MAZE
Pharmaceuticals, Biotechnology & Life Sciences
CROWD: RED
Active holders jumped 54 to 71 recently (31% 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
71
of 165 total, index funds excluded
This quarter
+31
14 out
Conviction
10 bps
median holder weight: token bet
Streak
3q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2025Mar 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 · $1.5B held
Fund
Value
Note
Frazier Life Sciences Manag…
$136M
TRV GP IV, LLC
$134M
ARCH Venture Management, LLC
$123M
Deep Track Capital, LP
$104M
JANUS HENDERSON GROUP PLC
$85M
Paradigm Biocapital Advisor…
$82M
BlackRock, Inc.
$77M
a16z Capital Management, L.…
$51M
Venrock Adviser, LLC
$48M
VANGUARD CAPITAL MANAGEMENT…
$43M
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.