Deep Track Capital
Deep Track Capital, managed by a team of seasoned investment professionals, oversees assets totaling approximately $6.12 billion. The firm is known for its analytical approach to investment, focusing on deep research and data-driven strategies to identify opportunities primarily in the biotechnology and healthcare sectors. Their investment philosophy emphasizes long-term growth potential and innovation within these industries.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings β 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 β 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 β₯$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 |
|---|---|---|---|---|---|---|---|
| XBIPUT | $1.28B | 20.86% | $127.60 | $163.46 | +28.1% | 20.9% | |
| GH | $308.4M | 5.04% | $92.37 | $164.01 | +77.6% | 5.0% | |
| IMVT | $286.3M | 4.68% | $24.84 | $40.20 | +61.8% | 4.7% | |
| TARS | $252.5M | 4.12% | $70.15 | $69.98 | -0.2% | 4.1% | |
| PCVX | $249.9M | 4.08% | $58.11 | $61.28 | +5.5% | 4.1% | |
| GPCR | $206.3M | 3.37% | $48.20 | $56.19 | +16.6% | 3.4% | |
| AXSM | $185.9M | 3.04% | $169.02 | $248.66 | +47.1% | 3.0% | |
| APLS | $182.3M | 2.98% | $40.23 | β | 3.0% | ||
| OCUL | $166.7M | 2.72% | $8.47 | $10.18 | +20.2% | 2.7% | |
| VERA | $165.2M | 2.70% | $40.23 | $42.96 | +6.8% | 2.7% | |
| ALMS | $149.2M | 2.44% | $22.03 | $28.83 | +30.9% | 2.4% | |
| IONS | $146.4M | 2.39% | $75.09 | $86.09 | +14.7% | 2.4% | |
| NUVL | $141.0M | 2.30% | $102.45 | $123.78 | +20.8% | 2.3% | |
| ALKS | $127.0M | 2.07% | $35.36 | $55.31 | +56.4% | 2.1% | |
| CNTA | $125.4M | 2.05% | $39.72 | β | 2.0% | ||
| MLTX | $119.5M | 1.95% | $18.64 | $19.12 | +2.6% | 1.9% | |
| MAZE | $103.8M | 1.70% | $29.85 | $33.30 | +11.6% | 1.7% | |
| ORKA | $99.8M | 1.63% | $49.05 | $85.34 | +74.0% | 1.6% | |
| NRIX | $98.3M | 1.61% | $15.50 | $24.20 | +56.1% | 1.6% | |
| GMAB | $98.3M | 1.61% | $26.83 | $29.07 | +8.3% | 1.6% | |
| CYTK | $90.6M | 1.48% | $65.91 | $86.06 | +30.6% | 1.5% | |
| GRAL | $89.0M | 1.45% | $51.68 | $68.48 | +32.5% | 1.4% | |
| LBRX | $82.7M | 1.35% | $24.66 | $33.81 | +37.1% | 1.4% | |
| MBX | $82.3M | 1.34% | $29.85 | $61.22 | +105.1% | 1.3% | |
| BCAX | $80.8M | 1.32% | $19.89 | $29.90 | +50.3% | 1.3% | |
| CMPS | $67.3M | 1.10% | $5.53 | $12.98 | +134.7% | 1.1% | |
| BMRN | $65.0M | 1.06% | $56.49 | $60.30 | +6.7% | 1.1% | |
| BBIO | $62.5M | 1.02% | $74.26 | $77.94 | +5.0% | 1.0% | |
| IMCR | $58.3M | 0.95% | $30.15 | $32.83 | +8.9% | 0.9% | |
| TNGX | $57.5M | 0.94% | $20.92 | $30.36 | +45.1% | 0.9% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (8)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| ALMS | $149.2M | +30.9% | |
| NUVL | $141.0M | +20.8% | |
| GMAB | $98.3M | +8.3% | |
| DFTX | $56.7M | ||
| ATAI | $42.5M | ||
| CRVS | $36.5M | ||
| ACRS | $35.0M | ||
| MANE | $31.6M |
Exited Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| DVAX | $241.9M | |
| MNMD | $22.4M | |
| ATAI | $19.1M | |
| XENE | $16.4M | |
| MNPR | $6.2M | |
| BHVN | $5.6M | |
| RAPT | $3.7M | |
| ANL | $0.1M |
Increased (8)
| Ticker | Issuer | Notional | Shares Ξ | Since Filing |
|---|---|---|---|---|
| JANX | $15.3M | +1225.3% | ||
| IVA | $4.5M | +149.5% | ||
| OCUL | $68.8M | +143.9% | +20.2% | |
| COGT | $22.4M | +120.7% | ||
| ALKS | $71.0M | +79.5% | +56.4% | |
| GRAL | $1.5M | +68.4% | +32.5% | |
| CMPS | $16.6M | +65.8% | +134.7% | |
| CNTA | $75.4M | +57.9% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Ξ | Since Filing |
|---|---|---|---|---|
| CYTK | $-121.5M | -58.8% | +30.6% | |
| BMRN | $-71.7M | -50.0% | +6.7% | |
| VRDN | $-51.3M | -44.8% | ||
| APLS | $-12.3M | -41.5% | ||
| CLDX | $-10.9M | -32.4% | ||
| HELP | $-8.9M | -29.2% | ||
| DYN | $-15.6M | -24.5% | ||
| MAZE | $-72.1M | -18.1% | +11.6% |
Quarter Activity
During the quarter, Deep Track Capital initiated significant new positions in ALMS and NUVL, valued at $149 million and $141 million respectively, while also adding GMAB, DFTX, and ATAI to their portfolio. The fund exited positions in DVAX, which was their largest divestiture at $242 million, along with smaller exits from MNMD, XENE, and MNPR. Notably, there was a major increase in their JANX holdings, which rose by $1.225 billion, indicating a significant shift in portfolio concentration towards this asset.
AI Commentary
<p>Deep Track Capital's current portfolio showcases a strong emphasis on the healthcare sector, particularly biotechnology. The fund's top conviction positions include a significant put option on SPDR SERIES TRUST (XBI) valued at $1,277M, representing 20.9% of the portfolio. Other major holdings include GUARDANT HEALTH INC (GH) at $308M, IMMUNOVANT INC (IMVT) at $286M, and TARSUS PHARMACEUTICALS INC (TARS) at $253M. This concentration in biotech and pharmaceuticals indicates a deep sector focus, with the top ten holdings encapsulating a substantial portion of the fund's assets under management.</p> <p>The recent quarterly adjustments suggest strategic shifts in Deep Track Capital's investment thesis. The closure of positions in DYNAVAX TECHNOLOGIES CORP (DVAX) and several smaller biotech firms, coupled with the opening of new positions in ALMS at $149M and NUVL at $141M, indicates a recalibration towards emerging opportunities within the biotech sector. Notably, the fund has significantly increased its stakes in JANX (by 1225%) and OCUL (by 144%), reinforcing its confidence in these entities. Conversely, substantial reductions in CYTOKINETICS INC (CYTK) and BIOMARIN PHARMACEUTICAL INC (BMRN) reflect a more cautious or realigned stance towards these investments. These movements signal a nuanced, dynamic approach to portfolio management amidst evolving market conditions and scientific advancements within the biotech industry.</p>