Merus N.V.

MRUS • NASDAQ

Merus N.V. is a biotechnology company in the healthcare sector on NASDAQ, led by Jan van de Winkel, with a market cap of $7.3B. As of Q3 2025, 91% of shares are held by 260 institutional investors, with Paradigm Biocapital Advisors LP as the largest holder at 5.77%.

CEOJan van de Winkel

Market Cap$7.3B

Biotechnology

Healthcare

Employees229.0

Websitemerus.nl

Country

United States of America

Overview

Overview of institutional ownership in MRUS as of Q3 2025 with a market cap of $7.1B

All Institutions

Institutions: 260
Value Held: $6.5B
Shares Held: 69.0M
Avg Position: $25.0M
Median Position: $3.9M

Hedge Funds

Hedge Funds: 79
Value Held: $3.5B
Shares Held: 36.9M
Avg Position: $43.9M
Median Position: $13.6M

Ownership Breakdown

Institutional (non-HF)

42.39%

$3.0B

Hedge Funds

48.65%

$3.5B

Retail & Other

8.96%

$639.4M

Based on market cap of $7.1B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in MRUS as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Paradigm Biocapital Advisors LP Hedge Fund•Long/Short	Dr. Senai Nmn Asefaw CIO	$411.8M 12.18% of portfolio	5.77% 4.4M shares	Q2 2024 Held for 1y 6m	$3.4B
venBio Select Advisor LLC RIA/Wealth	Behzad Aghazadeh Managing Partner	$333.5M 4.31% of portfolio	4.67% 3.5M shares	Q3 2023 Held for 2y 3m	$7.7B
COMMODORE CAPITAL LP Hedge Fund•Long/Short	Robert Egen Turrell Atkinson Managing Partner	$331.9M 16.20% of portfolio	4.65% 3.5M shares	Q3 2021 Held for 4y 3m	$2.0B
DEERFIELD MANAGEMENT CO /NY Hedge Fund•Long/Short	James Edward Flynn President	$286.9M 4.75% of portfolio	4.02% 3.0M shares	Q4 2021 Held for 4 years	$6.0B
HBK INVESTMENTS L P Hedge Fund•Multi-Strategy	Matthew Atcheson Leffers President	$268.3M 4.45% of portfolio	3.76% 2.9M shares	Q3 2025 Held for 3 months	$6.0B
FMR LLC Institution	-	$264.6M 0.01% of portfolio	3.71% 2.8M shares	Q1 2021 Held for 4y 9m	$1.92T
BlackRock, Inc. Institution	Laurence D. Fink CEO	$204.5M 0.00% of portfolio	2.87% 2.2M shares	Q1 2019 Held for 6y 9m	$5.67T
WESTFIELD CAPITAL MANAGEMENT CO LP Long Only Manager	William Albert Muggia CEO	$200.8M 0.84% of portfolio	2.81% 2.1M shares	Q3 2024 Held for 1y 3m	$23.8B
RTW INVESTMENTS, LLC Hedge Fund•Sector	Peter M Fong President	$190.7M 2.36% of portfolio	2.67% 2.0M shares	Q2 2023 Held for 2y 6m	$8.1B
Woodline Partners LP Hedge Fund•Long/Short	Michael Clifford Rockefeller CIO	$157.6M 0.74% of portfolio	2.21% 1.7M shares	Q4 2021 Held for 4 years	$21.3B

Net Capital Flow

Institutional buying and selling activity for MRUS in Q3 2025

Traded: +$128.0M
Buyers: 173
Sellers: 108
Total Bought: +$2.3B
Total Sold: −$2.2B
Avg Position: $21.5M

Biggest Buyers

Institution	Net Bought	Current Position
HBK INVESTMENTS L P Hedge Fund•Multi-Strategy	+$268.3M +2.9M shares	$268.3M 2.9M shares
GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy	+$152.5M +1.6M shares	$152.5M 1.6M shares
BlackRock, Inc. Institution	+$105.5M +1.1M shares	$204.5M 2.2M shares
GOLDMAN SACHS GROUP INC Institution	+$102.5M +1.1M shares	$112.5M 1.2M shares
O Omni Event Management Ltd Institution	+$99.2M +1.1M shares	$99.2M 1.1M shares
Magnetar Financial LLC Hedge Fund•Multi-Strategy	+$98.4M +1.0M shares	$98.4M 1.0M shares
Pentwater Capital Management LP Hedge Fund•Event Driven	+$91.3M +970.0K shares	$91.3M 970.0K shares
TIG Advisors, LLC Hedge Fund•Multi-Strategy	+$81.7M +868.1K shares	$81.7M 868.1K shares
ALPINE ASSOCIATES MANAGEMENT INC. Hedge Fund•Merger Arb	+$78.7M +835.6K shares	$78.7M 835.6K shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	+$68.8M +731.2K shares	$68.8M 731.2K shares

Biggest Sellers

Institution	Net Sold	Current Position
FMR LLC Institution	−$440.6M −4.7M shares	$264.6M 2.8M shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	−$307.6M −3.3M shares	$43.2M 459.1K shares
RTW INVESTMENTS, LLC Hedge Fund•Sector	−$186.0M −2.0M shares	$190.7M 2.0M shares
FRANKLIN RESOURCES INC Institution	−$125.8M −1.3M shares	$47.2M 501.6K shares
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	−$111.9M −1.2M shares	$16.7M 177.5K shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	−$110.6M −1.2M shares	$102.4M 1.1M shares
Polar Capital Holdings Plc Long Only Manager	−$84.7M −1.6M shares	Sold Off 0 shares
C Cormorant Asset Management, LLC Hedge Fund•Long/Short	−$58.9M −1.1M shares	Sold Off 0 shares
Pictet Asset Management Holding SA Long Only Manager	−$55.1M −585.0K shares	$31.1M 330.2K shares
S Siren, L.L.C. Institution	−$44.9M −853.5K shares	Sold Off 0 shares

Entry and Exit Activity

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

New Positions: 78
New Value: $1.3B
Exited Positions: 42
Exited Value: $386.3M

New Positions

Institution	Position Value
HBK INVESTMENTS L P Hedge Fund•Multi-Strategy	$268.3M 2.9M shares
GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy	$152.5M 1.6M shares
O Omni Event Management Ltd Institution	$99.2M 1.1M shares
Magnetar Financial LLC Hedge Fund•Multi-Strategy	$98.4M 1.0M shares
Pentwater Capital Management LP Hedge Fund•Event Driven	$91.3M 970.0K shares
TIG Advisors, LLC Hedge Fund•Multi-Strategy	$81.7M 868.1K shares
ALPINE ASSOCIATES MANAGEMENT INC. Hedge Fund•Merger Arb	$78.7M 835.6K shares
S SOROS FUND MANAGEMENT LLC Institution	$38.1M 405.0K shares
M Man Group plc Institution	$34.1M 361.7K shares
F FIL Ltd Institution	$31.8M 338.0K shares

Exited Positions

Institution	Previous Position
Polar Capital Holdings Plc Long Only Manager	$84.7M 1.6M shares
C Cormorant Asset Management, LLC Hedge Fund•Long/Short	$58.9M 1.1M shares
S Siren, L.L.C. Institution	$44.9M 853.5K shares
SILVERARC CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	$39.0M 742.0K shares
C Capital International Investors Institution	$25.8M 491.2K shares
D Darwin Global Management, Ltd. Institution	$21.0M 395.7K shares
Deep Track Capital, LP Hedge Fund•Long/Short	$14.5M 275.0K shares
StemPoint Capital LP Hedge Fund•Long/Short	$14.0M 266.1K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$11.8M 224.5K shares
I Impax Asset Management Group plc Long Only Manager	$9.5M 180.0K shares

Options Activity

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

Call Positions: 18
Call Value: $155.5M
Put Positions: 13
Put Value: $71.4M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$39.3M 4.2K contracts
L LMR Partners LLP Institution	$28.2M 3.0K contracts
Paradigm Biocapital Advisors LP Hedge Fund•Long/Short	$28.2M 3.0K contracts
S SPHERA FUNDS MANAGEMENT LTD. Institution	$14.1M 1.5K contracts
Caption Management, LLC Hedge Fund•Long/Short	$10.9M 1.2K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$8.9M 940.0 contracts
GOLDMAN SACHS GROUP INC Institution	$8.4M 896.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$7.2M 760.0 contracts
S SIG BROKERAGE, LP Institution	$5.6M 600.0 contracts
N NOMURA HOLDINGS INC Institution	$3.8M 402.0 contracts

Put Positions

Institution	Position Value
GOLDMAN SACHS GROUP INC Institution	$23.5M 2.5K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$22.6M 2.4K contracts
Caption Management, LLC Hedge Fund•Long/Short	$9.9M 1.1K contracts
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	$5.8M 611.0 contracts
N NOMURA HOLDINGS INC Institution	$3.2M 343.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.9M 307.0 contracts
J JANE STREET GROUP, LLC Institution	$2.6M 271.0 contracts
GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy	$656.4K 69.7 contracts
Decagon Asset Management LLP Hedge Fund•Event Driven	$188.3K 20.0 contracts
Walleye Trading LLC RIA/Wealth	$18.8K 2.0 contracts

Most Committed Institutions

Institutions with MRUS 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	29.40% $144.4M	2.02% 1.5M shares	Q4 2021 Held for 4 years	$491.3M
COMMODORE CAPITAL LP Hedge Fund•Long/Short	Robert Egen Turrell Atkinson Managing Partner	16.20% $331.9M	4.65% 3.5M shares	Q3 2021 Held for 4y 3m	$2.0B
Twin Securities, Inc. Hedge Fund•Event Driven	David Joel Simon President	14.72% $29.2M	0.41% 310.3K shares	Q3 2025 Held for 3 months	$198.5M
Paradigm Biocapital Advisors LP Hedge Fund•Long/Short	Dr. Senai Nmn Asefaw CIO	12.18% $411.8M	5.77% 4.4M shares	Q2 2024 Held for 1y 6m	$3.4B
O Omni Event Management Ltd Institution	-	11.52% $99.2M	1.39% 1.1M shares	Q3 2025 Held for 3 months	$860.9M
S Sand Grove Capital Management LLP Hedge Fund•Event Driven	Daniel Caplan CEO	11.01% $22.5M	0.32% 239.4K shares	Q3 2025 Held for 3 months	$204.7M
A Athos Capital Ltd Institution	-	8.08% $7.5M	0.11% 80.0K shares	Q3 2025 Held for 3 months	$93.2M
GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy	Paul Jay Glazer CEO	6.91% $152.5M	2.14% 1.6M shares	Q3 2025 Held for 3 months	$2.2B
H HARVEST MANAGEMENT LLC Hedge Fund•Event Driven	Nathaniel Lee Bohrer Managing Partner	6.02% $12.2M	0.17% 130.0K shares	Q3 2025 Held for 3 months	$203.3M
F First Turn Management, LLC Hedge Fund•Long/Short	Lisa Gable Wheatley Managing Partner	5.26% $35.0M	0.49% 372.0K shares	Q2 2024 Held for 1y 6m	$666.0M

Hedge Fund Spotlight

Discover hedge funds investing in MRUS

Woodline Partners LP

Hedge Fund • Long/Short

Portfolio ManagerMichael Clifford Rockefeller

Portfolio Value: $21.3B
Positions: 868
Last Reported: Q3 2025

Sector Allocation

Position in Merus N.V.

Market Value: $157.6M
Shares Held: 1.7M
Portfolio Weight: 0.74%
Owned Since: 2021-Q4

Top Holding	Sector	Market Value	Weight
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