SEC 13F Intelligence

Managers / Q4 2025 · view latest →

ARMISTICE CAPITAL, LLC

CIK 0001601086 · 510 MADISON AVENUE, 7TH FLOOR, NEW YORK, NY, 10022 · (212) 231-4932

Reported Value
$8.4B
Q4 2025
Positions
370
Filings on Record
26
2019–present window
Filed
Feb 17, 2026
original filing

Summary

Armistice Capital, LLC reported $8.4B in U.S.-listed holdings across 370 positions for Q4 2025.

Its largest position, PTCT, represents 2.5% of the portfolio.

Compared with Q3 2025, the fund opened 181 new positions and exited 144.

Portfolio Metrics

Turnover
+5.1%
vs prior filed quarter
Top-10 Concentration
+14.2%
share of reported value
Largest Position
+2.5%
Ptc Therapeutics
New / Exited
181 / 144
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q1 ’20: $1.6BQ1 ’20Q2 ’20: $2.3BQ3 ’20: $2.8BQ4 ’20: $2.2BQ1 ’21: $4.4BQ1 ’21Q2 ’21: $5.6BQ3 ’21: $5.9BQ4 ’21: $6.1BQ1 ’22: $5.2BQ1 ’22Q2 ’22: $5.7BQ3 ’22: $5.8BQ4 ’22: $5.7BQ1 ’23: $6.9BQ1 ’23Q2 ’23: $6.9BQ3 ’23: $6.5BQ4 ’23: $7.3BQ1 ’24: $7.5BQ1 ’24Q2 ’24: $7.9BQ3 ’24: $6.3BQ4 ’24: $7.3BQ1 ’25: $6.7BQ1 ’25Q2 ’25: $5.8BQ3 ’25: $6.7BQ4 ’25: $8.4BQ1 ’26: $5.6BQ1 ’26filingsflow.com

Portfolio Composition

By security type
ETP: 48.1%Common Stock: 46.2%ADR: 4.2%Other: 1.4%Equity WRT: 0.1%Other: 0.0%
  • ETP · 48.1% · $4.0B
  • Common Stock · 46.2% · $3.9B
  • ADR · 4.2% · $354M
  • Other · 1.4% · $120M
  • Equity WRT · 0.1% · $6M
  • Other · 0.0% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
KVUEKENVUE INCNEW+3.99M3.99M+$69M$69M
GSKGSK PLCNEW+1.00M1.00M+$49M$49M
DC4DEXCOM INCNEW+323.1K323.1K+$21M$21M
ENRENERGIZER HLDGS INC NEWNEW+1.04M1.04M+$21M$21M
HRMYHARMONY BIOSCIENCES HLDGS INNEW+500.0K500.0K+$19M$19M
LYVLIVE NATION ENTERTAINMENT INNEW+120.9K120.9K+$17M$17M
KLARNA GROUP PLCNEW+549.7K549.7K+$16M$16M
4XC1KALVISTA PHARMACEUTICALS INCNEW+800.0K800.0K+$13M$13M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

40 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1PTCTPTC THERAPEUTICS INChistory →COM2.53%$213M2.80M
2IMVTIMMUNOVANT INChistory →COM1.74%$146M5.75M
3TVTXTRAVERE THERAPEUTICS INChistory →COM1.71%$144M3.76M
4SUPNSUPERNUS PHARMACEUTICALS INChistory →COM1.63%$137M2.76M
5MDGLMADRIGAL PHARMACEUTICALS INChistory →COM1.49%$126M215.7K
6NBIXNEUROCRINE BIOSCIENCES INChistory →COM1.38%$116M820.2K
7INCYINCYTE CORPhistory →COM1.29%$108M1.10M
8AMZNAMAZON COM INChistory →COM1.01%$85M367.6K
9XRAYDENTSPLY SIRONA INChistory →COM0.99%$83M7.30M
10AGIOAGIOS PHARMACEUTICALS INChistory →COM0.98%$83M3.04M
11FRPTFRESHPET INChistory →COM0.94%$79M1.30M
12KVUEKENVUE INChistory →COM0.82%$69M3.99M
13GEHCGE HEALTHCARE TECHNOLOGIES Ihistory →COMMON STOCK0.77%$65M792.0K
14REGNREGENERON PHARMACEUTICALShistory →COM0.77%$65M84.0K
15DYNDYNE THERAPEUTICS INChistory →COM0.76%$64M3.25M
16CYTKCYTOKINETICS INChistory →COM NEW0.75%$63M992.8K
17GOOGLALPHABET INChistory →CAP STK CL A0.73%$61M196.4K
18MSFTMICROSOFT CORPhistory →COM0.68%$57M118.3K
19IRWDIRONWOOD PHARMACEUTICALS INChistory →COM CL A0.64%$54M16.02M
20KURAKURA ONCOLOGY INChistory →COM0.61%$51M4.94M
21ELFE L F BEAUTY INChistory →COM0.60%$50M658.0K
22GSKGSK PLChistory →SPONSORED ADR0.58%$49M1.00M
23ARGXARGENX SEhistory →SPONSORED ADR0.58%$49M58.0K
24BABAALIBABA GROUP HLDG LTDhistory →SPONSORED ADS0.56%$47M319.1K
25SBUXSTARBUCKS CORPhistory →COM0.55%$46M549.8K
26PENNPENN ENTERTAINMENT INChistory →COM0.54%$46M3.10M
27OFIXORTHOFIX MED INChistory →COM0.48%$40M2.65M
28FIVNFIVE9 INChistory →COM0.48%$40M2.00M
29IRONDISC MEDICINE INChistory →COM0.47%$40M499.4K
30IMCRIMMUNOCORE HLDGS PLChistory →ADS0.45%$38M1.10M
31TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.43%$36M62.8K
32SSENTINELONE INChistory →CL A0.43%$36M2.42M
33AVNSAVANOS MED INChistory →COM0.43%$36M3.20M
34RI2RIGEL PHARMACEUTICALS INChistory →COM0.43%$36M836.0K
35AUTLAUTOLUS THERAPEUTICS PLChistory →SPON ADS0.41%$35M17.50M
36ISRGINTUITIVE SURGICAL INChistory →COM NEW0.41%$35M61.1K
37DDOGDATADOG INChistory →CL A COM0.40%$33M244.5K
38VERAVERA THERAPEUTICS INChistory →CL A0.39%$33M653.8K
39SNYSANOFI SAhistory →SPONSORED ADR0.39%$33M676.0K
40GTLBGITLAB INChistory →CLASS A COM0.38%$32M858.9K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$5.6B267May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$8.4B370Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$6.7B332Nov 17, 202513F-HRchanges · EDGAR ↗
Q2 2025$5.8B210Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$6.7B230May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$7.3B232Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$6.3B259Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$7.9B254Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$7.5B337May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$7.3B297Feb 13, 202413F-HRchanges · EDGAR ↗
Q3 2023$6.5B254Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$6.9B222Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$6.9B226May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$5.7B193Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$5.8B197Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$5.7B176Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$5.2B141May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$6.1B145Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$5.9B139Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$5.6B116Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$4.4B111May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$2.2B104Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$2.8B101Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$2.3B79Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$1.6B79May 15, 202013F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.