Avidity Partners Management LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALNY	ALNYLAM PHARMACEUTICALS INC	21,000	$8,351	2.4%	$442.56	0.0%	COM	02043Q107
ICLR	ICON PLC	33,100	$6,031	1.7%	$178.08	0.0%	SHS	G4705A100
A	AGILENT TECHNOLOGIES INC	41,500	$5,647	1.6%	$143.72	0.0%	COM	00846U101
CNC	CENTENE CORP DEL	119,400	$4,913	1.4%	$37.43	0.0%	COM	15135B101
NVO	NOVO-NORDISK A S	67,300	$3,424	1.0%	$50.88	—	ADR	670100205
WAT	WATERS CORP	8,100	$3,077	0.9%	$367.96	0.0%	COM	941848103
ACHC	ACADIA HEALTHCARE COMPANY IN	169,000	$2,398	0.7%	$18.92	0.0%	COM	00404A109
ITGR	INTEGER HLDGS CORP	29,800	$2,337	0.7%	$79.69	0.0%	COM	45826H109
PVLA	PALVELLA THERAPEUTICS INC NE	19,300	$2,020	0.6%	$85.31	0.0%	COM	697947109
IQV	IQVIA HLDGS INC	4,400	$992	0.3%	$217.58	0.0%	COM	46266C105
CORT	CORCEPT THERAPEUTICS INC	22,000	$766	0.2%	$78.55	0.0%	COM	218352102

Increased Positions (5)

JBIO JADE BIOSCIENCES INC 6.2%

Value ($000) $21,613 (+122.2%) Shares 1,400,708 (+24.3%) Est. Cost $29.10 Unrealized -59.7%

RGEN REPLIGEN CORP 2.4%

Value ($000) $8,242 (+164.6%) Shares 50,300 (+115.9%) Est. Cost $143.02 Unrealized +9.5%

MCK MCKESSON CORP 2.3%

Value ($000) $7,809 (+74.3%) Shares 9,520 (+64.1%) Est. Cost $747.44 Unrealized +9.1%

CATX PERSPECTIVE THERAPEUTICS INC 2.5%

Value ($000) $8,830 (-14.0%) Shares 3,210,733 (+7.2%) Est. Cost $9.77 Unrealized -70.8%

INSM INSMED INC 0.9%

Value ($000) $3,081 (+84.4%) Shares 17,700 (+52.6%) Est. Cost $94.59 Unrealized +92.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JBIO	JADE BIOSCIENCES INC	1,400,708 (+24.3%)	$21,613 (+122.2%)	6.2%	$29.10	-59.7%	COM NEW	008064206
RGEN	REPLIGEN CORP	50,300 (+115.9%)	$8,242 (+164.6%)	2.4%	$143.02	+9.5%	COM	759916109
MCK	MCKESSON CORP	9,520 (+64.1%)	$7,809 (+74.3%)	2.3%	$747.44	+9.1%	COM	58155Q103
CATX	PERSPECTIVE THERAPEUTICS INC	3,210,733 (+7.2%)	$8,830 (-14.0%)	2.5%	$9.77	-70.8%	COM NEW	46489V302
INSM	INSMED INC	17,700 (+52.6%)	$3,081 (+84.4%)	0.9%	$94.59	+92.9%	COM PAR $.01	457669307

Exited Positions (15)

BMY BRISTOL-MYERS SQUIBB CO 3.4%

Value ($000) $11,618 Shares 257,600 Est. Cost $45.51 Unrealized +4.4%

— METSERA INC 2.1%

Value ($000) $7,352 Shares 140,500 Est. Cost $52.33 Unrealized —

UNH UNITEDHEALTH GROUP INC 1.8%

Value ($000) $6,146 Shares 17,800 Est. Cost $548.30 Unrealized -38.5%

ARVN ARVINAS INC 1.7%

Value ($000) $5,950 Shares 698,363 Est. Cost $21.58 Unrealized -49.4%

JNJ JOHNSON & JOHNSON 1.4%

Value ($000) $4,969 Shares 26,800 Est. Cost $169.51 Unrealized +16.2%

ABBV ABBVIE INC 1.3%

Value ($000) $4,584 Shares 19,800 Est. Cost $201.95 Unrealized +12.7%

CARL CARLSMED INC 1.2%

Value ($000) $4,310 Shares 321,912 Est. Cost $13.67 Unrealized -2.6%

ARQT ARCUTIS BIOTHERAPEUTICS INC 1.2%

Value ($000) $4,041 Shares 214,400 Est. Cost $14.02 Unrealized +82.6%

EXAS EXACT SCIENCES CORP 1.2%

Value ($000) $4,027 Shares 73,600 Est. Cost $55.79 Unrealized +43.9%

ASND ASCENDIS PHARMA A/S 0.8%

Value ($000) $2,883 Shares 14,500 Est. Cost $198.81 Unrealized —

BEAM BEAM THERAPEUTICS INC 0.8%

Value ($000) $2,718 Shares 112,000 Est. Cost $26.20 Unrealized -2.6%

WVE WAVE LIFE SCIENCES LTD 0.6%

Value ($000) $2,178 Shares 297,500 Est. Cost $8.09 Unrealized +25.6%

XENE XENON PHARMACEUTICALS INC 0.6%

Value ($000) $2,144 Shares 53,400 Est. Cost $37.48 Unrealized +12.0%

— AKERO THERAPEUTICS INC 0.6%

Value ($000) $1,923 Shares 40,500 Est. Cost $42.50 Unrealized —

IMRX IMMUNEERING CORP 0.2%

Value ($000) $636 Shares 90,900 Est. Cost $5.19 Unrealized +23.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BMY	BRISTOL-MYERS SQUIBB CO	257,600	$11,618	3.4%	$45.51	+4.4%	—	110122108
—	METSERA INC	140,500	$7,352	2.1%	$52.33	—	—	59267L107
UNH	UNITEDHEALTH GROUP INC	17,800	$6,146	1.8%	$548.30	-38.5%	—	91324P102
ARVN	ARVINAS INC	698,363	$5,950	1.7%	$21.58	-49.4%	—	04335A105
JNJ	JOHNSON & JOHNSON	26,800	$4,969	1.4%	$169.51	+16.2%	—	478160104
ABBV	ABBVIE INC	19,800	$4,584	1.3%	$201.95	+12.7%	—	00287Y109
CARL	CARLSMED INC	321,912	$4,310	1.2%	$13.67	-2.6%	—	14280C105
ARQT	ARCUTIS BIOTHERAPEUTICS INC	214,400	$4,041	1.2%	$14.02	+82.6%	—	03969K108
EXAS	EXACT SCIENCES CORP	73,600	$4,027	1.2%	$55.79	+43.9%	—	30063P105
ASND	ASCENDIS PHARMA A/S	14,500	$2,883	0.8%	$198.81	—	—	04351P101
BEAM	BEAM THERAPEUTICS INC	112,000	$2,718	0.8%	$26.20	-2.6%	—	07373V105
WVE	WAVE LIFE SCIENCES LTD	297,500	$2,178	0.6%	$8.09	+25.6%	—	Y95308105
XENE	XENON PHARMACEUTICALS INC	53,400	$2,144	0.6%	$37.48	+12.0%	—	98420N105
—	AKERO THERAPEUTICS INC	40,500	$1,923	0.6%	$42.50	—	—	00973Y108
IMRX	IMMUNEERING CORP	90,900	$636	0.2%	$5.19	+23.7%	—	45254E107

Decreased Positions (19)

DNTH DIANTHUS THERAPEUTICS INC 25.0%

Value ($000) $86,713 (-31.2%) Shares 2,104,184 (-34.3%) Est. Cost $21.50 Unrealized +80.3%

NTRA NATERA INC 0.8%

Value ($000) $2,703 (-76.1%) Shares 11,800 (-83.2%) Est. Cost $95.53 Unrealized +118.3%

MDT MEDTRONIC PLC 3.0%

Value ($000) $10,336 (-43.1%) Shares 107,600 (-43.5%) Est. Cost $91.27 Unrealized +6.4%

DHR DANAHER CORPORATION 1.1%

Value ($000) $3,892 (-64.1%) Shares 17,000 (-68.9%) Est. Cost $205.28 Unrealized +6.9%

TMO THERMO FISHER SCIENTIFIC INC 1.1%

Value ($000) $3,882 (-57.6%) Shares 6,700 (-64.6%) Est. Cost $475.70 Unrealized +18.8%

BSX BOSTON SCIENTIFIC CORP 3.1%

Value ($000) $10,918 (-31.9%) Shares 114,500 (-30.3%) Est. Cost $49.10 Unrealized +99.7%

GMAB GENMAB A/S 0.8%

Value ($000) $2,834 (-62.8%) Shares 92,000 (-62.9%) Est. Cost $20.66 Unrealized —

PFE PFIZER INC 1.5%

Value ($000) $5,070 (-45.7%) Shares 203,600 (-44.4%) Est. Cost $24.14 Unrealized +3.7%

CGON CG ONCOLOGY INC 17.6%

Value ($000) $61,146 (-5.2%) Shares 1,472,699 (-8.0%) Est. Cost $33.90 Unrealized +22.1%

COR CENCORA INC 0.9%

Value ($000) $3,175 (-46.5%) Shares 9,400 (-50.5%) Est. Cost $249.56 Unrealized +36.5%

TEVA TEVA PHARMACEUTICAL INDS LTD 3.8%

Value ($000) $13,024 (+26.4%) Shares 417,300 (-18.2%) Est. Cost $15.79 Unrealized —

EHC ENCOMPASS HEALTH CORP 1.0%

Value ($000) $3,354 (-37.0%) Shares 31,600 (-24.6%) Est. Cost $113.68 Unrealized +1.8%

CI THE CIGNA GROUP 0.9%

Value ($000) $3,193 (-33.3%) Shares 11,600 (-30.1%) Est. Cost $293.19 Unrealized -4.8%

SCYX SCYNEXIS INC 0.4%

Value ($000) $1,316 (-49.0%) Shares 2,081,660 (-37.9%) Est. Cost $1.57 Unrealized -56.7%

HQY HEALTHEQUITY INC 0.4%

Value ($000) $1,548 (-35.4%) Shares 16,900 (-33.2%) Est. Cost $101.38 Unrealized -5.6%

CNTX CONTEXT THERAPEUTICS INC 2.3%

Value ($000) $8,092 (-7.0%) Shares 5,504,855 (-38.7%) Est. Cost $1.57 Unrealized -25.6%

KVUE KENVUE INC 1.2%

Value ($000) $4,016 (-6.7%) Shares 232,800 (-12.2%) Est. Cost $20.06 Unrealized -19.0%

ACAD ACADIA PHARMACEUTICALS INC 0.8%

Value ($000) $2,855 (-7.1%) Shares 106,900 (-25.8%) Est. Cost $23.65 Unrealized +1.0%

PHAT PHATHOM PHARMACEUTICALS INC 1.0%

Value ($000) $3,419 (-5.1%) Shares 206,076 (-32.7%) Est. Cost $16.93 Unrealized -15.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DNTH	DIANTHUS THERAPEUTICS INC	2,104,184 (-34.3%)	$86,713 (-31.2%)	25.0%	$21.50	+80.3%	COM	252828108
NTRA	NATERA INC	11,800 (-83.2%)	$2,703 (-76.1%)	0.8%	$95.53	+118.3%	COM	632307104
MDT	MEDTRONIC PLC	107,600 (-43.5%)	$10,336 (-43.1%)	3.0%	$91.27	+6.4%	SHS	G5960L103
DHR	DANAHER CORPORATION	17,000 (-68.9%)	$3,892 (-64.1%)	1.1%	$205.28	+6.9%	COM	235851102
TMO	THERMO FISHER SCIENTIFIC INC	6,700 (-64.6%)	$3,882 (-57.6%)	1.1%	$475.70	+18.8%	COM	883556102
BSX	BOSTON SCIENTIFIC CORP	114,500 (-30.3%)	$10,918 (-31.9%)	3.1%	$49.10	+99.7%	COM	101137107
GMAB	GENMAB A/S	92,000 (-62.9%)	$2,834 (-62.8%)	0.8%	$20.66	—	SPONSORED ADS	372303206
PFE	PFIZER INC	203,600 (-44.4%)	$5,070 (-45.7%)	1.5%	$24.14	+3.7%	COM	717081103
CGON	CG ONCOLOGY INC	1,472,699 (-8.0%)	$61,146 (-5.2%)	17.6%	$33.90	+22.1%	COM	156944100
COR	CENCORA INC	9,400 (-50.5%)	$3,175 (-46.5%)	0.9%	$249.56	+36.5%	COM	03073E105
TEVA	TEVA PHARMACEUTICAL INDS LTD	417,300 (-18.2%)	$13,024 (+26.4%)	3.8%	$15.79	—	SPONSORED ADS	881624209
EHC	ENCOMPASS HEALTH CORP	31,600 (-24.6%)	$3,354 (-37.0%)	1.0%	$113.68	+1.8%	COM	29261A100
CI	THE CIGNA GROUP	11,600 (-30.1%)	$3,193 (-33.3%)	0.9%	$293.19	-4.8%	COM	125523100
SCYX	SCYNEXIS INC	2,081,660 (-37.9%)	$1,316 (-49.0%)	0.4%	$1.57	-56.7%	COM NEW	811292200
HQY	HEALTHEQUITY INC	16,900 (-33.2%)	$1,548 (-35.4%)	0.4%	$101.38	-5.6%	COM	42226A107
CNTX	CONTEXT THERAPEUTICS INC	5,504,855 (-38.7%)	$8,092 (-7.0%)	2.3%	$1.57	-25.6%	COM	21077P108
KVUE	KENVUE INC	232,800 (-12.2%)	$4,016 (-6.7%)	1.2%	$20.06	-19.0%	COM	49177J102
ACAD	ACADIA PHARMACEUTICALS INC	106,900 (-25.8%)	$2,855 (-7.1%)	0.8%	$23.65	+1.0%	COM	004225108
PHAT	PHATHOM PHARMACEUTICALS INC	206,076 (-32.7%)	$3,419 (-5.1%)	1.0%	$16.93	-15.6%	COM	71722W107

Unchanged Positions (4)

ORKA ORUKA THERAPEUTICS INC 5.8%

Value ($000) $20,017 Shares 660,424 Est. Cost $25.47 Unrealized +9.4%

IMUX IMMUNIC INC 0.7%

Value ($000) $2,508 Shares 4,699,411 Est. Cost $1.22 Unrealized -40.0%

ELVN ENLIVEN THERAPEUTICS INC 0.6%

Value ($000) $2,161 Shares 140,300 Est. Cost $20.27 Unrealized -1.7%

KPTI KARYOPHARM THERAPEUTICS INC 0.3%

Value ($000) $990 Shares 134,566 Est. Cost $8.54 Unrealized -28.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORKA	ORUKA THERAPEUTICS INC	660,424	$20,017	5.8%	$25.47	+9.4%	COM	687604108
IMUX	IMMUNIC INC	4,699,411	$2,508	0.7%	$1.22	-40.0%	COM	4525EP101
ELVN	ENLIVEN THERAPEUTICS INC	140,300	$2,161	0.6%	$20.27	-1.7%	COM	29337E102
KPTI	KARYOPHARM THERAPEUTICS INC	134,566	$990	0.3%	$8.54	-28.4%	COM NEW	48576U205