DEERFIELD MANAGEMENT CO /NY

Hedge Fund • Long/Short

DEERFIELD MANAGEMENT CO /NY is a Long/Short Hedge Fund based in Indianapolis, IN led by James Edward Flynn, reporting $16.1B in AUM as of Q3 2025 with 95% Healthcare concentration, 55% concentrated in top 10 holdings, 26% allocation to NUVL, and minimal technology exposure.

PresidentJames Edward Flynn

Portfolio Value: $6.0B
Positions: 142
Top Holding: NUVL at 25.79%
Last Reported: Q3 2025

Address310 E. 96th Street, Suite 375, Indianapolis, IN, 46240, United States

Top Holdings

Largest long holdings in DEERFIELD MANAGEMENT CO /NY's portfolio (55.5% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Nuvalent, Inc. NUVL	Biotechnology Healthcare	$1.6B	25.79%	—	24.95% 18.0M shares	Q3 2021 Held for 4y 2m
2 Centene CNC	Medical - Healthcare Plans Healthcare	$322.8M	5.35%	+$209.1M Bought	1.84% 9.0M shares	Q4 2016 Held for 8y 11m
3 Merus N.V. MRUS	Biotechnology Healthcare	$286.9M	4.75%	-$31.8M Sold	4.02% 3.0M shares	Q4 2021 Held for 3y 11m
4 Viatris VTRS	Drug Manufacturers - Specialty & Generic Healthcare	$238.6M	3.95%	+$744.2K Bought	2.07% 24.1M shares	Q1 2015 Held for 10y 8m
5 United Therapeutics UTHR	Biotechnology Healthcare	$178.6M	2.96%	-$48.1M Sold	0.94% 426.0K shares	Q1 2025 Held for 8 months
6 Revolution Medicines, Inc. RVMD	Biotechnology Healthcare	$170.5M	2.83%	+$12.4M Bought	1.95% 3.7M shares	Q1 2020 Held for 5y 8m
7 Indivior INDV	Drug Manufacturers - Specialty & Generic Healthcare	$168.5M	2.79%	-$86.3M Sold	5.60% 7.0M shares	Q3 2024 Held for 1y 2m
8 Neurocrine Biosciences NBIX	Drug Manufacturers - Specialty & Generic Healthcare	$166.3M	2.76%	+$2.3M Bought	1.19% 1.2M shares	Q1 2021 Held for 4y 8m
9 Cogent Biosciences, Inc. COGT	Biotechnology Healthcare	$130.0M	2.15%	+$92.1M Bought	6.48% 9.1M shares	Q4 2020 Held for 4y 11m
10 Ionis Pharmaceuticals IONS	Biotechnology Healthcare	$129.5M	2.15%	+$129.5M Bought	1.24% 2.0M shares	Q3 2025 Held for 2 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in DEERFIELD MANAGEMENT CO /NY's latest filing

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Market Value

$6.0B

Prior: $4.9B

Q/Q Change

+22.39%

+$1.1B

Net Flows % of MV

+0.007%

Turnover Ratio

16.83%

New Purchases

14 stocks

$167.6M

Added To

43 stocks

+$681.9M

Sold Out Of

19 stocks

$382.1M

Reduced Holdings

20 stocks

-$467.0M

Increased Positions

Position	Shares Δ	Change
1 BBOT BridgeBio Oncology Therapeutics, Inc. Common Stock BBOT	New	0 → 4.9M +$56.6M
2 CorMedix CRMD	New	0 → 3.3M +$38.7M
3 Celcuity CELC	New	0 → 733.5K +$36.2M
4 Monopar Therapeutics MNPR	New	0 → 159.8K +$13.0M
5 Siemens AG SI	New	0 → 482.6K +$6.1M

Decreased Positions

Position	Shares Δ	Change
1 Oscar Health OSCR	Sold	11.6M → 0 −$249.8M
2 Moderna MRNA	Sold	1.0M → 0 −$27.6M
3 Liquidia Corporation LQDA	Sold	1.6M → 0 −$20.1M
4 MREO Mereo BioPharma Group plc MREO	Sold	6.7M → 0 −$18.2M
5 NovoCure NVCR	Sold	825.1K → 0 −$14.7M