Avoro Capital Advisors 13F: Cuts CNTA Stake by $127M

Avoro Trims Centessa Stake to Lock in Profits

Avoro Capital Advisors has scaled back its investment in Centessa Pharmaceuticals plc (NASDAQ: CNTA). According to a Form 13F filing submitted to the Securities and Exchange Commission for the period ending March 31, 2026, the hedge fund sold 3,125,100 shares of the biotechnology firm. This transaction reduced its total holding by exactly 21.47%.

Even after this reduction, Centessa remains a massive cornerstone of Avoro's portfolio. The investment firm still holds 11,430,455 shares of the company, which are worth $462,933,427.50 based on recent market valuations. The fund's average cost basis on the position is $18.99 per share, meaning Avoro is sitting on substantial paper gains given where the stock is trading today.

A Broader Trend of Biotech Trimming

This move on Centessa fits into a larger pattern of portfolio adjustments for Avoro Capital Advisors over the past year. The fund has been active in reshaping its healthcare bets, often exiting positions entirely. For instance, on May 15, 2026, Avoro completely sold out of its position in PTC Therapeutics. Earlier in the year, during February 2026, the firm closed out its positions in MoonLake Immunotherapeutics and Atrium Therapeutics, parting with millions of shares in both companies. Going back to late 2025, Avoro also liquidated its holdings in Sarepta Therapeutics and Ultragenyx Pharmaceutical.

While those other names were complete exits, Avoro's decision to keep more than 11.4 million shares of Centessa suggests it still maintains strong conviction in the developer's pipeline, even as it takes some money off the table.

Centessa Stock Hovers Near Peak Levels

On Saturday, the stock was priced at $40.50. That is right at the upper end of its 52-week trading range, which spans from a low of $12.90 to a high of $40.56. The stock has shown strong upward momentum, trading above its 50-day moving average of $39.71 and its 200-day moving average of $29.33.

With the stock trading near its yearly highs, Avoro's decision to trim its stake at this time looks like a classic case of taking profits on a highly successful investment. The company currently has a market capitalization of $6.27 billion.

Recent Earnings Show Heavy R&D Focus

Like many clinical-stage biotechnology firms, Centessa is investing heavily in research and development and is not yet profitable. In its latest financial reports, the company posted an earnings per share (EPS) of -$1.78. Because the company does not have positive net income, it does not have a traditional price-to-earnings ratio. Its return on equity stands at -57.38%, reflecting the high capital demands of drug development before commercialization.

Investors will get their next look at the company's financial health and cash burn rate when Centessa reports its next quarterly results, which is scheduled for August 11, 2026.

Developing Next-Generation Sleep Treatments

Centessa Pharmaceuticals focuses on discovering and developing orexin-based therapies to treat neuroscience disorders. Its lead drug candidate is ORX750, an orexin receptor 2 agonist that is currently in Phase IIa clinical trials. The drug is designed to treat central disorders of hypersomnolence, a group of conditions that includes narcolepsy types 1 and 2, as well as idiopathic hypersomnia. The company is also working on early-stage programs like ORX142 and ORX489 for neurological and neuropsychiatric disorders, alongside an immuno-oncology platform called LockBody.

What to Watch at Centessa Pharmaceuticals plc

For observers of Avoro Capital Advisors, the key question is whether the fund will continue to pare down its Centessa position in the coming quarters or if it will hold onto its remaining stake. Because 13F filings are backward-looking and only show holdings as of the end of the previous quarter, they do not reflect real-time trades. Investors will have to wait for the next regulatory filing cycle to see if Avoro has continued to sell down its position or if it is content with its current allocation.