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.
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%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Fidelity Investments
Boston,
Massachusetts
|
+$94.8M |
| 2 |
PCH
Polar Capital Holdings
London,
United Kingdom
|
+$34.8M |
| 3 |
Federated Hermes
Pittsburgh,
Pennsylvania
|
+$28.1M |
| 4 |
EC
EcoR1 Capital
San Francisco,
California
|
+$26M |
| 5 |
NMC
NEA Management Company
Timonium,
Maryland
|
+$26M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
DM
Deerfield Management
New York
|
-$34.7M |
| 2 |
NHAS
Novo Holdings A/S
Hellerup,
Denmark
|
-$18.1M |
| 3 |
VC
Vivo Capital
Palo Alto,
California
|
-$10.8M |
| 4 |
PBPIA
Pivotal bioVenture Partners Investment Advisor
San Francisco,
California
|
-$6.15M |
| 5 |
SAM
Sectoral Asset Management
Montreal,
Quebec, Canada
|
-$3.37M |
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.