Paradigm Biocapital Advisors LP

Hedge Fund • Long/Short

Paradigm Biocapital Advisors LP is a Long/Short Hedge Fund based in New York, NY led by Dr. Senai Nmn Asefaw, managing $3.4B across 33 long positions as of Q3 2025 with 92% Healthcare concentration and 68% concentrated in top 10 holdings.

CIODr. Senai Nmn Asefaw

Portfolio Value: $3.4B
Positions: 33
Top Holding: NUVL at 13.48%
Last Reported: Q3 2025

Address767 Third Avenue, 17th Floor, New York, NY, 10017, United States

Top Holdings

Largest long holdings in Paradigm Biocapital Advisors LP's portfolio (68% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Nuvalent, Inc. NUVL	Biotechnology Healthcare	$455.7M	13.48%	—	7.31% 5.3M shares	Q2 2023 Held for 2y 5m
2 Merus N.V. MRUS	Biotechnology Healthcare	$411.8M	12.18%	+$8.6M Bought	5.77% 4.4M shares	Q2 2024 Held for 1y 5m
3 Arcellx, Inc. ACLX	Biotechnology Healthcare	$381.7M	11.29%	—	8.38% 4.6M shares	Q4 2022 Held for 2y 11m
4 Revolution Medicines, Inc. RVMD	Biotechnology Healthcare	$290.6M	8.60%	+$6.1M Bought	3.33% 6.2M shares	Q1 2024 Held for 1y 8m
5 Tarsus Pharmaceuticals, Inc. TARS	Biotechnology Healthcare	$158.4M	4.69%	-$18.4M Sold	6.31% 2.7M shares	Q4 2023 Held for 1y 11m
6 Vaxcyte, Inc. PCVX	Biotechnology Healthcare	$136.3M	4.03%	+$14.8M Bought	2.92% 3.8M shares	Q1 2024 Held for 1y 8m
7 ABVX Abivax ABVX	Unknown Unknown	$132.8M	3.93%	+$132.8M New	— 1.6M shares	Q3 2025 Held for 2 months
8 GMAB Genmab A/S GMAB	Unknown Unknown	$117.1M	3.46%	+$117.1M New	— 3.8M shares	Q3 2025 Held for 2 months
9 Agios Pharmaceuticals AGIO	Biotechnology Healthcare	$107.3M	3.18%	+$61.5M Bought	4.60% 2.7M shares	Q4 2024 Held for 11 months
10 Crinetics Pharmaceuticals CRNX	Biotechnology Healthcare	$106.2M	3.14%	+$8.6M Bought	2.71% 2.6M shares	Q3 2022 Held for 3y 2m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Paradigm Biocapital Advisors LP's latest filing

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Market Value

$3.4B

Prior: $2.3B

Q/Q Change

+49.68%

+$1.1B

Net Flows % of MV

+12.04%

Turnover Ratio

15.71%

New Purchases

10 stocks

$562.4M

Added To

13 stocks

+$172.1M

Sold Out Of

4 stocks

$87.9M

Reduced Holdings

7 stocks

-$239.6M

Increased Positions

Position	Shares Δ	Change
1 ABVX Abivax ABVX	New	0 → 1.6M +$132.8M
2 GMAB Genmab A/S GMAB	New	0 → 3.8M +$117.1M
3 Cidara Therapeutics CDTX	New	0 → 961.2K +$92.0M
4 UroGen Pharma URGN	New	0 → 4.2M +$84.1M
5 EyePoint, Inc. EYPT	New	0 → 2.0M +$28.6M

Decreased Positions

Position	Shares Δ	Change
1 MoonLake Immunotherapeutics MLTX	Sold	878.3K → 0 −$41.5M
2 Y-mAbs Therapeutics, Inc. YMAB	Sold	4.2M → 0 −$19.1M
3 Immatics N.V. IMTX	Sold	3.1M → 0 −$16.9M
4 Catalyst Biosciences CBIO	Sold	642.7K → 0 −$10.4M
5 Disc Medicine IRON	-79.54%	1.2M → 247.7K −$63.7M