Who holds it, who is betting against it, and where the big money is moving
Net of large-order buying minus selling, in USD. Over this window: +$1.27M (9 inflow days, 11 outflow days).
Super/Big orders approximate institutional-size trades; Mid/Small approximate retail-size trades. Net buy minus sell value in each bucket, summed over the window.
The five largest holders on file together own 32.6% of shares outstanding.
Reported short interest has risen from 3.03% to 5.10% of float over the last 6 biweekly reports (30 Jun 2026 to 15 Sep 2026).
| Holder | Type | Period | Share change | New stake |
|---|---|---|---|---|
| Montanova Capital, LLC | Hedge Fund | 2026/Q3 | +1,985,554 | 7.8% |
| Avoro Capital Advisors LLC | Hedge Fund | 2026/Q3 | +1,444,039 | 5.6% |
| Baker Bros. Advisors LP | Hedge Fund | 2026/Q3 | +1,286,411 | 5.0% |
| Balyasny Asset Management L.P. | Hedge Fund | 2026/Q3 | +1,025,993 | 4.0% |
| Cormorant Asset Management, LP | Hedge Fund | 2026/Q3 | +722,020 | 4.0% |
| Fairmount Funds Management LLC | Hedge Fund | 2026/Q3 | +722,020 | 2.8% |
| RA Capital Management, L.P. | VC/PE Fund | 2026/Q3 | +722,020 | 2.8% |
| Logos Global Management, L.P. | Hedge Fund | 2026/Q3 | +692,020 | 2.8% |
| The B Group, Inc. | Hedge Fund | 2026/Q3 | +610,169 | 2.4% |
| Caligan Partners, LP | Hedge Fund | 2026/Q3 | +503,465 | 2.4% |
| Trails Edge Capital Partners, LP | Hedge Fund | 2026/Q3 | +390,335 | 2.0% |
| ADAR1 Capital Management, LLC | Hedge Fund | 2026/Q3 | +361,010 | 1.4% |
| Franklin Resources | Mutual Fund | 2026/Q3 | +361,010 | 1.9% |
| Octagon Capital Advisors LP | Hedge Fund | 2026/Q3 | +361,010 | 1.4% |
| Boxer Capital Management, LLC | Hedge Fund | 2026/Q3 | +180,505 | 0.7% |
Institutional buy/sell activity by reporting period, largest moves first.
| Date | Insider | Title | Transaction | Shares | Price | Held after |
|---|---|---|---|---|---|---|
| 10 Sep 2026 | Karen Vousden | Scientific Co-Founder | Other Derivative Acquisition | +25,000 | $37.44 | 25,000 |
| 10 Sep 2026 | Karen Vousden | Scientific Co-Founder | Initial Statement of Beneficial | +0 | – | 42,631 |
| 21 Jul 2026 | Cambrian BioPharma, Inc. | Intent to Sell (Form 144) | -130,142 | $27.99 | – | |
| 20 Jul 2026 | Anand Parikh | Chief Operating Officer | Other Derivative Acquisition | +398,018 | $28.37 | 398,018 |
| 20 Jul 2026 | Josiah Craver | Officer | Other Derivative Acquisition | +30,824 | $28.37 | 30,824 |
| 30 Jun 2026 | Brian Stephenson | Chief Financial Officer | Open Market Acquisition | +13,634 | $24.98 | 46,688 |
| 25 Jun 2026 | Brian Stephenson | Chief Financial Officer | Open Market Acquisition | +15,641 | $27.77 | 33,054 |
| 22 Jun 2026 | Brian Stephenson | Chief Financial Officer | Open Market Acquisition | +17,413 | $25.91 | 17,413 |
| 21 Jun 2026 | Anand Parikh | Chief Operating Officer | Open Market Acquisition | +2,806 | $19.76 | 817,699 |
| 21 Jun 2026 | Anand Parikh | Chief Operating Officer | Derivative Exercise and Retained | +53,465 | $1.16 | 817,699 |
| 14 Jun 2026 | Khosla Ventures, LLC | Initial Statement of Beneficial | +0 | – | 2,632,232 | |
| 14 Jun 2026 | Stephen Hahn | Director | Derivative Exercise and Retained | +44,763 | – | 44,763 |
| 14 Jun 2026 | Anand Parikh | Chief Operating Officer | Derivative Exercise and Retained | +761,428 | – | 761,428 |
| 12 Jun 2026 | Brian Stephenson | Chief Financial Officer | Initial Statement of Beneficial | +0 | – | 166,435 |
| 11 Jun 2026 | Sona Saira Ramasastry | Director | Other Derivative Acquisition | +25,000 | $13.00 | 25,000 |
| 11 Jun 2026 | Sona Saira Ramasastry | Director | Initial Statement of Beneficial | +0 | – | 14,647 |
| 11 Jun 2026 | Stephen Hahn | Director | Other Derivative Acquisition | +25,000 | $13.00 | 25,000 |
| 11 Jun 2026 | Stephen Hahn | Director | Initial Statement of Beneficial | +0 | – | 44,763 |
| 9 Jun 2026 | Robert Holmen | Independent Director | Other Derivative Acquisition | +12,500 | $11.41 | 12,500 |
| 9 Jun 2026 | Phillip Donenberg | Director | Other Derivative Acquisition | +12,500 | $11.41 | 12,500 |
From Form 4/Form 144 filings. Negative share counts are disposals (sales, gifts, or shares withheld for taxes); positive are acquisitions.
| Report date | Shares short | % of float | Days to cover |
|---|---|---|---|
| 15 Sep 2026 | 1,318,893 | 5.1% | 4.4 |
| 31 Aug 2026 | 1,098,324 | 4.3% | 3.7 |
| 14 Aug 2026 | 827,167 | 3.2% | 2.8 |
| 31 Jul 2026 | 815,587 | 3.2% | 2.8 |
| 15 Jul 2026 | 890,306 | 3.5% | 3.8 |
| 30 Jun 2026 | 780,396 | 3.0% | 7.0 |
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