PFM Health Sciences LP's Q4 2023 13F: 7 new positions, 15 exits

Form 13F-HR for the quarter ended Dec 31, 2023 · filed Feb 14, 2024 · 59 reported positions · accession 0001104659-24-023577

View the filing on SEC.gov

What changed this quarter

Activity Security Weight before Weight now Change Shares Shares %
New VERTEX PHARMACEUTICALS INC (VRTX) — 3.8% +3.8 pts +149K sh new
Reduced CYTOKINETICS INC (CYTK) 3.5% 9.1% +5.6 pts −642K sh −27%
Reduced UNITEDHEALTH GROUP INC (UNH) 2.9% 0.6% −2.2 pts −96,706 sh −83%
Reduced INTUITIVE SURGICAL INC (ISRG) 2.5% 0.5% −2.0 pts −148K sh −86%
Exited SEAGEN INC (SGEN) 2.9% — −2.9 pts −282K sh −100%
Reduced SYNDAX PHARMACEUTICALS INC (SNDX) 1.9% 0.8% −1.1 pts −2.12M sh −78%
Exited CARDINAL HEALTH INC (CAH) 2.7% — −2.7 pts −640K sh −100%
Exited BIOGEN INC (BIIB) 2.4% — −2.4 pts −187K sh −100%
Exited IRHYTHM TECHNOLOGIES INC (IRTC) 2.2% — −2.2 pts −485K sh −100%
Exited BIOMARIN PHARMACEUTICAL INC (BMRN) 2.2% — −2.2 pts −498K sh −100%
Reduced ICON PLC (ICLR) 2.6% 1.8% −0.8 pts −112K sh −52%
Reduced MOLINA HEALTHCARE INC (MOH) 2.3% 1.6% −0.7 pts −73,691 sh −51%
Exited ALKERMES PLC (ALKS) 1.6% — −1.6 pts −1.16M sh −100%
Exited SAREPTA THERAPEUTICS INC (SRPT) 1.5% — −1.5 pts −251K sh −100%
Reduced PROTHENA CORP PLC (PRTA) 2.0% 0.4% −1.6 pts −647K sh −77%
Exited DEXCOM INC (DXCM) 1.5% — −1.5 pts −319K sh −100%
Reduced IQVIA HLDGS INC (IQV) 1.9% 1.6% −0.3 pts −89,183 sh −44%
Exited LANTHEUS HLDGS INC (LNTH) 1.3% — −1.3 pts −373K sh −100%
Exited ARCUS BIOSCIENCES INC (RCUS) 1.2% — −1.2 pts −1.41M sh −100%
Reduced HUMANA INC (HUM) 4.0% 3.6% −0.4 pts −40,726 sh −25%
Reduced CENTENE CORP DEL (CNC) 2.7% 2.6% −0.1 pts −232K sh −29%
Increased UNIVERSAL HLTH SVCS INC (UHS) 0.6% 1.9% +1.4 pts +112K sh +124%
New AVANTOR INC (AVTR) — 1.0% +1.0 pts +677K sh new
Reduced ABBVIE INC (ABBV) 3.7% 3.9% +0.3 pts −94,179 sh −19%
Increased STRYKER CORPORATION (SYK) 0.2% 1.1% +0.9 pts +46,523 sh +384%
New BOSTON SCIENTIFIC CORP (BSX) — 0.9% +0.9 pts +238K sh new
New ZIMMER BIOMET HOLDINGS INC (ZBH) — 0.9% +0.9 pts +113K sh new
Reduced DAY ONE BIOPHARMACEUTICALS I (DAWN) 1.3% 1.2% −0.2 pts −921K sh −41%
Reduced DANAHER CORPORATION (DHR) 2.1% 1.8% −0.3 pts −50,175 sh −29%
Increased BECTON DICKINSON & CO (BDX) 2.0% 3.0% +1.1 pts +46,086 sh +30%
Increased ELEVANCE HEALTH INC (ELV) 0.5% 1.4% +0.9 pts +23,150 sh +94%
Exited IMMUNOGEN INC (IMGN) 0.7% — −0.7 pts −870K sh −100%
Increased INHIBRX INC (INBX) 0.3% 1.3% +1.0 pts +249K sh +86%
Reduced PENUMBRA INC (PEN) 2.3% 2.4% +0.1 pts −36,620 sh −19%
Exited AKERO THERAPEUTICS INC (AKRO) 0.5% — −0.5 pts −214K sh −100%
Exited POINT BIOPHARMA GLOBAL INC (PNT) 0.5% — −0.5 pts −1.61M sh −100%
Reduced ARGENX SE (ARGX) 2.5% 2.1% −0.5 pts −17,900 sh −17%
Reduced ESSA PHARMA INC (EPIX) 0.6% 1.3% +0.7 pts −937K sh −22%
Reduced THERMO FISHER SCIENTIFIC INC (TMO) 1.5% 1.7% +0.1 pts −10,815 sh −17%
Reduced BLUEBIRD BIO INC (BLUE) 0.9% 0.2% −0.7 pts −4M sh −66%
Reduced ACADIA HEALTHCARE COMPANY IN (ACHC) 1.3% 1.5% +0.2 pts −69,932 sh −19%
New OUTSET MED INC (OM) — 0.3% +0.3 pts +999K sh new
Increased ARCELLX INC (ACLX) 0.4% 1.2% +0.7 pts +94,860 sh +39%
Increased XENON PHARMACEUTICALS INC (XENE) 0.1% 0.6% +0.4 pts +114K sh +145%
Reduced AXSOME THERAPEUTICS INC (AXSM) 1.8% 2.3% +0.5 pts −55,783 sh −11%
Exited VIRIDIAN THERAPEUTICS INC (VRDN) 0.3% — −0.3 pts −361K sh −100%
New EYEPOINT PHARMACEUTICALS INC (EYPT) — 0.2% +0.2 pts +171K sh new
Increased WEREWOLF THERAPEUTICS INC (HOWL) 0.3% 0.8% +0.6 pts +910K sh +36%
Reduced ERASCA INC (ERAS) 0.4% 0.3% 0.0 pts −1.36M sh −34%
Increased EDWARDS LIFESCIENCES CORP (EW) 2.4% 3.5% +1.1 pts +37,672 sh +5%

The 50 largest of 63 changes, by size of the trade. Full holdings for this quarter.

Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled

† Security identifier (CUSIP) changed — read as one continuing position, not an exit and a new position:

  • PRAXIS PRECISION MEDICINES I (PRAX): 74006W108 → 74006W207, 8.92M → 657K shares (share count changed with the identifier; not shown as a trade)

Top 10 positions — 47.3% of the equity book

Changes in the top 10 this quarter: VRTX entered · EW entered · BDX entered · MCK entered · THC entered · SGEN left · UNH left · CAH left · CNC left · ICLR left

# Security Weight before Weight now
1 ELI LILLY & CO (LLY) 7.9% 10.8%
2 CYTOKINETICS INC (CYTK) 3.5% 9.1%
3 MERCK & CO INC (MRK) 3.0% 4.0%
4 ABBVIE INC (ABBV) 3.7% 3.9%
5 VERTEX PHARMACEUTICALS INC (VRTX) 0.0% 3.8% Entered the top 10
6 HUMANA INC (HUM) 4.0% 3.6%
7 EDWARDS LIFESCIENCES CORP (EW) 2.4% 3.5% Entered the top 10
8 BECTON DICKINSON & CO (BDX) 2.0% 3.0% Entered the top 10
9 MCKESSON CORP (MCK) 2.1% 2.8% Entered the top 10
10 TENET HEALTHCARE CORP (THC) 1.9% 2.8% Entered the top 10
— SEAGEN INC (SGEN) 2.9% 0.0% Left the top 10
— UNITEDHEALTH GROUP INC (UNH) 2.9% 0.6% Left the top 10
— CARDINAL HEALTH INC (CAH) 2.7% 0.0% Left the top 10
— CENTENE CORP DEL (CNC) 2.7% 2.6% Left the top 10
— ICON PLC (ICLR) 2.6% 1.8% Left the top 10

Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).

Option positions (puts and calls)

Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.

Activity Security Type Shares before Shares now Reported value
Exited BIOMARIN PHARMACEUTICAL INC (BMRN) Call 213K 0 $0
Exited INARI MED INC (NARI) Put 200K 0 $0