2026 Q1 Portfolio Activity
In 2026 Q1, Avoro Capital Advisors LLC maintained a portfolio of 41 distinct positions. The most significant new addition was TERNS PHARMACEUTICALS INC, now representing 2.95% of the total fund value. They heavily accumulated shares in ASCENDIS PHARMA, increasing the position by 10025.0%. The fund also reduced its exposure to UNITED THERAPEUTICS CORP by 85.4%.
Position History
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Total Positions
41
Quarter
2026 Q1
Top Holding
UTHR (15.3%)
Top 10 Concentration
76.4%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-41 of 41
Avoro Capital Advisors LLC Full Holdings List — 2026 Q1
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
UTHR
UNITED THERAPEU...
|
Healthcare | 15.34% | 12.48% |
#1
Prev: #1
|
6.5 |
—
|
23,940 | 0.9% |
P
S
|
2,630,000 | $1,559,537,400 | 2020 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ASND
ASCENDIS PHARMA
|
Healthcare | 11.39% | 10.71% |
#2
Prev: #2
|
6.0 |
—
|
-48,611 | -1.0% |
P
S
|
5,062,500 | $1,157,945,625 | 2016 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
MDGL
MADRIGAL PHARMA...
|
Healthcare | 9.36% | 10.35% |
#3
Prev: #3
|
5.2 |
—
|
10,681 | 0.6% |
P
S
|
1,818,181 | $951,763,208 | 2018 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
KRYS
KRYSTAL BIOTECH...
|
Healthcare | 7.34% | 7.00% |
#4
1
Prev: #5
|
4.4 |
—
|
no change | no change |
P
S
|
2,888,888 | $746,257,548 | 2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ARGX
ARGENX SE
|
Healthcare | 7.18% | 8.18% |
#5
1
Prev: #4
|
3.9 |
—
|
10,000 | 1.0% |
P
S
|
1,000,000 | $730,250,000 | 2017 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ARWR
ARROWHEAD PHARM...
|
Healthcare | 6.60% | 6.93% |
#6
Prev: #6
|
3.1 |
—
|
74,999 | 0.7% |
P
S
|
10,699,999 | $670,889,937 | 2014 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
KYMR
KYMERA THERAPEU...
|
Healthcare | 6.12% | 5.72% |
#7
Prev: #7
|
3.4 |
—
|
no change | no change |
P
S
|
7,474,747 | $622,571,678 | 2020 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
APLS
APELLIS PHARMAC...
|
Healthcare | 4.84% | 3.02% |
#8
4
Prev: #12
|
2.9 |
—
|
no change | no change |
P
S
|
12,222,222 | $491,699,991 | 2017 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CNTA
CENTESSA PHARMA...
|
Healthcare | 4.47% | 3.58% |
#9
1
Prev: #10
|
1.8 |
—
|
-3,125,100 | -21.5% |
P
S
|
11,430,455 | $454,017,673 | 2021 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CELC
CELCUITY INC
|
Healthcare | 3.79% | 3.05% |
#10
1
Prev: #11
|
3.5 |
—
|
263,889 | 8.5% |
P
S
|
3,375,000 | $385,222,500 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
XENE
XENON PHARMACEU...
|
Healthcare | 3.31% | 2.39% |
#11
4
Prev: #15
|
3.3 |
—
|
353,333 | 6.5% |
P
S
|
5,777,777 | $335,977,733 | 2018 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
GPCR
STRUCTURE THERA...
|
Healthcare | 3.11% | 4.48% |
#12
4
Prev: #8
|
2.2 |
—
|
no change | no change |
P
S
|
6,555,555 | $315,977,751 | 2023 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
TERN
TERNS PHARMACEU...
|
Healthcare | 2.95% | — |
#13
Prev: #—
|
4.7 |
—
|
5,695,000 | — |
NEW
|
5,695,000 | $300,240,400 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
VERA
VERA THERAPEUTI...
|
Healthcare | 2.33% | 2.93% |
#14
1
Prev: #13
|
1.9 |
—
|
no change | no change |
P
S
|
5,888,888 | $236,909,964 | 2024 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
RVMD
REVOLUTION MEDI...
|
Healthcare | 2.24% | 1.70% |
#15
2
Prev: #17
|
2.9 |
—
|
174,444 | 8.0% |
P
S
|
2,344,444 | $227,997,179 | 2020 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CYTK
CYTOKINETICS IN...
|
Healthcare | 2.16% | — |
#16
Prev: #—
|
4.4 |
—
|
3,333,333 | — |
NEW
|
3,333,333 | $219,699,978 | 2016 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
OCUL
OCULAR THERAPEU...
|
Healthcare | 1.03% | 1.29% |
#17
3
Prev: #20
|
2.4 |
—
|
1,537,223 | 14.3% |
P
S
|
12,315,000 | $104,308,050 | 2024 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
GLTO
DAMORA THERAPEU...
|
Healthcare | 0.96% | — |
#18
Prev: #—
|
3.9 |
—
|
3,783,000 | — |
NEW
|
3,783,000 | $97,979,700 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
QURE
UNIQURE NV
|
Healthcare | 0.96% | 1.45% |
#19
1
Prev: #18
|
0.9 |
—
|
-190,405 | -3.1% |
P
S
|
5,959,595 | $97,439,378 | 2015 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
TSHA
TAYSHA GENE THE...
|
Healthcare | 0.95% | 1.17% |
#20
1
Prev: #21
|
1.4 |
—
|
no change | no change |
P
S
|
21,700,000 | $96,999,000 | 2023 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
DFTX
DEFINIUM THERAP...
|
Healthcare | 0.93% | — |
#21
Prev: #—
|
3.9 |
—
|
5,000,000 | — |
NEW
|
5,000,000 | $94,500,000 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
SLNO
SOLENO THERAPEU...
|
Healthcare | 0.76% | 1.32% |
#22
3
Prev: #19
|
0.3 |
—
|
-600,000 | -20.7% |
P
S
|
2,300,000 | $77,004,000 | 2023 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ALKS
ALKERMES PLC
|
Healthcare | 0.42% | 0.39% |
#23
3
Prev: #26
|
0.7 |
—
|
-200,000 | -14.3% |
P
S
|
1,200,000 | $42,432,000 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
SEPN
SEPTERNA INC
|
Healthcare | 0.32% | 0.37% |
#24
4
Prev: #28
|
1.1 |
—
|
no change | no change |
P
S
|
1,337,500 | $32,140,125 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
VRDN
VIRIDIAN THERAP...
|
Healthcare | 0.29% | 0.46% |
#25
1
Prev: #24
|
1.1 |
—
|
no change | no change |
P
S
|
1,500,000 | $29,340,000 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
GHRS
GH RESEARCH PLC
|
Healthcare | 0.25% | 0.22% |
#26
5
Prev: #31
|
1.1 |
—
|
no change | no change |
P
S
|
1,800,000 | $25,308,000 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
AVTX
AVALO THERAPEUT...
|
Healthcare | 0.21% | — |
#27
Prev: #—
|
3.6 |
—
|
1,410,000 | — |
NEW
|
1,410,000 | $21,051,300 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
LXEO
LEXEO THERAPEUT...
|
Healthcare | 0.11% | 0.32% |
#28
1
Prev: #29
|
0.0 |
—
|
-1,425,000 | -43.2% |
P
S
|
1,875,000 | $10,762,500 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
UTHR
CALL
UNITED THERAPEU...
|
CALL Option | 0.10% | — |
#29
Prev: #—
|
3.5 |
—
|
380,000 | — |
NEW
|
380,000 | $10,296,000 | 2020 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
WHWK
WHITEHAWK THERA...
|
Healthcare | 0.10% | 0.07% |
#30
3
Prev: #33
|
1.0 |
—
|
no change | no change |
P
S
|
2,849,402 | $9,830,437 | 2021 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
MNKD
MANNKIND CORP
|
Healthcare | 0.05% | 0.25% |
#31
1
Prev: #30
|
0.0 |
—
|
-2,244,444 | -50.5% |
P
S
|
2,200,000 | $5,390,000 | 2020 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CELC
CALL
CELCUITY INC
|
CALL Option | 0.03% | — |
#32
Prev: #—
|
3.5 |
—
|
200,000 | — |
NEW
|
200,000 | $3,050,000 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ASND
CALL
ASCENDIS PHARMA
|
CALL Option | 0.00% | 0.01% |
Sold All 😨
(Was: #34) |
0.0 |
—
|
-50,000 | -100.0% |
CLOSED
|
— | $— | 2016 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
INCY
INCYTE CORP
|
Healthcare | 0.00% | 0.13% |
Sold All 😨
(Was: #32) |
0.0 |
—
|
-135,000 | -100.0% |
CLOSED
|
— | $— | 2017 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
APGE
APOGEE THERAPEU...
|
Healthcare | 0.00% | 0.37% |
Sold All 😨
(Was: #27) |
0.0 |
—
|
-500,000 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ORKA
ORUKA THERAPEUT...
|
Healthcare | 0.00% | 0.40% |
Sold All 😨
(Was: #25) |
0.0 |
—
|
-1,333,340 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
N/A
PTC THERAPEUTIC...
|
|
Unknown | 0.00% | 0.51% |
Sold All 😨
(Was: #23) |
0.0 |
—
|
-685,000 | -100.0% |
CLOSED
|
— | $— | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
MNMD
MIND MEDICINE (...
|
Unknown | 0.00% | 0.66% |
Sold All 😨
(Was: #22) |
0.0 |
—
|
-5,000,000 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
N/A
TERNS PHARMACEU...
|
|
Unknown | 0.00% | 1.73% |
Sold All 😨
(Was: #16) |
0.0 |
—
|
-4,350,000 | -100.0% |
CLOSED
|
— | $— | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
XBI
SPDR SERIES TRU...
|
ETF | 0.00% | 2.52% |
Sold All 😨
(Was: #14) |
0.0 |
—
|
-2,100,000 | -100.0% |
CLOSED
|
— | $— | 2018 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
RNA
AVIDITY BIOSCIE...
|
Healthcare | 0.00% | 3.87% |
Sold All 😨
(Was: #9) |
0.0 |
—
|
-5,455,000 | -100.0% |
CLOSED
|
— | $— | 2020 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 |
Showing 1-41 of 41 holdings