Palvella Therapeutics

PVLA • XNAS

Palvella Therapeutics is a pharmaceutical preparations company on XNAS, led by Wesley H. Kaupinen, with a market cap of $1.2B. As of Q3 2025, 77% of shares are held by 100 institutional investors, with BVF INC/IL as the largest holder at 10.5%.

CEOWesley H. Kaupinen

Market Cap$1.2B

PHARMACEUTICAL PREPARATIONS

Websitepalvellatx.com

Overview

Overview of institutional ownership in PVLA as of Q3 2025 with a market cap of $693.3M

All Institutions

Institutions: 100
Value Held: $534.5M
Shares Held: 8.5M
Avg Position: $5.3M
Median Position: $557.4K

Hedge Funds

Hedge Funds: 18
Value Held: $201.0M
Shares Held: 3.2M
Avg Position: $11.2M
Median Position: $4.2M

Ownership Breakdown

Institutional (non-HF)

48.1%

$333.5M

Hedge Funds

28.98%

$201.0M

Retail & Other

22.91%

$158.9M

Based on market cap of $693.3M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in PVLA as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BVF INC/IL Institution	-	$72.8M 2.95% of portfolio	10.50% 1.2M shares	Q4 2024 Held for 1 year	$2.5B
SUVRETTA CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	Aaron Leonard Cowen CEO	$51.6M 1.56% of portfolio	7.44% 822.4K shares	Q4 2024 Held for 1 year	$3.3B
Frazier Life Sciences Management, L.P. Venture Capital	Daniel Estes Managing Partner	$45.3M 1.36% of portfolio	6.53% 722.4K shares	Q4 2024 Held for 1 year	$3.3B
First Light Asset Management, LLC Hedge Fund•Sector	Mathew Paul Arens CEO	$33.9M 3.20% of portfolio	4.90% 541.5K shares	Q3 2025 Held for 3 months	$1.1B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$31.0M 0.00% of portfolio	4.47% 494.7K shares	Q4 2024 Held for 1 year	$6.69T
BlackRock, Inc. Institution	Laurence D. Fink CEO	$30.6M 0.00% of portfolio	4.41% 487.6K shares	Q4 2024 Held for 1 year	$5.67T
PERCEPTIVE ADVISORS LLC Hedge Fund•Long/Short	Joseph Eric Edelman CEO	$24.8M 0.72% of portfolio	3.57% 395.1K shares	Q3 2025 Held for 3 months	$3.5B
Woodline Partners LP Hedge Fund•Long/Short	Michael Clifford Rockefeller CIO	$21.7M 0.10% of portfolio	3.13% 345.7K shares	Q1 2025 Held for 9 months	$21.3B
FEDERATED INVESTORS INC /PA/ Long Only Manager	Gregory Philip Dulski Chairman	$21.3M 0.04% of portfolio	3.07% 339.0K shares	Q3 2025 Held for 3 months	$56.6B
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	Steven Alan Cohen CEO	$19.9M 0.05% of portfolio	2.87% 317.3K shares	Q3 2025 Held for 3 months	$43.2B

Net Capital Flow

Institutional buying and selling activity for PVLA in Q3 2025

Traded: +$202.7M
Buyers: 67
Sellers: 27
Total Bought: +$239.4M
Total Sold: −$36.7M
Avg Position: $4.9M

Biggest Buyers

Institution	Net Bought	Current Position
First Light Asset Management, LLC Hedge Fund•Sector	+$33.9M +541.5K shares	$33.9M 541.5K shares
B BVF INC/IL Institution	+$29.1M +464.7K shares	$72.8M 1.2M shares
PERCEPTIVE ADVISORS LLC Hedge Fund•Long/Short	+$24.8M +395.1K shares	$24.8M 395.1K shares
FEDERATED INVESTORS INC /PA/ Long Only Manager	+$21.3M +339.0K shares	$21.3M 339.0K shares
VANGUARD GROUP INC Institution	+$20.7M +330.8K shares	$31.0M 494.7K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	+$19.9M +317.3K shares	$19.9M 317.3K shares
F FRED ALGER MANAGEMENT INC Long Only Manager	+$10.9M +173.2K shares	$11.7M 186.8K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$10.4M +166.5K shares	$10.4M 166.5K shares
GOLDMAN SACHS GROUP INC Institution	+$9.5M +151.3K shares	$14.8M 236.6K shares
FMR LLC Institution	+$6.9M +110.3K shares	$6.9M 110.4K shares

Biggest Sellers

Institution	Net Sold	Current Position
Samsara BioCapital, LLC Venture Capital	−$8.2M −130.1K shares	$13.1M 209.6K shares
A ADAMS STREET PARTNERS LLC Institution	−$6.7M −299.0K shares	Sold Off 0 shares
Woodline Partners LP Hedge Fund•Long/Short	−$6.3M −99.9K shares	$21.7M 345.7K shares
SECTORAL ASSET MANAGEMENT INC Venture Capital	−$2.9M −46.5K shares	$3.1M 49.1K shares
B Blue Owl Capital Holdings LP Institution	−$1.9M −30.0K shares	$6.0M 95.3K shares
R ROYCE & ASSOCIATES LLC Institution	−$1.6M −25.0K shares	$3.1M 49.5K shares
UBS Group AG Institution	−$1.4M −22.7K shares	$1.3M 20.4K shares
Marshall Wace LLP Institution	−$1.1M −49.1K shares	Sold Off 0 shares
UBS OCONNOR LLC Long Only Manager	−$991.6K −44.0K shares	Sold Off 0 shares
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	−$977.8K −15.6K shares	$2.6M 40.7K shares

Entry and Exit Activity

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

New Positions: 39
New Value: $133.1M
Exited Positions: 9
Exited Value: $10.6M

New Positions

Institution	Position Value
First Light Asset Management, LLC Hedge Fund•Sector	$33.9M 541.5K shares
PERCEPTIVE ADVISORS LLC Hedge Fund•Long/Short	$24.8M 395.1K shares
FEDERATED INVESTORS INC /PA/ Long Only Manager	$21.3M 339.0K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$19.9M 317.3K shares
JENNISON ASSOCIATES LLC Long Only Manager	$6.7M 106.9K shares
MPM Oncology Impact Management LP Institution	$4.2M 67.4K shares
Ikarian Capital, LLC Hedge Fund•Event Driven	$4.1M 64.7K shares
S Standard Life Aberdeen plc Institution	$3.2M 51.2K shares
Invesco Ltd. ETF Provider	$3.0M 48.6K shares
SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC Hedge Fund•Long/Short	$2.2M 34.9K shares

Exited Positions

Institution	Previous Position
A ADAMS STREET PARTNERS LLC Institution	$6.7M 299.0K shares
Marshall Wace LLP Institution	$1.1M 49.1K shares
UBS OCONNOR LLC Long Only Manager	$991.6K 44.0K shares
D DAFNA Capital Management LLC Hedge Fund•Event Driven	$977.1K 43.3K shares
Strid Group, LLC RIA/Wealth	$409.5K 18.2K shares
X XTX Topco Ltd Institution	$399.0K 17.7K shares
S SBI Securities Co., Ltd. Institution	$270.0 12.0 shares
TWIN PEAKS WEALTH ADVISORS, LLC RIA/Wealth	$43.0 1.0 shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	- 1.0 shares

Options Activity

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

Call Positions: 1
Call Value: $984.2K
Put Positions: 1
Put Value: $319.7K

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$984.2K 157.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$319.7K 51.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
C Clio Asset Management LLC RIA/Wealth	James George Aldige Managing Partner	4.26% $5.7M	0.83% 91.6K shares	Q2 2025 Held for 6 months	$134.7M
First Light Asset Management, LLC Hedge Fund•Sector	Mathew Paul Arens CEO	3.20% $33.9M	4.90% 541.5K shares	Q3 2025 Held for 3 months	$1.1B
B BVF INC/IL Institution	-	2.95% $72.8M	10.50% 1.2M shares	Q4 2024 Held for 1 year	$2.5B
SECTORAL ASSET MANAGEMENT INC Venture Capital	Jerome Georges Pfund CEO	1.90% $3.1M	0.44% 49.1K shares	Q2 2025 Held for 6 months	$162.0M
B Blue Owl Capital Holdings LP Institution	-	1.87% $6.0M	0.86% 95.3K shares	Q4 2024 Held for 1 year	$318.8M
Samsara BioCapital, LLC Venture Capital	Miran Nasruddin Ahmad CFO	1.72% $13.1M	1.90% 209.6K shares	Q4 2024 Held for 1 year	$765.9M
SUVRETTA CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	Aaron Leonard Cowen CEO	1.56% $51.6M	7.44% 822.4K shares	Q4 2024 Held for 1 year	$3.3B
Frazier Life Sciences Management, L.P. Venture Capital	Daniel Estes Managing Partner	1.36% $45.3M	6.53% 722.4K shares	Q4 2024 Held for 1 year	$3.3B
N Nantahala Capital Management, LLC Hedge Fund•Multi-Strategy	Wilmot B. Harkey Managing Partner	0.97% $15.7M	2.26% 250.1K shares	Q4 2024 Held for 1 year	$1.6B
Ikarian Capital, LLC Hedge Fund•Event Driven	Neil Tristan Shahrestani CEO	0.82% $4.1M	0.59% 64.7K shares	Q3 2025 Held for 3 months	$494.3M

Hedge Fund Spotlight

Discover hedge funds investing in PVLA

Point72 Asset Management, L.P.

Hedge Fund • Multi-Strategy

Portfolio ManagerSteven Alan Cohen

Portfolio Value: $43.2B
Positions: 1,280
Last Reported: Q3 2025

Sector Allocation

Position in Palvella Therapeutics

Market Value: $19.9M
Shares Held: 317.3K
Portfolio Weight: 0.05%
Owned Since: 2025-Q3

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