ANNX Annexon, Inc. - common stock
$5.26
Price · Aug 18, 2026
Fundamentals as of Aug 12, 2026
52W Range
$2–$7
63% of range
Analyst Rating
BUY
17 analysts
Price Target
$15
+180% upside
P/E (TTM)
-3.9
ROE
-100.7%
Net Profit Margin
—
ANNX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$5.26
Market Cap
$785M
P/E (TTM)
-3.9
EPS (TTM)
$-1.34
Revenue (TTM)
—
Div Yield
—
ROE
-100.7%
Debt/Equity
—
52W Range
$2 – $7
ANNX Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
—
EPS
$-1.34
2021-12-31
→
2025-12-31
Free Cash Flow
$-186M
2020-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ANNX
Peer Median
P/E (TTM)
-3.9
—
P/B
3.7
3.4
Price / FCF
-4.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ANNX
Peer Median
ROA
-65.9%
-31.3%
ROE
-100.7%
-38.1%
ROIC
-102.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ANNX
Peer Median
Current Ratio
5.7
10.9
Quick Ratio
3.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ANNX
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ANNX
Peer Median
ANNX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
17 analysts
- Strong Buy 4 23.5%
- Buy 10 58.8%
- Hold 2 11.8%
- Sell 1 5.9%
- Strong Sell 0 0.0%
12-Month Price Target
7 analysts · 2026-08-17
Median
$12.00
Mean
$14.71
← Below all targets
$5.26
Low
$7.00
High
$27.00
Median target
$12.00
+128.2%
Mean target
$14.71
+179.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.00%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.23 | $-0.29 | 0.06% |
| Dec. 31, 2025 | $-0.28 | $-0.32 | 0.04% |
| Sept. 30, 2025 | $-0.37 | $-0.35 | -0.02% |
| June 30, 2025 | $-0.34 | $-0.37 | 0.03% |
| March 31, 2025 | $-0.37 | $-0.30 | -0.07% |
| Dec. 31, 2024 | $-0.33 | $-0.27 | -0.06% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ANNX | $750M | -3.7 | — | — | -100.7% | — |
| KURA | $913M | -3.3 | 25.2% | -413.0% | -116.2% | — |
| JANX | $833M | -7.5 | -5.5% | -1136.2% | -11.7% | — |
| CLYM | $191M | -4.5 | — | — | -34.6% | — |
| GERN | $845M | -10.2 | -60.2% | — | -34.4% | — |
| SLDB | $445M | -2.8 | — | — | -79.5% | — |
| OLMA | $2.03B | -13.4 | — | — | -39.4% | — |
| DSGN | $567M | -7.7 | — | — | -32.8% | — |
| CADL | $310M | -7.8 | — | — | -53.7% | — |
| FTH | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| R&D Expense | $185M | $119M | $114M | $113M | $100M | $49M | $25M | |
| SG&A Expense | $32M | $35M | $30M | $33M | $31M | $14M | $8M | |
| Operating Expenses | $216M | $154M | $144M | $146M | $131M | $63M | $33M | |
| Operating Income | $-216M | $-154M | $-144M | $-146M | $-131M | $-63M | $-33M | |
| Other Non-op | · | · | · | · | · | $57.0K | $1M | |
| Pretax Income | $-207M | $-138M | $134M | $142M | $130M | $-63M | $-37M | |
| Income Tax | $0 | $0 | $0 | $0 | · | · | $4.0K | |
| Net Income | $-207M | $-138M | $-134M | $-142M | $-130M | $-63M | $-37M | |
| EPS (Basic) | $-1.34 | $-1.01 | $-1.77 | $-2.60 | $-3.40 | · | · | |
| EPS (Diluted) | $-1.34 | $-1.01 | $-1.77 | $-2.60 | $-3.40 | · | · | |
| Shares (Basic) | 155,105,832 | 137,404,145 | 75,673,081 | 54,673,572 | 38,316,273 | · | · | |
| Shares (Diluted) | 155,105,832 | 137,404,145 | 75,673,081 | 54,673,572 | 38,316,273 | · | · | |
| EBITDA | $-214M | $-152M | $-142M | $-143M | $-129M | $-63M | · |
Balance Sheet 21
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $162M | $49M | $225M | $140M | $75M | $269M | $44M | |
| Prepaid Expense | $4M | $4M | $4M | $5M | $5M | $3M | $1M | |
| Other Current Assets | · | · | $63.0K | $203.0K | $463.0K | $3.0K | $79.0K | |
| Current Assets | $242M | $316M | $264M | $248M | $248M | $354M | $45M | |
| PP&E (Net) | $11M | $13M | $15M | $17M | $18M | $2M | $2M | |
| PP&E (Gross) | $20M | $20M | $20M | $20M | $19M | $4M | $3M | |
| Accum. Depreciation | $9M | $7M | $5M | $3M | $789.0K | $2M | $1M | |
| Other Non-current Assets | $9M | $3M | · | · | · | · | $2M | |
| Total Assets | $278M | $350M | $298M | $285M | $287M | $356M | $50M | |
| Accounts Payable | $15M | $10M | $5M | $7M | $11M | $4M | $2M | |
| Accrued Liabilities | · | · | $10M | $13M | $9M | $6M | $2M | |
| Current Liabilities | $43M | $31M | $18M | $22M | $22M | $11M | $5M | |
| Capital Leases | $23M | $26M | $29M | $32M | $33M | · | · | |
| Total Liabilities | $66M | $57M | $47M | $54M | $55M | $12M | $6M | |
| Common Stock | $149.0K | $109.0K | $78.0K | $48.0K | $39.0K | $38.0K | $4.0K | |
| Paid-in Capital | $1.13B | $1.00B | $823M | $670M | $528M | $510M | $2M | |
| Retained Earnings | $-917M | $-711M | $-572M | $-438M | $-296M | $-166M | $-103M | |
| AOCI | $-29.0K | $10.0K | $-52.0K | $-372.0K | $-180.0K | $-77.0K | $-80.0K | |
| Stockholders' Equity | $212M | $293M | $251M | $231M | $232M | $344M | $-100M | |
| Liabilities + Equity | $278M | $350M | $298M | $285M | $287M | $356M | $50M | |
| Shares Outstanding | 149,362,800 | 109,381,556 | 78,369,099 | 47,722,995 | 38,560,854 | 38,157,618 | 433,749 |
Cash Flow 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $2M | $2M | $2M | $2M | $667.0K | $493.0K | |
| Stock-based Comp | $16M | $19M | $18M | $19M | $16M | $5M | $2M | |
| Other Non-cash | $2M | $-1M | $-7M | $5M | $6M | $5M | · | |
| Operating Cash Flow | $-186M | $-118M | $-121M | $-116M | $-106M | $-53M | $-28M | |
| CapEx | $137.0K | $15.0K | $193.0K | $7M | $2M | $464.0K | $267.0K | |
| Investing Cash Flow | $190M | $-219M | $71M | $58M | $-88M | $-83M | $-267.0K | |
| Stock Issued | $28M | $44M | $18M | · | · | · | · | |
| Net Stock Activity | $28M | $44M | · | · | · | · | · | |
| Financing Cash Flow | $109M | $161M | $136M | $123M | $2M | $361M | $28M | |
| Free Cash Flow | $-186M | $-118M | $-121M | $-123M | $-108M | $-54M | · |
Profitability 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| ROA | -65.9% | -42.7% | -46.1% | -49.6% | -40.5% | -31.2% | · | |
| ROE | -100.7% | -44.2% | -65.9% | -57.7% | -52.5% | -17.9% | · | |
| ROIC | -102.2% | -52.6% | -57.4% | · | · | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.7 | 10.4 | 14.7 | 11.1 | 11.4 | 33.3 | · | |
| Quick Ratio | 3.8 | 1.6 | 12.6 | 6.3 | 3.4 | 25.3 | · |
Valuation (TTM) 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-207M | $-138M | $-134M | $-142M | $-130M | $-63M | · | |
| Market Cap | $750M | $561M | $356M | $247M | $443M | $955M | · | |
| P/E | -3.7 | -5.1 | -2.6 | -2.0 | -3.4 | · | · | |
| P/B | 3.5 | 1.9 | 1.4 | 1.1 | 1.9 | 2.8 | · | |
| P / Tangible Book | 3.5 | 1.9 | 1.4 | 1.1 | 1.9 | 2.8 | · | |
| P / Cash Flow | -4.0 | -4.8 | -2.9 | -2.1 | -4.2 | -18.0 | · | |
| P / FCF | -4.0 | -4.8 | -2.9 | -2.0 | -4.1 | -17.8 | · | |
| Earnings Yield | -26.7% | -19.7% | -39.0% | -50.3% | -29.6% | · | · |
Income Statement 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $47M | $36M | $43M | $50M | $44M | $48M | $43M | $30M | $25M | $21M | $23M | $28M | $30M | $32M | $29M | $28M | |
| SG&A Expense | $11M | $10M | $8M | $7M | $8M | $9M | $9M | $9M | $9M | $8M | $7M | $7M | $7M | $9M | $8M | $8M | |
| Operating Expenses | $57M | $46M | $50M | $57M | $52M | $57M | $52M | $39M | $34M | $29M | $30M | $35M | $38M | $41M | $37M | $36M | |
| Operating Income | $-57M | $-46M | $-50M | $-57M | $-52M | $-57M | $-52M | $-39M | $-34M | $-29M | $-30M | $-35M | $-38M | $-41M | $-37M | $-36M | |
| Net Income | $-55M | $-44M | $-48M | $-55M | $-49M | $-54M | $-49M | $-35M | $-30M | $-25M | $-28M | $-32M | $-35M | $-39M | $-34M | $-35M | |
| EPS (Basic) | $-0.28 | $-0.23 | $-0.26 | $-0.37 | $-0.34 | $-0.37 | $-0.32 | $-0.25 | $-0.23 | $-0.21 | $-0.35 | $-0.43 | $-0.47 | $-0.52 | $-0.21 | $-0.51 | |
| EPS (Diluted) | $-0.28 | $-0.23 | $-0.26 | $-0.37 | $-0.34 | $-0.37 | $-0.32 | $-0.25 | $-0.23 | $-0.21 | $-0.35 | $-0.43 | $-0.47 | $-0.52 | $-0.21 | $-0.51 | |
| Shares (Basic) | 201,003,269 | 194,200,100 | -290,447,481 | 149,123,701 | 148,320,803 | 148,108,809 | -255,335,036 | 139,933,019 | 130,132,960 | 122,673,202 | -148,755,059 | 75,342,495 | 75,230,003 | 73,855,642 | -91,127,071 | 68,652,859 | |
| Shares (Diluted) | 201,003,269 | 194,200,100 | -290,447,481 | 149,123,701 | 148,320,803 | 148,108,809 | -255,335,036 | 139,933,019 | 130,132,960 | 122,673,202 | -148,755,059 | 75,342,495 | 75,230,003 | 73,855,642 | -91,127,071 | 68,652,859 | |
| EBITDA | $-57M | $-46M | · | $-57M | $-52M | $-57M | · | $-39M | $-34M | $-28M | · | $-35M | $-38M | $-41M | · | $-36M |
Balance Sheet 21
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $199M | $175M | $162M | $139M | $132M | $97M | $49M | $80M | $157M | $152M | $225M | $133M | $114M | $144M | $140M | $211M | |
| Prepaid Expense | $4M | $3M | $4M | $4M | $4M | $4M | $4M | $4M | $5M | $6M | $4M | $4M | $5M | $4M | $5M | $5M | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | $23.0K | · | $13.0K | $167.0K | $165.0K | $203.0K | $57.0K | |
| Current Assets | $213M | $228M | $242M | $193M | $231M | $268M | $316M | $344M | $374M | $271M | $264M | $169M | $198M | $233M | $248M | $275M | |
| PP&E (Net) | $10M | $10M | $11M | $11M | $12M | $12M | $13M | $13M | $14M | $14M | $15M | $15M | $16M | $16M | $17M | $17M | |
| PP&E (Gross) | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $19M | |
| Accum. Depreciation | $10M | $10M | $9M | $9M | $8M | $8M | $7M | $7M | $6M | $6M | $5M | $4M | $4M | $3M | $3M | $2M | |
| Other Non-current Assets | $8M | $9M | $9M | $9M | $5M | $5M | $3M | $3M | · | $361.0K | · | · | · | $12.0K | · | $204.0K | |
| Total Assets | $246M | $263M | $278M | $229M | $265M | $303M | $350M | $379M | $406M | $304M | $298M | $204M | $233M | $269M | $285M | $313M | |
| Accounts Payable | $16M | $18M | $15M | $18M | $12M | $10M | $10M | $7M | $4M | $4M | $5M | $5M | $7M | $10M | $7M | $7M | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | $11M | $7M | · | $10M | $9M | $11M | $13M | $11M | |
| Current Liabilities | $38M | $36M | $43M | $44M | $41M | $34M | $31M | $20M | $17M | $13M | $18M | $17M | $18M | $23M | $22M | $20M | |
| Capital Leases | $22M | $22M | $23M | $24M | $25M | $26M | $26M | $27M | $28M | $29M | $29M | $30M | $30M | $31M | $32M | $32M | |
| Total Liabilities | $60M | $58M | $66M | $68M | $66M | $59M | $57M | $47M | $45M | $42M | $47M | $47M | $48M | $54M | $54M | $52M | |
| Common Stock | $175.0K | $162.0K | $149.0K | $115.0K | $110.0K | $109.0K | $109.0K | $106.0K | $106.0K | $90.0K | $78.0K | $53.0K | $53.0K | $53.0K | $48.0K | $48.0K | |
| Paid-in Capital | $1.20B | $1.17B | $1.13B | $1.03B | $1.01B | $1.01B | $1.00B | $993M | $988M | $860M | $823M | $702M | $697M | $692M | $670M | $665M | |
| Retained Earnings | $-1.02B | $-962M | $-917M | $-869M | $-814M | $-765M | $-711M | $-662M | $-627M | $-598M | $-572M | $-545M | $-512M | $-477M | $-438M | $-404M | |
| AOCI | $-82.0K | $-81.0K | $-29.0K | $-76.0K | $-93.0K | $-91.0K | $10.0K | $77.0K | $-89.0K | $-102.0K | $-52.0K | $-123.0K | $-171.0K | $-217.0K | $-372.0K | $-406.0K | |
| Stockholders' Equity | $186M | $205M | $212M | $161M | $199M | $244M | $293M | $332M | $361M | $262M | $251M | $157M | $185M | $215M | $231M | $261M | |
| Liabilities + Equity | $246M | $263M | $278M | $229M | $265M | $303M | $350M | $379M | $406M | $304M | $298M | $204M | $233M | $269M | $285M | $313M | |
| Shares Outstanding | · | · | 149,362,800 | · | · | · | 109,381,556 | · | · | · | 78,369,099 | · | · | · | 47,722,995 | · |
Cash Flow 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $540.0K | $539.0K | $543.0K | $546.0K | $540.0K | $537.0K | $537.0K | $538.0K | $537.0K | $538.0K | $538.0K | $538.0K | $536.0K | $536.0K | $530.0K | $518.0K | |
| Stock-based Comp | $5M | $4M | $3M | $4M | $4M | $5M | $5M | $5M | $5M | $5M | $4M | $5M | $5M | $5M | $5M | $5M | |
| Other Non-cash | · | $-7M | · | · | · | $-1M | · | · | · | $-8M | · | · | · | $540.0K | · | · | |
| Operating Cash Flow | $-48M | $-47M | $-46M | $-52M | $-38M | $-50M | $-36M | $-32M | $-22M | $-28M | $-23M | $-28M | $-36M | $-33M | $-27M | $-31M | |
| CapEx | $137.0K | $0 | $0 | $48.0K | $15.0K | $74.0K | $6.0K | · | · | · | $7.0K | $19.0K | $30.0K | $137.0K | $282.0K | $169.0K | |
| Investing Cash Flow | $40M | $27M | $-27M | $46M | $73M | $98M | $1M | $-46M | $-97M | $-77M | $-2M | $48M | $6M | $20M | $-44M | $14M | |
| Stock Issued | $32M | $34M | $14M | $14M | $0 | $0 | $5M | $0 | $7M | $33M | $0 | $450.0K | $450.0K | $18M | · | · | |
| Net Stock Activity | · | $34M | · | · | · | · | · | · | · | $33M | · | · | · | $18M | · | · | |
| Financing Cash Flow | $32M | $33M | $95M | $14M | $153.0K | $59.0K | $5M | $175.0K | $124M | $32M | $118M | $0 | $345.0K | $18M | $108.0K | $123M | |
| Free Cash Flow | · | $-47M | · | · | · | $-50M | · | · | · | · | · | · | · | $-33M | · | · |
Profitability 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -21.7% | -15.6% | · | -18.1% | -14.7% | -17.9% | · | -11.9% | -9.3% | -9.1% | · | -13.8% | -15.5% | · | · | -11.3% | |
| ROE | -28.7% | -19.7% | · | -22.3% | -17.5% | -21.5% | · | -14.3% | -10.8% | -10.9% | · | -17.5% | -20.0% | · | · | -13.4% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.5 | 6.4 | · | 4.4 | 5.7 | 8.0 | · | 17.2 | 21.8 | 20.6 | · | 9.9 | 11.0 | · | · | 13.6 | |
| Quick Ratio | 5.2 | 4.9 | · | 3.2 | 3.3 | 2.9 | · | 4.0 | 9.2 | 11.6 | · | 7.8 | 6.4 | · | · | 10.4 |
Valuation (TTM) 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-204M | $-203M | · | $-193M | $-168M | $-144M | · | $-122M | $-122M | $-132M | · | $-141M | $-146M | $-146M | · | $-143M | |
| P/E | -4.7 | -4.2 | · | -2.3 | -2.0 | -1.8 | · | -5.3 | -3.7 | -4.4 | · | -1.2 | -1.4 | -1.3 | · | -1.9 | |
| Earnings Yield | -21.4% | -23.6% | · | -43.6% | -49.6% | -54.9% | · | -18.9% | -27.4% | -22.7% | · | -81.8% | -69.9% | -75.6% | · | -53.7% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Net Income | $-207M | $-138M | $-134M | $-142M | $-130M |
| Diluted EPS | $-1.34 | $-1.01 | $-1.77 | $-2.60 | $-3.40 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 5.7 | 10.4 | 14.7 | 11.1 | 11.4 |
| Quick Ratio | 3.8 | 1.6 | 12.6 | 6.3 | 3.4 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-186M | $-118M | $-121M | $-123M | $-108M |
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Institutional owners (13F) 231 filers · $903.8M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 38 (-24 vs prior Q) | 25 (+10 vs prior Q) | 85 (+4 vs prior Q) | 69 (+15 vs prior Q) | +33.9M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| FMR LLC | $103,712,963 | 18,163,391 | 11.48% | Shares |
| Redmile Group, LLC | $67,776,998 | 11,869,877 | 7.50% | Shares |
| STATE STREET CORP | $56,096,873 | 9,824,321 | 6.21% | Shares |
| BVF INC/IL | $49,666,568 | 8,698,173 | 5.50% | Shares |
| Woodline Partners LP | $39,542,133 | 6,925,067 | 4.38% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $39,233,496 | 6,871,015 | 4.34% | Shares |
| SATTER MANAGEMENT CO., L.P. | $37,992,903 | 7,406,024 | 4.20% | Shares |
| VANGUARD GROUP INC | $34,414,053 | 6,855,389 | 3.81% | Shares |
| MAK CAPITAL ONE LLC | $33,473,048 | 5,862,180 | 3.70% | Shares |
| Siren, L.L.C. | $25,458,869 | 4,458,646 | 2.82% | Shares |
| Bain Capital Life Sciences Investors, LLC | $25,339,444 | 4,437,731 | 2.80% | Shares |
| Bellevue Group AG | $23,411,091 | 4,100,016 | 2.59% | Shares |
| MPM BIOIMPACT LLC | $20,238,261 | 3,544,354 | 2.24% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $19,985,000 | 3,500,000 | 2.21% | Shares |
| GREAT POINT PARTNERS LLC | $19,985,000 | 3,500,000 | 2.21% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $19,758,078 | 3,459,611 | 2.19% | Shares |
| AMERIPRISE FINANCIAL INC | $19,595,144 | 3,431,724 | 2.17% | Shares |
| GOLDMAN SACHS GROUP INC | $17,924,655 | 3,139,169 | 1.98% | Shares |
| Palo Alto Investors LP | $16,833,594 | 2,948,090 | 1.86% | Shares |
| Balyasny Asset Management L.P. | $16,164,873 | 2,830,976 | 1.79% | Shares |
| Qube Research & Technologies Ltd | $15,702,277 | 2,749,961 | 1.74% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $12,829,228 | 2,246,800 | 1.42% | Shares |
| Opaleye Management Inc. | $9,789,515 | 1,714,451 | 1.08% | Shares |
| Logos Global Management LP | $8,565,000 | 1,500,000 | 0.95% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $8,139,776 | 1,425,530 | 0.90% | Shares |
| Point72 Asset Management, L.P. | $7,895,211 | 1,382,699 | 0.87% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $7,182,032 | 1,257,799 | 0.79% | Shares |
| Tetragon Partners GP Ltd | $7,094,418 | 1,242,455 | 0.78% | Shares |
| Candriam S.C.A. | $6,817,695 | 1,195,142 | 0.75% | Shares |
| MILLENNIUM MANAGEMENT LLC | $6,765,956 | 1,184,931 | 0.75% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $6,312,120 | 1,105,450 | 0.70% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $5,526,857 | 967,926 | 0.61% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $5,129,830 | 898,394 | 0.57% | Shares |
| Ishara Investments LP | $4,682,200 | 820,000 | 0.52% | Shares |
| Ensign Peak Advisors, Inc | $4,570,946 | 800,516 | 0.51% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $4,213,609 | 737,935 | 0.47% | Shares |
| Y-Intercept (Hong Kong) Ltd | $4,194,480 | 734,585 | 0.46% | Shares |
| Parkman Healthcare Partners LLC | $3,660,276 | 641,029 | 0.40% | Shares |
| DEERFIELD MANAGEMENT COMPANY, L.P. | $3,334,143 | 583,913 | 0.37% | Shares |
| SIRIOS CAPITAL MANAGEMENT L P | $3,250,566 | 569,276 | 0.36% | Shares |
| Schonfeld Strategic Advisors LLC | $3,046,666 | 533,567 | 0.34% | Shares |
| TWO SIGMA INVESTMENTS, LP | $2,928,065 | 512,796 | 0.32% | Shares |
| Board of Trustees of The Leland Stanford Junior University | $2,755,360 | 482,550 | 0.30% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,620,890 | 459,000 | 0.29% | Shares |
| BANK OF AMERICA CORP /DE/ | $2,487,008 | 435,553 | 0.28% | Shares |
| Ikarian Capital, LLC | $2,456,693 | 430,244 | 0.27% | Shares |
| MOORE CAPITAL MANAGEMENT, LP | $2,428,646 | 425,332 | 0.27% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,352,520 | 412,000 | 0.26% | Call option |
| Trexquant Investment LP | $2,339,199 | 409,667 | 0.26% | Shares |
| Susquehanna Portfolio Strategies, LLC | $2,256,763 | 395,230 | 0.25% | Shares |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC | $2,253,166 | 394,600 | 0.25% | Shares |
| DIADEMA PARTNERS LP | $2,016,772 | 353,200 | 0.22% | Call option |
| Engineers Gate Manager LP | $1,821,815 | 319,057 | 0.20% | Shares |
| DAFNA Capital Management LLC | $1,700,507 | 297,812 | 0.19% | Shares |
| Jump Financial, LLC | $1,700,438 | 297,800 | 0.19% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,635,201 | 286,375 | 0.18% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $1,427,643 | 250,025 | 0.16% | Shares |
| UBS Group AG | $1,413,653 | 247,575 | 0.16% | Shares |
| Swiss National Bank | $1,396,666 | 244,600 | 0.15% | Shares |
| CITADEL ADVISORS LLC | $1,340,137 | 234,700 | 0.15% | Call option |
| CITIGROUP INC | $1,296,318 | 227,026 | 0.14% | Shares |
| Cinctive Capital Management LP | $1,231,921 | 215,748 | 0.14% | Shares |
| MARSHALL WACE, LLP | $1,202,566 | 210,607 | 0.13% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,086,042 | 190,200 | 0.12% | Put option |
| RHUMBLINE ADVISERS | $1,082,480 | 189,578 | 0.12% | Shares |
| Bank of New York Mellon Corp | $1,002,413 | 175,554 | 0.11% | Shares |
| Squarepoint Ops LLC | $989,457 | 173,285 | 0.11% | Shares |
| Rafferty Asset Management, LLC | $989,423 | 173,279 | 0.11% | Shares |
| Point72 Europe (London) LLP | $923,726 | 302,861 | 0.10% | Shares |
| OSAIC HOLDINGS, INC. | $842,767 | 147,595 | 0.09% | Shares |
| ALLIANCEBERNSTEIN L.P. | $815,710 | 147,240 | 0.09% | Shares |
| WELLS FARGO & COMPANY/MN | $809,090 | 141,697 | 0.09% | Shares |
| BlackRock, Inc. | $782,276 | 137,001 | 0.09% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $738,234 | 129,288 | 0.08% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $727,100 | 127,338 | 0.08% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $685,937 | 120,129 | 0.08% | Shares |
| IEQ CAPITAL, LLC | $685,257 | 120,010 | 0.08% | Shares |
| J. Goldman & Co LP | $662,623 | 116,046 | 0.07% | Shares |
| XTX Topco Ltd | $640,359 | 112,147 | 0.07% | Shares |
| Vanguard Global Advisers, LLC | $582,803 | 102,067 | 0.06% | Shares |
| Quarry LP | $571,000 | 100,000 | 0.06% | Shares |
| Russell Investments Group, Ltd. | $566,711 | 99,249 | 0.06% | Shares |
| SCS Capital Management LLC | $565,290 | 99,000 | 0.06% | Shares |
| Nuveen, LLC | $564,508 | 98,863 | 0.06% | Shares |
| MetLife Investment Management, LLC | $519,639 | 91,005 | 0.06% | Shares |
| JANE STREET GROUP, LLC | $516,755 | 90,500 | 0.06% | Call option |
| J. Safra Sarasin Holding AG | $516,681 | 90,487 | 0.06% | Shares |
| CITADEL ADVISORS LLC | $507,619 | 88,900 | 0.06% | Put option |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $505,438 | 88,518 | 0.06% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $501,960 | 87,909 | 0.06% | Shares |
| PROFUND ADVISORS LLC | $499,676 | 87,509 | 0.06% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $453,865 | 79,486 | 0.05% | Shares |
| DNB Asset Management AS | $417,669 | 73,147 | 0.05% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $408,448 | 71,532 | 0.05% | Shares |
| Virtus Investment Advisers, LLC | $396,662 | 69,468 | 0.04% | Shares |
| Jain Global LLC | $369,545 | 64,719 | 0.04% | Shares |
| China Universal Asset Management Co., Ltd. | $354,454 | 62,076 | 0.04% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $354,437 | 62,073 | 0.04% | Shares |
| DIVERSIFIED TRUST CO | $352,860 | 61,797 | 0.04% | Shares |
| Invesco Ltd. | $351,696 | 61,593 | 0.04% | Shares |
Company insiders 11 insiders · 3 officers · 7 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jennifer Lew | EVP & Chief Financial Officer | July 11, 2023 S | 47,460 | 0 | 0 | $0 |
| Ted Yednock | EVP & CHIEF INNOVATION OFFICER | June 11, 2026 M | 184,807 | 0 | 0 | $0 |
| Michael Overdorf | EVP & Chief Business Officer | July 11, 2023 S | 45,802 | 0 | 0 | $0 |
| Bettina M. Cockroft | Director | June 11, 2026 A | — | 0 | 0 | $0 |
| William H. Carson | Director | June 11, 2026 A | — | 0 | 0 | $0 |
| Jung Choi | Director | June 11, 2026 A | — | 0 | 0 | $0 |
| William D. Waddill | Director | June 11, 2026 A | — | 0 | 0 | $0 |
| William A Jones JR | Director | June 11, 2026 A | — | 0 | 0 | $0 |
| Satter Muneer A | Director | June 11, 2026 A | 10,342,134 | 6 | 0 | $11,974,803 |
| Ricky Sun | Director | June 2, 2021 A | — | 0 | 0 | $0 |
| Mark S. Blumenkranz | — | Aug. 10, 2026 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Satter Muneer A | Nov. 21, 2025 | 7.20% | Amendment | — | SEC |
| Muneer A. Satter ×2 filings | Feb. 17, 2023 | — | Initial filing | — | SEC |
| Clarus Lifesciences III, L.P., Clarus Ventures III GP, L.P., Blackstone Clarus III L.L.C., Blackstone Holdings II L.P., Blackstone Holdings I/II GP L.L.C., Blackstone Inc., Blackstone Group Management L.L.C., Stephen A. Schwarzman ×2 filings | Aug. 27, 2021 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 38 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| BBC · ETFis Series Trust I | 0.87% | 55,535 NS | April 30, 2026 | N-PORT |
| IBRN · iShares Trust | 0.81% | 11,173 SH | Aug. 8, 2026 | Daily |
| LABU · Direxion Shares ETF Trust | 0.25% | 218,784 NS | April 30, 2026 | N-PORT |
| IWC · iShares Trust | 0.20% | 527,497 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.13% | 451,913 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.07% | 37,506 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.06% | 1,058,884 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.06% | 8,919 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.05% | 1,395,356 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.05% | 166,500 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.04% | 5,349 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.04% | 198,690 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.03% | 893,974 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.03% | 3,979,848 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.02% | 31,162 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.02% | 57,102 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.02% | 6,206 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.02% | 637,833 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.01% | 6,291 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.01% | 54,687 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 4,853 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,754,465 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 366,971 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.01% | 4,907 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 179,974 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 7,256 SH | Aug. 8, 2026 | Daily |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 69,949 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 123 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 3,773 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 180,473 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.00% | 9,567 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 54,273 SH | Aug. 8, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 219,943 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 79,390 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 15,085 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 13,707 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 4,970,636 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 13,754 SH | Aug. 8, 2026 | Daily |