Biotech Fund Dumps 1.85 Million Centessa Shares as Stock Jumps Over 50%
Key Points
Commodore Capital sold 1,850,000 shares of Centessa in the fourth quarter; the estimated trade value was $46.86 million.
Meanwhile, the quarter-end position value decreased by $44.10 million, reflecting both trading and price changes.
Post-sale, the fund still holds 1,000,000 shares worth $25.01 million.
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Commodore Capital reduced its stake in Centessa Pharmaceuticals (NASDAQ:CNTA) by 1,850,000 shares in the fourth quarter, according to a February 17, 2026, SEC filing. The estimated transaction value, based on quarterly average pricing, was approximately $46.86 million.
What happened
According to a filing with the Securities and Exchange Commission dated February 17, 2026, Commodore Capital sold 1,850,000 shares of Centessa Pharmaceuticals in the fourth quarter. The estimated transaction value, calculated using the average closing price for the quarter, was $46.86 million. The fund’s quarter-end position value in Centessa declined by $44.10 million, a change that captures both sale activity and price movement.
What else to know
- Commodore Capital reduced its Centessa stake to 1.66% of reportable AUM after this sale.
- Top holdings after filing:
- NASDAQ:RLAY: $143.82 million (9.6% of AUM)
- NASDAQ:ALKS: $99.33 million (6.6% of AUM)
- NASDAQ:TYRA: $88.73 million (5.9% of AUM)
- NASDAQ:XENE: $80.68 million (5.4% of AUM)
- NASDAQ:SYRE: $78.24 million (5.2% of AUM)
- As of February 17, 2026, CNTA shares were priced at $24.94, up 53.4% over the past year, outperforming the S&P 500 by 34.19 percentage points.
Company overview
| Metric | Value |
|---|---|
| Market capitalization | $3.35 billion |
| Revenue (TTM) | $15.00 million |
| Net income (TTM) | ($242.70 million) |
| Price (as of market close 2/17/26) | $24.94 |
Company snapshot
- Centessa Pharmaceuticals' pipeline includes late-stage clinical assets such as Lixivaptan for autosomal dominant polycystic kidney disease and SerpinPC for hemophilia, along with early-stage candidates targeting rare diseases and immunological disorders.
- The company operates a research-driven business model focused on discovering, developing, and advancing novel therapeutics through clinical trials, with the goal of achieving regulatory approvals and future commercialization.
- Primary customers are expected to be healthcare providers, hospitals, and specialty clinics treating patients with rare diseases, hematological conditions, and autoimmune disorders.
Centessa Pharmaceuticals plc is a clinical-stage biotechnology company headquartered in the United Kingdom, with a focus on advancing a diverse pipeline of innovative medicines targeting rare and serious diseases. The company leverages a portfolio approach, developing multiple assets across different therapeutic areas to diversify risk and maximize clinical impact. Its strategy centers on progressing high-potential candidates through pivotal trials, aiming to address significant unmet medical needs and establish a competitive position in the biopharmaceutical sector.
What this transaction means for investors
Biotech investors rarely trim winners without a reason, and cutting a position from more than 9% of assets to less than 2% in a single quarter signals that capital is being redeployed, not just rebalanced.
Centessa shares have climbed more than 53% over the past year, materially outperforming the broader market. At the same time, the company is in the middle of a strategic transformation. Leadership is transitioning, with Mario Accardi set to take over as CEO as the company doubles down on its orexin franchise. Its lead OX2R agonist, ORX750, is expected to enter a registrational program this quarter, and additional milestones are planned throughout the year.
That focus narrows Centessa’s story. What was once a diversified rare disease portfolio is now increasingly a pure play on orexin biology. And for some funds, concentration risk rises as the narrative tightens.
Commodore’s top holdings remain spread across oncology and neuroscience names like Relay and Alkermes, suggesting a preference for multiple shots on goal rather than a single platform bet. Long-term investors should ask whether Centessa’s orexin pipeline can justify the pivot. If ORX750 and follow-on assets deliver, the trimming could look premature. If not, risk management may prove prescient.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alkermes Plc and Centessa Pharmaceuticals Plc. The Motley Fool has a disclosure policy.
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