BVF Partners
BVF Partners, led by Mark Lampert, is a San Francisco-based investment firm specializing in biotechnology investments. Founded in 1993, the firm has built a reputation for deep sector expertise and a long-term investment approach. BVF Partners focuses on identifying undervalued biotech companies with potential for significant scientific and financial success.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 30 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| KYMR | $458.3M | 14.60% | $83.29 | $119.14 | +43.0% | 14.6% | |
| MLTX | $298.3M | 9.50% | $18.64 | $19.15 | +2.7% | 9.5% | |
| RVMD | $277.8M | 8.85% | $97.25 | $190.11 | +95.5% | 8.8% | |
| NKTR | $184.2M | 5.87% | $71.95 | $75.39 | +4.8% | 5.9% | |
| GPCR | $166.7M | 5.31% | $48.20 | $56.76 | +17.8% | 5.3% | |
| MIRM | $146.4M | 4.66% | $92.38 | $128.56 | +39.2% | 4.7% | |
| GHRS | $121.6M | 3.87% | $14.06 | $26.84 | +90.9% | 3.9% | |
| PVLA | $119.8M | 3.82% | $124.65 | $145.32 | +16.6% | 3.8% | |
| ZYME | $93.5M | 2.98% | $25.04 | $26.74 | +6.8% | 3.0% | |
| XNCR | $86.0M | 2.74% | $12.06 | $15.72 | +30.4% | 2.7% | |
| STOK | $83.0M | 2.64% | $32.56 | $33.38 | +2.5% | 2.6% | |
| CGEM | $81.7M | 2.60% | $14.21 | $18.19 | +28.0% | 2.6% | |
| IRON | $81.3M | 2.59% | $63.94 | $80.53 | +25.9% | 2.6% | |
| XOMA | $81.3M | 2.59% | $31.37 | $43.99 | +40.2% | 2.6% | |
| OLMA | $79.0M | 2.52% | $14.91 | $12.65 | -15.2% | 2.5% | |
| TYRA | $75.7M | 2.41% | $38.30 | $32.11 | -16.2% | 2.4% | |
| GLUE | $73.4M | 2.34% | $16.45 | $24.33 | +47.9% | 2.3% | |
| ALKS | $70.7M | 2.25% | $35.36 | $55.30 | +56.4% | 2.3% | |
| KURA | $68.7M | 2.19% | $8.13 | $11.94 | +46.9% | 2.2% | |
| ACIU | $54.5M | 1.74% | $2.75 | $2.59 | -5.8% | 1.7% | |
| CBIO | $50.5M | 1.61% | $18.37 | $17.23 | -6.2% | 1.6% | |
| ANNX | $48.2M | 1.54% | $5.54 | $6.41 | +15.7% | 1.5% | |
| CMPX | $41.1M | 1.31% | $5.29 | $2.32 | -56.1% | 1.3% | |
| IMCR | $39.0M | 1.24% | $30.15 | $33.22 | +10.2% | 1.2% | |
| SEPN | $32.5M | 1.04% | $24.03 | $35.77 | +48.9% | 1.0% | |
| STRO | $31.2M | 0.99% | $24.91 | $32.41 | +30.1% | 1.0% | |
| FHTX | $27.9M | 0.89% | $4.78 | $6.07 | +27.0% | 0.9% | |
| FDMT | $26.8M | 0.85% | $9.31 | $12.89 | +38.5% | 0.8% | |
| IVVD | $25.4M | 0.81% | $1.30 | $0.97 | -25.4% | 0.8% | |
| AVTX | $24.4M | 0.78% | $14.93 | $19.53 | +30.8% | 0.8% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (4)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| ALKS | $70.7M | +56.4% | |
| STRO | $31.2M | +30.1% | |
| AVR | $16.6M | ||
| OKUR | $8.2M |
Exited Positions (4)
| Ticker | Issuer | Notional |
|---|---|---|
| ABVX | $68.5M | |
| RPTX | $26.9M | |
| PEPG | $12.5M | |
| AXSM | $8.4M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| IRON | $29.7M | +95.7% | +25.9% | |
| NKTR | $118.2M | +64.1% | +4.8% | |
| IMA | $0.0M | +38.4% | ||
| AVTX | $-0.2M | +20.5% | +30.8% | |
| GLUE | $13.2M | +16.3% | +47.9% | |
| STOK | $11.0M | +12.4% | +2.5% | |
| FHTX | $-0.7M | +10.2% | +27.0% | |
| PVLA | $27.8M | +9.3% | +16.6% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| FDMT | $-7.9M | -37.8% | +38.5% | |
| SEPN | $-15.5M | -21.4% | +48.9% | |
| MLTX | $37.9M | -19.0% | +2.7% | |
| RVMD | $10.4M | -14.9% | +95.5% | |
| IMCR | $-11.3M | -13.1% | +10.2% | |
| TYRA | $19.8M | -7.1% | -16.2% | |
| ZYME | $-10.2M | -5.2% | +6.8% | |
| ANNX | $2.4M | -4.7% | +15.7% |
Quarter Activity
During the quarter, BVF Partners initiated new positions in ALKS, STRO, AVR, and OKUR, with the largest investment being $71 million in ALKS. The fund exited positions in ABVX, RPTX, PEPG, and AXSM, with the most significant exit being ABVX at $69 million. Notably, the fund increased its holdings in IRON and NKTR by $96 million and $64 million, respectively, while reducing its stake in FDMT and SEPN by $38 million and $21 million.
AI Commentary
<p>BVF Partners' current portfolio heavily emphasizes the biotechnology and pharmaceutical sectors, with its top holdings concentrated in these industries. The largest position is in KYMERA THERAPEUTICS INC (KYMR) at $458 million, accounting for 14.6% of the total assets under management (AUM). This is followed by MOONLAKE IMMUNOTHERAPEUTICS (MLTX) and REVOLUTION MEDICINES INC (RVMD) with significant allocations of 9.5% and 8.8% respectively. Other notable holdings include NEKTAR THERAPEUTICS (NKTR), STRUCTURE THERAPEUTICS INC (GPCR), and MIRUM PHARMACEUTICALS INC (MIRM), each representing a substantial portion of the fund's AUM.</p> <p>The recent quarter's activity suggests a strategic adjustment in BVF Partners' investment approach, particularly within the biotech sector. The fund initiated new positions in ALKERMES PLC (ALKS), SUTRO BIOPHARMA INC (STRO), AVEARIS INC (AVR), and OKYO PHARMA LTD (OKUR), indicating a bullish outlook on these entities. Conversely, the closure of positions in ABIVAX SA (ABVX), REPARE THERAPEUTICS INC (RPTX), PEPTIGON INC (PEPG), and AXSOME THERAPEUTICS INC (AXSM) might reflect a strategic shift or a response to performance or sectoral outlook changes. Notably, significant increases in holdings like IRONWOOD PHARMACEUTICALS INC (IRON) and NEKTAR THERAPEUTICS (NKTR) further underscore a focused confidence in selected biotech stocks, despite reductions in others like MOONLAKE IMMUNOTHERAPEUTICS (MLTX) and REVOLUTION MEDICINES INC (RVMD).</p>