Q2 2026 13F · SEC CIK 1009258

Deerfield Management Company, L.P.

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $8.0B
Reported positions: 72
Top holdings a year, 3 yrs: +32.0%
Assets under management: $19.1B

Deerfield Management Company, L.P. is a hedge fund that reported 72 positions worth $8.0B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Nuvalent Inc (NUVL, 26.5%), Revolution Medicines Inc (RVMD, 5.6%), Praxis Precision Medicines I (PRAX, 4.0%). A portfolio copying its top holdings returned 32.0% a year over the last 3 years, against 20.4% for the S&P 500.

Deerfield Management Company, L.P. holdings largest 50 of 72 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Deerfield Management Company, L.P. 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
NUVLNuvalent Inc	26.5%	24.6%	17,248,450	+0.0%	$2.1B
RVMDRevolution Medicines Inc	5.6%	3.1%	2,392,000	+4.1%	$448.0M
PRAXPraxis Precision Medicines I	4.0%	4.3%	963,351	+0.0%	$322.5M
VTRSViatris Inc	4.0%	3.8%	20,206,170	+0.0%	$320.9M
CNCCentene Corp Del	3.9%	2.7%	4,901,000	-17.2%	$314.6M
UTHRUnited Therapeutics Corp	3.1%	3.8%	457,000	+0.0%	$247.6M
LEGNLegend Biotech Corp	2.9%	1.9%	8,137,638	+5.9%	$235.0M
COGTCogent Biosciences Inc	2.4%	4.8%	5,006,104	-44.6%	$193.7M
GMABGenmab A/s	2.3%	0.9%	6,865,000	+178.8%	$188.6M
BKDBrookdale Sr Living Inc	2.3%	2.2%	11,637,032	+0.0%	$187.2M
VERAVera Therapeutics Inc	2.1%	2.1%	3,916,400	+5.2%	$168.1M
IONSIonis Pharmaceuticals Inc	2.0%	2.1%	1,979,669	+0.0%	$157.0M
CELCCelcuity Inc	1.9%	2.7%	1,451,014	-15.3%	$151.8M
BCRXBiocryst Pharmaceuticals Inc	1.9%	2.0%	15,096,403	+0.4%	$151.0M
NAMSNewamsterdam Pharma Company	1.8%	1.9%	4,264,789	+0.0%	$144.5M
ACHCAcadia Healthcare Company in	1.7%	1.5%	4,520,000	+0.0%	$133.5M
TNGXTango Therapeutics Inc	1.6%	1.2%	4,190,611	+1.1%	$131.0M
AHCOAdapthealth Corp Common Stock	1.5%	1.9%	11,477,730	+0.0%	$119.6M
PHVSPharvaris N V	1.5%	1.2%	3,376,042	+8.0%	$116.7M
ARWRArrowhead Pharmaceuticals in	1.4%	1.4%	1,389,055	-11.7%	$113.2M
DNTHDianthus Therapeutics Inc	1.4%	1.2%	1,125,313	+10.3%	$109.7M
LRMRLarimar Therapeutics Inc	1.4%	2.2%	35,606,974	+0.0%	$108.6M
MLYSMineralys Therapeutics Inc	1.3%	—	3,958,000	—	$106.8M
IDYAIdeaya Biosciences Inc	1.3%	0.7%	2,714,503	+77.4%	$101.2M
XENEXenon Pharmaceuticals Inc	1.2%	1.3%	1,615,696	+0.0%	$97.5M
SVRASavara Inc	1.0%	1.0%	13,569,000	+0.0%	$83.6M
LNTHLantheus Hldgs Inc	1.0%	0.9%	752,999	-9.1%	$83.5M
SNDXSyndax Pharmaceuticals Inc	1.0%	1.2%	3,779,900	+0.0%	$82.6M
BMRNBiomarin Pharmaceutical Inc	0.9%	0.7%	1,332,836	+56.5%	$76.3M
PFEPfizer Inc	0.9%	1.2%	3,040,000	+0.0%	$73.2M
INDVIndivior Pharmaceuticals, Inc.	0.8%	1.3%	1,648,895	-46.8%	$67.7M
BIOBio-Rad Laboratories, Inc. Class A	0.8%	0.9%	226,070	+0.0%	$66.4M
SPRYArs Pharmaceuticals Inc	0.7%	0.8%	7,503,812	+0.0%	$60.1M
STOKStoke Therapeutics Inc	0.7%	0.8%	1,823,500	+0.0%	$59.7M
GPCRStructure Therapeutics Inc	0.7%	0.5%	1,086,000	+41.4%	$58.3M
NVSTEnvista Holdings Corporation	0.7%	0.8%	2,210,100	+0.0%	$58.2M
INSPInspire Med Sys Inc	0.7%	1.9%	1,296,862	-52.0%	$57.9M
CDNACaredx Inc	0.7%	0.5%	1,997,618	-8.8%	$56.9M
BSXBoston Scientific Corp	0.7%	—	1,315,000	—	$56.1M
BLTEBelite Bio Inc	0.7%	0.7%	357,199	+17.5%	$55.0M
PBLSParabilis Medicines, Inc.	0.6%	—	1,880,704	—	$51.5M
CERTCertara Inc	0.6%	0.6%	7,512,928	-3.8%	$49.2M
IRONDisc Medicine Inc	0.6%	0.6%	657,000	+0.0%	$48.1M
BBOTBridgebio Oncology Therapeut	0.5%	0.6%	4,885,446	+0.0%	$37.2M
TYRATyra Biosciences Inc	0.4%	—	1,017,000	—	$32.5M
MNPRMonopar Therapeutics Inc	0.4%	—	323,745	—	$30.0M
829401108Sionna Therapeutics Inc	0.4%	0.5%	680,916	-29.8%	$30.0M
AVLNAvalyn Pharmaceuticals Inc	0.3%	—	731,000	—	$24.1M
FHTXFoghorn Therapeutics Inc	0.3%	—	4,394,367	—	$21.4M
BBNXBeta Bionics Inc	0.3%	—	1,324,000	—	$20.7M

What Deerfield Management Company, L.P. bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +60.2% /yr; S&P 500 +20.1%
3 years: +32.0% /yr; S&P 500 +20.4%
5 years: +19.1% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$8.0B	72
Q1 2026	$7.2B	73
Q4 2025	$6.8B	141
Q3 2025	$6.0B	144
Q2 2025	$4.9B	116
Q1 2025	$4.4B	115
Q4 2024	$4.7B	99
Q3 2024	$6.0B	437
Q2 2024	$5.2B	426
Q1 2024	$5.2B	361
Q4 2023	$4.3B	215
Q3 2023	$3.1B	75

Questions about Deerfield Management Company, L.P.'s portfolio

What stocks does Deerfield Management Company, L.P. own?

Deerfield Management Company, L.P.'s latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 72 positions worth $8.0B. The largest are Nuvalent Inc (NUVL) at 26.5%, Revolution Medicines Inc (RVMD) at 5.6%, Praxis Precision Medicines I (PRAX) at 4.0%, Viatris Inc (VTRS) at 4.0% and Centene Corp Del (CNC) at 3.9%.

What did Deerfield Management Company, L.P. buy last quarter?

In Q2 2026, Deerfield Management Company, L.P. added Genmab A/s (GMAB) (+178.8% shares), Ideaya Biosciences Inc (IDYA) (+77.4% shares) and Biomarin Pharmaceutical Inc (BMRN) (+56.5% shares), compared with its Q1 2026 filing.

What did Deerfield Management Company, L.P. sell last quarter?

In Q2 2026, Deerfield Management Company, L.P. cut from its top 50 Catalyst Pharmaceuticals Inc (CPRX), cut from its top 50 Neurocrine Biosciences Inc (NBIX), cut from its top 50 Day One Biopharmaceuticals Inc (DAWN), cut from its top 50 Enhabit, Inc. (EHAB), cut from its top 50 Kymera Therapeutics Inc (KYMR), Inspire Med Sys Inc (INSP) (-52.0% shares), Indivior Pharmaceuticals, Inc. (INDV) (-46.8% shares) and Cogent Biosciences Inc (COGT) (-44.6% shares), compared with its Q1 2026 filing.

How has Deerfield Management Company, L.P.'s portfolio performed?

A portfolio copying Deerfield Management Company, L.P.'s 20 largest 13F holdings each quarter, from the day each filing was public, returned +32.0% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +60.2% against +20.1%. Over 5 years: +19.1% a year against +11.6%.

When is Deerfield Management Company, L.P.'s next 13F filing due?

13F filings are due 45 days after each quarter ends. Deerfield Management Company, L.P.'s filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Deerfield Management Company, L.P. manage?

Deerfield Management Company, L.P. reported $19.1B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $8.0B.