PFM Health Sciences, LP

SAN FRANCISCO, CA · CIK 1442756 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2008 · limited partnership

Assets managed$1.3bn
Staff17 · 7 in investment roles
Main clients (by assets)Private funds 100%
Private funds4 (2 hedge) · $1.2bn gross assets
Websitepfmhealthsciences.com
Form ADV · 2026-03-31SEC adviser record

Legal entityPFM HEALTH SCIENCES, LP (US)

Kindhedge funds, private equity, futures
Others nearbySan Francisco, CA, New York, NY

As an employer

Offices in1 country
Private fundshedge 2, private equity 2

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
San Francisco, CA (main office)United States	United States	about 5
New York, NY2 officesUnited States	United States	2

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$1.2bn reported value +21.2% vs Q1 2026

96positions

34.3%in top 10

33 new 22 added 41 reduced 14 sold out vs Q1 2026

Options: 1 call positions ($8.0m notional), 1 put positions ($5.7m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ASCENDIS PHARMA A/S ORD SHS ASND	ASND	233,171	$62.2m5.40%	5.40%	New
2	AXSOME THERAPEUTICS INC COM AXSM	AXSM	219,596	$53.8m4.67%	4.67%	Reduced -44.7k	-44,708 -16.9%
3	ELI LILLY & CO COM LLY	LLY	39,258	$47.1m4.09%	4.09%	Reduced -26.5k	-26,504 -40.3%
4	JAZZ PHARMACEUTICALS PLC SHS USD JAZZ	JAZZ	160,768	$38.7m3.36%	3.36%	Reduced -17.4k	-17,376 -9.8%
5	HUMANA INC COM HUM	HUM	94,375	$37.5m3.25%	3.25%	New
6	UNITEDHEALTH GROUP INC COM UNH	UNH	88,276	$36.7m3.19%	3.19%	Added +30.2k	+30,238 52.1%
7	NEUROCRINE BIOSCIENCES INC COM NBIX	NBIX	213,407	$36.0m3.12%	3.12%	Reduced -2.3k	-2,271 -1.1%
8	INHIBRX BIOSCIENCES INC COM INBX	INBX	308,385	$29.2m2.54%	2.54%	Added +3.0k	+2,954 1.0%
9	UNITED THERAPEUTICS CORP DEL COM UTHR	UTHR	49,991	$27.1m2.35%	2.35%	Added +10.2k	+10,186 25.6%
10	REVOLUTION MEDICINES INC COM RVMD	RVMD	143,222	$26.8m2.33%	2.33%	Added +2.5k	+2,452 1.7%
11	ICON PLC SHS ICLR	ICLR	136,482	$23.7m2.06%	2.06%	Added +79.0k	+78,982 137.4%
12	TENET HEALTHCARE CORP COM NEW THC	THC	126,572	$23.7m2.06%	2.06%	Reduced -272.0k	-271,995 -68.2%
13	EDWARDS LIFESCIENCES CORP COM EW	EW	250,453	$22.7m1.97%	1.97%	Reduced -4.1k	-4,057 -1.6%
14	WATERS CORP COM WAT	WAT	59,825	$22.4m1.95%	1.95%	Added +20.1k	+20,062 50.5%
15	PENUMBRA INC COM PEN	PEN	60,221	$19.0m1.65%	1.65%	Reduced -79.6k	-79,558 -56.9%
16	BRIDGEBIO PHARMA INC COM BBIO	BBIO	253,358	$18.9m1.64%	1.64%	Reduced -4.4k	-4,389 -1.7%
17	STRYKER CORPORATION COM SYK	SYK	56,637	$17.8m1.55%	1.55%	Added +34.7k	+34,680 157.9%
18	METTLER TOLEDO INTERNATIONAL COM MTD	MTD	13,344	$17.0m1.48%	1.48%	New
19	INDIVIOR PHARMACEUTICALS INC COM INDV	INDV	401,208	$16.5m1.43%	1.43%	Reduced -173.5k	-173,458 -30.2%
20	MERCK & CO INC COM MRK	MRK	127,118	$16.3m1.42%	1.42%	New
21	CYTOKINETICS INC COM NEW CYTK	CYTK	191,686	$16.3m1.42%	1.42%	New
22	LANTHEUS HLDGS INC COM LNTH	LNTH	146,403	$16.2m1.41%	1.41%	New
23	CENTENE CORP DEL COM CNC	CNC	248,867	$16.0m1.39%	1.39%	Reduced -14.6k	-14,619 -5.5%
24	COOPER COS INC COM COO	COO	220,890	$15.8m1.38%	1.38%	Added +51.1k	+51,061 30.1%
25	MADRIGAL PHARMACEUTICALS INC COM MDGL	MDGL	29,313	$15.7m1.37%	1.37%	Reduced -4.8k	-4,833 -14.2%
26	ACADIA HEALTHCARE COMPANY IN COM ACHC	ACHC	524,934	$15.5m1.35%	1.35%	Reduced -57.8k	-57,811 -9.9%
27	ORUKA THERAPEUTICS INC COM ORKA	ORKA	158,825	$15.1m1.31%	1.31%	Reduced -15.2k	-15,227 -8.8%
28	OSCAR HEALTH INC CL A OSCR	OSCR	519,016	$14.8m1.29%	1.29%	Added +19.2k	+19,179 3.8%
29	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	28,496	$14.3m1.24%	1.24%	Added +13.7k	+13,664 92.1%
30	CVS HEALTH CORP COM CVS	CVS	137,457	$14.2m1.23%	1.23%	New
31	MERIT MED SYS INC COM MMSI	MMSI	197,038	$13.7m1.19%	1.19%	Added +34.6k	+34,569 21.3%
32	PRAXIS PRECISION MEDICINES I COM NEW PRAX	PRAX	38,575	$12.9m1.12%	1.12%	Added +3.1k	+3,137 8.8%
33	CELLDEX THERAPEUTICS INC NEW COM NEW CLDX	CLDX	342,751	$12.8m1.11%	1.11%	Added +17.8k	+17,794 5.5%
34	NOVO-NORDISK A S ADR NVO	NVO	265,016	$12.7m1.10%	1.10%	Added +67.8k	+67,835 34.4%
35	INTEGER HLDGS CORP COM ITGR	ITGR	126,669	$11.8m1.03%	1.03%	Reduced -8.4k	-8,412 -6.2%
36	DIANTHUS THERAPEUTICS INC COM DNTH	DNTH	121,222	$11.8m1.03%	1.03%	Reduced -50.9k	-50,915 -29.6%
37	DEFINIUM THERAPEUTICS INC COM SHS DFTX	DFTX	249,020	$11.7m1.02%	1.02%	Added +43.7k	+43,703 21.3%
38	GILEAD SCIENCES INC COM GILD	GILD	90,858	$11.5m1.00%	1.00%	New
39	RHYTHM PHARMACEUTICALS INC COM RYTM	RYTM	101,550	$11.3m0.98%	0.98%	Reduced -35.1k	-35,071 -25.7%
40	HENRY SCHEIN INC COM HSIC	HSIC	134,423	$11.2m0.97%	0.97%	Reduced -18.7k	-18,691 -12.2%
41	ARROWHEAD PHARMACEUTICALS IN COM ARWR	ARWR	131,667	$10.7m0.93%	0.93%	Added +67.4k	+67,388 104.8%
42	TANGO THERAPEUTICS INC COM TNGX	TNGX	326,047	$10.2m0.88%	0.88%	Reduced -80.2k	-80,198 -19.7%
43	TELEFLEX INCORPORATED COM TFX	TFX	79,708	$10.1m0.88%	0.88%	New
44	VIKING THERAPEUTICS INC COM VKTX	VKTX	255,330	$10.0m0.86%	0.86%	Reduced -7.8k	-7,776 -3.0%
45	BRIGHTSPRING HEALTH SVCS INC COM BTSG	BTSG	141,914	$9.9m0.86%	0.86%	Reduced -45.4k	-45,421 -24.2%
46	VERA THERAPEUTICS INC CL A VERA	VERA	224,289	$9.6m0.84%	0.84%	Added +49.4k	+49,422 28.3%
47	ROIVANT SCIENCES LTD SHS ROIV	ROIV	268,008	$9.5m0.82%	0.82%	Added +60.6k	+60,562 29.2%
48	CG ONCOLOGY INC COM CGON	CGON	128,286	$9.1m0.79%	0.79%	Reduced -37.6k	-37,639 -22.7%
49	AMNEAL PHARMACEUTICALS INC COM STK CL A AMRX	AMRX	480,715	$8.3m0.72%	0.72%	Reduced -449.4k	-449,381 -48.3%
50	EUPRAXIA PHARMACEUTICALS INC COM EPRX	EPRX	1,210,661	$8.0m0.69%	0.69%	Added +669.8k	+669,790 123.8%
51	IRHYTHM TECHNOLOGIES INC COM IRTC	IRTC	65,196	$7.8m0.67%	0.67%	New
52	KODIAK SCIENCES INC COM KOD	KOD	193,315	$7.5m0.65%	0.65%	Added +78.6k	+78,596 68.5%
53	ABBOTT LABS COM ABT	ABT	82,230	$7.5m0.65%	0.65%	Reduced -58.2k	-58,202 -41.4%
54	WEST PHARMACEUTICAL SVSC INC COM WST	WST	20,733	$7.4m0.65%	0.65%	New
55	TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS TAK	TAK	444,173	$7.1m0.62%	0.62%	New
56	HINGE HEALTH INC CL A HNGE	HNGE	82,860	$6.9m0.60%	0.60%	New
57	ARCUTIS BIOTHERAPEUTICS INC COM ARQT	ARQT	242,069	$6.3m0.55%	0.55%	New
58	INTEGRA LIFESCIENCES HLDGS C COM NEW IART	IART	348,746	$6.3m0.54%	0.54%	New
59	ILLUMINA INC COM ILMN	ILMN	35,040	$6.2m0.53%	0.53%	Added +6.2k	+6,171 21.4%
60	MEIRAGTX HLDGS PLC COM MGTX	MGTX	455,286	$6.2m0.53%	0.53%	New
61	OCULIS HOLDING AG ORDINARY SHARES OCS	OCS	436,042	$6.0m0.53%	0.53%	New
62	NATERA INC COM NTRA	NTRA	22,077	$6.0m0.52%	0.52%	Reduced -37.9k	-37,927 -63.2%
63	ABIVAX SA SPONSORED ADS ABVX	ABVX	43,264	$5.8m0.50%	0.50%	Added +16.6k	+16,600 62.3%
64	GUARDANT HEALTH INC COM GH	GH	36,701	$5.5m0.48%	0.48%	New
65	CELCUITY INC COM CELC	CELC	52,155	$5.5m0.47%	0.47%	New
66	BELITE BIO INC SPONSORED ADS BLTE	BLTE	34,803	$5.4m0.47%	0.47%	Reduced -24.6k	-24,629 -41.4%
67	STRUCTURE THERAPEUTICS INC SPONSORED ADS GPCR	GPCR	91,550	$4.9m0.43%	0.43%	Reduced -34.8k	-34,833 -27.6%
68	ARCUS BIOSCIENCES INC COM RCUS	RCUS	152,129	$4.7m0.41%	0.41%	New
69	CHARLES RIV LABS INTL INC COM CRL	CRL	18,747	$4.3m0.37%	0.37%	New
70	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	172,489	$4.2m0.37%	0.37%	New
71	ARGENX SE SPONSORED ADR ARGX	ARGX	4,482	$4.2m0.36%	0.36%	Reduced -53	-53 -1.2%
72	BIO RAD LABS INC CL A BIO	BIO	13,995	$4.1m0.36%	0.36%	New
73	SPYRE THERAPEUTICS INC COM NEW SYRE	SYRE	46,217	$4.1m0.36%	0.36%	New
74	MBX BIOSCIENCES INC COM MBX	MBX	70,971	$3.9m0.34%	0.34%	Reduced -923	-923 -1.3%
75	MIRUM PHARMACEUTICALS INC COM MIRM	MIRM	31,536	$3.7m0.32%	0.32%	New
76	CULLINAN THERAPEUTICS INC COM CGEM	CGEM	192,442	$3.5m0.30%	0.30%	Reduced -35.0k	-34,964 -15.4%
77	COMPASS PATHWAYS PLC SPONSORED ADS CMPS	CMPS	247,589	$3.5m0.30%	0.30%	Reduced -1.1m	-1,119,510 -81.9%
78	HCA HEALTHCARE INC COM HCA	HCA	8,295	$3.2m0.28%	0.28%	Reduced -5.1k	-5,056 -37.9%
79	CAPRICOR THERAPEUTICS INC COM NEW CAPR	CAPR	122,221	$2.9m0.26%	0.26%	Reduced -1.6k	-1,610 -1.3%
80	DENALI THERAPEUTICS INC COM DNLI	DNLI	100,966	$2.6m0.23%	0.23%	New
81	SYNDAX PHARMACEUTICALS INC COM SNDX	SNDX	118,422	$2.6m0.22%	0.22%	Reduced -126.6k	-126,599 -51.7%
82	AMYLYX PHARMACEUTICALS INC COM AMLX	AMLX	143,700	$2.6m0.22%	0.22%	Reduced -1.6k	-1,575 -1.1%
83	TARSUS PHARMACEUTICALS INC COM TARS	TARS	40,579	$2.6m0.22%	0.22%	Reduced -39.6k	-39,647 -49.4%
84	OUTSET MED INC COM NEW OM	OM	582,122	$2.5m0.22%	0.22%	Reduced -12.5k	-12,508 -2.1%
85	OMADA HEALTH INC COM OMDA	OMDA	114,442	$2.5m0.22%	0.22%	New
86	ERASCA INC COM ERAS	ERAS	134,088	$2.5m0.21%	0.21%	New
87	CENCORA INC COM COR	COR	7,385	$2.1m0.18%	0.18%	New
88	BIOCRYST PHARMACEUTICALS INC COM BCRX	BCRX	207,357	$2.1m0.18%	0.18%	New
89	OMNICELL COM COM OMCL	OMCL	49,040	$2.0m0.18%	0.18%	New
90	CVRX INC COM CVRX	CVRX	369,572	$1.9m0.16%	0.16%	New
91	HIMS & HERS HEALTH INC COM CL A HIMS	HIMS	49,454	$1.7m0.15%	0.15%	New
92	MINERALYS THERAPEUTICS INC COM MLYS	MLYS	62,418	$1.7m0.15%	0.15%	Reduced -80.3k	-80,259 -56.2%
93	TECTONIC THERAPEUTIC INC COM TECX	TECX	45,631	$1.6m0.14%	0.14%	Reduced -498	-498 -1.1%
94	UNIQURE NV SHS QURE	QURE	26,396	$1.2m0.11%	0.11%	Reduced -16.2k	-16,239 -38.1%
95	REZOLUTE INC COM NEW RZLT	RZLT	127,289	$661.9k0.06%	0.06%	Reduced -1.4k	-1,437 -1.1%
96	CARIBOU BIOSCIENCES INC COM CRBU	CRBU	354,687	$624.2k0.05%	0.05%	Reduced -603.1k	-603,100 -63.0%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ASCENDIS PHARMA A/S		152,034	$34.8m152.0k shares
GLAUKOS CORP GKOS	GKOS	215,685	$23.2m215.7k shares
CENTESSA PHARMACEUTICALS PLC		528,224	$21.0m528.2k shares
ASCENDIS PHARMA A/S ASND 2.25 04.01.28	ASND 2.25 04.01.28	11,505,000	$16.9m11.5m shares
NEOGENOMICS INC NEO	NEO	1,784,552	$13.2m1.8m shares
DEXCOM INC DXCM	DXCM	149,734	$9.4m149.7k shares
TERNS PHARMACEUTICALS INC		172,962	$9.1m173.0k shares
SOLENO THERAPEUTICS INC SLNO	SLNO	248,180	$8.3m248.2k shares
BILLIONTOONE INC BLLN	BLLN	88,069	$7.0m88.1k shares
CARDINAL HEALTH INC CAH	CAH	31,941	$6.7m31.9k shares
ALIGNMENT HEALTHCARE INC ALHC	ALHC	359,826	$6.3m359.8k shares
PERSONALIS INC PSNL	PSNL	870,097	$5.5m870.1k shares
MEDLINE INC MDLN	MDLN	86,777	$3.9m86.8k shares
GLOBUS MED INC GMED	GMED	16,923	$1.5m16.9k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
CENCORA INC COR · Call	COR	Call	28,100	$8.0m28.1k shares	New
CENTENE CORP DEL CNC · Put	CNC	Put	88,200	$5.7m88.2k shares	New