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Avoro Capital Advisors LLC

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13F filer, CIK 1633313, NEW YORK, NY

Avoro Capital Advisors LLC reported $7,736,501,045 across 32 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 72.49% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-25-111932

Period
2025-09-30
Reported value
$7.74B
Holdings
32
Top 10 weight
72.49%
New
5
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GPCRnew+5,155,555$144M
CNTAadded+5,808,080$141M
QUREadded+819,444$47.8M
MERUS N Vadded+386,945$36.4M
SLNOadded+527,777$35.7M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
UTHRreduced-347,778-$146M
ARGXreduced-185,000-$136M
BLUEPRINT MEDICINES CORPexited-375,000-$48.1M
BCRXreduced-3,250,000-$24.7M
FOLDreduced-2,975,000-$23.4M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001104659-25-111932, largest first. % of portfolio is the value over $7,729,823,545, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ASNDASCENDIS PHARMA A/SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,988,888 shares; 2024Q4: 5,103,055 shares; 2025Q1: 5,218,000 shares; 2025Q2: 4,980,000 shares; 2025Q3: 5,110,000 shares 5,110,000$1.02B13.14%+130,000Timeline
UTHRUNITED THERAPEUTICS CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,858,888 shares; 2024Q4: 2,760,300 shares; 2025Q1: 2,675,000 shares; 2025Q2: 2,370,000 shares; 2025Q3: 2,022,222 shares 2,022,222$848M10.97%-347,778Timeline
MDGLMADRIGAL PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,029,000 shares; 2024Q4: 2,029,000 shares; 2025Q1: 2,022,222 shares; 2025Q2: 1,875,000 shares; 2025Q3: 1,833,000 shares 1,833,000$841M10.88%-42,000Timeline
ARGXARGENX SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,238,467 shares; 2024Q4: 1,238,467 shares; 2025Q1: 1,235,177 shares; 2025Q2: 1,175,000 shares; 2025Q3: 990,000 shares 990,000$730M9.45%-185,000Timeline
KRYSKRYSTAL BIOTECH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,622,222 shares; 2024Q4: 2,628,822 shares; 2025Q1: 2,731,000 shares; 2025Q2: 2,660,000 shares; 2025Q3: 2,777,777 shares 2,777,777$490M6.34%+117,777Timeline
ARWRARROWHEAD PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,888,888 shares; 2024Q4: 11,111,111 shares; 2025Q1: 11,111,111 shares; 2025Q2: 10,600,000 shares; 2025Q3: 10,900,000 shares 10,900,000$376M4.86%+300,000Timeline
KYMRKYMERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,500,000 shares; 2024Q4: 5,150,000 shares; 2025Q1: 6,460,000 shares; 2025Q2: 6,555,555 shares; 2025Q3: 6,350,000 shares 6,350,000$359M4.65%-205,555Timeline
MERUS N VMERUS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,355,000 shares; 2024Q4: 2,125,000 shares; 2025Q1: 3,000,000 shares; 2025Q2: 3,155,555 shares; 2025Q3: 3,542,500 shares 3,542,500$334M4.31%+386,945
RNAMAVIDITY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,875,000 shares; 2024Q4: 7,500,000 shares; 2025Q1: 7,625,000 shares; 2025Q2: 7,050,000 shares; 2025Q3: 7,645,000 shares 7,645,000$333M4.31%+595,000Timeline
APLSAPELLIS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,111,111 shares; 2024Q4: 12,222,222 shares; 2025Q1: 12,222,222 shares; 2025Q2: 12,222,222 shares; 2025Q3: 12,222,222 shares 12,222,222$277M3.58%0Timeline
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 4,050,000 shares; 2025Q2: 5,000,000 shares; 2025Q3: 10,808,080 shares 10,808,080$262M3.39%+5,808,080Timeline
QUREUNIQURE NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,175,000 shares; 2025Q1: 2,175,000 shares; 2025Q2: 3,625,000 shares; 2025Q3: 4,444,444 shares 4,444,444$259M3.36%+819,444Timeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,666,666 shares; 2024Q4: 5,666,666 shares; 2025Q1: 5,741,666 shares; 2025Q2: 5,400,000 shares; 2025Q3: 5,400,000 shares 5,400,000$217M2.8%0Timeline
AKROAKERO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,500,000 shares; 2025Q3: 3,955,555 shares 3,955,555$188M2.43%+455,555Timeline
VERAVERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,309,590 shares; 2024Q4: 5,610,000 shares; 2025Q1: 5,701,900 shares; 2025Q2: 6,300,000 shares; 2025Q3: 6,210,000 shares 6,210,000$180M2.33%-90,000Timeline
SLNOSOLENO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,181,000 shares; 2024Q4: 2,525,000 shares; 2025Q1: 2,525,000 shares; 2025Q2: 2,050,000 shares; 2025Q3: 2,577,777 shares 2,577,777$174M2.25%+527,777Timeline
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 5,155,555 shares 5,155,555$144M1.87%newTimeline
Tourmaline Bio IncTourmaline Bio IncQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,222,222 shares; 2024Q4: 2,222,222 shares; 2025Q1: 2,425,000 shares; 2025Q2: 2,555,555 shares; 2025Q3: 2,555,555 shares 2,555,555$122M1.58%0
OCULOCULAR THERAPEUTIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,060,000 shares; 2024Q4: 8,060,000 shares; 2025Q1: 8,060,000 shares; 2025Q2: 7,400,000 shares; 2025Q3: 10,250,000 shares 10,250,000$120M1.55%+2,850,000Timeline
FOLDAMICUS THERAPEUTICQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,175,000 shares; 2024Q4: 23,175,000 shares; 2025Q1: 20,500,000 shares; 2025Q2: 18,000,000 shares; 2025Q3: 15,025,000 shares 15,025,000$118M1.53%-2,975,000Timeline
89BIO INC89BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 4,100,000 shares; 2025Q1: 6,350,000 shares; 2025Q2: 6,750,000 shares; 2025Q3: 6,387,790 shares 6,387,790$93.9M1.21%-362,210
TSHATAYSHA GENE THERAPIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,650,000 shares; 2024Q4: 19,999,999 shares; 2025Q1: 19,999,999 shares; 2025Q2: 21,700,000 shares; 2025Q3: 21,700,000 shares 21,700,000$71M0.92%0Timeline
ALKSALKERMES PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,450,000 shares; 2025Q1: 2,450,000 shares; 2025Q2: 2,900,000 shares; 2025Q3: 2,240,000 shares 2,240,000$67.2M0.87%-660,000Timeline
ORKAORUKA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,333,340 shares 1,333,340$25.6M0.33%newTimeline
SEPNSEPTERNA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,110,000 shares; 2025Q1: 1,337,500 shares; 2025Q2: 1,237,500 shares; 2025Q3: 1,337,500 shares 1,337,500$25.2M0.33%+100,000Timeline
MNKDMANNKIND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,750,000 shares; 2024Q4: 8,750,000 shares; 2025Q1: 8,750,000 shares; 2025Q2: 5,850,000 shares; 2025Q3: 4,468,877 shares 4,468,877$24M0.31%-1,381,123Timeline
MLTXMOONLAKE IMMUNOTHERAPEUTICSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,770,100 shares; 2024Q4: 2,770,100 shares; 2025Q1: 2,770,100 shares; 2025Q2: 4,150,000 shares; 2025Q3: 2,000,000 shares 2,000,000$14.3M0.19%-2,150,000Timeline
BCRXBIOCRYST PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,865,000 shares; 2024Q4: 11,865,000 shares; 2025Q1: 8,700,000 shares; 2025Q2: 4,500,000 shares; 2025Q3: 1,250,000 shares 1,250,000$9.49M0.12%-3,250,000Timeline
WHWKWHITEHAWK THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,849,402 shares; 2024Q4: 2,849,402 shares; 2025Q1: 2,849,402 shares; 2025Q2: 2,849,402 shares; 2025Q3: 2,849,402 shares 2,849,402$5.41M0.07%0Timeline
TNGXTANGO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 545,000 shares 545,000$4.58M0.06%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
UTHRUNITED THERAPEUTICS CORP DEL Stockcall200,000$4.44Mnew
GPCRSTRUCTURE THERAPEUTICS INC EQUITYcall250,000$2.24Mnew

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
BLUEPRINT MEDICINES CORPBLUEPRINT MEDICINES CORP375,000$48.1Mshares
GLUEMONTE ROSA THERAPEUTICS INC3,725,000$16.8Mshares
RAREULTRAGENYX PHARMACEUTICAL IN330,000$12Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001104659-25-111932 base2025-11-14acceptance time not in the bulk data set