SEPN
Pharmaceuticals, Biotechnology & Life Sciences
CROWD: RED
Active holders jumped 42 to 39 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
39
of 124 total, index funds excluded
This quarter
+9
12 out
Conviction
8 bps
median holder weight: token bet
Streak
0q
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 · $1.1B held
Fund
Value
Note
RA CAPITAL MANAGEMENT, L.P.
$168M
TRV GP V, LLC
$149M
Driehaus Capital Management…
$106M
TRV GP VI, LLC
$101M
SAMSARA BIOCAPITAL, LLC
$76M
GOLDMAN SACHS GROUP INC
$70M
Siren, L.L.C.
$48M
BlackRock, Inc.
$44M
BVF INC/IL
$33M
Avoro Capital Advisors LLC
$32M
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.