SPHERA FUNDS MANAGEMENT LTD.

CIK

1496201

Location

TEL AVIV, L3

Portfolio Value

Small $592,116,907

Diversification

Diversified

Filing Date

Global Rank

#2,397 / 8,622 ▲ 323 · as of Mar 2026

Top Industry

Biotechnology 58.1%

3Y Alpha vs SPY

+3.5%

Period ended 4 months ago

Filed May 15, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+87.2%

SPY

+67.9%

Annualised alpha

+4.4%

Max drawdown

−37.0%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 90% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

92 tracked 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

37.8%

+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%	$483,883,567	79
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
STTK	Shattuck Labs, Inc.	+85,574	280,786	$1,805,453
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
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
CTMX	CytomX Therapeutics, Inc.	220,000	$1,034,000
FHTX	Foghorn Therapeutics Inc.	12,224	$58,430
CRIS	Curis Inc	1,994,937	$54,860
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

92 tracked positions · $592,116,907 total · as of Mar 31, 2026

All sectors Consumer Cyclical Healthcare Industrials Technology Utilities

Showing 1–50 of 92 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%	6.13%
TEVA	Teva Pharmaceutical Industries Ltd Healthcare	Added	1,136,975	+13,450	$34,245,687	−2.3%	5.78%
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%	3.91%
CYTK	Cytokinetics Inc CALL + SHARES 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%	2.86%
RARE	Ultragenyx Pharmaceutical Inc. Healthcare	Added	809,333	+158,710	$16,955,526	+13.3%	2.86%
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%	2.19%
AZN	Astrazeneca PLC Healthcare	NEW	62,530	NEW	$12,332,166	NEW	2.08%
FOLD	AMICUS THERAPEUTICS, INC. Healthcare	Reduced	603,377	-55,000	$8,724,831	−6.9%	1.47%
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%	1.40%
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%	1.33%
CLDX	Celldex Therapeutics, Inc. Healthcare	Added	243,575	+3,811	$7,726,199	+18.6%	1.30%
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%	1.21%
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%	1.01%
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%	0.95%
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%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.