STEMPOINT CAPITAL LP's Q2 2025 13F: 18 new positions, 20 exits
Form 13F-HR for the quarter ended Jun 30, 2025 · filed Aug 14, 2025 · 50 reported positions · accession 0001420506-25-002033
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | ROIVANT SCIENCES LTD (ROIV) | 8.3% | 2.2% | −6.1 pts | −1.98M sh | −77% |
| New | CIDARA THERAPEUTICS INC (CDTX) | — | 4.2% | +4.2 pts | +267K sh | new |
| Exited | REVOLUTION MEDICINES INC (RVMD) | 3.6% | — | −3.6 pts | −319K sh | −100% |
| Reduced | NUVALENT INC (NUVL) | 4.3% | 1.5% | −2.8 pts | −131K sh | −69% |
| New | LEGEND BIOTECH CORP (LEGN) | — | 3.1% | +3.1 pts | +270K sh | new |
| Exited | XENON PHARMACEUTICALS INC (XENE) | 2.9% | — | −2.9 pts | −275K sh | −100% |
| Increased | RHYTHM PHARMACEUTICALS INC (RYTM) | 0.6% | 3.6% | +3.0 pts | +143K sh | +423% |
| Increased | CENTESSA PHARMACEUTICALS PLC (CNTA) | 2.7% | 5.4% | +2.6 pts | +672K sh | +113% |
| New | MINERALYS THERAPEUTICS INC (MLYS) | — | 2.8% | +2.8 pts | +632K sh | new |
| Increased | GERON CORP (GERN) | 0.5% | 3.0% | +2.5 pts | +5.69M sh | +592% |
| Increased | ZAI LAB LTD (ZLAB) | 0.3% | 2.8% | +2.5 pts | +224K sh | +848% |
| Increased | SYNDAX PHARMACEUTICALS INC (SNDX) | 6.3% | 7.2% | +0.9 pts | +774K sh | +48% |
| Increased | IMMUNOVANT INC (IMVT) | 4.7% | 6.7% | +2.0 pts | +447K sh | +52% |
| Exited | CG ONCOLOGY INC (CGON) | 2.3% | — | −2.3 pts | −290K sh | −100% |
| Exited | SPRINGWORKS THERAPEUTICS INC (SWTX) | 2.2% | — | −2.2 pts | −159K sh | −100% |
| Reduced | BRIDGEBIO PHARMA INC (BBIO) | 2.3% | 0.8% | −1.5 pts | −154K sh | −74% |
| Exited | CYTOKINETICS INC (CYTK) | 1.9% | — | −1.9 pts | −150K sh | −100% |
| Reduced | JANUX THERAPEUTICS INC (JANX) | 2.9% | 0.7% | −2.3 pts | −252K sh | −74% |
| Exited | BLUEPRINT MEDICINES CORP (BPMC) | 1.8% | — | −1.8 pts | −61,927 sh | −100% |
| New | LENZ THERAPEUTICS INC (LENZ) | — | 1.7% | +1.7 pts | +184K sh | new |
| Increased | WAVE LIFE SCIENCES LTD (WVE) | 0.2% | 1.9% | +1.7 pts | +811K sh | +902% |
| Reduced | ARCELLX INC (ACLX) | 5.7% | 4.3% | −1.5 pts | −72,322 sh | −26% |
| Increased | ALKERMES PLC (ALKS) | 2.0% | 3.2% | +1.2 pts | +159K sh | +83% |
| Reduced | MERUS N V (MRUS) | 4.7% | 4.5% | −0.2 pts | −80,662 sh | −23% |
| Increased | SURROZEN INC (SRZN) | 0.9% | 2.0% | +1.1 pts | +446K sh | +185% |
| Exited | EDGEWISE THERAPEUTICS INC (EWTX) | 1.3% | — | −1.3 pts | −180K sh | −100% |
| New | APOGEE THERAPEUTICS INC (APGE) | — | 1.2% | +1.2 pts | +84,466 sh | new |
| Increased | MADRIGAL PHARMACEUTICALS INC (MDGL) | 4.3% | 5.1% | +0.8 pts | +11,758 sh | +29% |
| Reduced | ARCUTIS BIOTHERAPEUTICS INC (ARQT) | 2.2% | 0.9% | −1.3 pts | −234K sh | −53% |
| New | EYEPOINT PHARMACEUTICALS INC (EYPT) | — | 1.0% | +1.0 pts | +329K sh | new |
| New | REZOLUTE INC (RZLT) | — | 0.9% | +0.9 pts | +645K sh | new |
| New | TAYSHA GENE THERAPIES INC (TSHA) | — | 0.9% | +0.9 pts | +1.2M sh | new |
| Reduced | INSMED INC (INSM) | 2.1% | 2.0% | −0.1 pts | −25,481 sh | −29% |
| New | REGENERON PHARMACEUTICALS (REGN) | — | 0.8% | +0.8 pts | +4,672 sh | new |
| Exited | ENLIVEN THERAPEUTICS INC (ELVN) | 0.8% | — | −0.8 pts | −120K sh | −100% |
| Exited | NEUROCRINE BIOSCIENCES INC (NBIX) | 0.7% | — | −0.7 pts | −21,052 sh | −100% |
| Exited | ASCENDIS PHARMA A/S (ASND) | 0.7% | — | −0.7 pts | −14,732 sh | −100% |
| Reduced | UNIQURE NV (QURE) | 2.5% | 2.6% | +0.1 pts | −158K sh | −22% |
| Exited | SPYRE THERAPEUTICS INC (SYRE) | 0.7% | — | −0.7 pts | −136K sh | −100% |
| Exited | AMICUS THERAPEUTICS INC (FOLD) | 0.7% | — | −0.7 pts | −269K sh | −100% |
| Reduced | AKERO THERAPEUTICS INC (AKRO) | 2.0% | 2.0% | 0.0 pts | −39,406 sh | −25% |
| Increased | IDEAYA BIOSCIENCES INC (IDYA) | 0.4% | 1.1% | +0.8 pts | +98,886 sh | +148% |
| New | ORIC PHARMACEUTICALS INC (ORIC) | — | 0.7% | +0.7 pts | +201K sh | new |
| Reduced | PROTAGONIST THERAPEUTICS INC (PTGX) | 0.8% | 0.3% | −0.5 pts | −32,471 sh | −66% |
| Exited | ARBUTUS BIOPHARMA CORP (ABUS) | 0.5% | — | −0.5 pts | −468K sh | −100% |
| New | PRAXIS PRECISION MEDICINES I (PRAX) | — | 0.4% | +0.4 pts | +32,255 sh | new |
| Reduced | SCHOLAR ROCK HLDG CORP (SRRK) | 5.8% | 6.0% | +0.2 pts | −38,097 sh | −7% |
| New | GH RESEARCH PLC (GHRS) | — | 0.4% | +0.4 pts | +101K sh | new |
| Increased | HELIX ACQUISITION CORP II (HLXB) | 0.7% | 1.1% | +0.3 pts | +115K sh | +57% |
| Reduced | BIOHAVEN LTD (BHVN) | 1.9% | 0.8% | −1.1 pts | −75,810 sh | −30% |
The 50 largest of 69 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
Top 10 positions — 50.2% of the equity book
Changes in the top 10 this quarter: CNTA entered · CDTX entered · RYTM entered · ALKS entered · ROIV left · NUVL left · RVMD left · JANX left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | SYNDAX PHARMACEUTICALS INC (SNDX) | 6.3% | 7.2% | |
| 2 | IMMUNOVANT INC (IMVT) | 4.7% | 6.7% | |
| 3 | SCHOLAR ROCK HLDG CORP (SRRK) | 5.8% | 6.0% | |
| 4 | CENTESSA PHARMACEUTICALS PLC (CNTA) | 2.7% | 5.4% | Entered the top 10 |
| 5 | MADRIGAL PHARMACEUTICALS INC (MDGL) | 4.3% | 5.1% | |
| 6 | MERUS N V (MRUS) | 4.7% | 4.5% | |
| 7 | ARCELLX INC (ACLX) | 5.7% | 4.3% | |
| 8 | CIDARA THERAPEUTICS INC (CDTX) | 0.0% | 4.2% | Entered the top 10 |
| 9 | RHYTHM PHARMACEUTICALS INC (RYTM) | 0.6% | 3.6% | Entered the top 10 |
| 10 | ALKERMES PLC (ALKS) | 2.0% | 3.2% | Entered the top 10 |
| — | ROIVANT SCIENCES LTD (ROIV) | 8.3% | 2.2% | Left the top 10 |
| — | NUVALENT INC (NUVL) | 4.3% | 1.5% | Left the top 10 |
| — | REVOLUTION MEDICINES INC (RVMD) | 3.6% | 0.0% | Left the top 10 |
| — | JANUX THERAPEUTICS INC (JANX) | 2.9% | 0.7% | 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 |
|---|---|---|---|---|---|
| New | ROIVANT SCIENCES LTD (ROIV) | Call | 0 | 915K | $618K |
| New | IMMUNOVANT INC (IMVT) | Call | 0 | 100K | $310K |
| Exited | EDGEWISE THERAPEUTICS INC (EWTX) | Put | 50,000 | 0 | $0 |
| Exited | CVS HEALTH CORP (CVS) | Put | 64,100 | 0 | $0 |
| Exited | MINERALYS THERAPEUTICS INC (MLYS) | Put | 125K | 0 | $0 |
| New | GERON CORP (GERN) | Call | 0 | 300K | $52.5K |
| Exited | ARCUTIS BIOTHERAPEUTICS INC (ARQT) | Call | 100K | 0 | $0 |
| Exited | KALVISTA PHARMACEUTICALS INC (KALV) | Call | 100K | 0 | $0 |
| Exited | ETFIS SER TR I (BBC) | Call | 133K | 0 | $0 |
| Exited | RHYTHM PHARMACEUTICALS INC (RYTM) | Call | 10,000 | 0 | $0 |
| Exited | MERCK & CO INC (MRK) | Call | 152K | 0 | $0 |
| Exited | NOVO-NORDISK A S (NVO) | Call | 152K | 0 | $0 |