0.60% | 225,000 | $13.1M | Reduce -93.9% |
| BBNX Beta Bionics Inc. | 0.54% | 600,000 | $11.9M | Add +9.1% |
| INSP Inspire Medical Systems Inc. | 0.45% | 135,000 | $10.0M | New |
| KALV Kalvista Pharmaceuticals Inc. | 0.41% | 750,000 | $9.1M | Reduce -84.0% |
| LNTH Lantheus Holdings Inc. | 0.40% | 170,000 | $8.7M | Add +240.0% |
| APLT Applied Therapeutics Inc. | 0.39% | 14,250,000 | $8.6M | Add +23.9% |
| CGON CG Oncology Inc. | 0.32% | 175,000 | $7.0M | New |
| VYGR Voyager Therapeutics Inc. | 0.31% | 1,475,000 | $6.9M | No change |
| TVRD Tvardi Therapeutics Inc. | 0.30% | 167,000 | $6.5M | New |
| VTYX Ventyx Biosciences Inc. | 0.29% | 2,050,000 | $6.4M | Add +2.5% |
| GLUE Monte Rosa Therapeutics Inc. | 0.27% | 800,000 | $5.9M | New |
| GSK GSK PLC-Spon ADR | 0.24% | 125,000 | $5.4M | New |
| NVCR Novocure Ltd. | 0.23% | 400,000 | $5.2M | New |
| AGIO Agios Pharmaceuticals Inc. | 0.23% | 127,000 | $5.1M | New |
| NYXH Nyxoah SA | 0.23% | 1,107,413 | $5.1M | Reduce -21.0% |
| MYGN Myriad Genetics Inc. | 0.20% | 600,000 | $4.3M | New |
| EXAS Exact Sciences Corp. | 0.19% | 75,000 | $4.1M | Reduce -89.3% |
| ESTA Establishment Labs Holdings | 0.19% | 100,000 | $4.1M | New |
| KOD Kodiak Sciences Inc. | 0.19% | 250,000 | $4.1M | New |
| ANRO Alto Neuroscience Inc. | 0.17% | 950,000 | $3.8M | No change |
| ARQT Arcutis Biotherapeutics Inc. | 0.17% | 200,000 | $3.8M | Add +110.5% |
| RCUS Arcus Biosciences Inc. | 0.15% | 250,000 | $3.4M | New |
| FATE Fate Therapeutics Inc. | 0.14% | 2,515,000 | $3.2M | No change |
| ALEC Alector Inc. | 0.13% | 980,000 | $2.9M | Add +0.3% |
| ENGN Engene Holdings Inc. | 0.11% | 370,000 | $2.5M | No change |
| PASG Passage Bio Inc. | 0.11% | 305,000 | $2.4M | No change |
| STRO Sutro Biopharma Inc. Com SHS | 0.10% | 2,600,000 | $2.3M | No change |
| OKUR Onkure Therapeutics Inc. Class A | 0.08% | 635,000 | $1.7M | No change |
| LUNG Pulmonx Corp. | 0.06% | 830,000 | $1.3M | New |
| MGNX Macrogenics Inc. | 0.02% | 280,000 | $470K | No change |
| TENX Tenax Therapeutics Inc. | 0.02% | 53,439 | $407K | No change |
| TRAW Traws Pharma Inc. | 0.01% | 150,000 | $278K | Add +0.1% |
Options reported separately and not counted above: BHVN puts ($10.5M).
Portfolio Sells Q2 2025 → Q3 2025
| ACLX Arcellx Inc. | Reduce -54.5% | 4.66% | −4.88 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -58.3% | 2.99% | −3.71 |
| CYTK Cytokinetics Inc. | Reduce -75.6% | 1.81% | −3.37 |
| VERA Vera Therapeutics Inc. | Reduce -75.5% | 1.00% | −2.84 |
| GEHC GE Healthcare Technology | Sold out | 0.00% | −2.73 |
| KALV Kalvista Pharmaceuticals Inc. | Reduce -84.0% | 0.41% | −2.37 |
| QURE Uniqure NV | Reduce -93.9% | 0.60% | −2.12 |
| EXAS Exact Sciences Corp. | Reduce -89.3% | 0.19% | −1.77 |
| MLTX Moonlake Immunotherapeutics | Sold out | 0.00% | −1.37 |
| COO The Cooper Cos Inc. | Sold out | 0.00% | −1.31 |
| GPCR Structure Therapeutics Inc. | Sold out | 0.00% | −1.31 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -45.0% | 2.00% | −1.29 |
| EW Edwards Lifesciences Corp. | Sold out | 0.00% | −1.24 |
| COGT Cogent Biosciences Inc. | Sold out | 0.00% | −1.16 |
| DNTH Dianthus Therapeutics Inc. | Reduce -63.1% | 2.11% | −1.03 |
| RVMD Revolution Medicines Inc. | Reduce -47.5% | 1.33% | −0.99 |
| MDT Medtronic PLC | Sold out | 0.00% | −0.89 |
| PRGO Perrigo Co. PLC | Sold out | 0.00% | −0.88 |
| CRNX Crinetics Pharmaceuticals Inc. | Reduce -50.0% | 1.42% | −0.85 |
| GERN Geron Corp. | Reduce -27.6% | 1.07% | −0.69 |
| SVRA Savara Inc. | Reduce -63.5% | 0.65% | −0.67 |
| TMO Thermo Fisher Scientific Inc. | Sold out | 0.00% | −0.53 |
| CLDX Celldex Therapeutics Inc. | Reduce -31.1% | 1.41% | −0.46 |
| BRKR Bruker Corp. | Reduce -12.0% | 0.65% | −0.44 |
| NYXH Nyxoah SA | Reduce -21.0% | 0.23% | −0.32 |
| TVTX Travere Therapeutics Inc. | Sold out | 0.00% | −0.28 |
| ZBH Zimmer Biomet Holdings Inc. | Sold out | 0.00% | −0.24 |
| NBIX Neurocrine Biosciences Inc. | Sold out | 0.00% | −0.20 |
| DAWN Day One Biopharmaceuticals I | Reduce -10.8% | 0.86% | −0.17 |
| FOLD Amicus Therapeutics Inc. | Reduce -18.1% | 3.49% | −0.10 |
| VRDN Viridian Therapeutics Inc. | Sold out | 0.00% | −0.07 |
| ATRA Atara Biotherapeutics Inc. | Sold out | 0.00% | −0.04 |
| TYRA Tyra Biosciences Inc. | Reduce -8.7% | 1.54% | +0.20 |
| BDTX Black Diamond Therapeutics I | Reduce -0.9% | 0.95% | +0.22 |
| CDTX Cidara Therapeutics Inc. | Reduce -20.0% | 1.74% | +0.46 |
Portfolio Buys Q2 2025 → Q3 2025
| ABVX Abivax SA-ADR | New | 3.85% | +3.85 |
| ASND Ascendis Pharma A/S | Add +200.0% | 5.41% | +3.60 |
| BDX Becton Dickinson and Co. | Add +1200.0% | 2.76% | +2.53 |
| RGEN Repligen Corp. | New | 2.43% | +2.43 |
| IONS Ionis Pharmaceuticals Inc. | Add +115.0% | 3.19% | +2.15 |
| DXCM Dexcom Inc. | New | 1.98% | +1.98 |
| BIIB Biogen Inc. | New | 1.75% | +1.75 |
| GMED Globus Medical Inc. Class A | Add +150.0% | 3.25% | +1.69 |
| RAPP Rapport Therapeutics Inc. | New | 1.28% | +1.28 |
| ALC Alcon Inc. | Add +109.5% | 3.72% | +1.28 |
| DYN Dyne Therapeutics Inc. | Add +281.4% | 1.59% | +1.23 |
| BCAX Bicara Therapeutics Inc. | Add +2.0% | 3.65% | +1.21 |
| IRON Disc Medicine Inc. | Add +257.1% | 1.50% | +1.11 |
| BLTE Belite Bio Inc. - ADR | New | 1.05% | +1.05 |
| RARE Ultragenyx Pharmaceutical Inc. | New | 1.02% | +1.02 |
| DHR Danaher Corp. | Add +200.0% | 1.35% | +0.83 |
| AXSM Axsome Therapeutics Inc. | New | 0.83% | +0.83 |
| ELVN Enliven Therapeutics Inc. | Add +364.0% | 1.08% | +0.81 |
| APGE Apogee Therapeutics Inc. | New | 0.77% | +0.77 |
| IMTX Immatics NV | Add +1.6% | 2.45% | +0.68 |
| REGN Regeneron Pharmaceuticals | New | 0.64% | +0.64 |
| ZYME Zymeworks Inc. | Add +53.5% | 1.37% | +0.61 |
| BMRN Biomarin Pharmaceutical Inc. | Add +66.0% | 2.04% | +0.59 |
| INSP Inspire Medical Systems Inc. | New | 0.45% | +0.45 |
| TSHA Taysha Gene Therapies Inc. | Add +83.3% | 0.82% | +0.45 |
| SLDB Solid Biosciences Inc. | Add +97.7% | 0.83% | +0.45 |
| ATXS Astria Therapeutics Inc. | Add +9.6% | 1.64% | +0.36 |
| CGON CG Oncology Inc. | New | 0.32% | +0.32 |
| LXEO Lexeo Therapeutics Inc. | Add +0.7% | 0.98% | +0.30 |
| TVRD Tvardi Therapeutics Inc. | New | 0.30% | +0.30 |
| GLUE Monte Rosa Therapeutics Inc. | New | 0.27% | +0.27 |
| ABT Abbott Laboratories | Add +42.9% | 1.52% | +0.27 |
| NRIX Nurix Therapeutics Inc. | Add +73.8% | 1.46% | +0.26 |
| GSK GSK PLC-Spon ADR | New | 0.24% | +0.24 |
| NVCR Novocure Ltd. | New | 0.23% | +0.23 |
| AGIO Agios Pharmaceuticals Inc. | New | 0.23% | +0.23 |
| APLT Applied Therapeutics Inc. | Add +23.9% | 0.39% | +0.20 |
| MYGN Myriad Genetics Inc. | New | 0.20% | +0.20 |
| ESTA Establishment Labs Holdings | New | 0.19% | +0.19 |
| KOD Kodiak Sciences Inc. | New | 0.19% | +0.19 |
| LNTH Lantheus Holdings Inc. | Add +240.0% | 0.40% | +0.18 |
| RCUS Arcus Biosciences Inc. | New | 0.15% | +0.15 |
| BBNX Beta Bionics Inc. | Add +9.1% | 0.54% | +0.12 |
| ARQT Arcutis Biotherapeutics Inc. | Add +110.5% | 0.17% | +0.10 |
| VTYX Ventyx Biosciences Inc. | Add +2.5% | 0.29% | +0.06 |
| LUNG Pulmonx Corp. | New | 0.06% | +0.06 |
| ALEC Alector Inc. | Add +0.3% | 0.13% | +0.06 |
| TRAW Traws Pharma Inc. | Add +0.1% | 0.01% | +0.00 |
| NUVL Nuvalent Inc. Class A | Add +2.3% | 4.32% | −0.00 |
Options Activity Q2 2025 → Q3 2025
| BHVN Biohaven Ltd. | put | New | 701,700 | $10.5M |
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 |