Paradigm Biocapital Advisors LP

NEW YORK, NY · CIK 1855655 · 13F filing filed 2023-08-14

SEC-registered investment adviser since 2021 · limited partnership

Assets managed$4.5bn
Staff11 · 6 in investment roles
Main clients (by assets)Private funds 90%
Private funds2 (2 hedge) · $4.1bn gross assets
Form ADV · 2026-08-27SEC adviser record

Legal entityPARADIGM BIOCAPITAL ADVISORS LP (US)

$1.2bn reported value +17.1% vs Q1 2023

29positions

56.6%in top 10

9 new 17 added 3 reduced 5 sold out vs Q1 2023

Options: 0 call positions (— notional), 1 put positions ($58.5m notional) – listed below, not included above.

Holdings, Q2 2023

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	LEGEND BIOTECH CORP SPONSORED ADS LEGN	LEGN	1,805,717	$124.6m10.09%	10.09%	Added +295.4k	+295,393 19.6%
2	INCYTE CORP COM INCY	INCY	1,381,711	$86.0m6.96%	6.96%	Added +120.0k	+120,000 9.5%
3	IMMUNOCORE HLDGS PLC ADS IMCR	IMCR	1,270,124	$76.2m6.16%	6.16%	Added +143.9k	+143,868 12.8%
4	ARCELLX INC COMMON STOCK ACLX	ACLX	2,347,000	$74.2m6.01%	6.01%	Added +589.2k	+589,221 33.5%
5	KARUNA THERAPEUTICS INC COM COM		283,605	$61.5m4.98%	4.98%	New
6	CEREVEL THERAPEUTICS HLDNG I COM CERE	CERE	1,868,946	$59.4m4.81%	4.81%	Added +273.7k	+273,747 17.2%
7	VIRIDIAN THERAPEUTICS INC COM VRDN	VRDN	2,415,256	$57.5m4.65%	4.65%	Added +329.6k	+329,558 15.8%
8	ARGENX SE SPONSORED ADR ARGX	ARGX	142,259	$55.4m4.49%	4.49%	Reduced -38.9k	-38,913 -21.5%
9	UNITED THERAPEUTICS CORP DEL COM UTHR	UTHR	238,388	$52.6m4.26%	4.26%	Added +26.5k	+26,496 12.5%
10	MIRATI THERAPEUTICS INC COM MRTX	MRTX	1,443,762	$52.2m4.22%	4.22%	Added +47.0k	+46,983 3.4%
11	SYNDAX PHARMACEUTICALS INC COM SNDX	SNDX	2,424,132	$50.7m4.11%	4.11%	Added +149.6k	+149,620 6.6%
12	BICYCLE THERAPEUTICS PLC SPONSORED ADS BCYC	BCYC	1,985,430	$50.7m4.10%	4.10%	Added +168.6k	+168,649 9.3%
13	NUVALENT INC COM COM		1,120,465	$47.3m3.82%	3.82%	New
14	BEIGENE LTD SPONSORED ADR ONC	ONC	216,093	$38.5m3.12%	3.12%	Added +32.1k	+32,081 17.4%
15	XENON PHARMACEUTICALS INC COM XENE	XENE	989,327	$38.1m3.08%	3.08%	Added +338.3k	+338,259 52.0%
16	OLEMA PHARMACEUTICALS INC COM OLMA	OLMA	3,731,046	$33.7m2.73%	2.73%	Added +1.3m	+1,348,669 56.6%
17	AMBRX BIOPHARMA INC SPONSORED ADS SPONSORED ADS		1,650,499	$27.2m2.20%	2.20%	New
18	CRINETICS PHARMACEUTICALS IN COM CRNX	CRNX	1,395,002	$25.1m2.03%	2.03%	Added +261.2k	+261,220 23.0%
19	ALPINE IMMUNE SCIENCES INC COM NVLS	NVLS	2,423,961	$24.9m2.02%	2.02%	Added +106.3k	+106,327 4.6%
20	VIR BIOTECHNOLOGY INC COM VIR	VIR	1,014,239	$24.9m2.01%	2.01%	New
21	ZAI LAB LTD ADR ZLAB	ZLAB	865,297	$24.0m1.94%	1.94%	Added +84.7k	+84,739 10.9%
22	IMMATICS N.V SHS IMTX	IMTX	1,984,813	$22.9m1.85%	1.85%	New
23	AUTOLUS THERAPEUTICS PLC SPON ADS AUTL	AUTL	9,217,150	$21.9m1.78%	1.78%	New
24	VOR BIOPHARMA INC COM COM		6,461,467	$20.0m1.62%	1.62%	Reduced -16.5k	-16,532 -0.3%
25	MADRIGAL PHARMACEUTICALS INC COM MDGL	MDGL	85,000	$19.6m1.59%	1.59%	New
26	VERONA PHARMA PLC SPONSORED ADS VRNA	VRNA	893,861	$18.9m1.53%	1.53%	Reduced -68.5k	-68,500 -7.1%
27	MOONLAKE IMMUNOTHERAPEUTICS CLASS A ORD MLTX	MLTX	369,615	$18.9m1.53%	1.53%	New
28	THESEUS PHARMACEUTICALS INC COM COM		1,950,327	$18.2m1.47%	1.47%	Added +445.0k	+445,000 29.6%
29	KURA ONCOLOGY INC COM KURA	KURA	1,004,908	$10.6m0.86%	0.86%	New

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
BIOGEN INC BIIB	BIIB	349,593	$97.2m349.6k shares
SEAGEN INC SGEN	SGEN	281,969	$57.1m282.0k shares
KEROS THERAPEUTICS INC KROS	KROS	930,752	$39.7m930.8k shares
ASCENDIS PHARMA A/S		350,866	$37.6m350.9k shares
POSEIDA THERAPEUTICS INC PSTX	PSTX	1,072,410	$3.3m1.1m shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ARGENX SE ARGX · Put	ARGX	Put	150,000	$58.5m150.0k shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
OLEMA PHARMACEUTICALS INC OLMA · 13G · filed 2025-02-14	OLMA	10.0%≈ $92.9m		13G	2025-02-14
EDGEWISE THERAPEUTICS INC EWTX · 13G · filed 2026-08-14	EWTX	9.5%≈ $415.1m	+3.3 pts	13G	2026-08-14
ACHIEVE LIFE SCIENCES INC ACHV · 13G · filed 2026-04-24	ACHV	9.2%≈ $64.7m	new	13G	2026-04-24
ASSEMBLY BIOSCIENCES INC ASMB · 13G · filed 2026-08-14	ASMB	7.8%≈ $42.7m	+2.4 pts	13G	2026-08-14
VIRIDIAN THERAPEUTICS INC VRDN · 13G · filed 2026-08-14	VRDN	6.1%≈ $123.5m	+1.0 pts	13G	2026-08-14
TYRA BIOSCIENCES INC TYRA · 13G · filed 2026-09-17	TYRA	5.8%≈ $110.9m	new	13G	2026-09-17
LEXEO THERAPEUTICS INC LXEO · 13G · filed 2026-08-14	LXEO	5.3%≈ $19.4m	-3.0 pts	13G	2026-08-14
MBX BIOSCIENCES INC MBX · 13G · filed 2026-06-24	MBX	5.2%≈ $137.6m	new	13G	2026-06-24
SPYRE THERAPEUTICS INC SYRE · 13G · filed 2026-10-01	SYRE	5.1%≈ $395.7m	new	13G	2026-10-01
JADE BIOSCIENCES INC JBIO · 13G · filed 2026-07-17	JBIO	5.1%≈ $69.0m	new	13G	2026-07-17