4D Molecular Therapeutics

FDMT • NASDAQ

4D Molecular Therapeutics is a biotechnology company in the healthcare sector on NASDAQ, led by David Kirn, M.D., with a market cap of $619.3M. As of Q3 2025, 85% of shares are held by 131 institutional investors, with BVF INC/IL as the largest holder at 9.91%.

Chief Executive OfficerDavid Kirn, M.D.

Market Cap$619.3M

Biotechnology

Healthcare

Employees171.0

Website4dmoleculartherapeutics.com

Country

United States of America

Overview

Overview of institutional ownership in FDMT as of Q3 2025 with a market cap of $405.8M

All Institutions

Institutions: 131
Value Held: $343.4M
Shares Held: 39.5M
Avg Position: $2.6M
Median Position: $199.9K

Hedge Funds

Hedge Funds: 22
Value Held: $80.3M
Shares Held: 9.2M
Avg Position: $3.6M
Median Position: $407.6K

Ownership Breakdown

Institutional (non-HF)

64.84%

$263.2M

Hedge Funds

19.78%

$80.3M

Retail & Other

15.38%

$62.4M

Based on market cap of $405.8M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in FDMT as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BVF INC/IL Institution	-	$40.2M 1.63% of portfolio	9.91% 4.6M shares	Q4 2020 Held for 4y 11m	$2.5B
RA CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	Michael Saulnier CFO	$39.7M 0.49% of portfolio	9.77% 4.6M shares	Q2 2023 Held for 2y 5m	$8.1B
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$35.9M 0.01% of portfolio	8.84% 4.1M shares	Q4 2020 Held for 4y 11m	$691.34B
B BlackRock, Inc. Institution	-	$33.6M 0.00% of portfolio	8.28% 3.9M shares	Q4 2020 Held for 4y 11m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$22.4M 0.00% of portfolio	5.51% 2.6M shares	Q4 2020 Held for 4y 11m	$6.69T
N Novo A/S Institution	-	$17.4M 1.14% of portfolio	4.28% 2.0M shares	Q1 2023 Held for 2y 8m	$1.5B
HENDERSON GROUP PLC Institution	Ali Dibadj CEO	$15.2M 0.01% of portfolio	3.75% 1.8M shares	Q4 2020 Held for 4y 11m	$218.74B
FEDERATED INVESTORS INC /PA/ Long Only Manager	Gregory Philip Dulski Chairman	$13.9M 0.02% of portfolio	3.41% 1.6M shares	Q4 2024 Held for 11 months	$56.6B
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dan Michael Berkovitz Chairman	$10.0M 0.01% of portfolio	2.46% 1.1M shares	Q4 2020 Held for 4y 11m	$121.98B
ARMISTICE CAPITAL, LLC Hedge Fund•Long/Short	Steven Joseph Boyd Managing Partner	$9.5M 0.30% of portfolio	2.35% 1.1M shares	Q3 2024 Held for 1y 2m	$3.2B

Net Capital Flow

Institutional buying and selling activity for FDMT in Q3 2025

Traded: −$3.8M
Buyers: 61
Sellers: 67
Total Bought: +$22.5M
Total Sold: −$26.3M
Avg Position: $2.3M

Biggest Buyers

Institution	Net Bought	Current Position
ARMISTICE CAPITAL, LLC Hedge Fund•Long/Short	+$6.9M +796.0K shares	$9.5M 1.1M shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	+$2.7M +316.4K shares	$4.7M 543.3K shares
Parkman Healthcare Partners LLC Hedge Fund•Long/Short	+$1.7M +200.0K shares	$1.7M 200.0K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	+$1.7M +196.6K shares	$2.7M 313.2K shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	+$1.6M +179.1K shares	$1.6M 179.1K shares
A ADAGE CAPITAL PARTNERS GP LLC Institution	+$1.5M +175.0K shares	$1.5M 175.0K shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	+$1.2M +135.5K shares	$1.2M 135.5K shares
Trexquant Investment LP Hedge Fund•Quant	+$707.0K +81.4K shares	$707.0K 81.4K shares
PANAGORA ASSET MANAGEMENT INC Hedge Fund•Quant	+$408.2K +47.0K shares	$408.2K 47.0K shares
Creative Planning RIA/Wealth	+$327.7K +37.7K shares	$327.7K 37.7K shares

Biggest Sellers

Institution	Net Sold	Current Position
JPMORGAN CHASE & CO Institution	−$3.3M −374.5K shares	$4.5M 513.5K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$2.9M −334.3K shares	$10.0M 1.1M shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	−$2.4M −275.5K shares	$478.8K 55.1K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$2.2M −257.7K shares	$2.4M 273.5K shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	−$1.7M −193.7K shares	$4.8M 549.7K shares
VANGUARD GROUP INC Institution	−$1.4M −161.5K shares	$22.4M 2.6M shares
Decheng Capital LLC Venture Capital	−$1.3M −146.8K shares	$806.0K 92.7K shares
B BlackRock, Inc. Institution	−$1.2M −141.6K shares	$33.6M 3.9M shares
M Man Group plc Institution	−$1.0M −116.4K shares	$160.7K 18.5K shares
Marshall Wace LLP Institution	−$970.8K −111.7K shares	$1.3M 145.9K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited FDMT in Q3 2025

New Positions: 14
New Value: $4.0M
Exited Positions: 18
Exited Value: $2.3M

New Positions

Institution	Position Value
Parkman Healthcare Partners LLC Hedge Fund•Long/Short	$1.7M 200.0K shares
A ADAGE CAPITAL PARTNERS GP LLC Institution	$1.5M 175.0K shares
Quantinno Capital Management LP Hedge Fund•Market Neutral	$308.0K 35.4K shares
Ballentine Partners, LLC Family Office	$142.2K 16.4K shares
I Inscription Capital, LLC RIA/Wealth	$93.7K 10.8K shares
MARTINGALE ASSET MANAGEMENT L P Long Only Manager	$91.0K 10.5K shares
A Abich Financial Wealth Management LLC RIA/Wealth	$80.1K 9.2K shares
WEXFORD CAPITAL LP Hedge Fund•Multi-Strategy	$40.6K 4.7K shares
Global Retirement Partners, LLC RIA/Wealth	$13.0K 1.5K shares
V Versant Capital Management, Inc RIA/Wealth	$5.3K 615.0 shares

Exited Positions

Institution	Previous Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$713.2K 192.2K shares
GSA CAPITAL PARTNERS LLP Hedge Fund•Quant	$436.7K 117.7K shares
R Redmile Group, LLC Hedge Fund•Sector	$416.1K 112.2K shares
H HRT FINANCIAL LLC Institution	$162.9K 43.9K shares
Engineers Gate Manager LP Hedge Fund•Quant	$89.1K 24.0K shares
STATE OF WISCONSIN INVESTMENT BOARD RIA/Wealth	$73.5K 19.8K shares
S SG Americas Securities, LLC Institution	$63.8K 17.2K shares
D Dynamic Technology Lab Private Ltd Institution	$60.7K 16.4K shares
ING INVESTMENT MANAGEMENT LLC Insurance Manager	$47.5K 12.8K shares
V Virtu Financial LLC Institution	$46.9K 12.6K shares

Options Activity

Institutions with the largest Call and Put options positions in FDMT as of Q3 2025

Call Positions: 4
Call Value: $613.5K
Put Positions: 1
Put Value: $109.5K

Call Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$212.9K 245.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$201.6K 232.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$199.0K 229.0 contracts
BANK OF AMERICA CORP /DE/ Institution	- - contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$109.5K 126.0 contracts

Most Committed Institutions

Institutions with FDMT as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
P Peapod Lane Capital LLC Institution	-	2.50% $2.8M	0.69% 322.1K shares	Q4 2024 Held for 11 months	$111.8M
B BVF INC/IL Institution	-	1.63% $40.2M	9.91% 4.6M shares	Q4 2020 Held for 4y 11m	$2.5B
N Novo A/S Institution	-	1.14% $17.4M	4.28% 2.0M shares	Q1 2023 Held for 2y 8m	$1.5B
RA CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	Michael Saulnier CFO	0.49% $39.7M	9.77% 4.6M shares	Q2 2023 Held for 2y 5m	$8.1B
R Rangeley Capital, LLC Hedge Fund•Event Driven	Christopher Clay Demuth Jr. Managing Partner	0.35% $370.8K	0.09% 42.7K shares	Q2 2025 Held for 5 months	$105.5M
P Privium Fund Management B.V. Institution	-	0.31% $1.7M	0.42% 197.5K shares	Q3 2023 Held for 2y 2m	$556.3M
ARMISTICE CAPITAL, LLC Hedge Fund•Long/Short	Steven Joseph Boyd Managing Partner	0.30% $9.5M	2.35% 1.1M shares	Q3 2024 Held for 1y 2m	$3.2B
Parkman Healthcare Partners LLC Hedge Fund•Long/Short	Gregory Arthur Martinez CIO	0.19% $1.7M	0.43% 200.0K shares	Q3 2025 Held for 2 months	$910.1M
Decheng Capital LLC Venture Capital	Xiangmin Nmn Cui Managing Partner	0.14% $806.0K	0.20% 92.7K shares	Q1 2024 Held for 1y 8m	$573.2M
Peloton Wealth Strategists RIA/Wealth	Matthew Kamp Bradley President	0.09% $217.3K	0.05% 25.0K shares	Q2 2022 Held for 3y 5m	$230.0M

Hedge Fund Spotlight

Discover hedge funds investing in FDMT

Quantinno Capital Management LP

Hedge Fund • Market Neutral

Portfolio ManagerHoon Nmn Kim

Portfolio Value: $36.6B
Positions: 2,911
Last Reported: Q3 2025

Sector Allocation

Position in 4D Molecular Therapeutics

Market Value: $308.0K
Shares Held: 35.4K
Portfolio Weight: 0.00%
Owned Since: 2025-Q3

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