Sphera Funds Management
TEL AVIV, L3files as SPHERA FUNDS MANAGEMENT LTD.
$699m in 97 US stocks at the end of 30 June 2026. The top 10 are 36.5% of the money. It changed about 25.5% of the portfolio this quarter.
Value
$699m
Stocks
97
Top 10 share
36.5%
Turnover
25.5%
What changed this quarter
New
Bought for the first time this quarter.
- InsmedINSM1.8% of the fund
- Rhythm PharmaceuticalsRYTM1.3% of the fund
- Lam ResearchLRCX1.1% of the fund
- Applied MaterialsAMAT1.1% of the fund
- IDEAYA BiosciencesIDYA1.0% of the fund
- Nuvectis PharmaNVCT1.0% of the fund
- Harmony Biosciences HoldingsHRMY0.9% of the fund
- VistraVST0.7% of the fund
- Talen EnergyTLN0.7% of the fund
- Global X FDSCLOU0.6% of the fund
- Avalo TherapeuticsAVTX0.6% of the fund
- Cabaletta BioCABA0.6% of the fund
- BridgeBio Oncology TherapeuticsBBOT0.5% of the fund
- ProQR TherapeuticsPRQR0.5% of the fund
- Alnylam PharmaceuticalsALNY0.5% of the fund
- Larimar TherapeuticsLRMR0.4% of the fund
- Immix BiopharmaIMMX0.4% of the fund
- Constellation EnergyCEG0.4% of the fund
- Taysha Gene TherapiesTSHA0.2% of the fund
- Inhibikase TherapeuticsIKT0.2% of the fund
- First Tracks BiotherapeuticsTRAX<0.1% of the fund
- Traws PharmaTRAW<0.1% of the fund
Added
Bought more of a stock they already held.
- Teva Pharmaceutical IndustriesTEVA7.3% of the fund+32%
- Mineralys TherapeuticsMLYS5.7% of the fund+10%
- Syndax PharmaceuticalsSNDX3.2% of the fund+40%
- BiogenBIIB3.0% of the fund+4%
- Biomarin PharmaceuticalBMRN2.7% of the fund+135%
- CytokineticsCYTK2.7% of the fund+453%
- Cogent BiosciencesCOGT2.5% of the fund+10%
- Maze TherapeuticsMAZE1.8% of the fund+84%
- Helus PharmaHELP1.5% of the fund+64%
- Madrigal PharmaceuticalsMDGL1.3% of the fund+93%
- Acadia PharmaceuticalsACAD1.3% of the fund+39%
- Oric PharmaceuticalsORIC1.2% of the fund+40%
- Novartis AGNVS1.1% of the fund+35%
- Vor BiopharmaVOR1.1% of the fund+29%
- MerckMRK1.1% of the fund+21%
- ImmaticsIMTX1.0% of the fund+3%
- PfizerPFE1.0% of the fund+54%
- Climb BioCLYM0.9% of the fund+15%
- Zenas BioPharmaZBIO0.8% of the fund+8%
- Prelude TherapeuticsPRLD0.8% of the fund+83%
- Forte Biosciences0.8% of the fund+35%
- BioAge LabsBIOA0.7% of the fund+147%
- Satellos BioscienceMSLE0.7% of the fund+33%
- Palisade BIOPALI0.7% of the fund+30%
- SavaraSVRA0.7% of the fund+2%
Cut
Sold some of their stake.
- Tower SemiconductorTSEM4.0% of the fund-26%
- Ultragenyx PharmaceuticalRARE2.8% of the fund-27%
- NovaNVMI2.0% of the fund-53%
- Eli LillyLLY1.4% of the fund-11%
- Trevi TherapeuticsTRVI1.3% of the fund-13%
- Tango TherapeuticsTNGX1.1% of the fund-26%
- Xenon PharmaceuticalsXENE0.9% of the fund-17%
- Enliven TherapeuticsELVN0.8% of the fund-26%
- GSKGSK0.8% of the fund-16%
- Eledon PharmaceuticalsELDN0.7% of the fund-33%
- Relay TherapeuticsRLAY0.6% of the fund-43%
- Biocryst PharmaceuticalsBCRX0.6% of the fund-51%
- Revolution MedicinesRVMD0.6% of the fund-59%
- Alpha CognitionACOG0.6% of the fund-4%
- Ovid TherapeuticsOVID0.5% of the fund-17%
- Kodiak SciencesKOD0.5% of the fund-29%
- Ormat TechnologiesORA0.4% of the fund-59%
- BiohavenBHVN0.4% of the fund-72%
- Tenax TherapeuticsTENX0.3% of the fund-12%
- Structure TherapeuticsGPCR0.2% of the fund-44%
- Upstream BioUPB0.2% of the fund-39%
- Voyager TherapeuticsVYGR0.2% of the fund-9%
- CurisCRIS0.1% of the fund-95%
- Shattuck LabsSTTK<0.1% of the fund-69%
- EvommuneEVMN<0.1% of the fund-71%
Sold out
Sold their entire stake.
- Amicus Therapeutics-100%
- Cellebrite DICLBT-100%
- Apellis Pharmaceuticals-100%
- Palo Alto NetworksPANW-100%
- CamtekCAMT-100%
- Soleno Therapeutics-100%
- Amazon.comAMZN-100%
- Applied OptoelectronicsAAOI-100%
- Enphase EnergyENPH-100%
- ZIM Integrated Shipping ServicesZIM-100%
- Solaredge TechnologiesSEDG-100%
- Ishares Bitcoin Trust ETFIBIT-100%
- Ascendis Pharma A/SASND-100%
- Bristol-Myers SquibbBMY-100%
- NiceNICE-100%
- Precision BiosciencesDTIL-100%
- Foghorn TherapeuticsFHTX-100%
Holdings
- Sanofi SASNY
- Share
- 1.6%
- Value
- $11m
- Shares
- 269,515
Held
- Helus PharmaHELP
- Share
- 1.5%
- Value
- $11m
- Shares
- 1,620,753
+64%
- Solaredge Technologies
- Share
- 1.1%
- Value
- $8m
- Shares
- 4,000,000
Held
- GSKGSK
- Share
- 0.8%
- Value
- $5m
- Shares
- 102,000
-16%
- Forte Biosciences
- Share
- 0.8%
- Value
- $5m
- Shares
- 249,693
+35%
- Satellos BioscienceMSLE
- Share
- 0.7%
- Value
- $5m
- Shares
- 652,590
+33%
- Global X FDSCLOU
- Share
- 0.6%
- Value
- $4m
- Shares
- 195,900
New
- Generate BiomedicinesGENB
- Share
- 0.6%
- Value
- $4m
- Shares
- 245,000
+32%
- Structure TherapeuticsGPCR
- Share
- 0.2%
- Value
- $2m
- Shares
- 28,600
-44%
- First Tracks BiotherapeuticsTRAX
- Share
- <0.1%
- Value
- $560,865
- Shares
- 27,876
New
- Skye Bioscience
- Share
- <0.1%
- Value
- $470,701
- Shares
- 678,928
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Teva Pharmaceutical IndustriesTEVA | 7.3% | $51m | 1,500,082 | +32% |
| Mineralys TherapeuticsMLYS | 5.7% | $40m | 1,469,971 | +10% |
| Tower SemiconductorTSEM | 4.0% | $28m | 108,265 | -26% |
| Syndax PharmaceuticalsSNDX | 3.2% | $22m | 1,014,606 | +40% |
| BiogenBIIB | 3.0% | $21m | 96,626 | +4% |
| Ultragenyx PharmaceuticalRARE | 2.8% | $20m | 588,494 | -27% |
| Biomarin PharmaceuticalBMRN | 2.7% | $19m | 328,550 | +135% |
| CytokineticsCYTK | 2.7% | $19m | 219,987 | +453% |
| BridgeBio PharmaBBIO | 2.6% | $18m | 245,346 | Held |
| Cogent BiosciencesCOGT | 2.5% | $18m | 459,340 | +10% |
| NovaNVMI | 2.0% | $14m | 25,169 | -53% |
| InsmedINSM | 1.8% | $13m | 118,800 | New |
| Maze TherapeuticsMAZE | 1.8% | $12m | 417,564 | +84% |
| AstrazenecaAZN | 1.7% | $12m | 62,530 | Held |
| Sanofi SASNY | 1.6% | $11m | 269,515 | Held |
| Helus PharmaHELP | 1.5% | $11m | 1,620,753 | +64% |
| Eli LillyLLY | 1.4% | $10m | 8,040 | -11% |
| Madrigal PharmaceuticalsMDGL | 1.3% | $9m | 17,419 | +93% |
| Trevi TherapeuticsTRVI | 1.3% | $9m | 499,029 | -13% |
| Acadia PharmaceuticalsACAD | 1.3% | $9m | 356,534 | +39% |
| Celldex TherapeuticsCLDX | 1.3% | $9m | 240,868 | Held |
| Rhythm PharmaceuticalsRYTM | 1.3% | $9m | 80,400 | New |
| Oric PharmaceuticalsORIC | 1.2% | $8m | 752,983 | +40% |
| Lam ResearchLRCX | 1.1% | $8m | 18,470 | New |
| Applied MaterialsAMAT | 1.1% | $8m | 11,040 | New |
| Tango TherapeuticsTNGX | 1.1% | $8m | 254,250 | -26% |
| Novartis AGNVS | 1.1% | $8m | 50,000 | +35% |
| Solaredge Technologies | 1.1% | $8m | 4,000,000 | Held |
| Vor BiopharmaVOR | 1.1% | $8m | 416,417 | +29% |
| AbbVieABBV | 1.1% | $8m | 30,256 | Held |
| MerckMRK | 1.1% | $8m | 58,600 | +21% |
| Johnson & JohnsonJNJ | 1.0% | $7m | 28,831 | Held |
| IDEAYA BiosciencesIDYA | 1.0% | $7m | 196,408 | New |
| ImmaticsIMTX | 1.0% | $7m | 720,057 | +3% |
| Nuvectis PharmaNVCT | 1.0% | $7m | 382,945 | New |
| PfizerPFE | 1.0% | $7m | 286,000 | +54% |
| Harmony Biosciences HoldingsHRMY | 0.9% | $6m | 176,663 | New |
| Xenon PharmaceuticalsXENE | 0.9% | $6m | 105,000 | -17% |
| Climb BioCLYM | 0.9% | $6m | 483,747 | +15% |
| Zenas BioPharmaZBIO | 0.8% | $6m | 230,834 | +8% |
| Novo Nordisk A SNVO | 0.8% | $6m | 120,677 | Held |
| Enliven TherapeuticsELVN | 0.8% | $6m | 112,765 | -26% |
| Prelude TherapeuticsPRLD | 0.8% | $5m | 1,019,832 | +83% |
| GSKGSK | 0.8% | $5m | 102,000 | -16% |
| Forte Biosciences | 0.8% | $5m | 249,693 | +35% |
| BioAge LabsBIOA | 0.7% | $5m | 213,671 | +147% |
| Scholar Rock HoldingSRRK | 0.7% | $5m | 94,265 | Held |
| Satellos BioscienceMSLE | 0.7% | $5m | 652,590 | +33% |
| Palisade BIOPALI | 0.7% | $5m | 2,257,106 | +30% |
| Eledon PharmaceuticalsELDN | 0.7% | $5m | 1,191,187 | -33% |
| VistraVST | 0.7% | $5m | 29,450 | New |
| Talen EnergyTLN | 0.7% | $5m | 12,135 | New |
| SavaraSVRA | 0.7% | $5m | 756,164 | +2% |
| Disc MedicineIRON | 0.7% | $5m | 63,538 | +19% |
| Global X FDSCLOU | 0.6% | $4m | 195,900 | New |
| Dyne TherapeuticsDYN | 0.6% | $4m | 199,594 | +24% |
| Relay TherapeuticsRLAY | 0.6% | $4m | 233,836 | -43% |
| Avalo TherapeuticsAVTX | 0.6% | $4m | 232,294 | New |
| ProMIS NeurosciencesPMN | 0.6% | $4m | 325,591 | Held |
| Biocryst PharmaceuticalsBCRX | 0.6% | $4m | 422,051 | -51% |
| Revolution MedicinesRVMD | 0.6% | $4m | 22,400 | -59% |
| Cabaletta BioCABA | 0.6% | $4m | 1,329,012 | New |
| Generate BiomedicinesGENB | 0.6% | $4m | 245,000 | +32% |
| MediWoundMDWD | 0.6% | $4m | 273,192 | Held |
| Alpha CognitionACOG | 0.6% | $4m | 545,816 | -4% |
| Wave Life SciencesWVE | 0.5% | $4m | 638,272 | +16% |
| Corvus PharmaceuticalsCRVS | 0.5% | $4m | 244,961 | Held |
| Ovid TherapeuticsOVID | 0.5% | $4m | 1,353,000 | -17% |
| BridgeBio Oncology TherapeuticsBBOT | 0.5% | $4m | 460,985 | New |
| CytomX TherapeuticsCTMX | 0.5% | $3m | 879,000 | +300% |
| ProQR TherapeuticsPRQR | 0.5% | $3m | 1,757,458 | New |
| Alnylam PharmaceuticalsALNY | 0.5% | $3m | 10,800 | New |
| Kura OncologyKURA | 0.5% | $3m | 295,039 | Held |
| Kodiak SciencesKOD | 0.5% | $3m | 81,796 | -29% |
| Ormat TechnologiesORA | 0.4% | $3m | 28,015 | -59% |
| Contineum TherapeuticsCTNM | 0.4% | $3m | 183,475 | +6% |
| Larimar TherapeuticsLRMR | 0.4% | $3m | 926,004 | New |
| Immix BiopharmaIMMX | 0.4% | $3m | 270,000 | New |
| AmgenAMGN | 0.4% | $3m | 7,500 | Held |
| BiohavenBHVN | 0.4% | $2m | 164,437 | -72% |
| Constellation EnergyCEG | 0.4% | $2m | 9,850 | New |
| VerastemVSTM | 0.3% | $2m | 632,632 | +84% |
| Tenax TherapeuticsTENX | 0.3% | $2m | 120,200 | -12% |
| Taysha Gene TherapiesTSHA | 0.2% | $2m | 250,000 | New |
| Structure TherapeuticsGPCR | 0.2% | $2m | 28,600 | -44% |
| Upstream BioUPB | 0.2% | $2m | 219,700 | -39% |
| Voyager TherapeuticsVYGR | 0.2% | $1m | 427,554 | -9% |
| Organogenesis HoldingsORGO | 0.2% | $1m | 550,000 | Held |
| Inhibikase TherapeuticsIKT | 0.2% | $1m | 649,309 | New |
| CurisCRIS | 0.1% | $1m | 98,996 | -95% |
| Shattuck LabsSTTK | <0.1% | $600,039 | 86,461 | -69% |
| First Tracks BiotherapeuticsTRAX | <0.1% | $560,865 | 27,876 | New |
| Skye Bioscience | <0.1% | $470,701 | 678,928 | Held |
| Traws PharmaTRAW | <0.1% | $336,043 | 398,486 | New |
| EvommuneEVMN | <0.1% | $300,779 | 22,632 | -71% |
| Werewolf TherapeuticsHOWL | <0.1% | $225,589 | 626,810 | Held |
| Aprea TherapeuticsAPRE | <0.1% | $216,621 | 270,000 | Held |
Options (8)
- Spdr Series TrustXBI
- Type
- Put
- Value
- $24m
- Contracts
- 150,000
- BiogenBIIB
- Type
- Call
- Value
- $22m
- Contracts
- 100,000
- CytokineticsCYTK
- Type
- Call
- Value
- $9m
- Contracts
- 100,000
- Praxis Precision MedicinesPRAX
- Type
- Call
- Value
- $4m
- Contracts
- 12,500
- Ishares TRTLT
- Type
- Call
- Value
- $4m
- Contracts
- 47,000
- Abivax SAABVX
- Type
- Put
- Value
- $3m
- Contracts
- 20,000
- Tenax TherapeuticsTENX
- Type
- Call
- Value
- $2m
- Contracts
- 127,600
- Oric PharmaceuticalsORIC
- Type
- Call
- Value
- $1m
- Contracts
- 100,000
| Company | Type | Value | Contracts |
|---|---|---|---|
| Spdr Series TrustXBI | Put | $24m | 150,000 |
| BiogenBIIB | Call | $22m | 100,000 |
| CytokineticsCYTK | Call | $9m | 100,000 |
| Praxis Precision MedicinesPRAX | Call | $4m | 12,500 |
| Ishares TRTLT | Call | $4m | 47,000 |
| Abivax SAABVX | Put | $3m | 20,000 |
| Tenax TherapeuticsTENX | Call | $2m | 127,600 |
| Oric PharmaceuticalsORIC | Call | $1m | 100,000 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 82.7% since 30 June 2025.
Where the money is
Health care84.4%
Technology6.3%
Utilities2.1%
Industrials2.0%
Other5.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.