Vestal Point Capital, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Vestal Point Capital, LP reported 75 stock positions worth $2.7 billion. Its top holding was Abivax SA-ADR (ABVX) at 9.4% of the portfolio, followed by Arcellx (ACLX, 7.0%) and Terns Pharmaceuticals (TERN, 6.7%). Compared with Q3 2025, it opened 23 new positions, sold out of 28, added to 24 and reduced 21. The biggest buy was a new position in Terns Pharmaceuticals (TERN) and the biggest sale Nuvalent Class A (NUVL, shares −96%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001974915
- Portfolio Value
- $2.7B (Q4 2025)
- SEC Filing
- 0001974915-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 75 stocks · $2.7B
| ABVX Abivax SA-ADR | 9.40% | 1,900,000 | $256.2M | Add +90.0% |
| ACLX Arcellx Inc. | 7.00% | 2,925,000 | $190.7M | Add +134.0% |
| TERN Terns Pharmaceuticals Inc. | 6.67% | 4,500,000 | $181.8M | New |
| BMRN Biomarin Pharmaceutical Inc. | 6.54% | 3,000,000 | $178.3M | Add +261.4% |
| GMED Globus Medical Inc. Class A | 4.08% | 1,275,000 | $111.3M | Add +2.0% |
| NRIX Nurix Therapeutics Inc. | 3.26% | 4,690,000 | $89.0M | Add +35.0% |
| ALC Alcon Inc. filed as ALCON AG | 3.19% | 1,105,000 | $87.1M | Add +0.5% |
| DXCM Dexcom Inc. | 3.10% | 1,275,000 | $84.6M | Add +96.2% |
| MRK Merck & Co. Inc. | 2.99% | 775,000 | $81.6M | New |
| TSHA Taysha Gene Therapies Inc. | 2.77% | 13,750,000 | $75.6M | Add +150.0% |
| ABT Abbott Laboratories | 2.76% | 600,000 | $75.2M | Add +140.0% |
| IMTX Immatics NV | 2.36% | 6,125,000 | $64.3M | Reduce -3.5% |
| TYRA Tyra Biosciences Inc. | 2.34% | 2,425,000 | $63.8M | No change |
| BCAX Bicara Therapeutics Inc. | 2.21% | 3,575,000 | $60.2M | Reduce -29.9% |
| ARWR Arrowhead Pharmaceuticals Inc. | 2.19% | 900,000 | $59.8M | New |
| ELVN Enliven Therapeutics Inc. | 2.16% | 3,830,000 | $59.0M | Add +230.2% |
| IRON Disc Medicine Inc. | 2.14% | 735,000 | $58.4M | Add +47.0% |
| JAZZ Jazz Pharmaceuticals PLC | 1.81% | 290,000 | $49.3M | Reduce -42.0% |
| DAWN Day One Biopharmaceuticals I | 1.78% | 5,200,000 | $48.5M | Add +94.4% |
| LXEO Lexeo Therapeutics Inc. | 1.63% | 4,475,000 | $44.4M | Add +37.7% |
| ANRO Alto Neuroscience Inc. | 1.62% | 2,485,000 | $44.2M | Add +161.6% |
| APGE Apogee Therapeutics Inc. | 1.52% | 550,000 | $41.5M | Add +29.4% |
| OLMA Olema Pharmaceuticals Inc. | 1.51% | 1,650,000 | $41.3M | New |
| AXSM Axsome Therapeutics Inc. | 1.41% | 210,000 | $38.4M | Add +40.0% |
| ASND Ascendis Pharma A/S | 1.37% | 175,000 | $37.3M | Reduce -70.8% |
| RAPP Rapport Therapeutics Inc. | 1.24% | 1,110,000 | $33.7M | Add +16.8% |
| SLDB Solid Biosciences Inc. | 1.20% | 5,815,000 | $32.8M | Add +95.5% |
| CLDX Celldex Therapeutics Inc. | 1.16% | 1,165,000 | $31.6M | Reduce -3.3% |
| SRRK Scholar Rock Holding Corp. | 1.13% | 700,000 | $30.8M | Reduce -53.3% |
| KALV Kalvista Pharmaceuticals Inc. | 1.12% | 1,890,000 | $30.5M | Add +152.0% |
| VERA Vera Therapeutics Inc. | 1.02% | 550,000 | $27.9M | Reduce -27.6% |
| XENE Xenon Pharmaceuticals Inc. | 0.99% | 600,000 | $26.9M | Reduce -45.5% |
| LNTH Lantheus Holdings Inc. | 0.88% | 360,000 | $24.0M | Add +111.8% |
| RVMD Revolution Medicines Inc. | 0.86% | 295,000 | $23.5M | Reduce -53.2% |
| ZYME Zymeworks Inc. | 0.84% | 865,000 | $22.8M | Reduce -51.0% |
| IMCR Immunocore Holdings PLC-ADR | 0.74% | 585,000 | $20.3M | New |
| UPB Upstream Bio Inc. | 0.72% | 720,000 | $19.5M | New |
| BBNX Beta Bionics Inc. | 0.67% | 600,000 | $18.3M | No change |
| CBIO Crescent Biopharma Inc. | 0.65% | 1,500,000 | $17.8M | New |
| BCRX Biocryst Pharmaceuticals Inc. | 0.64% | 2,250,000 | $17.6M | New |
| PEN Penumbra Inc. | 0.57% | 50,000 | $15.5M | New |
| GERN Geron Corp. | 0.55% | 11,320,000 | $14.9M | Reduce -34.3% |
| RGEN Repligen Corp. | 0.50% | 83,000 | $13.6M | Reduce -79.3% |
| ZBH Zimmer Biomet Holdings Inc. | 0.49% | 150,000 | $13.5M | New |
| BMY Bristol-Myers Squibb Co. | 0.49% | 250,000 | $13.5M | New |
| GLUE Monte Rosa Therapeutics Inc. | 0.45% | 775,000 | $12.2M | Reduce -3.1% |
| FULC Fulcrum Therapeutics Inc. | 0.39% | 950,000 | $10.7M | New |
| SVRA Savara Inc. | 0.36% | 1,606,000 | $9.7M | Reduce -60.0% |
| ENGN Engene Holdings Inc. | 0.35% | 1,055,000 | $9.5M | Add +185.1% |
| AGIO Agios Pharmaceuticals Inc. | 0.32% | 325,000 | $8.8M | Add +155.9% |
| MIND MEDICINE MINDMED INC | 0.31% | 637,000 | $8.5M | New |
| DNLI Denali Therapeutics Inc. | 0.28% | 465,000 | $7.7M | New |
| MYGN Myriad Genetics Inc. | 0.28% | 1,223,000 | $7.5M | Add +103.8% |
| TECX Tectonic Therapeutic Inc. | 0.25% | 328,000 | $6.8M | New |
| NVCR Novocure Ltd. | 0.25% | 525,000 | $6.8M | Add +31.3% |
| MPLT Maplight Therapeutics Inc. | 0.25% | 385,000 | $6.8M | New |
| GILD Gilead Sciences Inc. | 0.23% | 50,000 | $6.1M | New |
| VYGR Voyager Therapeutics Inc. | 0.21% | 1,475,000 | $5.8M | No change |
| DBVT DBV Technologies SA-Spon ADR | 0.21% | 300,000 | $5.8M | New |
| MIRM Mirum Pharmaceuticals Inc. | 0.19% | 66,000 | $5.2M | New |
| NYXH Nyxoah SA | 0.19% | 1,107,000 | $5.1M | Reduce -0.0% |
| NUVL Nuvalent Inc. Class A | 0.17% | 46,000 | $4.6M | Reduce -95.8% |
| LENZ Lenz Therapeutics Inc. | 0.16% | 275,000 | $4.4M | New |
| RZLT Rezolute Inc. | 0.15% | 1,686,000 | $4.0M | New |
| PASG Passage Bio Inc. | 0.13% | 305,000 | $3.6M | No change |
| STRO Sutro Biopharma Inc. | 0.10% | 243,000 | $2.8M | Reduce -6.5% |
| GPCR Structure Therapeutics Inc. | 0.09% | 35,000 | $2.4M | New |
| DYN Dyne Therapeutics Inc. | 0.09% | 120,000 | $2.3M | Reduce -95.7% |
| BDTX Black Diamond Therapeutics I | 0.08% | 870,000 | $2.1M | Reduce -84.3% |
| OKUR Onkure Therapeutics Inc. Class A | 0.07% | 635,000 | $1.8M | No change |
| FATE Fate Therapeutics Inc. | 0.06% | 1,725,000 | $1.7M | Reduce -31.4% |
| ALEC Alector Inc. | 0.04% | 755,000 | $1.2M | Reduce -23.0% |
| TENX Tenax Therapeutics Inc. | 0.02% | 53,439 | $651K | No change |
| RGNX Regenxbio Inc. | 0.02% | 34,000 | $490K | New |
| MGNX Macrogenics Inc. | 0.02% | 280,000 | $451K | No change |
Options reported separately and not counted above: QQQ puts ($215.0M).
Portfolio Sells Q3 2025 → Q4 2025
| NUVL Nuvalent Inc. Class A | Reduce -95.8% | 0.17% | −4.15 |
| ASND Ascendis Pharma A/S | Reduce -70.8% | 1.37% | −4.04 |
| FOLD Amicus Therapeutics Inc. | Sold out | 0.00% | −3.49 |
| IONS Ionis Pharmaceuticals Inc. | Sold out | 0.00% | −3.19 |
| BDX Becton Dickinson and Co. | Sold out | 0.00% | −2.76 |
| DNTH Dianthus Therapeutics Inc. | Sold out | 0.00% | −2.11 |
| RGEN Repligen Corp. | Reduce -79.3% | 0.50% | −1.93 |
| CYTK Cytokinetics Inc. | Sold out | 0.00% | −1.81 |
| BIIB Biogen Inc. | Sold out | 0.00% | −1.75 |
| CDTX Cidara Therapeutics Inc. | Sold out | 0.00% | −1.74 |
| ATXS Astria Therapeutics Inc. | Sold out | 0.00% | −1.64 |
| DYN Dyne Therapeutics Inc. | Reduce -95.7% | 0.09% | −1.51 |
| BCAX Bicara Therapeutics Inc. | Reduce -29.9% | 2.21% | −1.45 |
| CRNX Crinetics Pharmaceuticals Inc. | Sold out | 0.00% | −1.42 |
| SRRK Scholar Rock Holding Corp. | Reduce -53.3% | 1.13% | −1.40 |
| DHR Danaher Corp. | Sold out | 0.00% | −1.35 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -42.0% | 1.81% | −1.18 |
| BLTE Belite Bio Inc. - ADR | Sold out | 0.00% | −1.05 |
| RARE Ultragenyx Pharmaceutical Inc. | Sold out | 0.00% | −1.02 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -45.5% | 0.99% | −1.02 |
| BDTX Black Diamond Therapeutics I | Reduce -84.3% | 0.08% | −0.88 |
| BRKR Bruker Corp. | Sold out | 0.00% | −0.65 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.64 |
| QURE Uniqure NV | Sold out | 0.00% | −0.60 |
| ZYME Zymeworks Inc. | Reduce -51.0% | 0.84% | −0.53 |
| GERN Geron Corp. | Reduce -34.3% | 0.55% | −0.52 |
| RVMD Revolution Medicines Inc. | Reduce -53.2% | 0.86% | −0.47 |
| INSP Inspire Medical Systems Inc. | Sold out | 0.00% | −0.45 |
| APLT Applied Therapeutics Inc. | Sold out | 0.00% | −0.39 |
| CGON CG Oncology Inc. | Sold out | 0.00% | −0.32 |
| TVRD Tvardi Therapeutics Inc. | Sold out | 0.00% | −0.30 |
| SVRA Savara Inc. | Reduce -60.0% | 0.36% | −0.30 |
| VTYX Ventyx Biosciences Inc. | Sold out | 0.00% | −0.29 |
| CLDX Celldex Therapeutics Inc. | Reduce -3.3% | 1.16% | −0.25 |
| GSK GSK PLC-Spon ADR | Sold out | 0.00% | −0.24 |
| EXAS Exact Sciences Corp. | Sold out | 0.00% | −0.19 |
| ESTA Establishment Labs Holdings | Sold out | 0.00% | −0.19 |
| KOD Kodiak Sciences Inc. | Sold out | 0.00% | −0.19 |
| ARQT Arcutis Biotherapeutics Inc. | Sold out | 0.00% | −0.17 |
| RCUS Arcus Biosciences Inc. | Sold out | 0.00% | −0.15 |
| IMTX Immatics NV | Reduce -3.5% | 2.36% | −0.10 |
| ALEC Alector Inc. | Reduce -23.0% | 0.04% | −0.09 |
| FATE Fate Therapeutics Inc. | Reduce -31.4% | 0.06% | −0.08 |
| LUNG Pulmonx Corp. | Sold out | 0.00% | −0.06 |
| NYXH Nyxoah SA | Reduce -0.0% | 0.19% | −0.04 |
| TRAW Traws Pharma Inc. | Sold out | 0.00% | −0.01 |
| STRO Sutro Biopharma Inc. | Reduce -6.5% | 0.10% | +0.00 |
| VERA Vera Therapeutics Inc. | Reduce -27.6% | 1.02% | +0.02 |
| GLUE Monte Rosa Therapeutics Inc. | Reduce -3.1% | 0.45% | +0.18 |
Portfolio Buys Q3 2025 → Q4 2025
| TERN Terns Pharmaceuticals Inc. | New | 6.67% | +6.67 |
| ABVX Abivax SA-ADR | Add +90.0% | 9.40% | +5.55 |
| BMRN Biomarin Pharmaceutical Inc. | Add +261.4% | 6.54% | +4.50 |
| MRK Merck & Co. Inc. | New | 2.99% | +2.99 |
| ACLX Arcellx Inc. | Add +134.0% | 7.00% | +2.34 |
| ARWR Arrowhead Pharmaceuticals Inc. | New | 2.19% | +2.19 |
| TSHA Taysha Gene Therapies Inc. | Add +150.0% | 2.77% | +1.96 |
| NRIX Nurix Therapeutics Inc. | Add +35.0% | 3.26% | +1.81 |
| OLMA Olema Pharmaceuticals Inc. | New | 1.51% | +1.51 |
| ANRO Alto Neuroscience Inc. | Add +161.6% | 1.62% | +1.45 |
| ABT Abbott Laboratories | Add +140.0% | 2.76% | +1.24 |
| DXCM Dexcom Inc. | Add +96.2% | 3.10% | +1.12 |
| ELVN Enliven Therapeutics Inc. | Add +230.2% | 2.16% | +1.09 |
| DAWN Day One Biopharmaceuticals I | Add +94.4% | 1.78% | +0.92 |
| GMED Globus Medical Inc. Class A | Add +2.0% | 4.08% | +0.83 |
| APGE Apogee Therapeutics Inc. | Add +29.4% | 1.52% | +0.76 |
| IMCR Immunocore Holdings PLC-ADR | New | 0.74% | +0.74 |
| UPB Upstream Bio Inc. | New | 0.72% | +0.72 |
| KALV Kalvista Pharmaceuticals Inc. | Add +152.0% | 1.12% | +0.71 |
| CBIO Crescent Biopharma Inc. | New | 0.65% | +0.65 |
| LXEO Lexeo Therapeutics Inc. | Add +37.7% | 1.63% | +0.65 |
| BCRX Biocryst Pharmaceuticals Inc. | New | 0.64% | +0.64 |
| IRON Disc Medicine Inc. | Add +47.0% | 2.14% | +0.64 |
| AXSM Axsome Therapeutics Inc. | Add +40.0% | 1.41% | +0.58 |
| PEN Penumbra Inc. | New | 0.57% | +0.57 |
| ZBH Zimmer Biomet Holdings Inc. | New | 0.49% | +0.49 |
| BMY Bristol-Myers Squibb Co. | New | 0.49% | +0.49 |
| LNTH Lantheus Holdings Inc. | Add +111.8% | 0.88% | +0.48 |
| FULC Fulcrum Therapeutics Inc. | New | 0.39% | +0.39 |
| SLDB Solid Biosciences Inc. | Add +95.5% | 1.20% | +0.37 |
| MIND MEDICINE MINDMED INC | New | 0.31% | +0.31 |
| DNLI Denali Therapeutics Inc. | New | 0.28% | +0.28 |
| TECX Tectonic Therapeutic Inc. | New | 0.25% | +0.25 |
| MPLT Maplight Therapeutics Inc. | New | 0.25% | +0.25 |
| ENGN Engene Holdings Inc. | Add +185.1% | 0.35% | +0.23 |
| GILD Gilead Sciences Inc. | New | 0.23% | +0.23 |
| DBVT DBV Technologies SA-Spon ADR | New | 0.21% | +0.21 |
| MIRM Mirum Pharmaceuticals Inc. | New | 0.19% | +0.19 |
| LENZ Lenz Therapeutics Inc. | New | 0.16% | +0.16 |
| RZLT Rezolute Inc. | New | 0.15% | +0.15 |
| AGIO Agios Pharmaceuticals Inc. | Add +155.9% | 0.32% | +0.09 |
| GPCR Structure Therapeutics Inc. | New | 0.09% | +0.09 |
| MYGN Myriad Genetics Inc. | Add +103.8% | 0.28% | +0.08 |
| RGNX Regenxbio Inc. | New | 0.02% | +0.02 |
| NVCR Novocure Ltd. | Add +31.3% | 0.25% | +0.01 |
| RAPP Rapport Therapeutics Inc. | Add +16.8% | 1.24% | −0.04 |
| ALC Alcon Inc. | Add +0.5% | 3.19% | −0.52 |
Options Activity Q3 2025 → Q4 2025
| QQQ Invesco QQQ Trust Series 1 | put | New | 350,000 | $215.0M |
| BHVN Biohaven Ltd. | put | Sold out | 701,700 | $10.5Mbefore 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 |