Rock Springs Capital Portfolio
13F Holdings & Position Changes — Last filed Feb 17, 2026
13F Holdings & Position Changes — Last filed Feb 17, 2026
Concentrated long/short healthcare fund focused on fundamental research. Rock Springs takes conviction-weighted positions based on deep pipeline analysis, therapeutic area expertise, and a willingness to be contrarian when the science supports it.
Rock Springs Capital is a $6B biotech-focused hedge fund managed by Graham McPhail. As of their latest 13F filing (Q4 2025), the fund holds 90 positions worth $1.8B. This quarter they initiated 13 new positions and exited 74. Their largest holding is LLY ($113.3M).
Rock initiated 13 new positions and increased 34 this quarter. Portfolio grew +18.6% to $1.8B. 664 upcoming catalysts across holdings. 15 insider buys detected in portfolio companies.
Portfolio Value (13F)
$1.8B
Holdings
90
Top 10 Concentration
43.0%
QoQ Change
+18.6%
Turnover
4.1%
Portfolio Value Trend
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| # | Ticker | Company | Change | Value | % of Portfolio | SI % Float ? | Trend |
|---|---|---|---|---|---|---|---|
| 1 | LLY | Eli Lilly & Co | $113.3M | 6.29% | 0.9% | ||
| 2 | RVMD | Revolution Medicines Inc. | $106.4M | 5.90% | 6.4% | ||
| 3 | ARGX | argenx SE | Decreased↓4Q | $86.8M | 4.82% | 3.3% | |
| 4 | TVTX | Travere Therapeutics Inc. | Increased↑2Q | $84.5M | 4.69% | 18.1% | |
| 5 | MDGL | Madrigal Pharmaceuticals Inc. | Increased | $81.3M | 4.51% | 20.2% | |
| 6 | RYTM | Rhythm Pharmaceuticals Inc. | Decreased↓2Q | $74.4M | 4.13% | 14.6% | |
| 7 | EXAS | Exact Sciences Corporation | Increased↑4Q | $61.1M | 3.39% | 3.9% | |
| 8 | MIRM | Mirum Pharmaceuticals Inc. | Increased | $60.2M | 3.34% | 18.1% | |
| 9 | INSM | Insmed Incorporated | Decreased↓2Q | $55.6M | 3.08% | 7.7% | |
| 10 | GPCR | Structure Therapeutics Inc. | Decreased↓2Q | $52.0M | 2.89% | 11.5% |
Share changes reflect active decisions. Value changes include price moves.
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Rock Springs Capital held 90 biotech stocks in their 13F portfolio this quarter. Their top positions include LLY, RVMD, ARGX, TVTX, MDGL. The full holdings table is available on BiotechEdge with position sizes, quarter-over-quarter changes, and AI analysis.
Rock Springs Capital's tracked biotech portfolio is worth $1.8B across 90 positions, with total assets under management of approximately $6B. Portfolio values are based on 13F filings with the SEC.
Rock Springs Capital initiated 13 new positions this quarter, including SRRK, IMNM, PTCT, TERN, RCUS and 8 more. They also increased 34 existing positions.
Rock Springs Capital fully exited 74 positions this quarter, including XLO, ACCD, ALGN, AUPH, NKTX and 69 more. They also trimmed 25 existing positions.
Concentrated long/short healthcare fund focused on fundamental research. Rock Springs takes conviction-weighted positions based on deep pipeline analysis, therapeutic area expertise, and a willingness to be contrarian when the science supports it.
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Start 14-Day Free Trial| 4 | TVTX | Travere Therapeutics Inc. | Increased | 2,210,322 | $84.5M | 4.69% |
| 5 | MDGL | Madrigal Pharmaceuticals Inc. | Increased | 139,618 | $81.3M | 4.51% |
| 6 | RYTM | Rhythm Pharmaceuticals Inc. | Decreased | 695,010 | $74.4M | 4.13% |
| 7 | EXAS | Exact Sciences Corporation | Increased | 601,800 | $61.1M | 3.39% |
| 8 | MIRM | Mirum Pharmaceuticals Inc. | Increased | 762,294 | $60.2M | 3.34% |
| 9 | INSM | Insmed Incorporated | Decreased | 319,250 | $55.6M | 3.08% |
| 10 | GPCR | Structure Therapeutics Inc. | Decreased | 748,236 | $52.0M | 2.89% |
| 11 | ISRG | Intuitive Surgical Inc. | 82,000 | $46.4M | 2.58% |
| 12 | ASND | Ascendis Pharma A/S | Decreased | 203,500 | $43.4M | 2.41% |
| 13 | KYMR | Kymera Therapeutics Inc. | Increased | 496,871 | $38.7M | 2.15% |
| 14 | BSX | Boston Scientific Corp. | Increased | 399,050 | $38.0M | 2.11% |
| 15 | PEN | Penumbra Inc. | 120,500 | $37.5M | 2.08% |
| 16 | XENE | Xenon Pharmaceuticals Inc. | Decreased | 787,788 | $35.3M | 1.96% |
| 17 | SRRK | Scholar Rock Holding Corp. | New | 733,477 | $32.3M | 1.79% | — |
| 18 | COGT | Cogent Biosciences Inc. | Decreased | 849,030 | $30.2M | 1.67% |
| 19 | RARE | Ultragenyx Pharmaceutical Inc. | Increased | 1,267,241 | $29.1M | 1.62% |
| 20 | VERA | Vera Therapeutics Inc. | Decreased | 568,579 | $28.8M | 1.60% |
| 21 | ALNY | Alnylam Pharmaceuticals Inc. | Decreased | 71,250 | $28.3M | 1.57% |
| 22 | FOLD | Amicus Therapeutics Inc. | Decreased | 1,929,931 | $27.5M | 1.53% |
| 23 | THC | Tenet Healthcare Corp. | 125,000 | $24.8M | 1.38% |
| 24 | DXCM | DexCom Inc. | Increased | 347,300 | $23.1M | 1.28% |
| 25 | AGIO | Agios Pharmaceuticals Inc. | Decreased | 799,163 | $21.8M | 1.21% |
| 26 | TARS | Tarsus Pharmaceuticals Inc. | Decreased | 260,344 | $21.3M | 1.18% |
| 27 | CMPS | COMPASS Pathways plc | Decreased | 3,927,202 | $21.1M | 1.17% |
| 28 | NAMSW | NewAmsterdam Pharma Co N.V. | Decreased | 557,194 | $19.5M | 1.08% |
| 29 | AZTA | Azenta Inc. | Increased | 569,100 | $18.9M | 1.05% |
| 30 | CLDX | Celldex Therapeutics Inc. | Decreased | 692,538 | $18.8M | 1.04% |
| 31 | CAI | Caris Life Sciences, Inc. | Decreased | 687,500 | $18.5M | 1.03% |
| 32 | ZBIO | Zenas BioPharma, Inc. | Decreased | 502,077 | $18.2M | 1.01% |
| 33 | DYN | Dyne Therapeutics Inc. | Increased | 912,955 | $17.9M | 0.99% |
| 34 | NBIX | Neurocrine Biosciences Inc. | Increased | 125,500 | $17.8M | 0.99% |
| 35 | PHVS | Pharvaris N.V. | 623,402 | $17.3M | 0.96% |
| 36 | MLYS | Mineralys Therapeutics, Inc. | Increased | 427,596 | $15.5M | 0.86% |
| 37 | PHR | Phreesia, Inc. | Increased | 876,600 | $14.8M | 0.82% |
| 38 | ZLAB | Zai Lab Ltd. | Increased | 811,546 | $14.3M | 0.79% |
| 39 | UNH | Unitedhealth Group Inc. | Increased | 40,800 | $13.5M | 0.75% |
| 40 | ARDX | Ardelyx Inc. | Increased | 2,299,473 | $13.4M | 0.74% |
| 41 | ACRS | Aclaris Therapeutics Inc. | Decreased | 4,453,741 | $13.4M | 0.74% |
| 42 | SMMT | Summit Therapeutics Inc. | 710,000 | $12.4M | 0.69% |
| 43 | ELVN | Enliven Therapeutics, Inc. | Increased | 798,405 | $12.3M | 0.68% |
| 44 | INSP | Inspire Medical Systems, Inc. | Increased | 131,000 | $12.1M | 0.67% |
| 45 | OMDA | Omada Health, Inc. | Decreased | 740,000 | $11.7M | 0.65% |
| 46 | SLNO | Soleno Therapeutics Inc. | Increased | 247,053 | $11.4M | 0.63% |
| 47 | ACLX | Arcellx Inc. | Decreased | 169,859 | $11.1M | 0.61% |
| 48 | EVH | Evolent Health, Inc. | Decreased | 2,675,000 | $10.7M | 0.59% |
| 49 | GOSS | Gossamer Bio, Inc. | 3,266,960 | $10.1M | 0.56% |
| 50 | MBX | MBX Biosciences, Inc. | 282,624 | $8.9M | 0.49% |
| 51 | CNTA | Centessa Pharmaceuticals plc | Increased | 324,015 | $8.1M | 0.45% |
| 52 | HTFL | Heartflow, Inc. | Increased | 277,700 | $8.1M | 0.45% |
| 53 | BBIO | BridgeBio Pharma Inc. | Increased | 103,500 | $7.9M | 0.44% |
| 54 | REGN | Regeneron Pharmaceuticals Inc. | Decreased | 10,100 | $7.8M | 0.43% |
| 55 | IMNM | Immunome Inc. | New | 347,666 | $7.5M | 0.41% | — |
| 56 | BCAX | Bicara Therapeutics Inc. | Increased | 429,095 | $7.2M | 0.40% |
| 57 | EW | Edwards Lifesciences Corp. | Decreased | 82,500 | $7.0M | 0.39% |
| 58 | ATEC | Alphatec Holdings, Inc. | 302,500 | $6.4M | 0.35% |
| 59 | AMLX | Amylyx Pharmaceuticals, Inc. | 499,764 | $6.0M | 0.34% |
| 60 | TMO | Thermo Fisher Scientific Inc. | 10,000 | $5.8M | 0.32% |
| 61 | JANX | Janux Therapeutics Inc. | Increased | 358,798 | $5.0M | 0.27% |
| 62 | SGRY | Surgery Partners, Inc. | Increased | 310,000 | $4.8M | 0.27% | — |
| 63 | EYPT | EyePoint, Inc. | Increased | 258,739 | $4.7M | 0.26% |
| 64 | PTCT | PTC Therapeutics Inc. | New | 61,879 | $4.7M | 0.26% | — |
| 65 | AGL | agilon health, Inc. | Decreased | 6,500,000 | $4.5M | 0.25% |
| 66 | MRSN | Mersana Therapeutics Inc. | 152,586 | $4.4M | 0.25% |
| 67 | TERN | Terns Pharmaceuticals Inc. | New | 108,481 | $4.4M | 0.24% | — |
| 68 | RCUS | Arcus Biosciences Inc. | New | 180,000 | $4.3M | 0.24% | — |
| 69 | OCUL | Ocular Therapeutix Inc. | Increased | 345,820 | $4.2M | 0.23% |
| 70 | LENZ | LENZ Therapeutics, Inc. | Increased | 257,460 | $4.1M | 0.23% |
| 71 | TLPH | Talphera, Inc. | 3,589,186 | $4.1M | 0.23% |
| 72 | SION | Sionna Therapeutics, Inc. | 99,429 | $4.1M | 0.23% |
| 73 | TBPH | Theravance Biopharma Inc. | New | 208,771 | $3.9M | 0.22% | — |
| 74 | ALKS | Alkermes plc | Increased | 139,228 | $3.9M | 0.22% |
| 75 | APLS | Apellis Pharmaceuticals Inc. | Increased | 150,500 | $3.8M | 0.21% |
| 76 | INDV | Indivior Pharmaceuticals, Inc. | New | 105,100 | $3.8M | 0.21% | — |
| 77 | ERAS | Erasca Inc. | New | 951,710 | $3.5M | 0.20% | — |
| 78 | TNGX | Tango Therapeutics Inc. | New | 386,915 | $3.4M | 0.19% | — |
| 79 | OLMA | Olema Pharmaceuticals, Inc. | New | 98,240 | $2.5M | 0.14% | — |
| 80 | CYTK | Cytokinetics Incorporated | Increased | 35,853 | $2.3M | 0.13% |
| 81 | PCVX | Vaxcyte Inc. | Increased | 47,000 | $2.2M | 0.12% |
| 82 | NGNE | Neurogene Inc. | 104,339 | $2.1M | 0.12% |
| 83 | JSPRW | Jasper Therapeutics, Inc. | 1,100,726 | $2.0M | 0.11% |
| 84 | ROIV | Roivant Sciences Ltd. | New | 88,750 | $1.9M | 0.11% | — |
| 85 | CORT | Corcept Therapeutics Inc. | New | 50,250 | $1.7M | 0.10% | — |
| 86 | ACAD | ACADIA Pharmaceuticals Inc. | Decreased | 120,000 | $1.7M | 0.09% |
| 87 | MLTX | MoonLake Immunotherapeutics | Increased | 61,700 | $813K | 0.05% |
| 88 | LEGN | Legend Biotech Corporation | Increased | 33,800 | $735K | 0.04% |
| 89 | JAZZ | Jazz Pharmaceuticals plc | New | 1,750 | $298K | 0.02% | — |
| 90 | NUVB | Nuvation Bio Inc. | 134,028 | $44K | 0.00% |
| Q2 2025 |
| $1.4B |
| 82 |
| +6 |
| -61 |
| -11.0% |
| Q1 2025 | $1.6B | 83 | +2 | -54 | -32.0% |
| Q4 2024 | $2.4B | 91 | +9 | -44 | -15.4% |
| Q3 2024 | $2.8B | 92 | +5 | -34 | -4.9% |
| Q2 2024 | $2.9B | 91 | +7 | -30 | +335.6% |
| Q1 2024 | $674.8M | 19 | +2 | -4 | — |