In this article, we will list the 5 stock picks of Billionaire Tom Steyer with huge upside potential. Please visit Billionaire Tom Steyer’s 10 Stock Picks with Huge Upside Potential if you would like to see the extended list and the methodology behind it.

5. Revolution Medicines, Inc. (NASDAQ:RVMD)

Farallon Capital’s Stake: $1.1 Billion

Analyst Upside Potential: 44%

Revolution Medicines, Inc. (NASDAQ:RVMD) has featured in the 13F portfolio of Farallon Capital since the first quarter of 2021. Back then, this position comprised 1.6 million shares. Since then, the fund has gradually added to this stake. Filings for the fourth quarter of 2025 show that the fund owned 14.5 million shares in the company, roughly the same as in the third quarter of 2025. Revolution is a clinical-stage precision oncology company that develops novel targeted therapies for RAS-addicted cancers.

Revolution Medicines, Inc. (NASDAQ:RVMD) is turning heads on Wall Street after posting unprecedented data from the Phase 3 RASolute 302 trial of its lead candidate, daraxonrasib. The trial showed a statistically significant overall survival benefit in metastatic pancreatic cancer, a disease that has seen almost no major therapeutic breakthroughs in decades. Hedge funds are positioning ahead of the ASCO Plenary Session in May, where full data will be presented. Investors are rewarding Revolution for its competitive moat strategy as well. Earlier this month, the stock surged after the company sent a cease-and-desist letter to rival Erasca, alleging patent infringement and trade-secret misappropriation related to their own RAS inhibitor. Hedge funds view this aggressive posture as a sign that Revolution intends to protect its multi-billion dollar pan-RAS monopoly, making it a safer long-term bet compared to smaller biotech competitors.

4. Protagonist Therapeutics, Inc. (NASDAQ:PTGX)

Farallon Capital’s Stake: $537 Million

Analyst Upside Potential: 49%

Protagonist Therapeutics, Inc. (NASDAQ:PTGX) has been a consistent feature in the 13F portfolio of Farallon Capital since the fourth quarter of 2017. Back then, this position comprised 900,000 shares. In the quarters since then, the fund has steadily built up this stake. Filings for the fourth quarter of 2025 show that the fund owned 6.1 million shares in the firm, roughly the same as in the third quarter of 2025. The firm operates as a discovery and development company in the United States. It develops Icotyde, a first-in-class investigational targeted oral peptide for the treatment of adults and pediatric patients 12 years of age and older with moderate-to-severe plaque psoriasis, and Rusfertide, a first-in-class investigational injectable mimetic of the natural hormone hepcidin in Phase 3 development for the treatment of the rare blood disorder polycythemia vera.

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Protagonist Therapeutics, Inc. (NASDAQ:PTGX) has been attracting interest from elite investors because of the recent FDA approval and commercial launch of Icotyde for moderate-to-severe plaque psoriasis. Hedge funds view Icotyde as a major threat to current injectable biologics. It is the only once-daily oral IL-23R peptide on the market, offering the convenience of a pill with the potency typically reserved for shots. Because the drug was developed with Johnson & Johnson, J&J handles the massive global marketing effort. This allows Protagonist to collect high-margin royalties without the overhead of a sales force. The approval triggered a $50 million milestone payment this quarter, with the company eligible for another $580 million in future regulatory and sales milestones.

3. Natera, Inc. (NASDAQ:NTRA)

Farallon Capital’s Stake: $897 Million

Analyst Upside Potential: 58%

Natera, Inc. (NASDAQ:NTRA) has been a staple in the 13F portfolio of Farallon Capital since the second quarter of 2021. Back then, this position comprised 500,000 shares. By the fourth quarter of 2022, the fund had trimmed this holding down to 143,000 shares. Thereafter, it started loading up on the stock again. By the second quarter of 2025, this position had been increased to 4.8 million shares. In the following two quarters, the fund trimmed this stake by 11% and 8%. Filings for the fourth quarter of 2025 show that the fund owned just under 4 million shares in the company.

Natera, Inc. (NASDAQ:NTRA) is viewed as the dominant leader in the high-growth Molecular Residual Disease (MRD) market. Earlier this month, a federal judge awarded the firm a 30% ongoing royalty in a high-profile patent litigation case related to its MRD technology. The royalty provides a pure-profit revenue stream that reinforces Natera’s intellectual property moat and penalizes competitors using similar detection methods. The core driver for institutions is the rapid adoption of Signatera, which is becoming the standard of care for cancer recurrence monitoring. In the full-year 2025 results, oncology test volumes grew by over 51%. Natera also presented 20 abstracts at the recent AACR conference, showcasing the scale of its innovation.

2. BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Farallon Capital’s Stake: $688 Million

Analyst Upside Potential: 72%

BridgeBio Pharma, Inc. (NASDAQ:BBIO) is a relatively recent addition to the 13F portfolio of Farallon Capital. The fund first disclosed a stake in the firm in the third quarter of 2024. This position comprised 1.7 million shares. In the months since then, the hedge fund has aggressively built up this holding. Filings for the fourth quarter of 2025 show that the fund owned 9 million shares in the firm, up close to 10% compared to filings for the previous quarter. The firm operates as a biopharmaceutical company that discovers, develops, and delivers medicines for patients with genetic diseases.

BridgeBio Pharma, Inc. (NASDAQ:BBIO) has come in focus of elite investors since the commercial launch of Attruby for ATTR-CM, transthyretin amyloid cardiomyopathy. In the Q4 2025 earnings report, the company revealed a 35% quarter-over-quarter growth in net product revenue. Long-term data released in March showed a staggering 44.7% reduction in all-cause mortality through month 54. Hedge funds view this near-complete stabilization of the TTR protein as a significant competitive advantage over Pfizer’s legacy drug, Vyndamax. In January, BridgeBio successfully issued $632.5 million in convertible notes. This capital injection, combined with rising Attruby sales, gives the company a strong balance sheet to fund three simultaneous launches. Hedge funds prioritize companies that can scale without needing to constantly return to the equity markets for dilutive raises.

1. Liquidia Corporation (NASDAQ:LQDA)

Farallon Capital’s Stake: $299 Million

Analyst Upside Potential: 115%

Liquidia Corporation (NASDAQ:LQDA) first appeared in the 13F portfolio of Farallon Capital in the second quarter of 2020. Back then, this position comprised 1.8 million shares. The fund sold off this stake before the end of the year. A new position in the stock was then opened in the first quarter of 2024. This consisted of 2 million shares. Since then, the fund has added to this holding. Filings for the fourth quarter of 2025 show that the fund owned 8.6 million shares in the firm, up slightly compared to filings for the previous quarter. Liquidia is a biopharmaceutical company that develops, manufactures, and commercializes various products for rare cardiopulmonary diseases in the United States.

Liquidia Corporation (NASDAQ:LQDA) is viewed as a top-tier takeout candidate and a disruptive force in the pulmonary hypertension market. While the company faces ongoing litigation from its main rival, United Therapeutics, elite investors are focused on Liquidia’s transition into a profitable, billion-dollar franchise. The primary driver for institutional interest is the rapid adoption of YUTREPIA, Liquidia’s dry-powder treprostinil. In its Q4 2025 earnings, the firm reported $90.1 million in product sales for the quarter, a 74% sequential increase from Q3. Since its full launch in June 2025, Liquidia has captured a 17% share of the inhaled treprostinil market. Hedge funds are betting on this trend continuing as the company expands its sales force to target the over 860 active prescribers it has already engaged. CEO Roger Jeffs confirmed a clear path to becoming a $1 billion franchise by 2027.

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