We are live on ! Find out more
ZBIO

Zenas BioPharma
ZBIO

118 hedge funds and large institutions have $1.5B invested in Zenas BioPharma in 2025 Q4 according to their latest regulatory filings, with 46 funds opening new positions, 37 increasing their positions, 24 reducing their positions, and 8 closing their positions.

New
Increased
Maintained
Reduced
Closed

475% more first-time investments, than exits

New positions opened: 46 | Existing positions closed: 8

94% more capital invested

Capital invested by funds: $774M → $1.5B (+$730M)

60% more funds holding in top 10

Funds holding in top 10: 5 → 8 (+3)

54% more repeat investments, than reductions

Existing positions increased: 37 | Existing positions reduced: 24

52% more call options, than puts

Call options by funds: $9.75M | Put options by funds: $6.4M

48% more funds holding

Funds holding: 80 → 118 (+38)

5.28% less ownership

Funds ownership: 82.7% → 77.43% (-5.3%)

Holders
118
Holders Change
+38
Holders Change %
+47.5%
% of All Funds
1.43%
Holding in Top 10
8
Holding in Top 10 Change
+3
Holding in Top 10 Change %
+60%
% of All Funds
0.1%
New
46
Increased
37
Reduced
24
Closed
8
Calls
$9.75M
Puts
$6.4M
Net Calls
+$3.35M
Net Calls Change
+$3.12M

Top Buyers

Rank Fund Capital Flow
1
Fidelity Investments
Fidelity Investments
Massachusetts
+$94.8M
2
PCH
Polar Capital Holdings
United Kingdom
+$34.8M
3
Federated Hermes
Federated Hermes
Pennsylvania
+$28.1M
4
EC
EcoR1 Capital
California
+$26M
5
NMC
NEA Management Company
Maryland
+$26M

Top Sellers

Rank Fund Capital Flow
1
DM
Deerfield Management
New York
-$34.7M
2
NHAS
Novo Holdings A/S
Denmark
-$18.1M
3
VC
Vivo Capital
California
-$10.8M
4
PBPIA
Pivotal bioVenture Partners Investment Advisor
California
-$6.15M
5
SAM
Sectoral Asset Management
Quebec, Canada
-$3.37M
Name Holding Trade Value Shares
Change 		Change in
Stake
PWA
101
Physician Wealth Advisors
Utah
$2.43K – – –
AF
102
Allworth Financial
California
$1.71K +$1.55K +47 New
ACM
103
Aster Capital Management
United Arab Emirates
$1.52K -$9.77K -297 -88%
CFM
104
Cornerstone Financial Management
Massachusetts
$944 +$855 +26 New
LFG
105
Larson Financial Group
Missouri
$690 +$625 +19 New
IA
106
IFP Advisors
Florida
$436 +$395 +12 New
GRP
107
Global Retirement Partners
California
$399 -$132 -4 -27%
SS
108
Sunbelt Securities
Texas
$399 – – –
MCM
109
MAI Capital Management
Ohio
$255 +$230 +7 New
SIC
110
SJS Investment Consulting
Ohio
$255 +$230 +7 New
SAG
111
SageView Advisory Group
California
$146 +$132 +4 New
AAP
112
Arax Advisory Partners
Colorado
$145 -$3.65K -111 -97%
Osaic Holdings
113
Osaic Holdings
Arizona
$109 -$3.32K -101 -97%
TWD
114
True Wealth Design
Ohio
$109 – – –
EP
115
Essential Partners
California
$109 +$33 +1 +50%
CA
116
Clearstead Advisors
Ohio
$37 -$724 -22 -96%
KFAS
117
Keating Financial Advisory Services
Kansas
$36 +$33 +1 New
RIL
118
Rothschild Investment LLC
Illinois
$36 +$33 +1 New
DM
119
Deerfield Management
New York
– -$34.7M -1,562,942 Closed
SAM
120
Sectoral Asset Management
Quebec, Canada
– -$3.37M -152,025 Closed
SWGC
121
Summit Wealth Group (Colorado)
Colorado
– -$2.69M -51,356 Closed
SC
122
Stempoint Capital
New York
– -$860K -38,742 Closed
BC
123
Birchview Capital
Vermont
– -$366K -16,500 Closed
American Century Companies
124
American Century Companies
Missouri
– -$244K -10,981 Closed
QL
125
Quarry LP
New York
– -$25.2K -1,134 Closed
2 3 4
5
6

ZBIO Hedge Fund Activity: Q4 2025 in Review

118 of the 8,228 institutional investors tracked by Wall St. Rank reported a position in Zenas BioPharma (ZBIO) for Q4 2025, worth a combined $1.5B — up 94% from $774M a quarter earlier.

Buyers outnumbered sellers: 46 funds opened new ZBIO positions and 8 closed out — a net gain of 38 holders — while 37 added to existing stakes and 24 trimmed.

The largest buyer was Fidelity Investments, adding an estimated $94.8M. The largest seller was Deerfield Management, exiting entirely with an estimated $34.7M sold.

  • 118 institutional investors held Zenas BioPharma (ZBIO) as of Q4 2025, up from 80 in Q3 2025.
  • Funds reported $1.5B of Zenas BioPharma stock for Q4 2025, up 94% quarter-over-quarter.
  • 46 funds opened new Zenas BioPharma positions in Q4 2025 and 8 closed out, a net change of +38 holders.
  • The largest Zenas BioPharma buyer in Q4 2025 was Fidelity Investments, an estimated $94.8M added.
  • The largest Zenas BioPharma seller in Q4 2025 was Deerfield Management, an estimated $34.7M sold.

Based on aggregated 13F filings for Q4 2025.