Avoro Capital Advisors LLC 13F: Quarter-over-Quarter Portfolio Changes
Avoro Capital Advisors LLC reported a disclosed portfolio value of approximately $10.2 billion in its latest SEC Form 13F-HR filing for Q1 2026, down 0.2% quarter on quarter. Over the quarter, the fund initiated 5 new positions, bought more shares in 8 holdings, trimmed 7 holdings, and exited 8 positions.
Avoro Capital Advisors LLC's top buy was a new stake in Terns Pharmaceuticals INC (TERN) , equal to 3.0% of the disclosed portfolio. Its top sell was Avidity Biosciences INC (RNAGBP) . The fund exited the position completely after it had accounted for 3.9% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| TERNS PHARMACEUTICALS INC | TERN | 3.0% | Holders → |
| CYTOKINETICS INC | CYTK | 2.2% | Holders → |
| DAMORA THERAPEUTICS INC | DMRA | 1.0% | Holders → |
| DEFINIUM THERAPEUTICS INC | DFTX | 0.9% | Holders → |
| AVALO THERAPEUTICS INC | AVTX | 0.2% | Holders → |
Top BuysQ1 2026
The fund's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| OCULAR THERAPEUTIX INC | OCUL | +-0.3% | +14.3% | Holders → |
| CELCUITY INC | CELC | +0.7% | +8.5% | History → |
| REVOLUTION MEDICINES INC | RVMD | +0.5% | +8.0% | Holders → |
| XENON PHARMACEUTICALS INC | XENE | +0.9% | +6.5% | History → |
| ARGENX SE | ARGX | +-1.0% | +1.0% | History → |
| UNITED THERAPEUTICS CORP DEL | UTHR | +2.9% | +0.9% | History → |
| ARROWHEAD PHARMACEUTICALS INC | ARWR | +-0.3% | +0.7% | History → |
| MADRIGAL PHARMACEUTICALS INC | MDGL | +-1.0% | +0.6% | History → |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| MANNKIND CORP | MNKD | -0.2% | 50.5% | Holders → |
| LEXEO THERAPEUTICS INC | LXEO | -0.2% | 43.2% | Holders → |
| CENTESSA PHARMACEUTICALS PLC | CNTA | 0.9% | 21.5% | History → |
| SOLENO THERAPEUTICS INC | SLNO | -0.6% | 20.7% | Holders → |
| ALKERMES PLC | ALKS | 0.0% | 14.3% | Holders → |
| UNIQURE NV | QURE | -0.5% | 3.1% | Holders → |
| ASCENDIS PHARMA A/S | SYN_04351P101 | 0.7% | 1.0% | Holders → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| AVIDITY BIOSCIENCES INC | RNAGBP | 3.9% |
| SPDR SERIES TRUST | XBI | 2.5% |
| TERNS PHARMACEUTICALS INC | UNKNOWN | 1.7% |
| MIND MEDICINE MINDMED INC | BRD1EUR | 0.7% |
| PTC THERAPEUTICS INC | PTCT 1.5 09/15/26 | 0.5% |
| ORUKA THERAPEUTICS INC | ORKA | 0.4% |
| APOGEE THERAPEUTICS INC | APGE | 0.4% |
| INCYTE CORPORATION | INCY | 0.1% |
Net Portfolio Value ChangeQ1 2026
- $10.2BPrior quarter
- $10.2BCurrent quarter
- $-0.0BNet delta
- -0.2%% change
Methodology & FAQ
How Avoro Capital Advisors LLC Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Avoro Capital Advisors LLC: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did Avoro Capital Advisors LLC buy in Q1 2026?
In Q1 2026, Avoro Capital Advisors LLC initiated 5 new positions (TERNS PHARMACEUTICALS INC (TERN), CYTOKINETICS INC (CYTK), DAMORA THERAPEUTICS INC (DMRA), DEFINIUM THERAPEUTICS INC (DFTX), AVALO THERAPEUTICS INC (AVTX)); bought more shares of OCULAR THERAPEUTIX INC (OCUL), CELCUITY INC (CELC), REVOLUTION MEDICINES INC (RVMD), XENON PHARMACEUTICALS INC (XENE), ARGENX SE (ARGX) — the largest 5 of 8 adds.
What stocks did Avoro Capital Advisors LLC sell in Q1 2026?
In Q1 2026, Avoro Capital Advisors LLC fully sold 8 positions (AVIDITY BIOSCIENCES INC (RNAGBP), SPDR SERIES TRUST (XBI), TERNS PHARMACEUTICALS INC (UNKNOWN), MIND MEDICINE MINDMED INC (BRD1EUR), PTC THERAPEUTICS INC (PTCT 1.5 09/15/26), ORUKA THERAPEUTICS INC (ORKA), APOGEE THERAPEUTICS INC (APGE), INCYTE CORPORATION (INCY)); reduced holdings in MANNKIND CORP (MNKD), LEXEO THERAPEUTICS INC (LXEO), CENTESSA PHARMACEUTICALS PLC (CNTA), SOLENO THERAPEUTICS INC (SLNO), ALKERMES PLC (ALKS) — the largest 5 of 7 reductions.
Which positions did Avoro Capital Advisors LLC initiate in Q1 2026?
Avoro Capital Advisors LLC established 5 new positions in Q1 2026: TERNS PHARMACEUTICALS INC (TERN, 3.0%), CYTOKINETICS INC (CYTK, 2.2%), DAMORA THERAPEUTICS INC (DMRA, 1.0%), DEFINIUM THERAPEUTICS INC (DFTX, 0.9%), AVALO THERAPEUTICS INC (AVTX, 0.2%).
Which existing positions saw the largest allocation increases for Avoro Capital Advisors LLC in Q1 2026?
Of 8 existing positions with share-count increases in Q1 2026, the largest were: OCULAR THERAPEUTIX INC (OCUL, +-0.3% weight, +14.3% shares), CELCUITY INC (CELC, +0.7% weight, +8.5% shares), REVOLUTION MEDICINES INC (RVMD, +0.5% weight, +8.0% shares), XENON PHARMACEUTICALS INC (XENE, +0.9% weight, +6.5% shares), ARGENX SE (ARGX, +-1.0% weight, +1.0% shares), UNITED THERAPEUTICS CORP DEL (UTHR, +2.9% weight, +0.9% shares), ARROWHEAD PHARMACEUTICALS INC (ARWR, +-0.3% weight, +0.7% shares), MADRIGAL PHARMACEUTICALS INC (MDGL, +-1.0% weight, +0.6% shares).
Which positions did Avoro Capital Advisors LLC fully exit in Q1 2026?
Avoro Capital Advisors LLC fully exited 8 positions in Q1 2026: AVIDITY BIOSCIENCES INC (RNAGBP, last-reported weight 3.9%), SPDR SERIES TRUST (XBI, last-reported weight 2.5%), TERNS PHARMACEUTICALS INC (UNKNOWN, last-reported weight 1.7%), MIND MEDICINE MINDMED INC (BRD1EUR, last-reported weight 0.7%), PTC THERAPEUTICS INC (PTCT 1.5 09/15/26, last-reported weight 0.5%), ORUKA THERAPEUTICS INC (ORKA, last-reported weight 0.4%), APOGEE THERAPEUTICS INC (APGE, last-reported weight 0.4%), INCYTE CORPORATION (INCY, last-reported weight 0.1%).
Which existing positions saw the largest allocation reductions for Avoro Capital Advisors LLC in Q1 2026?
Of 7 existing positions with share-count reductions in Q1 2026, the largest were: MANNKIND CORP (MNKD, -0.2% weight, -50.5% shares), LEXEO THERAPEUTICS INC (LXEO, -0.2% weight, -43.2% shares), CENTESSA PHARMACEUTICALS PLC (CNTA, 0.9% weight, -21.5% shares), SOLENO THERAPEUTICS INC (SLNO, -0.6% weight, -20.7% shares), ALKERMES PLC (ALKS, 0.0% weight, -14.3% shares), UNIQURE NV (QURE, -0.5% weight, -3.1% shares), ASCENDIS PHARMA A/S (SYN_04351P101, 0.7% weight, -1.0% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.