SPHERA FUNDS MANAGEMENT LTD. — 13F Holdings & Portfolio
CIK 1496201 · latest 13F-HR filed 2026-08-14
SPHERA FUNDS MANAGEMENT LTD. manages $766.5M in 13F-reported U.S. long-equity assets across 106 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are TEVA (6.23%), MLYS (5.17%), TSEM (3.68%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 22 new positions and exited 17; 46 existing positions rose in reported value and 20 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
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AUM
$766.5M
Long-equity book
Holdings
106
Distinct positions
Period
2026-06-30
Filed 2026-08-14
Q/Q Activity
+22 / −17 / ↑46 / ↓20
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26TEVA7.3% · +32%MLYS5.7% · +10%TSEM4.0% · -26%SNDX3.2% · +40%BIIB3.0% · +4%RARE2.8% · -27%BMRN2.7% · +135%CYTK2.7% · +452%BBIO2.6% · 0%COGT2.5% · +10%NVMI2.0% · -53%INSM1.8% · newMAZE1.8% · +84%AZN1.7% · 0%SNY1.6% · 0%HELP1.5% · +64%LLY1.4% · -11%MDGL1.3% · +93%TRVI1.3% · -13%ACAD1.3% · +39%CLDX1.3% · -1%RYTM1.3% · newORIC1.2% · +40%LRCX1.1% · newAMAT1.1% · newTNGX1.1% · -26%NVS1.1% · +35%SEDG1.1% · -1%VOR1.1% · +29%ABBV1.1% · 0%MRK1.1% · +21%JNJ1.0% · 0%IDYA1.0% · newIMTX1.0% · +3%NVCT1.0% · newPFE1.0% · +54%HRMY0.9% · newXENE0.9% · -17%CLYM0.9% · +15%ZBIO0.8% · +8%NVO0.8% · 0%ELVN0.8% · -26%PRLD0.8% · +83%GSK0.8% · -16%FBRX0.8% · +35%BIOA0.7% · +147%SRRK0.7% · 0%MSLE0.7% · +33%PALI0.7% · +30%ELDN0.7% · -33%VST0.7% · newTLN0.7% · newSVRA0.7% · +2%IRON0.7% · +19%CLOU0.6% · newDYN0.6% · +24%RLAY0.6% · -43%AVTX0.6% · newPMN0.6% · 0%BCRX0.6% · -51%
Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 36.5%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated Mar 17, 2026.
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| BREEN, DORON Control | DIRECTOR since Aug 2023 | Less than 5% | Individual |
| HANETZ, ADI Control | GENERAL COUNSEL, CHIEF COMPLIANCE OFFICER, CHIEF OPERATING OFFICER since Jul 2011 | Less than 5% | Individual |
| LEVI, OSHRAT Control | CHIEF FINANCIAL OFFICER since Jul 2022 | Less than 5% | Individual |
| MOR, EREZ Control | DIRECTOR since Aug 2023 | Less than 5% | Individual |
| SENATOR, RON Control | DIRECTOR since Jan 2004 | Less than 5% | Individual |
| AVDINCO LTD | SHAREHOLDER since Mar 2011 | 10–25% | Foreign Entity |
| GELBARD, EHUD, ZVI | SHAREHOLDER since Sep 2009 | 5–10% | Individual |
| KERENDOR LTD. | SHAREHOLDER since Jan 2004 | 10–25% | Foreign Entity |
| MOR MITER (2004) LTD | SHAREHOLDER since Jan 2004 | 10–25% | Foreign Entity |
| R.Y. SENATOR INVESTMENTS LTD | SHAREHOLDER since Jan 2004 | 10–25% | Foreign Entity |
| SAGIE, MALI | DIRECTOR since Mar 2011 | Less than 5% | Individual |
| SHALEV, EDDY | SHAREHOLDER / DIRECTOR since Sep 2009 | 5–10% | Individual |
| YAAD CONSULTING AND MANAGEMENT SERVICES (1995) LTD | SHAREHOLDER since Jan 2004 | 5–10% | Foreign Entity |
| BREEN, KEREN Control Indirect owner via KERENDOR HOLDINGS (2004) LTD | OWNER since Jan 2004 | 75% or more | Individual |
| KERENDOR HOLDINGS (2004) LTD Control Indirect owner via KERENDOR LTD. | OWNER since Jan 2004 | 75% or more | Foreign Entity |
| LENROK HOLDINGS LTD Control Indirect owner via R.Y. SENATOR INVESTMENTS LTD | OWNER since Jan 2004 | 75% or more | Foreign Entity |
| LIKVORNIK, RONNIT COHEN Control Indirect owner via AVDINCO LTD | OWNER since Feb 2018 | 25–50% | Individual |
| MOR MITER HOLDINGS LTD Control Indirect owner via MOR MITER (2004) LTD | OWNER since Jan 2004 | 75% or more | Foreign Entity |
| MOR, MIRIAM Control Indirect owner via MOR MITER HOLDINGS LTD | OWNER since Jan 2004 | 75% or more | Individual |
| SALOMI, DANIELLA COHEN Control Indirect owner via AVDINCO LTD | OWNER since Feb 2018 | 25–50% | Individual |
| SENATOR, YAEL Control Indirect owner via LENROK HOLDINGS LTD | OWNER since Jan 2004 | 75% or more | Individual |
| SHREM, ITSCHAK Control Indirect owner via YAAD CONSULTING AND MANAGEMENT SERVICES (1995) LTD | OWNER since Jan 1995 | 75% or more | Individual |
Ownership & leadership changes · 4 filings with changes since Mar 3, 2021
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Mar 7, 2025 filing
- No longer listedELPELEG, NEOMI · CHIEF FINANCIAL OFFICER · Less than 5% · control person · listed since Jul 2010
- No longer listedLEVI, AMIR · CHIEF EXECUTIVE OFFICER · Less than 5% · control person · listed since Feb 2022
- ChangedHANETZ, ADI · title GENERAL COUNSEL, CHIEF COMPLIANCE OFFICER → GENERAL COUNSEL, CHIEF COMPLIANCE OFFICER, CHIEF OPERATING OFFICER
- ChangedLEVI, OSHRAT · title CHIEF OPERATING OFFICER → CHIEF FINANCIAL OFFICER
Mar 6, 2024 filing
- No longer listedMor, Israel · DIRECTOR · Less than 5% · listed since Jan 2004
- No longer listedMor, Israel · OWNER · 50–75% · indirect via MOR MITER HOLDINGS LTD · control person · listed since Jan 2004
- AddedBREEN, DORON · DIRECTOR · Less than 5% · control person
- AddedMOR, EREZ · DIRECTOR · Less than 5% · control person
- ChangedMOR, MIRIAM · indirect via MOR MITER HOLDINGS LTD: ownership 25–50% → 75% or more
Mar 10, 2023 filing
- No longer listedCaspi, Naor · CHIEF OPERATIONS OFFICER · Less than 5% · control person · listed since Feb 2022
- AddedLEVI, OSHRAT · CHIEF OPERATING OFFICER · Less than 5% · control person
Mar 30, 2022 filing
- No longer listedGOLDFARB, ORI · CHIEF EXECUTIVE OFFICER · Less than 5% · control person · listed since Feb 2015
- No longer listedKANETI, LIANA · CHIEF OPERATIONS OFFICER · Less than 5% · control person · listed since May 2012
- AddedCaspi, Naor · CHIEF OPERATIONS OFFICER · Less than 5% · control person
- AddedLEVI, AMIR · CHIEF EXECUTIVE OFFICER · Less than 5% · control person
Mar 3, 2021 filing (earliest on record)
- ListedAVDINCO LTD · SHAREHOLDER · 10–25%
- ListedBREEN, KEREN · OWNER · 75% or more · indirect via KERENDOR HOLDINGS (2004) LTD · control person
- ListedELPELEG, NEOMI · CHIEF FINANCIAL OFFICER · Less than 5% · control person
- ListedGELBARD, EHUD, ZVI · SHAREHOLDER · 5–10%
- ListedGOLDFARB, ORI · CHIEF EXECUTIVE OFFICER · Less than 5% · control person
- ListedHANETZ, ADI · GENERAL COUNSEL, CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ListedKANETI, LIANA · CHIEF OPERATIONS OFFICER · Less than 5% · control person
- ListedKERENDOR HOLDINGS (2004) LTD · OWNER · 75% or more · indirect via KERENDOR LTD. · control person
- ListedKERENDOR LTD. · SHAREHOLDER · 10–25%
- ListedLENROK HOLDINGS LTD · OWNER · 75% or more · indirect via R.Y. SENATOR INVESTMENTS LTD · control person
- ListedLIKVORNIK, RONNIT COHEN · OWNER · 25–50% · indirect via AVDINCO LTD · control person
- ListedMOR MITER (2004) LTD · SHAREHOLDER · 10–25%
- ListedMOR MITER HOLDINGS LTD · OWNER · 75% or more · indirect via MOR MITER (2004) LTD · control person
- ListedMOR, MIRIAM · OWNER · 25–50% · indirect via MOR MITER HOLDINGS LTD · control person
- ListedMor, Israel · DIRECTOR · Less than 5%
- ListedMor, Israel · OWNER · 50–75% · indirect via MOR MITER HOLDINGS LTD · control person
- ListedR.Y. SENATOR INVESTMENTS LTD · SHAREHOLDER · 10–25%
- ListedSAGIE, MALI · DIRECTOR · Less than 5%
- ListedSALOMI, DANIELLA COHEN · OWNER · 25–50% · indirect via AVDINCO LTD · control person
- ListedSENATOR, RON · DIRECTOR · Less than 5% · control person
- ListedSENATOR, YAEL · OWNER · 75% or more · indirect via LENROK HOLDINGS LTD · control person
- ListedSHALEV, EDDY · SHAREHOLDER / DIRECTOR · 5–10%
- ListedSHREM, ITSCHAK · OWNER · 75% or more · indirect via YAAD CONSULTING AND MANAGEMENT SERVICES (1995) LTD · control person
- ListedYAAD CONSULTING AND MANAGEMENT SERVICES (1995) LTD · SHAREHOLDER · 5–10%
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- TEVA PHARMACEUTICAL INDS LTD$16.6M +48.4%
- CYTOKINETICS INC$16.1M +614.1%
- BIOMARIN PHARMACEUTICAL INC$10.9M +137.9%
- CYBIN INC$6.0M +126.1%
- MAZE THERAPEUTICS INC$5.7M +83.6%
Top Trims
- NOVA LTD-$9.5M -41.0%
- ORMAT TECHNOLOGIES INC-$4.6M -60.1%
- BIOCRYST PHARMACEUTICALS INC-$4.0M -48.8%
- BIOHAVEN LTD-$2.6M -51.3%
- UPSTREAM BIO INC-$1.7M -52.8%
New Positions
- INSMED INC$12.7M
- RHYTHM PHARMACEUTICALS INC$8.9M
- LAM RESEARCH CORP$8.0M
- APPLIED MATLS INC$8.0M
- IDEAYA BIOSCIENCES INC$7.3M
Exited Positions
- AMICUS THERAPEUTIC$8.7M
- CELLEBRITE DI LTD$8.7M
- APELLIS PHARMACEUTICALS INC$8.6M
- PALO ALTO NETWORKS INC$8.5M
- CAMTEK LTD$8.0M
SPHERA FUNDS MANAGEMENT LTD. Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | TEVA PHARMACEUTICAL INDS LTD | TEVA | 881624209 | $47.8M | 6.23% | 1,410,082 | SH |
| 2 | MINERALYS THERAPEUTICS INC | MLYS | 603170101 | $39.7M | 5.17% | 1,469,971 | SH |
| 3 | TOWER SEMICONDUCTOR LTD | TSEM | M87915274 | $28.2M | 3.68% | 108,265 | SH |
| 4 | SPDR SERIES TRUST Put | XBI | 78464A870 | $23.7M | 3.10% | 150,000 | SH |
| 5 | SYNDAX PHARMACEUTICALS INC | SNDX | 87164F105 | $22.2M | 2.89% | 1,014,606 | SH |
| 6 | BIOGEN INC Call | BIIB | 09062X103 | $21.6M | 2.82% | 100,000 | SH |
| 7 | BIOGEN INC | BIIB | 09062X103 | $20.9M | 2.72% | 96,626 | SH |
| 8 | ULTRAGENYX PHARMACEUTICAL IN | RARE | 90400D108 | $19.6M | 2.56% | 588,494 | SH |
| 9 | BIOMARIN PHARMACEUTICAL INC | BMRN | 09061G101 | $18.8M | 2.45% | 328,550 | SH |
| 10 | CYTOKINETICS INC | CYTK | 23282W605 | $18.7M | 2.44% | 219,987 | SH |
| 11 | BRIDGEBIO PHARMA INC | BBIO | 10806X102 | $18.3M | 2.38% | 245,346 | SH |
| 12 | COGENT BIOSCIENCES INC | COGT | 19240Q201 | $17.8M | 2.32% | 459,340 | SH |
| 13 | NOVA LTD | NVMI | M7516K103 | $13.7M | 1.78% | 25,169 | SH |
| 14 | INSMED INC | INSM | 457669307 | $12.7M | 1.65% | 118,800 | SH |
| 15 | MAZE THERAPEUTICS INC | MAZE | 578784100 | $12.5M | 1.63% | 417,564 | SH |
| 16 | ASTRAZENECA PLC | AZN | G0593M107 | $11.9M | 1.55% | 62,530 | SH |
| 17 | SANOFI SA | SNY | 80105N105 | $11.5M | 1.50% | 269,515 | SH |
| 18 | CYBIN INC | HELP | 23256X407 | $10.7M | 1.40% | 1,620,753 | SH |
| 19 | ELI LILLY & CO | LLY | 532457108 | $9.6M | 1.26% | 8,040 | SH |
| 20 | MADRIGAL PHARMACEUTICALS INC | MDGL | 558868105 | $9.4M | 1.22% | 17,419 | SH |
| 21 | TREVI THERAPEUTICS INC | TRVI | 89532M101 | $9.3M | 1.21% | 499,029 | SH |
| 22 | ACADIA PHARMACEUTICALS INC | ACAD | 004225108 | $9.0M | 1.18% | 356,534 | SH |
| 23 | CELLDEX THERAPEUTICS INC NEW | CLDX | 15117B202 | $9.0M | 1.17% | 240,868 | SH |
| 24 | RHYTHM PHARMACEUTICALS INC | RYTM | 76243J105 | $8.9M | 1.16% | 80,400 | SH |
| 25 | CYTOKINETICS INC Call | CYTK | 23282W605 | $8.5M | 1.11% | 100,000 | SH |
| 26 | ORIC PHARMACEUTICALS INC | ORIC | 68622P109 | $8.2M | 1.06% | 752,983 | SH |
| 27 | LAM RESEARCH CORP | LRCX | 512807306 | $8.0M | 1.04% | 18,470 | SH |
| 28 | APPLIED MATLS INC | AMAT | 038222105 | $8.0M | 1.04% | 11,040 | SH |
| 29 | TANGO THERAPEUTICS INC | TNGX | 87583X109 | $7.9M | 1.04% | 254,250 | SH |
| 30 | NOVARTIS AG | NVS | 66987V109 | $7.8M | 1.02% | 50,000 | SH |
| 31 | SOLAREDGE TECHNOLOGIES INC | SEDG | 83417MAE4 | $7.7M | 1.01% | 4,000,000 | SH |
| 32 | VOR BIOPHARMA INC | VOR | 929033207 | $7.7M | 1.00% | 416,417 | SH |
| 33 | ABBVIE INC | ABBV | 00287Y109 | $7.6M | 0.99% | 30,256 | SH |
| 34 | MERCK & CO INC | MRK | 58933Y105 | $7.5M | 0.98% | 58,600 | SH |
| 35 | JOHNSON & JOHNSON | JNJ | 478160104 | $7.3M | 0.96% | 28,831 | SH |
| 36 | IDEAYA BIOSCIENCES INC | IDYA | 45166A102 | $7.3M | 0.95% | 196,408 | SH |
| 37 | IMMATICS N.V | IMTX | N44445109 | $7.3M | 0.95% | 720,057 | SH |
| 38 | NUVECTIS PHARMA INC | NVCT | 67080T108 | $7.0M | 0.92% | 382,945 | SH |
| 39 | PFIZER INC | PFE | 717081103 | $6.9M | 0.90% | 286,000 | SH |
| 40 | HARMONY BIOSCIENCES HLDGS IN | HRMY | 413197104 | $6.4M | 0.84% | 176,663 | SH |
| 41 | XENON PHARMACEUTICALS INC | XENE | 98420N105 | $6.3M | 0.83% | 105,000 | SH |
| 42 | CLIMB BIO INC | CLYM | 28658R106 | $6.3M | 0.82% | 483,747 | SH |
| 43 | ZENAS BIOPHARMA INC | ZBIO | 98937L105 | $5.9M | 0.76% | 230,834 | SH |
| 44 | NOVO-NORDISK A S | NVO | 670100205 | $5.8M | 0.75% | 120,677 | SH |
| 45 | ENLIVEN THERAPEUTICS INC | ELVN | 29337E102 | $5.7M | 0.75% | 112,765 | SH |
| 46 | PRELUDE THERAPEUTICS INC | PRLD | 74065P101 | $5.4M | 0.71% | 1,019,832 | SH |
| 47 | GSK PLC | GSK | 37733W204 | $5.3M | 0.70% | 102,000 | SH |
| 48 | FORTE BIOSCIENCES INC | FBRX | 34962G208 | $5.3M | 0.69% | 249,693 | SH |
| 49 | BIOAGE LABS INC | BIOA | 09077V100 | $5.2M | 0.68% | 213,671 | SH |
| 50 | SCHOLAR ROCK HLDG CORP | SRRK | 80706P103 | $5.2M | 0.68% | 94,265 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | $766.5M | 106 | 0001496201-26-000004 |
| 2026-03-31 | 2026-05-15 | $629.7M | 97 | 0001496201-26-000003 |
| 2025-12-31 | 2026-02-17 | $517.3M | 100 | 0001496201-26-000002 |
| 2025-09-30 | 2025-11-14 | $474.1M | 115 | 0001496201-25-000017 |
Filer Information
Address
4 ITZHAK SADE BUILDING A29TH FLOOR
TEL AVIV, L3 6777520
Phone
972-3-6845535
Filing Manager
SPHERA FUNDS MANAGEMENT LTD.
TEL AVIV, L3
Signatory
Oshrat Levi
Chief Financial Officer