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Avoro Capital Advisors LLC

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13F filer, CIK 1633313, NEW YORK, NY

Avoro Capital Advisors LLC reported $10,174,376,432 across 34 holdings for the quarter ended 2025-12-31, in a 13F-HR/A filed 2026-03-16. Its ten largest share positions make up 73.3% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR/A 0001104659-26-027799

Period
2025-12-31
Reported value
$10.2B
Holdings
34
Top 10 weight
73.3%
New
12
Sold out
10

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CELCnew+3,111,111$310M
UTHRadded+583,838$284M
XBInew+2,100,000$256M
TERNnew+4,350,000$176M
RVMDnew+2,170,000$173M

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
MERUS N Vexited-3,542,500-$334M
AKROexited-3,955,555-$188M
RNAMreduced-2,190,000-$158M
Tourmaline Bio Incexited-2,555,555-$122M
FOLDexited-15,025,000-$118M

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, Q4 2025

Share positions as resolved from 13F-HR/A 0001104659-26-027799, largest first. % of portfolio is the value over $10,173,751,432, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
UTHRUNITED THERAPEUTICS CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,606,060 shares 2,606,060$1.27B12.48%+583,838Timeline
ASNDASCENDIS PHARMA A/SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,111,111 shares 5,111,111$1.09B10.71%+1,111Timeline
MDGLMADRIGAL PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,807,500 shares 1,807,500$1.05B10.35%-25,500Timeline
ARGXARGENX SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 990,000 shares 990,000$833M8.18%0Timeline
KRYSKRYSTAL BIOTECH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,888,888 shares 2,888,888$712M7%+111,111Timeline
ARWRARROWHEAD PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 10,625,000 shares 10,625,000$705M6.93%-275,000Timeline
KYMRKYMERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 7,474,747 shares 7,474,747$582M5.72%+1,124,747Timeline
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 5,155,555 shares; 2025Q4: 6,555,555 shares 6,555,555$456M4.48%+1,400,000Timeline
RNAMAVIDITY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,455,000 shares 5,455,000$393M3.87%-2,190,000Timeline
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 14,555,555 shares 14,555,555$364M3.58%+3,747,475Timeline
CELCCELCUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 3,111,111 shares 3,111,111$310M3.05%newTimeline
APLSAPELLIS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 12,222,222 shares 12,222,222$307M3.02%0Timeline
VERAVERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,888,888 shares 5,888,888$298M2.93%-321,112Timeline
XBISPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,100,000 shares 2,100,000$256M2.52%newTimeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,424,444 shares 5,424,444$243M2.39%+24,444Timeline
TERNTERNS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,350,000 shares 4,350,000$176M1.73%newTimeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,170,000 shares 2,170,000$173M1.7%newTimeline
QUREUNIQURE NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 6,150,000 shares 6,150,000$147M1.45%+1,705,556Timeline
SLNOSOLENO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,900,000 shares 2,900,000$134M1.32%+322,223Timeline
OCULOCULAR THERAPEUTIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 10,777,777 shares 10,777,777$131M1.29%+527,777Timeline
TSHATAYSHA GENE THERAPIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 21,700,000 shares 21,700,000$119M1.17%0Timeline
MIND MEDICINE MINDMED INCMIND MEDICINE MINDMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 5,000,000 shares 5,000,000$67M0.66%new
PTCTPTC THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 685,000 shares 685,000$52M0.51%newTimeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,500,000 shares 1,500,000$46.7M0.46%newTimeline
ORKAORUKA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,333,340 shares; 2025Q4: 1,333,340 shares 1,333,340$40.4M0.4%0Timeline
ALKSALKERMES PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,400,000 shares 1,400,000$39.2M0.39%-840,000Timeline
APGEAPOGEE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 500,000 shares 500,000$37.7M0.37%newTimeline
SEPNSEPTERNA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,337,500 shares 1,337,500$37.3M0.37%0Timeline
LXEOLEXEO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 3,300,000 shares 3,300,000$32.8M0.32%newTimeline
MNKDMANNKIND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,444,444 shares 4,444,444$25.2M0.25%-24,433Timeline
GHRSGH RESEARCH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,800,000 shares 1,800,000$22.9M0.22%newTimeline
INCYINCYTE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 135,000 shares 135,000$13.3M0.13%newTimeline
WHWKWHITEHAWK THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,849,402 shares 2,849,402$6.9M0.07%0Timeline

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
ASNDASCENDIS PHARMA A/S SPONSORED ADRcall50,000$625Knew

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
MERUS N VMERUS N V3,542,500$334Mshares
AKROAKERO THERAPEUTICS INC3,955,555$188Mshares
Tourmaline Bio IncTourmaline Bio Inc2,555,555$122Mshares
FOLDAMICUS THERAPEUTIC15,025,000$118Mshares
89BIO INC89BIO INC6,387,790$93.9Mshares
MLTXMOONLAKE IMMUNOTHERAPEUTICS2,000,000$14.3Mshares
BCRXBIOCRYST PHARMACEUTICALS INC1,250,000$9.49Mshares
TNGXTANGO THERAPEUTICS INC545,000$4.58Mshares
UTHRUNITED THERAPEUTICS CORP DEL200,000$4.44Mcall
GPCRSTRUCTURE THERAPEUTICS INC250,000$2.24Mcall

How Q4 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 0001104659-26-015748 superseded2026-02-17acceptance time not in the bulk data set
13F-HR/A 0001104659-26-027799 baserestatement2026-03-16acceptance time not in the bulk data set