Armistice Capital portfolio

What changed this quarter

385 positions with a change (166 new, 66 added to, 64 trimmed, 89 sold); also, 2 entered through an IPO, 7 exited through an acquisition or merger. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Travere Therapeutics−68%fewer sharesReduced
  4.8% → 2.5%
• PTC Therapeutics−48%fewer sharesReduced
  4.7% → 2.4%
• Immunovant−51%fewer sharesReduced
  2.9% → 1.9%
• Cytokinetics+57%more sharesIncreased
  1.7% → 2.8%
• Indivior Pharmaceuticals+40%more sharesIncreased
  3.2% → 3.4%
• Regeneron Pharmaceuticals+149%more sharesIncreased
  0.9% → 1.5%
• Sanofi+255%more sharesIncreased
  0.5% → 1.3%
• Neurocrine Biosciences−26%fewer sharesReduced
  3.1% → 2.5%
• Waters+0.8 ppof portfolioNew
  — → 0.8%
• Avanos Medical−0.8 ppof portfolioSold out
  0.9% → —
• Incyte+37%more sharesIncreased
  2.0% → 2.8%
• Medline−0.7 ppof portfolioSold out
  0.8% → —

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Madrigal PharmaceuticalsMDGL4.3%
• Indivior PharmaceuticalsSUPN3.4%
• CytokineticsCYTK2.8%
• IncyteINCY2.8%
• Neurocrine BiosciencesNBIX2.5%
• Travere TherapeuticsTVTX2.5%
• Agios PharmaceuticalsAGIO2.5%
• PTC TherapeuticsPTCT2.4%
• UnitedHealth GroupUNH2.1%
• FreshpetFRPT2.1%
• Dyne TherapeuticsDYN1.9%
• Amazon.comAMZN1.9%
• ImmunovantIMVT1.9%
• Rigel PharmaceuticalsRIGL1.8%
• Thermo Fisher ScientificTMO1.7%
• Ironwood PharmaceuticalsIRWD1.6%
• Harmony Biosciences HoldingsHRMY1.6%
• Regeneron PharmaceuticalsREGN1.5%
• Nektar TherapeuticsNKTR1.4%
• Mineralys TherapeuticsMLYS1.3%
• SanofiSNY1.3%
• Immunocore HoldingsIMCR1.3%
• AlphabetGOOGL1.3%
• Solid BiosciencesSLDB1.2%
• MongodbMDB1.2%
• KURA OncologyKURA1.1%
• Dentsply SironaXRAY1.1%
• UBER TechnologiesUBER1.0%
• AxogenAXGN1.0%
• Disc MedicineIRON0.9%
• GitlabGTLB0.9%
• Five9FIVN0.9%
• HubSpotHUBS0.9%
• Align TechnologyALGN0.8%
• MicrosoftMSFT0.8%
• Orthofix MedicalOFIX0.8%
• HumanaHUM0.8%
• AngioDynamicsANGO0.8%
• WatersWAT0.8%
• VerastemVSTM0.7%
• 4D Molecular TherapeuticsFDMT0.7%
• Intellia TherapeuticsNTLA0.7%
• WYNN ResortsWYNN0.7%
• Treace Medical ConceptsTMCI0.7%
• Autolus TherapeuticsAUTL0.7%
• ArvinasARVN0.6%
• MacrogenicsMGNX0.6%
• Alto NeuroscienceANRO0.6%
• ToastTOST0.6%
• UiPathPATH0.6%
• GrifolsGRFS0.6%
• Central Garden & PetCENTA0.6%
• Taiwan Semiconductor ManufacturingTSM0.6%
• SentineloneS0.6%
• LennarLEN0.6%
• Intuitive SurgicalISRG0.5%
• RHRH0.5%
• Zeta Global HoldingsZETA0.5%
• WorkdayWDAY0.5%
• Nebius GroupNBIS0.5%
• IntelINTC0.5%
• Alibaba Group HoldingBABA0.4%
• IlluminaILMN0.4%
• Prestige Consumer HealthcarePBH0.4%
• GSKGSK0.4%
• Liberty MediaFWONK0.4%
• Integer HoldingsITGR0.4%
• Capri HoldingsCPRI0.4%
• Xeris Biopharma HoldingsXERS0.4%
• Scholar Rock HoldingSRRK0.4%
• Live Nation EntertainmentLYV0.4%
• Novo Nordisk A/sNVO0.4%
• Twist BioscienceTWST0.4%
• AppLovinAPP0.4%
• Bicycle TherapeuticsBCYC0.4%
• PENN EntertainmentPENN0.4%
• Bristol-myers SquibbBMY0.4%
• BridgeBio Oncology TherapeuticsBBOT0.4%
• CrocsCROX0.4%
• Micron TechnologyMU0.4%
• Bloom EnergyBE0.4%
• Vera TherapeuticsVERA0.4%
• Take-two Interactive SoftwareTTWO0.3%
• Spyre TherapeuticsSYRE0.3%
• Kymera TherapeuticsKYMR0.3%
• Voyager TherapeuticsVYGR0.3%
• Marvell TechnologyMRVL0.3%
• TeradyneTER0.3%
• Generac HoldingsGNRC0.3%
• RedditRDDT0.3%
• Nuvation BioNUVB0.3%
• Boston ScientificBSX0.3%
• e.l.f. BeautyELF0.3%
• NokiaNOK0.3%
• NeuropaceNPCE0.3%
• NetskopeNTSK0.3%
• AirbnbABNB0.3%
• FOXFOXA0.3%
• Shake ShackSHAK0.3%
• SemtechSMTC0.3%