Latest SPHERA FUNDS MANAGEMENT LTD. Stock Portfolio

SPHERA FUNDS MANAGEMENT LTD. Performance:

2025 Q4: 15.48%YTD: 22.51%2024: -3.13%

Performance for 2025 Q4 is 15.48%, and YTD is 22.51%, and 2024 is -3.13%.

About SPHERA FUNDS MANAGEMENT LTD. and 13F Hedge Fund Stock Holdings

SPHERA FUNDS MANAGEMENT LTD. is a hedge fund based in New York, NY. On 2026-02-17, the fund reported it's updated stock portfolio. In the 13F Holdings report, SPHERA FUNDS MANAGEMENT LTD. reported an equity portfolio of $517.3 Millions as of 31 Dec, 2025.

The top stock holdings of SPHERA FUNDS MANAGEMENT LTD. are TEVA, BIIB, . The fund has invested 6.8% of it's portfolio in TEVA PHARMACEUTICAL INDS LTD and 3.2% of portfolio in BIOGEN INC.

The fund managers got completely rid off INVESCO QQQ TR (QQQ), CELLEBRITE DI LTD (CLBT) and RAPPORT THERAPEUTICS INC stocks. They significantly reduced their stock positions in STRUCTURE THERAPEUTICS INC, FORTE BIOSCIENCES INC (FBRX) and TOWER SEMICONDUCTOR LTD (TSEM). SPHERA FUNDS MANAGEMENT LTD. opened new stock positions in BIOMARIN PHARMACEUTICAL INC (BMRN), SCHOLAR ROCK HLDG CORP (SRRK) and BIOCRYST PHARMACEUTICALS INC (BCRX). The fund showed a lot of confidence in some stocks as they added substantially to WAVE LIFE SCIENCES LTD (WVE), ENPHASE ENERGY INC (ENPH) and VERASTEM INC (VSTM).

SPHERA FUNDS MANAGEMENT LTD. Annual Return Estimates Vs S&P 500

Our best estimate is that SPHERA FUNDS MANAGEMENT LTD. made a return of 15.48% in the last quarter. In trailing 12 months, it's portfolio return was 22.51%.

Performance
S&P 500

New Buys

Ticker	$ Bought
biomarin pharmaceutical inc	8,736,210
scholar rock hldg corp	6,971,570
biocryst pharmaceuticals inc	6,535,530
vor biopharma inc	5,368,250
kodiak sciences inc	4,906,980
tango therapeutics inc	4,824,830
protara therapeutics inc	3,464,500
bioage labs inc	3,215,350

New stocks bought by SPHERA FUNDS MANAGEMENT LTD.

Additions

Ticker	% Inc.
wave life sciences ltd	716
enphase energy inc	598
verastem inc	338
apellis pharmaceuticals inc	294
cogent biosciences inc	284
soleno therapeutics inc	227
bridgebio pharma inc	164
oric pharmaceuticals inc	132

Additions to existing portfolio by SPHERA FUNDS MANAGEMENT LTD.

Reductions

Ticker	% Reduced
structure therapeutics inc	-76.43
forte biosciences inc	-60.81
tower semiconductor ltd	-60.71
ventyx biosciences inc	-59.08
maze therapeutics inc	-53.45
pharvaris n v	-46.44
cytokinetics inc	-43.22
amicus therapeutics inc	-33.57

SPHERA FUNDS MANAGEMENT LTD. reduced stake in above stock

Sold off

Ticker	$ Sold
milestone pharmaceuticals in	-1,640,000
sab biotherapeutics inc	-1,138,450
engene holdings inc	-3,445,110
rezolute inc	-3,421,100
cellebrite di ltd	-5,539,510
larimar therapeutics inc	-841,044
immunovant inc	-4,138,700
chemomab therapeutics ltd	-471,888

SPHERA FUNDS MANAGEMENT LTD. got rid off the above stocks

Sector Distribution

SPHERA FUNDS MANAGEMENT LTD. has about 64.9% of it's holdings in Healthcare sector.

Sector	%
Healthcare	64.9
Others	30.8
Technology	4.3

Market Cap. Distribution

SPHERA FUNDS MANAGEMENT LTD. has about 24.4% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
UNALLOCATED	30.8
SMALL-CAP	22.2
MID-CAP	17.3
LARGE-CAP	17
MEGA-CAP	7.4
MICRO-CAP	5

Stocks belong to which Index?

About 49.5% of the stocks held by SPHERA FUNDS MANAGEMENT LTD. either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	50.5
RUSSELL 2000	34.9
S&P 500	14.6

Top 5 Winners (%)		%
VTYX	ventyx biosciences inc	134.1 %
	structure therapeutics inc	91.7 %
FOLD	amicus therapeutics inc	67.2 %
RVMD	revolution medicines inc	66.2 %
TSHA	taysha gene therapies inc	64.8 %

Top 5 Winners ($)		$
TEVA	teva pharmaceutical inds ltd	14.5 M
TSEM	tower semiconductor ltd	9.8 M
FOLD	amicus therapeutics inc	5.2 M
COGT	cogent biosciences inc	5.0 M
	structure therapeutics inc	4.5 M

Top 5 Losers (%)		%
APLT	applied therapeutics inc	-83.5 %
SKYE	skye bioscience inc	-80.9 %
HOWL	werewolf therapeutics inc	-67.8 %
APRE	aprea therapeutics inc	-42.2 %
JANX	janux therapeutics inc	-37.3 %

Top 5 Losers ($)		$
ORIC	oric pharmaceuticals inc	-2.7 M
RARE	ultragenyx pharmaceutical in	-2.3 M
SLNO	soleno therapeutics inc	-1.9 M
ELDN	eledon pharmaceuticals inc	-1.8 M
VRNS	varonis sys inc	-1.6 M

SPHERA FUNDS MANAGEMENT LTD. Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of SPHERA FUNDS MANAGEMENT LTD.

SPHERA FUNDS MANAGEMENT LTD. has 93 stocks in it's portfolio. About 31.2% of the portfolio is in top 10 stocks. ORIC proved to be the most loss making stock for the portfolio. TEVA was the most profitable stock for SPHERA FUNDS MANAGEMENT LTD. last quarter.

Last Reported on: 17 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ABBV	abbvie inc	1.12	25,256	5,770,740	unchanged	0.00

ACAD	acadia pharmaceuticals inc	1.10	212,202	5,667,920	added	42.51

AMD	advanced micro devices inc	0.75	18,040	3,863,450	added	16.61

AMGN	amgen inc	0.48	7,500	2,454,820	reduced	-21.05

AMZN	amazon com inc	0.00	0.00	0.00	sold off	-100

ANNX	annexon inc	1.28	1,316,210	6,607,380	reduced	-26.65

APLS	apellis pharmaceuticals inc	1.22	250,961	6,304,140	added	294

APLT	applied therapeutics inc	0.00	50,000	5,000	unchanged	0.00

APRE	aprea therapeutics inc	0.04	270,000	230,310	unchanged	0.00

ARWR	arrowhead pharmaceuticals in	0.00	0.00	0.00	sold off	-100

ASND	ascendis pharma a/s	0.45	11,000	2,345,640	new

ATXS	astria therapeutics inc	0.90	355,725	4,656,440	added	41.6

AVGO	broadcom inc	0.65	9,755	3,376,210	added	48.82

AZN	astrazeneca plc	2.40	135,060	12,416,100	unchanged	0.00

BBIO	bridgebio pharma inc	1.59	107,746	8,241,490	added	164

BCRX	biocryst pharmaceuticals inc	1.26	837,889	6,535,530	new

BIIB	biogen inc	3.22	94,738	16,672,900	added	14.5

BMRN	biomarin pharmaceutical inc	1.69	147,000	8,736,210	new

BMY	bristol-myers squibb co	0.18	17,500	943,950	unchanged	0.00

CAMT	camtek ltd	0.81	39,498	4,200,420	added	35.97