Managers / Q3 2025 · view latest →
Krensavage Asset Management, LLC
CIK 0001609251 · 610 FIFTH AVENUE, SUITE 301, NEW YORK, NY, 10020 · 212-888-1582
Summary
Krensavage Asset Management, LLC reported $235M in U.S.-listed holdings across 17 positions for Q3 2025.
Its largest position, UTHR, represents 17.4% of the portfolio.
Compared with Q2 2025, the fund opened 3 new positions and exited 1.
Portfolio Metrics
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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 75.4% · $177M
- ADR · 14.8% · $35M
- Other · 9.7% · $23M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| BMRNBIOMARIN PHARMACEUTICAL INC | NEW | +405.4K | 405.4K | +$22M | $22M |
| BIIBBIOGEN INC | NEW | +10.0K | 10.0K | +$1M | $1M |
| EOLSEVOLUS INC | NEW | +100.0K | 100.0K | +$614,000 | $614,000 |
| SNYSANOFI-ADR | ADDED | +175.0K | 323.9K | +$8M | $15M |
| JNJJOHNSON & JOHNSON | SOLD OUT | −40.0K | 0 | −$6M | $0 |
| INDIVIOR PLC | TRIMMED | −634.9K | 339.5K | −$6M | $8M |
| CAHCARDINAL HEALTH INC | TRIMMED | −60.0K | 73.7K | −$11M | $12M |
| SUPNSUPERNUS PHARMACEUTICALS INC | TRIMMED | −108.9K | 363.5K | +$2M | $17M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | UTHRUNITED THERAPEUTICS CORPhistory → | COM | 17.44% | $41M | 97.6K |
| 2 | ENTAENANTA PHARMACEUTICALS INChistory → | COM | 10.78% | $25M | 2.11M |
| 3 | JAZZJAZZ PHARMACEUTICALS PLChistory → | COM | 9.42% | $22M | 167.8K |
| 4 | BMRNBIOMARIN PHARMACEUTICAL INChistory → | COM | 9.36% | $22M | 405.4K |
| 5 | EXELEXELIXIS INChistory → | COM | 9.12% | $21M | 518.5K |
| 6 | SUPNSUPERNUS PHARMACEUTICALS INChistory → | COM | 7.40% | $17M | 363.5K |
| 7 | SNYSANOFI-ADRhistory → | COM | 6.51% | $15M | 323.9K |
| 8 | AVADEL PHARMACEUTICALS | COM | 6.22% | $15M | 955.9K |
| 9 | GSKGSK PLC-SPON ADRhistory → | COM | 5.00% | $12M | 271.7K |
| 10 | CAHCARDINAL HEALTH INChistory → | COM | 4.93% | $12M | 73.7K |
| 11 | INDIVIOR PLC | COM | 3.49% | $8M | 339.5K |
| 12 | BNTXBIONTECH SE-ADRhistory → | COM | 3.33% | $8M | 79.4K |
| 13 | ALKSALKERMES PLChistory → | COM | 2.66% | $6M | 207.8K |
| 14 | VNDAVANDA PHARMACEUTICALS INChistory → | COM | 2.51% | $6M | 1.18M |
| 15 | REGNREGENERON PHARMACEUTICALS | COM | 0.96% | $2M | 4.0K |
| 16 | BIIBBIOGEN INC | COM | 0.60% | $1M | 10.0K |
| 17 | EOLSEVOLUS INC | COM | 0.26% | $614,000 | 100.0K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $256M | 20 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $283M | 18 | Feb 18, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $235M | 17 | Nov 17, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $189M | 15 | Aug 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $181M | 14 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $169M | 12 | Feb 18, 2025 | RESTATEMENT | changes · EDGAR ↗ |
| Q3 2024 | $178M | 13 | Nov 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $218M | 13 | Aug 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $226M | 12 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $282M | 12 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $272M | 12 | Nov 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $316M | 12 | Aug 11, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $329M | 12 | May 16, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $324M | 12 | Feb 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $314M | 14 | Nov 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $302M | 14 | Aug 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $290M | 13 | May 17, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $288M | 10 | Feb 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $319M | 13 | Nov 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $295M | 13 | Aug 13, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $289M | 12 | May 18, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $342M | 12 | Feb 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $314M | 11 | Dec 8, 2020 | RESTATEMENT | changes · EDGAR ↗ |
| Q2 2020 | $368M | 11 | Aug 20, 2020 | RESTATEMENT | changes · EDGAR ↗ |
| Q1 2020 | $311M | 13 | May 18, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $293M | 12 | Feb 18, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $260M | 10 | Nov 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $308M | 10 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $370M | 12 | May 15, 2019 | 13F-HR | changes · 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 ↗.