DEERFIELD MANAGEMENT COMPANY, L.P.
Reported holdings as of Q2 2026, from 31 quarterly filings.
This filer last reported in Q2 2026; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| NUVALENT INC | NUVL | $2.1B | 17,248,450 | +1.37pp | 20q | HELD | |
| BROOKDALE SR LIVING INC | $585.7M | 306,885,000 | +0.15pp | 3q | DEBT | ||
| REVOLUTION MEDICINES INC | RVMD | $448.0M | 2,392,000 | +2.04pp | 26q | +4.1%+$17.8M | |
| PRAXIS PRECISION MEDICINES I | PRAX | $322.5M | 963,351 | -0.30pp | 6q | HELD | |
| VIATRIS INC | VTRS | $320.9M | 20,206,170 | +0.13pp | 23q | HELD | |
| CENTENE CORP DEL | CNC | $314.6M | 4,901,000 | +1.00pp | 31q | -17.2%-$65.2M | |
| REVOLUTION MEDICINES INC | $251.7M | 200,000,000 | - | new | DEBT | ||
| UNITED THERAPEUTICS CORP DEL | UTHR | $247.6M | 457,000 | -0.61pp | 6q | HELD | |
| ARROWHEAD PHARMACEUTICALS IN | $240.5M | 200,000,000 | +0.07pp | 2q | DEBT | ||
| LEGEND BIOTECH CORP | LEGN | $235.0M | 8,137,638 | +0.81pp | 7q | +5.9%+$13.0M | |
| COGENT BIOSCIENCES INC | COGT | $193.7M | 5,006,104 | -2.09pp | 23q | -44.6%-$156.3M | |
| GENMAB A/S | GMAB | $188.6M | 6,865,000 | +1.19pp | 2q | +178.8%+$121.0M | |
| BROOKDALE SR LIVING INC | BKD | $187.2M | 11,637,032 | +0.08pp | 31q | HELD | |
| VERA THERAPEUTICS INC | VERA | $168.1M | 3,916,400 | -0.01pp | 6q | +5.2%+$8.3M | |
| IONIS PHARMACEUTICALS INC | IONS | $157.0M | 1,979,669 | -0.12pp | 4q | HELD | |
| CELCUITY INC | CELC | $151.8M | 1,451,014 | -0.72pp | 4q | -15.3%-$27.5M | |
| BIOCRYST PHARMACEUTICALS INC | BCRX | $151.0M | 15,096,403 | -0.11pp | 14q | HELD | |
| NEWAMSTERDAM PHARMA COMPANY | NAMS | $144.5M | 4,264,789 | -0.10pp | 10q | HELD | |
| ACADIA HEALTHCARE COMPANY IN | ACHC | $133.5M | 4,520,000 | +0.15pp | 4q | HELD | |
| TANGO THERAPEUTICS INC | TNGX | $131.0M | 4,190,611 | +0.34pp | 3q | +1.1%+$1.4M | |
| ADAPTHEALTH CORP | AHCO | $119.6M | 11,477,730 | -0.36pp | 27q | HELD | |
| PHARVARIS N V | PHVS | $116.7M | 3,376,042 | +0.18pp | 11q | +8.0%+$8.6M | |
| CELCUITY INC | $113.8M | 100,000,000 | - | new | DEBT | ||
| ARROWHEAD PHARMACEUTICALS IN | ARWR | $113.2M | 1,389,055 | +0.02pp | 4q | -11.7%-$15.0M | |
| DIANTHUS THERAPEUTICS INC | DNTH | $109.7M | 1,125,313 | +0.13pp | 2q | +10.3%+$10.3M | |
| LARIMAR THERAPEUTICS INC | LRMR | $108.6M | 35,606,974 | -0.76pp | 25q | HELD | |
| MINERALYS THERAPEUTICS INC | MLYS | $106.8M | 3,958,000 | - | new | NEW | |
| ALIGNMENT HEALTHCARE INC | $103.8M | 61,000,000 | +0.07pp | 3q | DEBT | ||
| IDEAYA BIOSCIENCES INC | IDYA | $101.2M | 2,714,503 | +0.45pp | 16q | +77.4%+$44.1M | |
| XENON PHARMACEUTICALS INC | XENE | $97.5M | 1,615,696 | -0.09pp | 5q | HELD | |
| IONIS PHARMACEUTICALS INC | $93.1M | 60,000,000 | -0.10pp | 4q | DEBT | ||
| SAVARA INC | SVRA | $83.6M | 13,569,000 | flat | 8q | HELD | |
| LANTHEUS HLDGS INC | LNTH | $83.5M | 752,999 | +0.13pp | 3q | -9.1%-$8.3M | |
| SYNDAX PHARMACEUTICALS INC | SNDX | $82.6M | 3,779,900 | -0.18pp | 2q | HELD | |
| ZENAS BIOPHARMA INC | $80.3M | 67,200,000 | +0.04pp | 2q | DEBT | ||
| BIOMARIN PHARMACEUTICAL INC | BMRN | $76.3M | 1,332,836 | +0.23pp | 2q | +56.5%+$27.5M | |
| PFIZER INC | PFE | $73.2M | 3,040,000 | -0.24pp | 2q | HELD | |
| INDIVIOR PHARMACEUTICALS INC | INDV | $67.7M | 1,648,895 | -0.41pp | 2q | -46.8%-$59.4M | |
| BIO RAD LABS INC | BIO | $66.4M | 226,070 | -0.05pp | 12q | HELD | |
| ARS PHARMACEUTICALS INC | SPRY | $60.1M | 7,503,812 | -0.08pp | 15q | HELD | |
| STOKE THERAPEUTICS INC | STOK | $59.7M | 1,823,500 | -0.08pp | 3q | HELD | |
| STRUCTURE THERAPEUTICS INC | GPCR | $58.3M | 1,086,000 | +0.17pp | 14q | +41.4%+$17.1M | |
| ENVISTA HOLDINGS CORPORATION | NVST | $58.2M | 2,210,100 | -0.05pp | 8q | HELD | |
| INSPIRE MED SYS INC | INSP | $57.9M | 1,296,862 | -1.04pp | 5q | -52.0%-$62.7M | |
| CAREDX INC | CDNA | $56.9M | 1,997,618 | +0.15pp | 4q | -8.8%-$5.5M | |
| BOSTON SCIENTIFIC CORP | BSX | $56.1M | 1,315,000 | - | new | NEW | |
| BELITE BIO INC | BLTE | $55.0M | 357,199 | flat | 3q | +17.5%+$8.2M | |
| PARABILIS MEDICINES INC | PBLS | $51.5M | 1,880,704 | - | new | NEW | |
| CERTARA INC | CERT | $49.2M | 7,512,928 | -0.01pp | 6q | -3.8%-$1.9M | |
| DISC MEDICINE INC | IRON | $48.1M | 657,000 | +0.01pp | 13q | HELD | |
| LIVANOVA PLC | $46.5M | 34,280,000 | +0.01pp | 5q | DEBT | ||
| BRIDGEBIO ONCOLOGY THERAPEUT | BBOT | $37.2M | 4,885,446 | -0.13pp | 4q | HELD | |
| TYRA BIOSCIENCES INC | TYRA | $32.5M | 1,017,000 | +0.09pp | 2q | +85.2%+$14.9M | |
| MONOPAR THERAPEUTICS INC | MNPR | $30.0M | 323,745 | +0.10pp | 4q | HELD | |
| SIONNA THERAPEUTICS INC | SION | $30.0M | 680,916 | -0.15pp | 6q | -29.8%-$12.7M | |
| IMMUNOCORE HLDGS PLC | $27.1M | 30,000,000 | -0.04pp | 6q | DEBT | ||
| AVALYN PHARMACEUTICALS INC | AVLN | $24.1M | 731,000 | - | new | NEW | |
| FOGHORN THERAPEUTICS INC | FHTX | $21.4M | 4,394,367 | -0.02pp | 9q | HELD | |
| BETA BIONICS INC | BBNX | $20.7M | 1,324,000 | +0.06pp | 6q | HELD | |
| ALNYLAM PHARMACEUTICALS INC | ALNY | $20.5M | 67,935 | -0.05pp | 9q | HELD | |
| BRIGHT MINDS BIOSCIENCES INC | DRUG | $19.9M | 283,000 | -0.04pp | 2q | HELD | |
| ODYSSEY THERAPEUTICS INC | ODTX | $19.6M | 1,046,139 | - | new | NEW | |
| THE ONCOLOGY INSTITUTE INC | TOI | $18.2M | 3,360,052 | +0.07pp | 19q | HELD | |
| KYVERNA THERAPEUTICS INC | KYTX | $17.8M | 2,000,000 | -0.02pp | 3q | HELD | |
| ALAMAR BIOSCIENCES INC | ALMR | $16.3M | 600,000 | - | new | NEW | |
| CHEMED CORP NEW | CHE | $14.0M | 30,000 | - | new | NEW | |
| SPYGLASS PHARMA INC | SGP | $12.2M | 550,000 | -0.04pp | 2q | HELD | |
| NEOGENOMICS INC | $12.2M | 13,040,000 | -0.66pp | 4q | DEBT | ||
| ADAGENE INC | ADAG | $11.2M | 2,666,666 | - | new | NEW | |
| HEMAB THERAPEUTICS HLDGS INC | $10.1M | 275,000 | - | new | NEW | ||
| MOBIA MED INC | $9.0M | 670,752 | - | new | NEW | ||
| EMBECTA CORP | EMBC | $8.3M | 2,534,961 | -0.18pp | 11q | HELD | |
| VERACYTE INC | VCYT | $5.9M | 101,000 | -0.21pp | 5q | -86.1%-$36.7M | |
| ANNEXON INC | ANNX | $3.3M | 583,913 | flat | 24q | HELD | |
| ALECTOR INC | ALEC | $2.1M | 1,055,192 | flat | 30q | HELD | |
| NEWAMSTERDAM PHARMA COMPANY | NAMSW | $2.0M | 92,787 | flat | 15q | HELD | |
| EDWARDS LIFESCIENCES CORP | EW | $1.2M | 13,702 | flat | 4q | HELD | |
| MIRUM PHARMACEUTICALS INC | MIRM | $705.6K | 6,027 | - | new | NEW | |
| HUMANA INC | HUM | $364.3K | 917 | flat | 7q | HELD | |
| THE ONCOLOGY INSTITUTE INC | TOIIW | $51.0K | 1,250,000 | flat | 19q | HELD | |
| PMV PHARMACEUTICALS INC | PMVP | $11.8K | 8,790 | flat | 5q | HELD | |
| SURROZEN INC | SRZNW | $2.8K | 166,666 | flat | 20q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Biotech & Pharma | $4.5B | 47.0% |
| Healthcare Services | $687.3M | 7.2% |
| Insurance | $315.0M | 3.3% |
| Medical Devices | $214.7M | 2.2% |
| Other sectors | $49.2M | 0.5% |
| Not classified | $3.8B | 39.8% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +16.6% | +14.8% | +1.8% | 83% |
| Q1 2026 | +1.6% | -4.6% | +6.2% | 86% |
| Q4 2025 | +24.9% | +2.4% | +22.5% | 92% |
| Q3 2025 | +14.2% | +7.8% | +6.4% | 89% |
| Q2 2025 | +7.2% | +10.5% | -3.2% | 87% |
| Q1 2025 | -9.7% | -4.6% | -5.1% | 89% |
| Q4 2024 | -16.0% | +2.1% | -18.1% | 90% |
| Q3 2024 | +17.8% | +5.4% | +12.4% | 86% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $9.6B | 82 | 13 | 13 | 12 | 13 | 53.2% | 45 |
| Q1 2026 | $8.5B | 82 | 12 | 14 | 9 | 80 | 50.9% | 45 |
| Q4 2025 | $7.8B | 150 | 33 | 36 | 41 | 35 | 52.3% | 48 |
| Q3 2025 | $6.6B | 152 | 49 | 44 | 21 | 21 | 51.7% | 45 |
| Q2 2025 | $5.5B | 124 | 45 | 25 | 11 | 44 | 54.2% | 45 |
| Q1 2025 | $5.1B | 123 | 47 | 17 | 10 | 30 | 52.5% | 45 |
| Q4 2024 | $5.3B | 106 | 23 | 19 | 24 | 360 | 53.5% | 45 |
| Q3 2024 | $6.7B | 443 | 249 | 82 | 69 | 239 | 54.0% | 45 |
| Q2 2024 | $6.0B | 433 | 227 | 124 | 38 | 161 | 51.5% | 45 |
| Q1 2024 | $5.7B | 367 | 226 | 62 | 44 | 81 | 51.7% | 45 |
| Q4 2023 | $5.4B | 222 | 154 | 20 | 11 | 20 | 57.8% | 45 |
| Q3 2023 | $4.5B | 88 | 17 | 17 | 7 | 30 | 54.9% | 45 |
| Q2 2023 | $4.7B | 101 | 18 | 19 | 9 | 23 | 50.1% | 45 |
| Q1 2023 | $4.5B | 106 | 18 | 19 | 12 | 16 | 44.8% | 45 |
| Q4 2022 | $4.8B | 104 | 17 | 19 | 19 | 39 | 42.4% | 45 |
| Q3 2022 | $5.0B | 126 | 18 | 17 | 25 | 16 | 37.5% | 45 |
| Q2 2022 | $4.8B | 124 | 20 | 26 | 12 | 14 | 37.9% | 46 |
| Q1 2022 | $4.5B | 118 | 12 | 17 | 14 | 20 | 41.9% | 46 |
| Q4 2021 | $4.8B | 126 | 24 | 20 | 20 | 31 | 39.9% | 45 |
| Q3 2021 | $5.1B | 133 | 29 | 23 | 19 | 39 | 36.5% | 46 |
| Q2 2021 | $5.6B | 143 | 36 | 31 | 13 | 26 | 33.0% | 47 |
| Q1 2021 | $4.8B | 133 | 40 | 24 | 21 | 36 | 31.5% | 47 |
| Q4 2020 | $5.1B | 129 | 47 | 21 | 23 | 23 | 34.6% | 47 |
| Q3 2020 | $4.1B | 105 | 33 | 15 | 25 | 21 | 37.6% | 91 |
| Q2 2020 | $3.4B | 93 | 23 | 11 | 35 | 20 | 38.8% | 45 |
| Q1 2020 | $3.2B | 90 | 31 | 25 | 18 | 16 | 42.2% | 45 |
| Q4 2019 | $3.1B | 75 | 14 | 23 | 25 | 34 | 43.5% | 45 |
| Q3 2019 | $2.5B | 95 | 16 | 20 | 23 | 18 | 44.0% | 45 |
| Q2 2019 | $2.8B | 97 | 19 | 27 | 18 | 15 | 39.1% | 45 |
| Q1 2019 | $2.6B | 93 | 12 | 19 | 28 | 18 | 41.7% | 45 |
| Q4 2018 | $2.5B | 99 | 0 | 0 | 0 | 0 | 36.7% | 45 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.