BIOA
Pharmaceuticals, Biotechnology & Life Sciences
CROWD: RED
Active holders jumped 35 to 48 recently (37% in one quarter). Ten years of our own data says fast institutional pile-ins mark late money, not early money. Careful chasing this.
Active holders
48
of 144 total, index funds excluded
This quarter
+22
9 out
Conviction
8 bps
median holder weight: token bet
Streak
4q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2024Mar 2026
Holdings as of Mar 31, 2026, filed by May 16, 2026. Counts for the newest quarter keep settling for a few weeks as amendments land.
The tide
funds in (up) vs out (down)
Top holders
by reported value · $599M held
Fund
Value
Note
a16z Capital Management, L.…
$57M
Cormorant Asset Management,…
$51M
Sofinnova Investments, Inc.
$40M
BlackRock, Inc.
$40M
JANUS HENDERSON GROUP PLC
$37M
Octagon Capital Advisors LP
$31M
RA CAPITAL MANAGEMENT, L.P.
$29M
VANGUARD CAPITAL MANAGEMENT…
$24M
Balyasny Asset Management L…
$23M
BRAIDWELL LP
$21M
Tourists vs true believers
every holder a dot · right = bigger bet in their own book, up = patient money
Hover any dot for the fund and its bet size. Patience is measured from each filer's actual quarter-to-quarter turnover across our whole database.