SPHERA FUNDS MANAGEMENT LTD.

CIK

1496201

Location

TEL AVIV, L3

Portfolio Value

Small $591,353,809

Diversification

Diversified

Filing Date

Global Rank

#2,101 / 8,232 ▲ 412

Top Industry

Biotechnology 58.1%

3Y Alpha vs SPY

+0.1%

Period ended 2 months ago

Filed May 15, 2026 · 30d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+76.5%

SPY

+76.3%

Annualised alpha

+0.1%

Max drawdown

−37.4%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

91 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

6.1%

−1.2 pts

Top 5

23.5%

+2.7 pts

Top 10

37.9%

+3.4 pts

HHI

223

Diversified+10

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Healthcare	81.7%	$483,120,469	78
Technology	15.0%	$88,864,693	9
Utilities	1.3%	$7,638,540	1
Consumer Cyclical	1.1%	$6,652,143	1
Industrials	0.5%	$2,791,782	1
Unclassified	0.4%	$2,286,182	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
PALI	Palisade Bio, Inc.	+1,549,371	1,733,471	$3,033,574
MLYS	Mineralys Therapeutics, Inc.	+890,968	1,339,971	$36,299,814
PRLD	Prelude Therapeutics Inc	+435,587	558,339	$1,909,519
PMN	ProMIS Neurosciences Inc.	+313,784	325,591	$4,135,005
CYTK	Cytokinetics Inc	+207,400	299,117	$19,714,801
SKYE	Skye Bioscience, Inc.	+200,000	678,928	$417,540
HELP	Cybin Inc.	+161,514	987,090	$4,738,032
RARE	Ultragenyx Pharmaceutical Inc.	+158,710	809,333	$16,955,526
MAZE	Maze Therapeutics, Inc.	+155,500	227,343	$6,786,188
WVE	Wave Life Sciences Ltd.	+140,106	548,272	$3,974,972
BBIO	BridgeBio Pharma, Inc.	+137,500	245,246	$18,211,967
VYGR	Voyager Therapeutics, Inc.	+130,000	469,761	$1,813,277
PFE	Pfizer Inc	+100,000	186,000	$5,222,880
SLNO	Soleno Therapeutics Inc	+79,967	216,281	$7,241,087
ACAD	Acadia Pharmaceuticals Inc	+44,000	256,202	$5,703,056
MDWD	MediWound Ltd.	+42,845	273,192	$4,401,123
COGT	Cogent Biosciences, Inc.	+37,840	416,340	$16,024,926
SNY	Sanofi	+30,000	269,515	$12,985,232
IBIT	iShares Bitcoin Trust ETF	+29,450	59,505	$2,286,182
BCRX	Biocryst Pharmaceuticals Inc	+28,575	866,464	$8,248,737
TSEM	Tower Semiconductor Ltd	+23,222	145,735	$25,573,577
CAMT	Camtek Ltd	+13,522	53,020	$8,038,362
TEVA	Teva Pharmaceutical Industries Ltd	+13,450	1,136,975	$34,245,687
GPCR	Structure Therapeutics Inc.	+9,800	50,800	$2,448,560
MDGL	Madrigal Pharmaceuticals, Inc.	+5,740	9,040	$4,732,168
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
CLYM	Climb Bio, Inc.	−513,000	419,247	$2,871,841
ORIC	Oric Pharmaceuticals, Inc.	−466,750	537,628	$6,811,746
SVRA	Savara Inc	−439,000	739,164	$4,035,835
ELDN	Eledon Pharmaceuticals, Inc.	−360,000	1,772,131	$5,458,163
DTIL	Precision Biosciences Inc	−356,116	40,000	$220,000
DYN	Dyne Therapeutics, Inc.	−232,300	160,594	$2,911,569
TNGX	Tango Therapeutics, Inc.	−201,000	343,563	$7,187,337
IMTX	Immatics N.V.	−165,000	696,105	$6,849,673
CRVS	Corvus Pharmaceuticals, Inc.	−159,748	247,961	$3,627,669
BIOA	BioAge Labs, Inc.	−156,517	86,518	$1,513,199
SEDG	Solaredge Technologies, Inc.	−143,700	52,836	$2,697,277
VOR	Vor Biopharma Inc.	−88,500	321,917	$5,742,999
EVMN	Evommune, Inc.	−87,913	78,234	$1,798,599
ELVN	Enliven Therapeutics, Inc.	−73,500	153,265	$6,007,988
SRRK	Scholar Rock Holding Corp	−64,000	94,265	$4,634,067
KOD	Kodiak Sciences Inc.	−60,704	114,796	$4,376,023
FOLD	AMICUS THERAPEUTICS, INC.	−55,000	603,377	$8,724,831
TENX	Tenax Therapeutics, Inc.	−54,096	136,015	$2,174,879
NICE	NICE Ltd.	−50,089	5,611	$618,668
ENPH	Enphase Energy, Inc.	−44,081	142,419	$5,384,862
SNDX	Syndax Pharmaceuticals Inc	−38,000	724,563	$16,925,791
APLS	Apellis Pharmaceuticals, Inc.	−36,047	214,914	$8,645,990
ZIM	ZIM Integrated Shipping Services Ltd.	−30,055	105,950	$2,791,782
TRVI	Trevi Therapeutics, Inc.	−24,505	574,029	$6,848,165
BMRN	Biomarin Pharmaceutical Inc	−7,100	139,900	$7,902,951
No positions match the current search.

New Positions

Positions the filer opened this quarter

20 positions

Ticker	Company	Shares	Value
AZN	Astrazeneca PLC	62,530	$12,332,166
CLBT	Cellebrite DI Ltd.	631,521	$8,702,359
PANW	Palo Alto Networks Inc	52,800	$8,464,896
ORA	Ormat Technologies, Inc.	68,250	$7,638,540
XENE	Xenon Pharmaceuticals Inc.	127,000	$7,385,050
AMZN	Amazon Com Inc	31,940	$6,652,143
AAOI	Applied Optoelectronics, Inc.	73,400	$6,208,906
BHVN	Biohaven Ltd.	594,000	$5,025,240
ZBIO	Zenas BioPharma, Inc.	214,334	$4,190,229
RLAY	Relay Therapeutics, Inc.	408,436	$4,063,938
OVID	Ovid Therapeutics Inc.	1,622,828	$3,602,678
IRON	Disc Medicine, Inc.	53,538	$3,423,219
UPB	Upstream Bio, Inc.	358,000	$3,222,000
MSLE	Satellos Bioscience Inc.	489,207	$2,754,235
GENB	Generate Biomedicines, Inc.	185,000	$2,312,500
OLMA	Olema Pharmaceuticals, Inc.	100,000	$1,491,000
ORGO	Organogenesis Holdings Inc.	550,000	$1,303,500
CRIS	Curis Inc	1,994,937	$1,097,215
CTMX	CytomX Therapeutics, Inc.	220,000	$1,034,000
FHTX	Foghorn Therapeutics Inc.	12,224	$58,430
No positions match the current search.

Sold Out

Positions the filer fully exited

19 positions

Ticker	Company	Shares	Value
PRAX	Praxis Precision Medicines, Inc.	40,000	$11,789,600
ANNX	Annexon, Inc.	1,316,212	$6,607,384
AMD	Advanced Micro Devices Inc	18,040	$3,863,446
TARA	Protara Therapeutics, Inc.	650,000	$3,464,500
AVGO	Broadcom Inc.	9,755	$3,376,205
ESLT	Elbit Systems Ltd	5,340	$3,084,971
NRIX	Nurix Therapeutics, Inc.	124,000	$2,352,280
JANX	Janux Therapeutics, Inc.	157,840	$2,178,192
TSHA	Taysha Gene Therapies, Inc.	368,146	$2,024,803
PHVS	Pharvaris N.V.	63,953	$1,774,695
VRNS	Varonis Systems Inc	52,500	$1,722,000
DAWN	Day One Biopharmaceuticals, Inc.	145,371	$1,354,857
TRDA	Entrada Therapeutics, Inc.	110,942	$1,140,483
TNYA	Tenaya Therapeutics, Inc.	1,500,000	$1,068,000
CATX	Perspective Therapeutics, Inc.	349,973	$962,425
JSPR	Jasper Therapeutics, Inc.	485,401	$888,283
PEPG	PepGen Inc.	121,467	$790,750
OKUR	OnKure Therapeutics, Inc.	60,454	$175,316
MREO	Mereo BioPharma Group plc	255,400	$106,501
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

91 positions · $591,353,809 total · as of Mar 31, 2026

All sectors Consumer Cyclical Healthcare Industrials Technology Utilities

Showing 1–50 of 91 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
MLYS	Mineralys Therapeutics, Inc. Healthcare	Added	1,339,971	+890,968	$36,299,814	+122.8%	6.14%
TEVA	Teva Pharmaceutical Industries Ltd Healthcare	Added	1,136,975	+13,450	$34,245,687	−2.3%	5.79%
TSEM	Tower Semiconductor Ltd Technology	Added	145,735	+23,222	$25,573,577	+77.8%	4.32%
NVMI	Nova Ltd. Technology	Added	53,366	+5,520	$23,175,786	+47.5%	3.92%
CYTK	Cytokinetics Inc Healthcare	Added	299,117	+207,400	$19,714,801	+238.3%	3.33%
BBIO	BridgeBio Pharma, Inc. Healthcare	Added	245,246	+137,500	$18,211,967	+121.0%	3.08%
BIIB	Biogen Inc. Healthcare	Reduced	92,526	-2,212	$16,962,791	+1.7%	2.87%
RARE	Ultragenyx Pharmaceutical Inc. Healthcare	Added	809,333	+158,710	$16,955,526	+13.3%	2.87%
SNDX	Syndax Pharmaceuticals Inc Healthcare	Reduced	724,563	-38,000	$16,925,791	+5.6%	2.86%
COGT	Cogent Biosciences, Inc. Healthcare	Added	416,340	+37,840	$16,024,926	+19.2%	2.71%
SNY	Sanofi Healthcare	Added	269,515	+30,000	$12,985,232	+11.9%	2.20%
AZN	Astrazeneca PLC Healthcare	NEW	62,530	NEW	$12,332,166	NEW	2.09%
FOLD	AMICUS THERAPEUTICS, INC. Healthcare	Reduced	603,377	-55,000	$8,724,831	−6.9%	1.48%
CLBT	Cellebrite DI Ltd. Technology	NEW	631,521	NEW	$8,702,359	NEW	1.47%
APLS	Apellis Pharmaceuticals, Inc. Healthcare	Reduced	214,914	-36,047	$8,645,990	+37.1%	1.46%
PANW	Palo Alto Networks Inc Technology	NEW	52,800	NEW	$8,464,896	NEW	1.43%
LLY	ELI LILLY & Co Healthcare	Held	9,040	0	$8,314,720	−14.4%	1.41%
BCRX	Biocryst Pharmaceuticals Inc Healthcare	Added	866,464	+28,575	$8,248,737	+26.2%	1.39%
CAMT	Camtek Ltd Technology	Added	53,020	+13,522	$8,038,362	+91.4%	1.36%
BMRN	Biomarin Pharmaceutical Inc Healthcare	Reduced	139,900	-7,100	$7,902,951	−9.5%	1.34%
CLDX	Celldex Therapeutics, Inc. Healthcare	Added	243,575	+3,811	$7,726,199	+18.6%	1.31%
ORA	Ormat Technologies, Inc. Utilities	NEW	68,250	NEW	$7,638,540	NEW	1.29%
XENE	Xenon Pharmaceuticals Inc. Healthcare	NEW	127,000	NEW	$7,385,050	NEW	1.25%
SLNO	Soleno Therapeutics Inc Healthcare	Added	216,281	+79,967	$7,241,087	+14.7%	1.22%
TNGX	Tango Therapeutics, Inc. Healthcare	Reduced	343,563	-201,000	$7,187,337	+49.0%	1.22%
JNJ	Johnson & Johnson Healthcare	Reduced	28,831	-7,000	$7,047,449	−5.0%	1.19%
IMTX	Immatics N.V. Healthcare	Reduced	696,105	-165,000	$6,849,673	−24.2%	1.16%
TRVI	Trevi Therapeutics, Inc. Healthcare	Reduced	574,029	-24,505	$6,848,165	−8.6%	1.16%
ORIC	Oric Pharmaceuticals, Inc. Healthcare	Reduced	537,628	-466,750	$6,811,746	−17.1%	1.15%
MAZE	Maze Therapeutics, Inc. Healthcare	Added	227,343	+155,500	$6,786,188	+128.0%	1.15%
GSK	GSK plc Healthcare	Held	122,000	0	$6,733,180	+12.5%	1.14%
AMZN	Amazon Com Inc Consumer Cyclical	NEW	31,940	NEW	$6,652,143	NEW	1.12%
ABBV	AbbVie Inc. Healthcare	Added	30,256	+5,000	$6,580,377	+14.0%	1.11%
AAOI	Applied Optoelectronics, Inc. Technology	NEW	73,400	NEW	$6,208,906	NEW	1.05%
ELVN	Enliven Therapeutics, Inc. Healthcare	Reduced	153,265	-73,500	$6,007,988	+72.0%	1.02%
MRK	Merck & Co., Inc. Healthcare	Held	48,600	0	$5,846,094	+14.3%	0.99%
VOR	Vor Biopharma Inc. Healthcare	Reduced	321,917	-88,500	$5,742,999	+7.0%	0.97%
ACAD	Acadia Pharmaceuticals Inc Healthcare	Added	256,202	+44,000	$5,703,056	+0.6%	0.96%
NVS	Novartis AG Healthcare	Held	37,000	0	$5,651,750	+10.8%	0.96%
ELDN	Eledon Pharmaceuticals, Inc. Healthcare	Reduced	1,772,131	-360,000	$5,458,163	+69.5%	0.92%
ENPH	Enphase Energy, Inc. Technology	Reduced	142,419	-44,081	$5,384,862	−9.9%	0.91%
RVMD	Revolution Medicines, Inc. Healthcare	Added	55,110	+2,610	$5,359,447	+28.2%	0.91%
PFE	Pfizer Inc Healthcare	Added	186,000	+100,000	$5,222,880	+143.9%	0.88%
BHVN	Biohaven Ltd. Healthcare	NEW	594,000	NEW	$5,025,240	NEW	0.85%
FBRX	Forte Biosciences, Inc. Healthcare	Reduced	184,984	-885	$4,791,085	−5.5%	0.81%
HELP	Cybin Inc. Healthcare	Added	987,090	+161,514	$4,738,032	−29.8%	0.80%
MDGL	Madrigal Pharmaceuticals, Inc. Healthcare	Added	9,040	+5,740	$4,732,168	+146.2%	0.80%
SRRK	Scholar Rock Holding Corp Healthcare	Reduced	94,265	-64,000	$4,634,067	−33.5%	0.78%
NVO	Novo Nordisk A S Healthcare	Added	120,677	+5,000	$4,434,879	−24.6%	0.75%
MDWD	MediWound Ltd. Healthcare	Added	273,192	+42,845	$4,401,123	+3.5%	0.74%