Tarsus Pharmaceuticals, Inc.

TARS • NASDAQ

Tarsus Pharmaceuticals, Inc. is a biotechnology company in the healthcare sector on NASDAQ, led by Bobak R. Azamian, with a market cap of $3.1B. As of Q3 2025, 106% of shares are held by 215 institutional investors, with BlackRock, Inc. as the largest holder at 8.95%.

CEOBobak R. Azamian

Market Cap$3.1B

Biotechnology

Healthcare

Employees244.0

Websitetarsusrx.com

Country

United States of America

Overview

Overview of institutional ownership in TARS as of Q3 2025 with a market cap of $2.5B

All Institutions

Institutions: 215
Value Held: $2.7B
Shares Held: 44.9M
Avg Position: $12.4M
Median Position: $926.4K

Hedge Funds

Hedge Funds: 36
Value Held: $722.5M
Shares Held: 12.2M
Avg Position: $20.1M
Median Position: $3.1M

Ownership Breakdown

Institutional (non-HF)

77.51%

$1.9B

Hedge Funds

28.8%

$722.5M

Retail & Other

Based on market cap of $2.5B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in TARS as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
BlackRock, Inc. Institution	Laurence D. Fink CEO	$224.6M 0.00% of portfolio	8.95% 3.8M shares	Q4 2020 Held for 5 years	$5.67T
RTW INVESTMENTS, LLC Hedge Fund•Sector	Peter M Fong President	$188.8M 2.34% of portfolio	7.53% 3.2M shares	Q4 2020 Held for 5 years	$8.1B
Deep Track Capital, LP Hedge Fund•Long/Short	David Eric Kroin CIO	$178.3M 5.07% of portfolio	7.11% 3.0M shares	Q1 2025 Held for 9 months	$3.5B
Paradigm Biocapital Advisors LP Hedge Fund•Long/Short	Dr. Senai Nmn Asefaw CIO	$158.4M 4.69% of portfolio	6.31% 2.7M shares	Q4 2023 Held for 2 years	$3.4B
JENNISON ASSOCIATES LLC Long Only Manager	Jeffrey Todd Becker CEO	$154.8M 0.09% of portfolio	6.17% 2.6M shares	Q1 2024 Held for 1y 9m	$171.76B
T TANG CAPITAL MANAGEMENT LLC Institution	-	$145.9M 5.74% of portfolio	5.82% 2.5M shares	Q1 2022 Held for 3y 9m	$2.5B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$135.0M 0.00% of portfolio	5.38% 2.3M shares	Q4 2020 Held for 5 years	$6.69T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$113.7M 0.01% of portfolio	4.53% 1.9M shares	Q4 2020 Held for 5 years	$1.65T
HENDERSON GROUP PLC Institution	Ali Dibadj CEO	$85.6M 0.04% of portfolio	3.41% 1.4M shares	Q1 2024 Held for 1y 9m	$218.74B
A Assenagon Asset Management S.A. Institution	-	$74.2M 0.11% of portfolio	2.96% 1.2M shares	Q2 2024 Held for 1y 6m	$67.7B

Net Capital Flow

Institutional buying and selling activity for TARS in Q3 2025

Traded: −$1.5M
Buyers: 103
Sellers: 110
Total Bought: +$260.6M
Total Sold: −$262.1M
Avg Position: $11.3M

Biggest Buyers

Institution	Net Bought	Current Position
Deep Track Capital, LP Hedge Fund•Long/Short	+$74.3M +1.3M shares	$178.3M 3.0M shares
LOOMIS SAYLES & CO L P Long Only Manager	+$23.2M +389.9K shares	$23.2M 389.9K shares
TimesSquare Capital Management, LLC Long Only Manager	+$15.9M +267.5K shares	$15.9M 267.5K shares
A Assenagon Asset Management S.A. Institution	+$14.9M +250.4K shares	$74.2M 1.2M shares
C Capricorn Fund Managers Ltd Institution	+$14.3M +240.0K shares	$14.3M 240.0K shares
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	+$9.2M +154.5K shares	$61.3M 1.0M shares
JENNISON ASSOCIATES LLC Long Only Manager	+$8.1M +136.6K shares	$154.8M 2.6M shares
Affinity Asset Advisors, LLC Hedge Fund•Long/Short	+$7.4M +125.0K shares	$7.4M 125.0K shares
C CANADA PENSION PLAN INVESTMENT BOARD Institution	+$7.3M +122.8K shares	$7.8M 131.3K shares
Clearbridge Investments, LLC Long Only Manager	+$7.3M +122.5K shares	$33.7M 567.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
TORONTO DOMINION BANK Institution	−$22.8M −384.4K shares	$36.7M 617.6K shares
A ADAGE CAPITAL PARTNERS GP LLC Institution	−$22.0M −543.0K shares	Sold Off 0 shares
HENDERSON GROUP PLC Institution	−$21.9M −367.9K shares	$85.6M 1.4M shares
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	−$19.0M −320.3K shares	$2.6M 44.3K shares
Paradigm Biocapital Advisors LP Hedge Fund•Long/Short	−$18.4M −310.4K shares	$158.4M 2.7M shares
Frazier Life Sciences Management, L.P. Venture Capital	−$13.7M −230.0K shares	$69.4M 1.2M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$11.1M −186.0K shares	$2.6M 43.3K shares
MORGAN STANLEY RIA/Wealth	−$8.5M −143.3K shares	$113.7M 1.9M shares
C Capitolis Liquid Global Markets LLC Private Equity	−$8.3M −139.5K shares	$6.1M 102.6K shares
Polygon Management Ltd. Hedge Fund•Multi-Strategy	−$7.4M −125.0K shares	$7.4M 125.0K shares

Entry and Exit Activity

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

New Positions: 19
New Value: $51.4M
Exited Positions: 22
Exited Value: $40.4M

New Positions

Institution	Position Value
LOOMIS SAYLES & CO L P Long Only Manager	$23.2M 389.9K shares
C Capricorn Fund Managers Ltd Institution	$14.3M 240.0K shares
Affinity Asset Advisors, LLC Hedge Fund•Long/Short	$7.4M 125.0K shares
H HUSSMAN STRATEGIC ADVISORS, INC. Institution	$1.9M 31.5K shares
RFG Advisory Group, LLC RIA/Wealth	$887.9K 14.9K shares
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$748.4K 12.6K shares
CAPSTONE INVESTMENT ADVISORS, LLC Hedge Fund•Multi-Strategy	$683.5K 11.5K shares
F FOX RUN MANAGEMENT, L.L.C. Hedge Fund•Quant	$501.4K 8.4K shares
I INCEPTIONR LLC Hedge Fund•Quant	$429.0K 7.2K shares
P Pale Fire Capital SE Institution	$420.5K 7.1K shares

Exited Positions

Institution	Previous Position
A ADAGE CAPITAL PARTNERS GP LLC Institution	$22.0M 543.0K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$5.6M 138.0K shares
GILDER GAGNON HOWE & CO LLC RIA/Wealth	$3.1M 77.2K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.1M 52.3K shares
Aquatic Capital Management LLC Hedge Fund•Quant	$1.5M 36.4K shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	$1.3M 32.4K shares
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$1.0M 24.8K shares
Magnetar Financial LLC Hedge Fund•Multi-Strategy	$596.3K 14.7K shares
Q Quadrature Capital Ltd Institution	$588.4K 14.5K shares
Warren Averett Asset Management, LLC RIA/Wealth	$534.6K 13.2K shares

Options Activity

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

Call Positions: 4
Call Value: $3.1M
Put Positions: 1
Put Value: $939.0K

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.1M 177.0 contracts
Caption Management, LLC Hedge Fund•Long/Short	$867.7K 146.0 contracts
BARCLAYS PLC Institution	$754.8K 127.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$392.2K 66.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$939.0K 158.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
T TANG CAPITAL MANAGEMENT LLC Institution	-	5.74% $145.9M	5.82% 2.5M shares	Q1 2022 Held for 3y 9m	$2.5B
Deep Track Capital, LP Hedge Fund•Long/Short	David Eric Kroin CIO	5.07% $178.3M	7.11% 3.0M shares	Q1 2025 Held for 9 months	$3.5B
C Capricorn Fund Managers Ltd Institution	-	4.79% $14.3M	0.57% 240.0K shares	Q3 2025 Held for 3 months	$297.8M
Paradigm Biocapital Advisors LP Hedge Fund•Long/Short	Dr. Senai Nmn Asefaw CIO	4.69% $158.4M	6.31% 2.7M shares	Q4 2023 Held for 2 years	$3.4B
Ally Bridge Group LLC Hedge Fund•Sector	Slanix Paul T Alex President	3.52% $4.2M	0.17% 70.8K shares	Q3 2024 Held for 1y 3m	$119.4M
MPM Oncology Impact Management LP Institution	Christian Albrecht Wulf Von Schimmelmann Managing Partner	3.32% $20.3M	0.81% 341.5K shares	Q2 2025 Held for 6 months	$610.9M
RTW INVESTMENTS, LLC Hedge Fund•Sector	Peter M Fong President	2.34% $188.8M	7.53% 3.2M shares	Q4 2020 Held for 5 years	$8.1B
Sands Capital Ventures, LLC Venture Capital	Erin Elizabeth Soule Managing Partner	2.21% $10.1M	0.40% 170.0K shares	Q3 2021 Held for 4y 3m	$456.4M
Frazier Life Sciences Management, L.P. Venture Capital	Daniel Estes Managing Partner	2.08% $69.4M	2.77% 1.2M shares	Q1 2022 Held for 3y 9m	$3.3B
Polygon Management Ltd. Hedge Fund•Multi-Strategy	Stephen Lionel Prince CEO	1.88% $7.4M	0.30% 125.0K shares	Q2 2023 Held for 2y 6m	$396.0M

Hedge Fund Spotlight

Discover hedge funds investing in TARS

Walleye Trading Advisors, LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerWilliam Dunning England

Portfolio Value: $11.2B
Positions: 1,691
Last Reported: Q3 2025

Sector Allocation

Position in Tarsus Pharmaceuticals, Inc.

Market Value: $563.6K
Shares Held: 9.5K
Portfolio Weight: 0.01%
Owned Since: 2025-Q2

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