GH Research

GHRS • NASDAQ

GH Research is a biotechnology company in the healthcare sector on NASDAQ, led by Dr. Velichka “Villy” Valcheva, with a market cap of $808.6M. As of Q3 2025, 70% of shares are held by 47 institutional investors, with BVF INC/IL as the largest holder at 14.23%.

Chief Executive OfficerDr. Velichka “Villy” Valcheva

Market Cap$808.6M

Biotechnology

Healthcare

Employees49.0

Websiteghres.com

Overview

Overview of institutional ownership in GHRS as of Q3 2025 with a market cap of $887.0M

All Institutions

Institutions: 47
Value Held: $618.1M
Shares Held: 44.5M
Avg Position: $13.2M
Median Position: $516.3K

Hedge Funds

Hedge Funds: 14
Value Held: $377.8M
Shares Held: 27.7M
Avg Position: $27.0M
Median Position: $8.7M

Ownership Breakdown

Institutional (non-HF)

27.09%

$240.3M

Hedge Funds

42.59%

$377.8M

Retail & Other

30.31%

$268.9M

Based on market cap of $887.0M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in GHRS as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BVF INC/IL Institution	-	$126.2M 5.12% of portfolio	14.23% 8.8M shares	Q2 2021 Held for 4y 5m	$2.5B
RA CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	Michael Saulnier CFO	$109.8M 1.36% of portfolio	12.38% 7.7M shares	Q2 2021 Held for 4y 5m	$8.1B
L Lynx1 Capital Management LP Hedge Fund•Sector	Weston Agnew Nichols CIO	$104.3M 21.23% of portfolio	13.87% 8.6M shares	Q2 2023 Held for 2y 5m	$491.3M
RTW INVESTMENTS, LLC Hedge Fund•Sector	Peter M Fong President	$79.6M 0.99% of portfolio	8.98% 5.6M shares	Q2 2021 Held for 4y 5m	$8.1B
FMR LLC Institution	-	$76.2M 0.00% of portfolio	8.59% 5.3M shares	Q2 2021 Held for 4y 5m	$1.92T
C Cormorant Asset Management, LLC Hedge Fund•Long/Short	Bihua Chen CEO	$27.4M 2.13% of portfolio	3.09% 1.9M shares	Q2 2021 Held for 4y 5m	$1.3B
Deep Track Capital, LP Hedge Fund•Long/Short	David Eric Kroin CIO	$17.9M 0.51% of portfolio	2.02% 1.3M shares	Q1 2025 Held for 8 months	$3.5B
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dan Michael Berkovitz Chairman	$12.3M 0.01% of portfolio	1.39% 863.6K shares	Q4 2024 Held for 11 months	$121.98B
LEUCADIA NATIONAL CORP Institution	Richard B. Handler CEO	$10.1M 0.10% of portfolio	1.14% 709.3K shares	Q1 2025 Held for 8 months	$10.5B
Verition Fund Management LLC Hedge Fund•Multi-Strategy	Nicholas Matthew Maounis CEO	$9.7M 0.06% of portfolio	1.09% 678.5K shares	Q2 2021 Held for 4y 5m	$16.7B

Net Capital Flow

Institutional buying and selling activity for GHRS in Q3 2025

Traded: +$18.3M
Buyers: 33
Sellers: 14
Total Bought: +$56.8M
Total Sold: −$38.5M
Avg Position: $11.9M

Biggest Buyers

Institution	Net Bought	Current Position
L Lynx1 Capital Management LP Hedge Fund•Sector	+$22.5M +1.9M shares	$104.3M 8.6M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$9.4M +660.0K shares	$12.3M 863.6K shares
StemPoint Capital LP Hedge Fund•Long/Short	+$6.4M +444.4K shares	$7.8M 545.3K shares
FMR LLC Institution	+$3.4M +234.9K shares	$76.2M 5.3M shares
HighVista Strategies LLC Fund of Funds	+$2.7M +189.6K shares	$3.5M 241.9K shares
Marshall Wace LLP Institution	+$2.4M +169.5K shares	$2.4M 169.5K shares
CenterBook Partners LP Hedge Fund•Market Neutral	+$2.4M +166.2K shares	$2.4M 166.2K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$1.3M +94.4K shares	$1.3M 94.4K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	+$1.1M +77.0K shares	$1.1M 77.0K shares
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	+$997.0K +69.7K shares	$1.2M 83.6K shares

Biggest Sellers

Institution	Net Sold	Current Position
TORONTO DOMINION BANK Institution	−$24.0M −2.0M shares	Sold Off 0 shares
Deep Track Capital, LP Hedge Fund•Long/Short	−$10.7M −750.0K shares	$17.9M 1.3M shares
C Cormorant Asset Management, LLC Hedge Fund•Long/Short	−$1.3M −93.0K shares	$27.4M 1.9M shares
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	−$715.0K −50.0K shares	$2.9M 205.0K shares
T Troluce Capital Advisors LLC Hedge Fund•Multi-Strategy	−$558.7K −39.1K shares	$668.1K 46.7K shares
Palumbo Wealth Management LLC RIA/Wealth	−$263.9K −21.7K shares	Sold Off 0 shares
Q Quadrature Capital Ltd Institution	−$245.5K −20.1K shares	Sold Off 0 shares
P PEAK6 LLC Institution	−$243.8K −20.0K shares	Sold Off 0 shares
B BNP PARIBAS ARBITRAGE, SA Institution	−$154.6K −10.8K shares	$88.7K 6.2K shares
B BlackRock, Inc. Institution	−$98.5K −6.9K shares	$827.4K 57.9K shares

Entry and Exit Activity

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

New Positions: 7
New Value: $5.9M
Exited Positions: 5
Exited Value: $24.8M

New Positions

Institution	Position Value
Marshall Wace LLP Institution	$2.4M 169.5K shares
CenterBook Partners LP Hedge Fund•Market Neutral	$2.4M 166.2K shares
T TANG CAPITAL MANAGEMENT LLC Institution	$343.6K 24.0K shares
J JANE STREET GROUP, LLC Institution	$329.0K 23.0K shares
M Man Group plc Institution	$315.5K 22.1K shares
GOLDMAN SACHS GROUP INC Institution	$158.4K 11.1K shares
CITIGROUP INC Institution	$443.0 31.0 shares

Exited Positions

Institution	Previous Position
TORONTO DOMINION BANK Institution	$24.0M 2.0M shares
Palumbo Wealth Management LLC RIA/Wealth	$263.9K 21.7K shares
Q Quadrature Capital Ltd Institution	$245.5K 20.1K shares
P PEAK6 LLC Institution	$243.8K 20.0K shares
L LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA RIA/Wealth	$24.4K 2.0K shares

Options Activity

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

Call Positions: 1
Call Value: $174.5K
Put Positions: 1
Put Value: $204.5K

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$174.5K 122.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$204.5K 143.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
L Lynx1 Capital Management LP Hedge Fund•Sector	Weston Agnew Nichols CIO	21.23% $104.3M	13.87% 8.6M shares	Q2 2023 Held for 2y 5m	$491.3M
B BVF INC/IL Institution	-	5.12% $126.2M	14.23% 8.8M shares	Q2 2021 Held for 4y 5m	$2.5B
5 5AM Venture Management, LLC Institution	-	3.00% $8.2M	0.92% 572.7K shares	Q2 2023 Held for 2y 5m	$273.0M
C Cormorant Asset Management, LLC Hedge Fund•Long/Short	Bihua Chen CEO	2.13% $27.4M	3.09% 1.9M shares	Q2 2021 Held for 4y 5m	$1.3B
StemPoint Capital LP Hedge Fund•Long/Short	Sean Chua Tan President	1.57% $7.8M	0.88% 545.3K shares	Q2 2025 Held for 5 months	$495.9M
RA CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	Michael Saulnier CFO	1.36% $109.8M	12.38% 7.7M shares	Q2 2021 Held for 4y 5m	$8.1B
RTW INVESTMENTS, LLC Hedge Fund•Sector	Peter M Fong President	0.99% $79.6M	8.98% 5.6M shares	Q2 2021 Held for 4y 5m	$8.1B
HighVista Strategies LLC Fund of Funds	Richard P Vishton CFO	0.84% $3.5M	0.39% 241.9K shares	Q2 2025 Held for 5 months	$413.3M
Deep Track Capital, LP Hedge Fund•Long/Short	David Eric Kroin CIO	0.51% $17.9M	2.02% 1.3M shares	Q1 2025 Held for 8 months	$3.5B
T Troluce Capital Advisors LLC Hedge Fund•Multi-Strategy	Jared Ross Dubin CIO	0.24% $668.1K	0.08% 46.7K shares	Q1 2025 Held for 8 months	$282.2M

Hedge Fund Spotlight

Discover hedge funds investing in GHRS

CenterBook Partners LP

Hedge Fund • Market Neutral

Portfolio ManagerDavid Israel Stemerman

Portfolio Value: $2.0B
Positions: 545
Last Reported: Q3 2025

Sector Allocation

Position in GH Research

Market Value: $2.4M
Shares Held: 166.2K
Portfolio Weight: 0.12%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Amazon AMZN	Specialty Retail Consumer Cyclical	$40.2M	1.99%
2 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$35.3M	1.74%
3 Visa V	Financial - Credit Services Financial Services	$34.0M	1.68%