Summary

Summary Hedge fund holdings can help you discover new investment ideas We identified & follow the top biopharma-focused hedge funds Q3 hedge fund holdings reports were released on ~11/14/25 This report focuses on top holdings of top biopharma hedge funds as of 09/30/25 Top Biopharma Hedge Funds At BPIQ we identified the top smid-cap biopharma-focused hedge funds ^1. We updated our database of holding and other info re: these funds with their recently-released data for holdings

The $AKRO $NVO M&A announcement earlier was a strong signal, check our post after the ETNB acquisition  for context. In addition, AKRO was in 4 of our 5 hedge fund favorite accounts. Deal Terms $54/share cash + $6/share CVR tied to FDA approval of efruxifermin (EFX) for MASH cirrhosis 57% premium to Akero’s pre-deal price Adds Phase 3 FGF21 analog EFX to Novo’s metabolic portfolio  FGF21 analogue EFX is the only treatment to show significant fibrosis regression in phase 2 in