Deep Track Capital Portfolio holdings
Deep Track Capital manages private funds that invest in life sciences, from biotechnology to medical devices, mostly through publicly traded stocks bought and sold short. David Kroin, its founder and chief investment officer, controls the firm, which was formed in 2020. The firm looks for gaps in how biotech development companies fare, pointing to the all-or-nothing results of clinical trials and regulatory decisions.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alnylam Pharmaceuticals
ALNY
|
+$249M |
| 2 |
Veradermics Inc
MANE
|
+$141M |
| 3 |
BioMarin Pharmaceuticals
BMRN
|
+$118M |
| 4 |
Hemab Therapeutics
COAG
|
+$99.4M |
| 5 |
United Therapeutics
UTHR
|
+$69.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apellis Pharmaceuticals
APLS
|
+$182M |
| 2 |
CNTA
Centessa Pharmaceuticals
CNTA
|
+$125M |
| 3 |
Axsome Therapeutics
AXSM
|
+$86.7M |
| 4 |
Immunovant
IMVT
|
+$66.6M |
| 5 |
BridgeBio Pharma
BBIO
|
+$62.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 98.8% |
| 2 | Miscellaneous | 1.2% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
76
Crescent Biopharma
CBIO
$501M
| – | – |
-453,686
| Closed | -$8.33M | – |
|
77
Janux Therapeutics
JANX
$1.07B
| – | – |
-1,187,290
| Closed | -$16.5M | – |
|
78
Larimar Therapeutics
LRMR
$257M
| – | – |
-1,500,000
| Closed | -$6.75M | – |
|
79
DELISTED
Soleno Therapeutics
SLNO
| – | – |
-1,078,710
| Closed | -$36.1M | – |
|
80
DELISTED
Terns Pharmaceuticals
TERN
| – | – |
-1,073,877
| Closed | -$56.6M | – |
|
81
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.8B
| – | – |
-10,000,000
| Closed | -$1.28B | – |
|
82
BillionToOne Inc
BLLN
$5.35B
| – | – |
-50,000
| Closed | -$3.95M | – |
|
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Deep Track Capital's Q2 2026 Portfolio in Review
As of Q2 2026, Deep Track Capital held 82 positions worth $6.87B, up 12% from $6.12B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Deep Track Capital deployed $514M of net new capital in Q2 2026, opening 19 new positions and adding to 22 existing holdings. Its largest new stake was Alnylam Pharmaceuticals: 825,000 shares worth $248M.
By sector, the portfolio is most concentrated in Healthcare at 99% of assets, up from 79% a quarter earlier, followed by Miscellaneous.
On the sell side, the largest reduction was Axsome Therapeutics, an estimated $86.7M trimmed.
- Deep Track Capital's largest Q2 2026 buy was Alnylam Pharmaceuticals: 825,000 shares worth $248M.
- Deep Track Capital added most to Veradermics Inc in Q2 2026, an estimated $141M increase.
- Deep Track Capital's biggest Q2 2026 reduction was Axsome Therapeutics, cutting an estimated $86.7M.
- Deep Track Capital fully exited Apellis Pharmaceuticals in Q2 2026, selling an estimated $182M.
- Deep Track Capital's ten largest holdings make up 40% of its $6.87B portfolio in Q2 2026.
- Deep Track Capital opened 19 new positions and closed 15 in Q2 2026.
- Deep Track Capital's portfolio value rose 12% quarter-over-quarter to $6.87B.
Based on Deep Track Capital's 13F filing for Q2 2026, filed 14 Aug 2026.