VSTM
Pharmaceuticals, Biotechnology & Life Sciences
CROWD: RED
Active holders jumped 51 to 56 recently (10% 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
56
of 155 total, index funds excluded
This quarter
+18
13 out
Conviction
6 bps
median holder weight: token bet
Streak
2q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2016Mar 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 · $431M held
Fund
Value
Note
RTW INVESTMENTS, LP
$35M
BlackRock, Inc.
$33M
Deep Track Capital, LP
$30M
ARMISTICE CAPITAL, LLC
$24M
fast money
Nantahala Capital Managemen…
$19M
STATE STREET CORP
$19M
VANGUARD CAPITAL MANAGEMENT…
$18M
Stonepine Capital Managemen…
$18M
Foresite Capital Management…
$17M
MILLENNIUM MANAGEMENT LLC
$13M
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.