SPHERA FUNDS MANAGEMENT LTD.
13F Reported Value
ⓘ$766.5M
incl. option notional
Equity Holdings
ⓘ$698.8M
Option Notional
ⓘ$67.7M
$26.4M puts / $41.3M calls
Holdings
105
Latest Filing
2026-06-30
Filing Quarter
Q2 2026
Portfolio Overview
SPHERA FUNDS MANAGEMENT LTD. disclosed 105 positions worth $766.5M in its Form 13F-HR for Q2 2026 — $698.8M in common stock plus $67.7M of put/call option positions (reported at underlying notional value, not premium at risk), led by $TEVA (TEVA PHARMACEUTICAL INDUSTRIES LTD) at 7.3% of the equity portfolio, followed by $MLYS and $TSEM. During the quarter the fund opened 27 new positions and exited 18 — including a new stake in $BIIB and a full exit from $FOLD. The portfolio is most concentrated in Healthcare (87.8% of disclosed assets). All figures are sourced directly from SPHERA FUNDS MANAGEMENT LTD.’s Form 13F-HR filing with the SEC under CIK 1496201.
AI Fund Analysis
Stable
$TEVA
$MLYS
$TSEM
$SNDX
$BIIB$MLYS
$BBIO
$COGT
$HELP
$ACADSector Allocation
AUM History
Top Equity Holdings by Value
Option Positions
13F rules report options at the value of the underlying shares (notional) — not the premium paid or capital at risk. Shown separately from the equity sleeve above.
Quarterly Activity — Q2 2026
Click any card to unlockTop Holdings
- $50.8M1,500,082 sh
- —
Quality
$39.7M1,469,971 sh - —
Quality
$28.2M108,265 sh SPDR SERIES TRUST - ST STR SP BIOT PUT
—Quality
$23.7M150,000 sh- 33.8
Quality
$22.2M1,014,606 sh - 64.7
Quality
$21.6M100,000 sh - 64.7
Quality
$20.9M96,626 sh - 34.2
Quality
$19.6M588,494 sh - 58.2
Quality
$18.8M328,550 sh - 28.1
Quality
$18.7M219,987 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
| TEVA PHARMACEUTICAL INDUSTRIES LTD$TEVA | — | $50.8M | 1,500,082 |
| Mineralys Therapeutics, Inc.$MLYS | — | $39.7M | 1,469,971 |
| TOWER SEMICONDUCTOR LTD$TSEM | — | $28.2M | 108,265 |
| SPDR SERIES TRUST - ST STR SP BIOT PUT | — | $23.7M | 150,000 |
| Syndax Pharmaceuticals Inc$SNDX | 33.8 | $22.2M | 1,014,606 |
| BIOGEN INC.$BIIBCALL | 64.7 | $21.6M | 100,000 |
| BIOGEN INC.$BIIB | 64.7 | $20.9M | 96,626 |
 Ultragenyx Pharmaceutical Inc.$RARE | 34.2 | $19.6M | 588,494 |
 BIOMARIN PHARMACEUTICAL INC$BMRN | 58.2 | $18.8M | 328,550 |
 CYTOKINETICS INC$CYTK | 28.1 | $18.7M | 219,987 |
Unlock AI quality scores for every holding
32-signal composite ranking on each of SPHERA FUNDS MANAGEMENT LTD.'s 105 positions.
Showing top 10 of 105 holdings.
Sector Allocation
Healthcare
$613.9M
Technology
$49.9M
Utilities
$14.8M
Other
$12.2M
Industrials
$8.0M
Full Holdings — SPHERA FUNDS MANAGEMENT LTD. (Q2 2026)
All 105 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.
| # | Ticker | Company | Value | Weight | QoQ | Quality |
|---|---|---|---|---|---|---|
| 1 | $TEVA | TEVA PHARMACEUTICAL INDUSTRIES LTD | $50.8M | 7.3% | +32% | — |
| 2 | $MLYS | Mineralys Therapeutics, Inc. | $39.7M | 5.7% | +10% | — |
| 3 | $TSEM | TOWER SEMICONDUCTOR LTD | $28.2M | 4.0% | -26% | — |
| 4 | — | SPDR SERIES TRUST - ST STR SP BIOT | $23.7M | — | -25% | — |
| 5 | $SNDX | Syndax Pharmaceuticals Inc | $22.2M | 3.2% | +40% | 33.8 |
| 6 | $BIIBCALL | BIOGEN INC. | $21.6M | — | NEW | 64.7 |
| 7 | $BIIB | BIOGEN INC. | $20.9M | 3.0% | +4% | 64.7 |
| 8 | $RARE | Ultragenyx Pharmaceutical Inc. | $19.6M | 2.8% | -27% | 34.2 |
| 9 | $BMRN | BIOMARIN PHARMACEUTICAL INC | $18.8M | 2.7% | +135% | 58.2 |
| 10 | $CYTK | CYTOKINETICS INC | $18.7M | 2.7% | +452% | 28.1 |
| 11 | $BBIO | BridgeBio Pharma, Inc. | $18.3M | 2.6% | +0% | 36.9 |
| 12 | $COGT | Cogent Biosciences, Inc. | $17.8M | 2.5% | +10% | — |
| 13 |  $NVMI | NOVA LTD. | $13.7M | 2.0% | -53% | — |
| 14 |  $INSM | INSMED Inc | $12.7M | 1.8% | NEW | 39.4 |
| 15 |  $MAZE | Maze Therapeutics, Inc. | $12.5M | 1.8% | +84% | 10.3 |
| 16 |  $AZN | ASTRAZENECA PLC | $11.9M | 1.7% | +0% | — |
| 17 |  $SNY | Sanofi | $11.5M | 1.6% | +0% | — |
| 18 | $HELP | CYBIN INC. | $10.7M | 1.5% | +64% | — |
| 19 |  $LLY | ELI LILLY & Co | $9.6M | 1.4% | -11% | 87.5 |
| 20 |  $MDGL | MADRIGAL PHARMACEUTICALS, INC. | $9.4M | 1.3% | +93% | 40.7 |
| 21 |  $TRVI | Trevi Therapeutics, Inc. | $9.3M | 1.3% | -13% | — |
| 22 | $ACAD | ACADIA PHARMACEUTICALS INC | $9.0M | 1.3% | +39% | 67.8 |
| 23 |  $CLDX | Celldex Therapeutics, Inc. | $9.0M | 1.3% | -1% | 8.4 |
| 24 |  $RYTM | RHYTHM PHARMACEUTICALS, INC. | $8.9M | 1.3% | NEW | 33.9 |
| 25 | $CYTKCALL | CYTOKINETICS INC | $8.5M | — | -61% | 28.1 |
| 26 |  $ORIC | Oric Pharmaceuticals, Inc. | $8.2M | 1.2% | +40% | — |
| 27 |  $LRCX | LAM RESEARCH CORP | $8.0M | 1.1% | NEW | 79.4 |
| 28 |  $AMAT | APPLIED MATERIALS INC /DE | $8.0M | 1.1% | NEW | 72.3 |
| 29 |  $TNGX | Tango Therapeutics, Inc. | $7.9M | 1.1% | -26% | 17.6 |
| 30 |  $NVS | NOVARTIS AG | $7.8M | 1.1% | +35% | — |
| 31 | — | SOLAREDGE TECHNOLOGIES INC - NOTE 2.250% 7/0 | $7.7M | 1.1% | +0% | — |
| 32 |  $VOR | Vor Biopharma Inc. | $7.7M | 1.1% | +29% | — |
| 33 |  $ABBV | AbbVie Inc. | $7.6M | 1.1% | +0% | 72.6 |
| 34 |  $MRK | Merck & Co., Inc. | $7.5M | 1.1% | +21% | 59.9 |
| 35 |  $JNJ | JOHNSON & JOHNSON | $7.3M | 1.1% | +0% | 69 |
| 36 |  $IDYA | IDEAYA Biosciences, Inc. | $7.3M | 1.1% | NEW | 36.1 |
| 37 |  $IMTX | Immatics N.V. | $7.3M | 1.0% | +3% | — |
| 38 |  $NVCT | Nuvectis Pharma, Inc. | $7.0M | 1.0% | NEW | — |
| 39 |  $PFE | PFIZER INC | $6.9M | 1.0% | +54% | 62 |
| 40 |  $HRMY | Harmony Biosciences Holdings, Inc. | $6.4M | 0.9% | NEW | 71.4 |
| 41 |  $XENE | Xenon Pharmaceuticals Inc. | $6.3M | 0.9% | -17% | 24 |
| 42 |  $CLYM | Climb Bio, Inc. | $6.3M | 0.9% | +15% | — |
| 43 |  $ZBIO | Zenas BioPharma, Inc. | $5.9M | 0.8% | +8% | 7.4 |
| 44 |  $NVO | NOVO NORDISK A S | $5.8M | 0.8% | +0% | — |
| 45 |  $ELVN | Enliven Therapeutics, Inc. | $5.7M | 0.8% | -26% | — |
| 46 |  $PRLD | Prelude Therapeutics Inc | $5.4M | 0.8% | +83% | 21.5 |
| 47 |  $GSK | GSK plc | $5.3M | 0.8% | -16% | — |
| 48 |  $FBRX | Forte Biosciences, Inc. | $5.3M | 0.8% | +35% | — |
| 49 |  $BIOA | BioAge Labs, Inc. | $5.2M | 0.8% | +147% | 26.8 |
| 50 |  $SRRK | Scholar Rock Holding Corp | $5.2M | 0.7% | +0% | — |
| 51 |  $MSLE | Satellos Bioscience Inc. | $5.1M | 0.7% | +33% | — |
| 52 |  $PALI | PALISADE BIO, INC. | $4.7M | 0.7% | +30% | — |
| 53 |  $ELDN | Eledon Pharmaceuticals, Inc. | $4.7M | 0.7% | -33% | — |
| 54 |  $VST | Vistra Corp. | $4.7M | 0.7% | NEW | 71.9 |
| 55 |  $TLN | Talen Energy Corp | $4.7M | 0.7% | NEW | 57.2 |
| 56 |  $SVRA | Savara Inc | $4.7M | 0.7% | +2% | — |
| 57 |  $IRON | Disc Medicine, Inc. | $4.6M | 0.7% | +19% | — |
| 58 | — | GLOBAL X FDS - CLOUD COMPUTNG | $4.5M | 0.6% | NEW | — |
| 59 |  $DYN | Dyne Therapeutics, Inc. | $4.4M | 0.6% | +24% | — |
| 60 |  $RLAY | Relay Therapeutics, Inc. | $4.4M | 0.6% | -43% | 19.5 |
| 61 |  $AVTX | Avalo Therapeutics, Inc. | $4.3M | 0.6% | NEW | 11.7 |
| 62 |  $PMN | ProMIS Neurosciences Inc. | $4.3M | 0.6% | +0% | — |
| 63 |  $BCRX | BIOCRYST PHARMACEUTICALS INC | $4.2M | 0.6% | -51% | 53.2 |
| 64 |  $RVMD | Revolution Medicines, Inc. | $4.2M | 0.6% | -59% | — |
| 65 |  $PRAXCALL | Praxis Precision Medicines, Inc. | $4.2M | — | NEW | — |
| 66 |  $CABA | Cabaletta Bio, Inc. | $4.1M | 0.6% | NEW | — |
| 67 |  $GENB | Generate Biomedicines, Inc. | $4.1M | 0.6% | +32% | — |
| 68 | — | ISHARES TR - 20 YR TR BD ETF | $4.1M | — | +0% | — |
| 69 |  $MDWD | MediWound Ltd. | $4.0M | 0.6% | +0% | — |
| 70 |  $ACOG | Alpha Cognition Inc. | $3.9M | 0.6% | -4% | — |
| 71 |  $WVE | Wave Life Sciences, Inc. | $3.7M | 0.5% | +16% | 7.5 |
| 72 |  $CRVS | Corvus Pharmaceuticals, Inc. | $3.7M | 0.5% | -1% | — |
| 73 |  $OVID | Ovid Therapeutics Inc. | $3.6M | 0.5% | -17% | 26.4 |
| 74 |  $BBOT | BridgeBio Oncology Therapeutics, Inc. | $3.5M | 0.5% | NEW | — |
| 75 |  $CTMX | CytomX Therapeutics, Inc. | $3.3M | 0.5% | +300% | 8.7 |
| 76 |  $PRQR | ProQR Therapeutics N.V. | $3.3M | 0.5% | NEW | — |
| 77 |  $ALNY | ALNYLAM PHARMACEUTICALS, INC. | $3.3M | 0.5% | NEW | 71.4 |
| 78 |  $KURA | Kura Oncology, Inc. | $3.2M | 0.5% | -0% | 27.6 |
| 79 |  $KOD | Kodiak Sciences Inc. | $3.2M | 0.5% | -29% | — |
| 80 |  $ORA | ORMAT TECHNOLOGIES, INC. | $3.1M | 0.4% | -59% | 49.8 |
| 81 |  $CTNM | Contineum Therapeutics, Inc. | $3.0M | 0.4% | +6% | — |
| 82 |  $LRMR | Larimar Therapeutics, Inc. | $2.8M | 0.4% | NEW | — |
| 83 |  $IMMX | Immix Biopharma, Inc. | $2.8M | 0.4% | NEW | — |
| 84 |  $AMGN | AMGEN INC | $2.7M | 0.4% | +0% | 79.2 |
| 85 |  $ABVXPUT | Abivax S.A. | $2.7M | — | NEW | — |
| 86 |  $BHVN | Biohaven Ltd. | $2.4M | 0.3% | -72% | — |
| 87 |  $CEG | Constellation Energy Corp | $2.4M | 0.3% | NEW | 59.4 |
| 88 |  $VSTM | Verastem, Inc. | $2.4M | 0.3% | +84% | 29.7 |
| 89 |  $TENXCALL | TENAX THERAPEUTICS, INC. | $1.9M | — | NEW | — |
| 90 | $TENX | TENAX THERAPEUTICS, INC. | $1.7M | 0.3% | -12% | — |
| 91 |  $TSHA | Taysha Gene Therapies, Inc. | $1.7M | 0.2% | NEW | 4.9 |
| 92 |  $GPCR | Structure Therapeutics Inc. | $1.5M | 0.2% | -44% | — |
| 93 |  $UPB | Upstream Bio, Inc. | $1.5M | 0.2% | -39% | 19.7 |
| 94 |  $VYGR | Voyager Therapeutics, Inc. | $1.5M | 0.2% | -9% | 8.1 |
| 95 |  $ORGO | Organogenesis Holdings Inc. | $1.3M | 0.2% | +0% | 30.4 |
| 96 |  $IKT | Inhibikase Therapeutics, Inc. | $1.3M | 0.2% | NEW | — |
| 97 | $ORICCALL | Oric Pharmaceuticals, Inc. | $1.1M | — | NEW | — |
| 98 |  $CRIS | CURIS INC | $1.0M | 0.1% | -95% | — |
| 99 |  $STTK | Shattuck Labs, Inc. | $600,039 | 0.1% | -69% | — |
| 100 |  $TRAX | First Tracks Biotherapeutics, Inc. | $560,865 | 0.1% | NEW | — |
| 101 |  $SKYE | Skye Bioscience, Inc. | $470,701 | 0.1% | +0% | — |
| 102 |  $TRAW | Traws Pharma, Inc. | $336,043 | 0.1% | NEW | — |
| 103 |  $EVMN | Evommune, Inc. | $300,779 | 0.0% | -71% | 14.9 |
| 104 |  $HOWL | Werewolf Therapeutics, Inc. | $225,589 | 0.0% | +0% | — |
| 105 |  $APRE | Aprea Therapeutics, Inc. | $216,621 | 0.0% | +0% | — |
New Positions (27)
$BIIBCALL BIOGEN INC.$21.6M$INSM INSMED Inc$12.7M$RYTM RHYTHM PHARMACEUTICALS, INC.$8.9M$LRCX LAM RESEARCH CORP$8.0M$AMAT APPLIED MATERIALS INC /DE$8.0M$IDYA IDEAYA Biosciences, Inc.$7.3M$NVCT Nuvectis Pharma, Inc.$7.0M$HRMY Harmony Biosciences Holdings, Inc.$6.4M$VST Vistra Corp.$4.7M$TLN Talen Energy Corp$4.7M$AVTX Avalo Therapeutics, Inc.$4.3M$PRAXCALL Praxis Precision Medicines, Inc.$4.2M$CABA Cabaletta Bio, Inc.$4.1M$BBOT BridgeBio Oncology Therapeutics, Inc.$3.5MExited Positions (18)
$FOLD AMICUS THERAPEUTICS, INC.
$CLBT Cellebrite DI Ltd.
$APLS Apellis Pharmaceuticals, Inc.
$PANW Palo Alto Networks Inc
$CAMT CAMTEK LTD
$SLNO SOLENO THERAPEUTICS INC
$AMZN AMAZON COM INC
$AAOI APPLIED OPTOELECTRONICS, INC.
$ENPH Enphase Energy, Inc.
$ZIM ZIM Integrated Shipping Services Ltd.
$SEDG SOLAREDGE TECHNOLOGIES, INC.
$IBIT iShares Bitcoin Trust ETF
$ASND Ascendis Pharma A/S
$OLMACALL Olema Pharmaceuticals, Inc.
$BMY BRISTOL MYERS SQUIBB COBrowse Top Institutional Investors
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