GPCR
Pharmaceuticals, Biotechnology & Life Sciences
CROWD: RED
Active holders jumped 108 to 100 recently (-7% 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
100
of 195 total, index funds excluded
This quarter
+25
32 out
Conviction
19 bps
median holder weight: token bet
Streak
0q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2023Mar 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 · $3.2B held
Fund
Value
Note
FMR LLC
$405M
WELLINGTON MANAGEMENT GROUP…
$350M
Avoro Capital Advisors LLC
$316M
JANUS HENDERSON GROUP PLC
$258M
Deep Track Capital, LP
$206M
BVF INC/IL
$167M
MORGAN STANLEY
$111M
PRICE T ROWE ASSOCIATES INC…
$96M
PRINCIPAL FINANCIAL GROUP I…
$85M
Driehaus Capital Management…
$76M
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.