Granular segment
Therapeutics biotech
Therapeutics biotech covers companies whose value is driven by drug pipelines, clinical data, commercial launches, or platform science.
Current reported exposure$477M
Tagged bought / added$100M
Tagged sold / reduced$262M
Tracked funds1
Segment overview
This segment groups health-care businesses by the economic engine behind the exposure: discovery tools, drug development, scaled pharma manufacturing, or patient-service delivery. The risk profile changes sharply across those layers.
For 13F readers, the tag helps separate long-duration clinical optionality from cash-flowing service or product businesses. It also makes it easier to see when a fund is taking scientific risk versus reimbursement, utilization, or platform-consolidation risk.
What it covers
- Clinical-stage biotech
- Commercial specialty biotech
- Platform technologies
- M&A and licensing markets
What to watch
- Clinical trial readouts
- FDA and reimbursement decisions
- Cash runway
- Large-pharma M&A appetite
Tracked fund exposure
Duquesne Family Office LLC
Stanley Druckenmiller · Q4 2025 filed 2026-02-17
10.6% of reported 13F $477M
Clinical and commercial biotech positions focused on drug development.
Largest tracked holdings
| Ticker | Name | Value | Instrument |
|---|---|---|---|
| INSM | INSMED INC | $258M | SH |
| NAMS | NEWAMSTERDAM PHARMA COMPANY NV | $108M | SH |
| COGT | COGENT BIOSCIENCES INC | $79M | SH |
| PTGX | PROTAGONIST THERAPEUTICS INC | $14M | SH |
| CDTX | CIDARA THERAPEUTICS INC | $11M | SH |
| ADMA | ADMA BIOLOGICS INC | $5M | SH |
| WVE | WAVE LIFE SCIENCES LTD | $3M | SH |
Quarter activity
| Ticker | Action | Value |
|---|---|---|
| INSM | Trimmed | -$136M |
| VRNA | Closed | -$107M |
| COGT | Added | +$41M |
| NAMS | Added | +$40M |
| ELVN | Closed | -$19M |
| CDTX | New | +$11M |
| ADMA | New | +$5M |
| WVE | New | +$3M |