13F Portfolios

DEERFIELD MANAGEMENT COMPANY, L.P. 13F: Quarter-over-Quarter Portfolio Changes

DEERFIELD MANAGEMENT COMPANY, L.P. reported a disclosed portfolio value of approximately $8.5 billion in its latest SEC Form 13F-HR filing for Q1 2026, up 8.7% quarter on quarter. Over the quarter, the fund initiated 11 new positions, bought more shares in 15 holdings, trimmed 10 holdings, and exited 78 positions.

DEERFIELD MANAGEMENT COMPANY, L.P.'s top buy was a new stake in Arrowhead Pharmaceuticals in (ARWR 0 01/15/32) , equal to 2.4% of the disclosed portfolio. Its top sell was Neurocrine Biosciences INC (NBIX) . The fund sold 48.5% of its previously reported shares, reducing the position's portfolio weight by 1.2 percentage points.

New PositionsQ1 2026

Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.

DEERFIELD MANAGEMENT COMPANY, L.P. new positions in Q1 2026, representing first-time disclosed long equity stakes
CompanyTickerInitial Portfolio WeightHistory
ARROWHEAD PHARMACEUTICALS INARWR 0 01/15/322.4%—
SYNDAX PHARMACEUTICALSSNDX1.0%Holders →
DIANTHUS THERAPEUTICS INDNTH1.0%Holders →
PFIZERPFE1.0%Holders →
ZENAS BIOPHARMA INCZBIO 2.5 04/01/320.8%—
GENMAB A/SGMAB0.8%Holders →
BIOMARIN PHARMACEUTICALSBMRN0.6%Holders →
TYRA BIOSCIENCES INCTYRA0.2%Holders →
BRIGHT MINDS BIOSCIENCES INCDRUG0.2%Holders →
SPYGLASS PHARMA INCSGP0.2%Holders →
VERADERMICS INCMANE0.0%Holders →

Top BuysQ1 2026

Showing the top 10 buys among 15 existing positions where the fund bought more shares in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.

DEERFIELD MANAGEMENT COMPANY, L.P. top buys in existing positions in Q1 2026
CompanyTickerPortfolio Weight ChangeMore SharesHistory
XENON PHARMACEUTICALS INCXENE+0.8%+198.1%Holders →
MONOPAR THERAPEUTICS INCMNPR+0.1%+89.8%Holders →
INSPIRE MEDICAL SYSTEMS INCINSP+-0.1%+79.5%Holders →
TANGO THERAPEUTICS INCTNGX+0.7%+42.7%Holders →
BETA BIONICS INCBBNX+-0.2%+41.1%Holders →
BELITE BIO INCBLTE+0.1%+30.0%Holders →
LEGEND BIOTECH CORPLEGN+-0.0%+29.6%Holders →
DISC MEDICINE INCIRON+-0.0%+28.5%Holders →
FOGHORN THERAPEUTICS INCFHTX+-0.0%+20.4%Holders →
LARIMAR THERAPEUTICS INCLRMR+0.4%+16.3%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.

DEERFIELD MANAGEMENT COMPANY, L.P. top sells in existing positions in Q1 2026
CompanyTickerPortfolio Weight ChangeShares SoldHistory
NEUROCRINE BIOSCIENCES INCNBIX-1.2%48.5%Holders →
IDEAYA BIOSCIENCES, INC.IDYA-0.4%28.9%Holders →
REVOLUTION MEDICINES INCRVMD-0.3%20.6%History →
CATALYST PHARMACEUTICALS INCCPRX-0.3%19.7%Holders →
ARROWHEAD PHARMACEUTICALS INCARWR-0.4%14.2%Holders →
INDIVIOR PHARMCEUTICALS INCINDV-0.4%8.7%Holders →
VERA THERAPEUTICS INCVERA-0.9%8.3%Holders →
CENTENE CORP DELCNC-1.1%8.2%History →
EMBECTA CORPORATIONEMBC-0.2%7.9%Holders →
ENVISTA HOLDINGS CORPORATIONNVST0.0%3.1%Holders →

Full ExitsQ1 2026

Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.

DEERFIELD MANAGEMENT COMPANY, L.P. full exits in Q1 2026
CompanyTickerLast-Reported Portfolio Weight
PHREESIA INCPHR0.4%
LANTHEUS HLDGS INCLNTH 2.625 12/15/270.4%
VENTAS INCVTR0.4%
SPYRE THERAPEUTICS INCSYRE0.3%
EDGEWISE THERAPEUTICS, INC.EWTX0.2%
CORMEDIX INCCRMD0.2%
MEDLINE INCMDLN0.1%
OMADA HEALTH INCOMDA0.1%
CALCIMEDICA INCCALC0.1%
PRESTIGE CONSMR HEALTHCAREPBH0.1%
VEEVA SYSTEMSVEEV0.1%
RADNET INCRDNT0.0%
LABCORP HOLDINGS INCLH0.0%
ENOVIS CORPORATIONENOV0.0%
ALIGNMENT HEALTHCARE INCALHC0.0%
QUEST DIAGNOSTICS INCDGX0.0%
TRANSMEDICS GROUP INCTMDX0.0%
INSULET CORPPODD0.0%
BIOLIFE SOLUTIONS INCBLFS0.0%
CHEMED CORP NEWCHE0.0%
PETCO HEALTH & WELLNESS CO IWOOF0.0%
ORTHOPEDIATRICS CORPKIDS0.0%
THE CIGNA GROUPCI0.0%
TRUPANION INCTRUP0.0%
RESMED INCRMD0.0%
BOSTON SCIENTIFIC CORPBSX0.0%
DAVITA INCDVA0.0%
DOXIMITY INCDOCS0.0%
DEXCOM INCDXCM0.0%
IRHYTHM HOLDINGS INCIRTC0.0%
CONMED CORPCNMD0.0%
MASIMO CORPMASI0.0%
LEMAITRE VASCULAR INCLMAT0.0%
10X GENOMICS INCTXG0.0%
ATRICURE INCATRC0.0%
AVANOS MED INCAVNS0.0%
CORVEL CORPCRVL0.0%
CARDINAL HEALTH INCCAH0.0%
GOODRX HLDGS INCGDRX0.0%
SURGERY PARTNERS INCSGRY0.0%
ALIGN TECHNOLOGY INCALGN0.0%
ADDUS HOMECARE CORPADUS0.0%
MERIT MED SYS INCMMSI0.0%
NATIONAL HEALTHCARE CORPNHC0.0%
ENCOMPASS HEALTH CORPEHC0.0%
VAREX IMAGING CORPVREX0.0%
HEALTHEQUITY INCHQY0.0%
ABBOTT LABORATORIESABT0.0%
MAXIMUS INCMMS0.0%
STRYKER CORPORATIONSYK0.0%
ALPHATEC HLDGS INCATEC0.0%
STAAR SURGICAL COSTAA0.0%
UFP TECHNOLOGIES INCUFPT0.0%
KENVUE INCKVUE0.0%
MIMEDX GROUP INCMDXG0.0%
INTEGER HLDGS CORPITGR0.0%
REVVITY INCRVTY0.0%
AZENTA INCAZTA0.0%
ARVINAS INCARVN0.0%
ZOETIS INCZTS0.0%
COOPER COMPANIESCOO0.0%
SCHRODINGER INCSDGR0.0%
TANDEM DIABETES CARE INCTNDM0.0%
RXSIGHT INCRXST0.0%
INTEGRA LIFESCIENCES HLDGS CIART0.0%
ABBVIEABBV0.0%
HARROW INCHROW0.0%
XERIS BIOPHARMA HOLDINGS INCXERS0.0%
HEALTHCARE SVCS GROUP INCHCSG0.0%
AMPHASTAR PHARMACEUTICALS INAMPH0.0%
REPLIGEN CORPRGEN0.0%
STERIS PLCSTE0.0%
BELLRING BRANDS, INC.BRBR0.0%
INTUITIVE SURGICAL INCISRG0.0%
NATIONAL VISION HLDGS INCEYE0.0%
ABEONA THERAPEUTICS INCABEO0.0%
NUVATION BIO INCNUVB/WS0.0%
BUTTERFLY NETWORK INCBFLYW0.0%
Latest

Net Portfolio Value ChangeQ1 2026

  • $7.8B
    Prior quarter
  • $8.5B
    Current quarter
  • +$0.7B
    Net delta
  • +8.7%
    % change

Methodology & FAQ

How DEERFIELD MANAGEMENT COMPANY, L.P. Quarterly Changes Are Computed

All deltas are sourced from sequential SEC Form 13F-HR filings for DEERFIELD MANAGEMENT COMPANY, L.P.: 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 DEERFIELD MANAGEMENT COMPANY, L.P. buy in Q1 2026?

In Q1 2026, DEERFIELD MANAGEMENT COMPANY, L.P. initiated 11 new positions (ARROWHEAD PHARMACEUTICALS IN (ARWR 0 01/15/32), SYNDAX PHARMACEUTICALS (SNDX), DIANTHUS THERAPEUTICS IN (DNTH), PFIZER (PFE), ZENAS BIOPHARMA INC (ZBIO 2.5 04/01/32), GENMAB A/S (GMAB), BIOMARIN PHARMACEUTICALS (BMRN), TYRA BIOSCIENCES INC (TYRA), BRIGHT MINDS BIOSCIENCES INC (DRUG), SPYGLASS PHARMA INC (SGP), VERADERMICS INC (MANE)); bought more shares of XENON PHARMACEUTICALS INC (XENE), MONOPAR THERAPEUTICS INC (MNPR), INSPIRE MEDICAL SYSTEMS INC (INSP), TANGO THERAPEUTICS INC (TNGX), BETA BIONICS INC (BBNX) — the largest 5 of 15 adds.

What stocks did DEERFIELD MANAGEMENT COMPANY, L.P. sell in Q1 2026?

In Q1 2026, DEERFIELD MANAGEMENT COMPANY, L.P. fully sold 78 positions (PHREESIA INC (PHR), LANTHEUS HLDGS INC (LNTH 2.625 12/15/27), VENTAS INC (VTR), SPYRE THERAPEUTICS INC (SYRE), EDGEWISE THERAPEUTICS, INC. (EWTX), CORMEDIX INC (CRMD), MEDLINE INC (MDLN), OMADA HEALTH INC (OMDA), CALCIMEDICA INC (CALC), PRESTIGE CONSMR HEALTHCARE (PBH), VEEVA SYSTEMS (VEEV), RADNET INC (RDNT), LABCORP HOLDINGS INC (LH), ENOVIS CORPORATION (ENOV), ALIGNMENT HEALTHCARE INC (ALHC), QUEST DIAGNOSTICS INC (DGX), TRANSMEDICS GROUP INC (TMDX), INSULET CORP (PODD), BIOLIFE SOLUTIONS INC (BLFS), CHEMED CORP NEW (CHE), PETCO HEALTH & WELLNESS CO I (WOOF), ORTHOPEDIATRICS CORP (KIDS), THE CIGNA GROUP (CI), TRUPANION INC (TRUP), RESMED INC (RMD), BOSTON SCIENTIFIC CORP (BSX), DAVITA INC (DVA), DOXIMITY INC (DOCS), DEXCOM INC (DXCM), IRHYTHM HOLDINGS INC (IRTC), CONMED CORP (CNMD), MASIMO CORP (MASI), LEMAITRE VASCULAR INC (LMAT), 10X GENOMICS INC (TXG), ATRICURE INC (ATRC), AVANOS MED INC (AVNS), CORVEL CORP (CRVL), CARDINAL HEALTH INC (CAH), GOODRX HLDGS INC (GDRX), SURGERY PARTNERS INC (SGRY), ALIGN TECHNOLOGY INC (ALGN), ADDUS HOMECARE CORP (ADUS), MERIT MED SYS INC (MMSI), NATIONAL HEALTHCARE CORP (NHC), ENCOMPASS HEALTH CORP (EHC), VAREX IMAGING CORP (VREX), HEALTHEQUITY INC (HQY), ABBOTT LABORATORIES (ABT), MAXIMUS INC (MMS), STRYKER CORPORATION (SYK), ALPHATEC HLDGS INC (ATEC), STAAR SURGICAL CO (STAA), UFP TECHNOLOGIES INC (UFPT), KENVUE INC (KVUE), MIMEDX GROUP INC (MDXG), INTEGER HLDGS CORP (ITGR), REVVITY INC (RVTY), AZENTA INC (AZTA), ARVINAS INC (ARVN), ZOETIS INC (ZTS), COOPER COMPANIES (COO), SCHRODINGER INC (SDGR), TANDEM DIABETES CARE INC (TNDM), RXSIGHT INC (RXST), INTEGRA LIFESCIENCES HLDGS C (IART), ABBVIE (ABBV), HARROW INC (HROW), XERIS BIOPHARMA HOLDINGS INC (XERS), HEALTHCARE SVCS GROUP INC (HCSG), AMPHASTAR PHARMACEUTICALS IN (AMPH), REPLIGEN CORP (RGEN), STERIS PLC (STE), BELLRING BRANDS, INC. (BRBR), INTUITIVE SURGICAL INC (ISRG), NATIONAL VISION HLDGS INC (EYE), ABEONA THERAPEUTICS INC (ABEO), NUVATION BIO INC (NUVB/WS), BUTTERFLY NETWORK INC (BFLYW)); reduced holdings in NEUROCRINE BIOSCIENCES INC (NBIX), IDEAYA BIOSCIENCES, INC. (IDYA), REVOLUTION MEDICINES INC (RVMD), CATALYST PHARMACEUTICALS INC (CPRX), ARROWHEAD PHARMACEUTICALS INC (ARWR) — the largest 5 of 10 reductions.

Which positions did DEERFIELD MANAGEMENT COMPANY, L.P. initiate in Q1 2026?

DEERFIELD MANAGEMENT COMPANY, L.P. established 11 new positions in Q1 2026: ARROWHEAD PHARMACEUTICALS IN (ARWR 0 01/15/32, 2.4%), SYNDAX PHARMACEUTICALS (SNDX, 1.0%), DIANTHUS THERAPEUTICS IN (DNTH, 1.0%), PFIZER (PFE, 1.0%), ZENAS BIOPHARMA INC (ZBIO 2.5 04/01/32, 0.8%), GENMAB A/S (GMAB, 0.8%), BIOMARIN PHARMACEUTICALS (BMRN, 0.6%), TYRA BIOSCIENCES INC (TYRA, 0.2%), BRIGHT MINDS BIOSCIENCES INC (DRUG, 0.2%), SPYGLASS PHARMA INC (SGP, 0.2%), VERADERMICS INC (MANE, 0.0%).

Which existing positions saw the largest allocation increases for DEERFIELD MANAGEMENT COMPANY, L.P. in Q1 2026?

Of 15 existing positions with share-count increases in Q1 2026, the largest were: XENON PHARMACEUTICALS INC (XENE, +0.8% weight, +198.1% shares), MONOPAR THERAPEUTICS INC (MNPR, +0.1% weight, +89.8% shares), INSPIRE MEDICAL SYSTEMS INC (INSP, +-0.1% weight, +79.5% shares), TANGO THERAPEUTICS INC (TNGX, +0.7% weight, +42.7% shares), BETA BIONICS INC (BBNX, +-0.2% weight, +41.1% shares), BELITE BIO INC (BLTE, +0.1% weight, +30.0% shares), LEGEND BIOTECH CORP (LEGN, +-0.0% weight, +29.6% shares), DISC MEDICINE INC (IRON, +-0.0% weight, +28.5% shares), FOGHORN THERAPEUTICS INC (FHTX, +-0.0% weight, +20.4% shares), LARIMAR THERAPEUTICS INC (LRMR, +0.4% weight, +16.3% shares).

Which positions did DEERFIELD MANAGEMENT COMPANY, L.P. fully exit in Q1 2026?

DEERFIELD MANAGEMENT COMPANY, L.P. fully exited 78 positions in Q1 2026: PHREESIA INC (PHR, last-reported weight 0.4%), LANTHEUS HLDGS INC (LNTH 2.625 12/15/27, last-reported weight 0.4%), VENTAS INC (VTR, last-reported weight 0.4%), SPYRE THERAPEUTICS INC (SYRE, last-reported weight 0.3%), EDGEWISE THERAPEUTICS, INC. (EWTX, last-reported weight 0.2%), CORMEDIX INC (CRMD, last-reported weight 0.2%), MEDLINE INC (MDLN, last-reported weight 0.1%), OMADA HEALTH INC (OMDA, last-reported weight 0.1%), CALCIMEDICA INC (CALC, last-reported weight 0.1%), PRESTIGE CONSMR HEALTHCARE (PBH, last-reported weight 0.1%), VEEVA SYSTEMS (VEEV, last-reported weight 0.1%), RADNET INC (RDNT, last-reported weight 0.0%), LABCORP HOLDINGS INC (LH, last-reported weight 0.0%), ENOVIS CORPORATION (ENOV, last-reported weight 0.0%), ALIGNMENT HEALTHCARE INC (ALHC, last-reported weight 0.0%), QUEST DIAGNOSTICS INC (DGX, last-reported weight 0.0%), TRANSMEDICS GROUP INC (TMDX, last-reported weight 0.0%), INSULET CORP (PODD, last-reported weight 0.0%), BIOLIFE SOLUTIONS INC (BLFS, last-reported weight 0.0%), CHEMED CORP NEW (CHE, last-reported weight 0.0%), PETCO HEALTH & WELLNESS CO I (WOOF, last-reported weight 0.0%), ORTHOPEDIATRICS CORP (KIDS, last-reported weight 0.0%), THE CIGNA GROUP (CI, last-reported weight 0.0%), TRUPANION INC (TRUP, last-reported weight 0.0%), RESMED INC (RMD, last-reported weight 0.0%), BOSTON SCIENTIFIC CORP (BSX, last-reported weight 0.0%), DAVITA INC (DVA, last-reported weight 0.0%), DOXIMITY INC (DOCS, last-reported weight 0.0%), DEXCOM INC (DXCM, last-reported weight 0.0%), IRHYTHM HOLDINGS INC (IRTC, last-reported weight 0.0%), CONMED CORP (CNMD, last-reported weight 0.0%), MASIMO CORP (MASI, last-reported weight 0.0%), LEMAITRE VASCULAR INC (LMAT, last-reported weight 0.0%), 10X GENOMICS INC (TXG, last-reported weight 0.0%), ATRICURE INC (ATRC, last-reported weight 0.0%), AVANOS MED INC (AVNS, last-reported weight 0.0%), CORVEL CORP (CRVL, last-reported weight 0.0%), CARDINAL HEALTH INC (CAH, last-reported weight 0.0%), GOODRX HLDGS INC (GDRX, last-reported weight 0.0%), SURGERY PARTNERS INC (SGRY, last-reported weight 0.0%), ALIGN TECHNOLOGY INC (ALGN, last-reported weight 0.0%), ADDUS HOMECARE CORP (ADUS, last-reported weight 0.0%), MERIT MED SYS INC (MMSI, last-reported weight 0.0%), NATIONAL HEALTHCARE CORP (NHC, last-reported weight 0.0%), ENCOMPASS HEALTH CORP (EHC, last-reported weight 0.0%), VAREX IMAGING CORP (VREX, last-reported weight 0.0%), HEALTHEQUITY INC (HQY, last-reported weight 0.0%), ABBOTT LABORATORIES (ABT, last-reported weight 0.0%), MAXIMUS INC (MMS, last-reported weight 0.0%), STRYKER CORPORATION (SYK, last-reported weight 0.0%), ALPHATEC HLDGS INC (ATEC, last-reported weight 0.0%), STAAR SURGICAL CO (STAA, last-reported weight 0.0%), UFP TECHNOLOGIES INC (UFPT, last-reported weight 0.0%), KENVUE INC (KVUE, last-reported weight 0.0%), MIMEDX GROUP INC (MDXG, last-reported weight 0.0%), INTEGER HLDGS CORP (ITGR, last-reported weight 0.0%), REVVITY INC (RVTY, last-reported weight 0.0%), AZENTA INC (AZTA, last-reported weight 0.0%), ARVINAS INC (ARVN, last-reported weight 0.0%), ZOETIS INC (ZTS, last-reported weight 0.0%), COOPER COMPANIES (COO, last-reported weight 0.0%), SCHRODINGER INC (SDGR, last-reported weight 0.0%), TANDEM DIABETES CARE INC (TNDM, last-reported weight 0.0%), RXSIGHT INC (RXST, last-reported weight 0.0%), INTEGRA LIFESCIENCES HLDGS C (IART, last-reported weight 0.0%), ABBVIE (ABBV, last-reported weight 0.0%), HARROW INC (HROW, last-reported weight 0.0%), XERIS BIOPHARMA HOLDINGS INC (XERS, last-reported weight 0.0%), HEALTHCARE SVCS GROUP INC (HCSG, last-reported weight 0.0%), AMPHASTAR PHARMACEUTICALS IN (AMPH, last-reported weight 0.0%), REPLIGEN CORP (RGEN, last-reported weight 0.0%), STERIS PLC (STE, last-reported weight 0.0%), BELLRING BRANDS, INC. (BRBR, last-reported weight 0.0%), INTUITIVE SURGICAL INC (ISRG, last-reported weight 0.0%), NATIONAL VISION HLDGS INC (EYE, last-reported weight 0.0%), ABEONA THERAPEUTICS INC (ABEO, last-reported weight 0.0%), NUVATION BIO INC (NUVB/WS, last-reported weight 0.0%), BUTTERFLY NETWORK INC (BFLYW, last-reported weight 0.0%).

Which existing positions saw the largest allocation reductions for DEERFIELD MANAGEMENT COMPANY, L.P. in Q1 2026?

Of 10 existing positions with share-count reductions in Q1 2026, the largest were: NEUROCRINE BIOSCIENCES INC (NBIX, -1.2% weight, -48.5% shares), IDEAYA BIOSCIENCES, INC. (IDYA, -0.4% weight, -28.9% shares), REVOLUTION MEDICINES INC (RVMD, -0.3% weight, -20.6% shares), CATALYST PHARMACEUTICALS INC (CPRX, -0.3% weight, -19.7% shares), ARROWHEAD PHARMACEUTICALS INC (ARWR, -0.4% weight, -14.2% shares), INDIVIOR PHARMCEUTICALS INC (INDV, -0.4% weight, -8.7% shares), VERA THERAPEUTICS INC (VERA, -0.9% weight, -8.3% shares), CENTENE CORP DEL (CNC, -1.1% weight, -8.2% shares), EMBECTA CORPORATION (EMBC, -0.2% weight, -7.9% shares), ENVISTA HOLDINGS CORPORATION (NVST, 0.0% weight, -3.1% 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.