Armistice Capital, a New York-based hedge fund known for its event-driven strategy and sector-specific convictions, is intensifying its focus on healthcare. According to its latest 13F filings with the U.S. Securities and Exchange Commission, the fund reported $7.33 billion in assets under management for the fourth quarter of 2024—marking continued growth for the firm.

The latest filings indicate notable adjustments to its healthcare portfolio, particularly in the areas of medical technologies and plasma-based therapeutics.

Investment in Dentsply Sirona Increases

One of the most substantial portfolio changes came through an increased investment in Dentsply Sirona (NASDAQ: XRAY), a manufacturer of dental equipment and technologies. According to Fintel data, Armistice Capital expanded its stake in the company in Q4 2024 by 32.22%, growing its holdings to 3,499,628 shares from 2,646,772 in the previous quarter. The market value of the position at the end of the quarter was approximately $66.4 million.

Dentsply Sirona, headquartered in Charlotte, North Carolina, produces a broad range of products including intraoral scanners, 3D printing systems, imaging tools, and other restorative dental technologies. Though the company has experienced inconsistent earnings in recent years, its broad product portfolio continues to attract institutional capital from funds targeting medical device and specialty healthcare markets.

As of early 2025, Vanguard Group Inc. is the company’s largest shareholder, holding approximately 20.18 million shares, which accounts for just over 10% of the company’s outstanding equity. BlackRock Advisors LLC follows closely with around 18.06 million shares, representing roughly 9% of the total.

Other major stakeholders include First Eagle Investment Management, which owns about 14.5 million shares, equating to 7.3% of the company. Nuance Investments LLC and T. Rowe Price International Ltd. also maintain substantial positions, with holdings of 13.55 million shares and 12.55 million shares, respectively.

Continued Activity in Grifols

Armistice Capital also expanded its investment in Grifols S.A. (NASDAQ: GRFS), a global biopharmaceutical company headquartered in Barcelona, Spain. Grifols specializes in plasma-derived therapies used to treat chronic conditions such as immune deficiencies and coagulation disorders. Its product lines include immunoglobulin, albumin, and alpha-1 antitrypsin, which are used across hospital and specialty care settings.

In the fourth quarter of 2024, Armistice increased its position in Grifols by 5.24%, bringing total holdings to 10,036,000 shares, up from 9,536,000 in Q3. The position was valued at approximately $74.7 million at quarter’s end.

Institutional investors collectively own approximately 54.4% of Grifols’ stock, according to Nasdaq data. That level of ownership indicates sustained confidence in the company’s long-term business model, even amid margin pressures and regulatory scrutiny in the plasma collection industry.

Intuitive Surgical

Armistice Capital’s Q3 2024 filing showed a small position in Intuitive Surgical (NASDAQ: ISRG), a global leader in robotic-assisted surgical systems. The fund reported owning 57,326 shares at that time.

Institutional ownership in Intuitive Surgical remains robust, with approximately 84.55% of the company's shares held by institutional investors as of Q4 2024.

Intuitive Surgical’s largest institutional investors include Vanguard Group (9.03% ownership), BlackRock Inc. (8.80%), State Street Corporation (4.29%), T. Rowe Price Associates (4.06%), and FMR LLC (3.03%).

The company’s da Vinci Surgical System is widely used in urology, gynecology, and general surgery and has maintained its competitive edge through continued upgrades in visualization and control precision. Intuitive’s large installed base and recurring revenue model from instruments and services have helped it maintain a durable position in the surgical robotics sector, despite emerging challenges.

Sectoral Implications and Strategic Outlook

Armistice Capital’s recent adjustments point to a broader investment strategy focused on specialized healthcare companies with identifiable market applications. From dental devices to plasma therapies, the fund appears to favor firms with highly specific therapeutic or procedural niches, rather than diversified large-cap pharma.

Healthcare represents a significant portion of Armistice’s overall portfolio, and its changes in Q4 2024 suggest that it continues to prioritize the sector for both growth and event-driven returns.

While the healthcare industry remains sensitive to pricing controls, reimbursement changes, and regulatory uncertainty, it also presents a wide set of opportunities for funds capable of identifying clinical and commercial inflection points. Armistice’s allocations in late 2024 provide a snapshot of how hedge funds may be positioning around long-term demand for specialized medical treatments and technologies.