United Therapeutics

UTHR • NASDAQ

United Therapeutics is a biotechnology company in the healthcare sector on NASDAQ, led by Martine Rothblatt, Ph.D., with a market cap of $21.3B. As of Q3 2025, 90% of shares are held by 688 institutional investors, with BlackRock, Inc. as the largest holder at 11.84%.

Chairman and Chief Executive OfficerMartine Rothblatt, Ph.D.

Market Cap$21.3B

Biotechnology

Healthcare

Employees1.2K

Websiteunither.com

Country

United States of America

Overview

Overview of institutional ownership in UTHR as of Q3 2025 with a market cap of $19.0B

All Institutions

Institutions: 688
Value Held: $17.1B
Shares Held: 40.8M
Avg Position: $24.9M
Median Position: $1.5M

Hedge Funds

Hedge Funds: 77
Value Held: $2.8B
Shares Held: 6.6M
Avg Position: $35.7M
Median Position: $6.6M

Ownership Breakdown

Institutional (non-HF)

75.7%

$14.4B

Hedge Funds

14.52%

$2.8B

Retail & Other

9.78%

$1.9B

Based on market cap of $19.0B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in UTHR as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$2.2B 0.04% of portfolio	11.84% 5.4M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$1.9B 0.03% of portfolio	9.77% 4.4M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	Peter Fitzhugh Brown CEO	$911.1M 1.20% of portfolio	4.81% 2.2M shares	≤ Q2 2013 Held for 12y 5m+	$75.8B
venBio Select Advisor LLC RIA/Wealth	Behzad Aghazadeh Managing Partner	$847.7M 10.97% of portfolio	4.47% 2.0M shares	Q4 2020 Held for 4y 11m	$7.7B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$806.0M 0.03% of portfolio	4.25% 1.9M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
WELLINGTON MANAGEMENT CO LLP Long Only Manager	Jean Marie Hynes CEO	$586.4M 0.10% of portfolio	3.09% 1.4M shares	Q4 2020 Held for 4y 11m	$571.21B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$522.9M 0.03% of portfolio	2.76% 1.2M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	David Gary Kabiller Founder	$413.5M 0.26% of portfolio	2.18% 986.5K shares	≤ Q2 2013 Held for 12y 5m+	$156.17B
D Darwin Global Management, Ltd. Institution	-	$317.6M 8.83% of portfolio	1.66% 748.6K shares	Q3 2025 Held for 2 months	$3.6B
L LSV ASSET MANAGEMENT Long Only Manager	Josef Nmn Lakonishok CEO	$287.9M 0.64% of portfolio	1.52% 686.7K shares	≤ Q2 2013 Held for 12y 5m+	$45.1B

Net Capital Flow

Institutional buying and selling activity for UTHR in Q3 2025

Traded: −$804.0M
Buyers: 322
Sellers: 333
Total Bought: +$1.8B
Total Sold: −$2.7B
Avg Position: $22.8M

Biggest Buyers

Institution	Net Bought	Current Position
D Darwin Global Management, Ltd. Institution	+$317.6M +748.6K shares	$317.6M 748.6K shares
CITIGROUP INC Institution	+$213.4M +508.9K shares	$231.2M 551.5K shares
Eversept Partners, LLC Hedge Fund•Long/Short	+$81.3M +193.9K shares	$106.2M 253.2K shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	+$78.2M +186.4K shares	$126.2M 300.9K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$76.1M +181.5K shares	$108.4M 258.6K shares
HENDERSON GROUP PLC Institution	+$72.6M +173.2K shares	$190.6M 454.7K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$64.3M +153.3K shares	$74.0M 176.5K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$55.7M +133.0K shares	$114.9M 274.0K shares
T Tri Locum Partners LP Hedge Fund•Long/Short	+$51.2M +122.2K shares	$51.2M 122.2K shares
ORBIMED ADVISORS LLC Hedge Fund•Sector	+$48.2M +114.9K shares	$48.2M 114.9K shares

Biggest Sellers

Institution	Net Sold	Current Position
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC Fund of Funds	−$161.2M −384.6K shares	$41.1M 98.1K shares
venBio Select Advisor LLC RIA/Wealth	−$145.8M −347.8K shares	$847.7M 2.0M shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	−$120.3M −286.9K shares	$46.0M 109.8K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$120.2M −286.7K shares	$413.5M 986.5K shares
A Amundi Institution	−$105.5M −232.8K shares	$58.9M 130.0K shares
Invesco Ltd. ETF Provider	−$103.7M −247.5K shares	$267.1M 637.2K shares
STATE STREET CORP Institution	−$102.7M −244.9K shares	$806.0M 1.9M shares
A AustralianSuper Pty Ltd Institution	−$79.6M −189.8K shares	$41.1M 98.0K shares
Marshall Wace LLP Institution	−$79.4M −276.5K shares	Sold Off 0 shares
L LSV ASSET MANAGEMENT Long Only Manager	−$74.6M −177.9K shares	$287.9M 686.7K shares

Entry and Exit Activity

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

New Positions: 44
New Value: $406.5M
Exited Positions: 60
Exited Value: $297.3M

New Positions

Institution	Position Value
D Darwin Global Management, Ltd. Institution	$317.6M 748.6K shares
F First Turn Management, LLC Hedge Fund•Long/Short	$35.8M 85.3K shares
SAWGRASS ASSET MANAGEMENT LLC Long Only Manager	$11.5M 27.3K shares
Point72 Europe LLP Digital Asset Manager	$10.8M 25.9K shares
Jain Global LLC Hedge Fund•Multi-Strategy	$8.7M 20.8K shares
Rhenman & Partners Asset Management AB RIA/Wealth	$3.4M 8.0K shares
Exome Asset Management LLC Hedge Fund•Sector	$2.8M 6.6K shares
StemPoint Capital LP Hedge Fund•Long/Short	$2.6M 6.3K shares
B BANQUE PICTET & CIE SA Institution	$2.0M 4.8K shares
Point72 Ltd RIA/Wealth	$2.0M 4.8K shares

Exited Positions

Institution	Previous Position
Marshall Wace LLP Institution	$79.4M 276.5K shares
Clark Capital Management Group, Inc. RIA/Wealth	$27.4M 95.3K shares
B BNP Paribas Investment Partners S.A. Institution	$26.2M 91.1K shares
Logos Global Management LP Hedge Fund•Long/Short	$24.4M 85.0K shares
R Railway Pension Investments Ltd Institution	$20.3M 70.6K shares
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	$17.2M 59.8K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$14.8M 51.4K shares
A AXA Institution	$13.0M 45.1K shares
Galvin, Gaustad & Stein, LLC RIA/Wealth	$10.7M 37.1K shares
Trexquant Investment LP Hedge Fund•Quant	$8.1M 28.3K shares

Options Activity

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

Call Positions: 22
Call Value: $655.6M
Put Positions: 23
Put Value: $1.2B

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$146.5M 3.5K contracts
CITIGROUP INC Institution	$136.2M 3.3K contracts
Caption Management, LLC Hedge Fund•Long/Short	$106.3M 2.5K contracts
venBio Select Advisor LLC RIA/Wealth	$83.8M 2.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$45.7M 1.1K contracts
J JANE STREET GROUP, LLC Institution	$42.8M 1.0K contracts
L LMR Partners LLP Institution	$32.4M 774.0 contracts
W WOLVERINE TRADING, LLC Institution	$16.6M 392.0 contracts
Walleye Trading LLC RIA/Wealth	$16.4M 392.0 contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$13.6M 325.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$345.6M 8.2K contracts
L LMR Partners LLP Institution	$168.1M 4.0K contracts
CITIGROUP INC Institution	$148.8M 3.6K contracts
Caption Management, LLC Hedge Fund•Long/Short	$129.9M 3.1K contracts
Ikarian Capital, LLC Hedge Fund•Event Driven	$88.0M 2.1K contracts
J JANE STREET GROUP, LLC Institution	$83.0M 2.0K contracts
N NOMURA HOLDINGS INC Institution	$48.1M 1.1K contracts
S Sofinnova Ventures Inc Venture Capital	$40.7M 971.0 contracts
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	$36.4M 869.0 contracts
6 683 Capital Management, LLC Hedge Fund•Long/Short	$31.5M 752.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
K Krensavage Asset Management, LLC Hedge Fund•Long/Short	Michael Paul Krensavage CEO	20.48% $40.9M	0.22% 97.6K shares	Q4 2014 Held for 10y 11m	$199.9M
T Tri Locum Partners LP Hedge Fund•Long/Short	Prashanth Nmn Jayaram CIO	11.77% $51.2M	0.27% 122.2K shares	Q3 2025 Held for 2 months	$435.1M
venBio Select Advisor LLC RIA/Wealth	Behzad Aghazadeh Managing Partner	10.97% $847.7M	4.47% 2.0M shares	Q4 2020 Held for 4y 11m	$7.7B
D Darwin Global Management, Ltd. Institution	-	8.83% $317.6M	1.66% 748.6K shares	Q3 2025 Held for 2 months	$3.6B
Eversept Partners, LLC Hedge Fund•Long/Short	Rishi Rasesh Shah President	8.13% $106.2M	0.56% 253.2K shares	Q2 2020 Held for 5y 5m	$1.3B
Nepsis Capital Management, Inc. RIA/Wealth	Mark William Pearson President	5.90% $18.6M	0.10% 44.4K shares	Q3 2024 Held for 1y 2m	$315.3M
F First Turn Management, LLC Hedge Fund•Long/Short	Lisa Gable Wheatley Managing Partner	5.37% $35.8M	0.19% 85.3K shares	Q3 2025 Held for 2 months	$666.0M
S Sofinnova Ventures Inc Venture Capital	James Irvin Healy Managing Partner	4.90% $79.9M	0.42% 190.6K shares	Q2 2025 Held for 5 months	$1.6B
Crawford Fund Management, LLC Hedge Fund•Long/Short	Christopher Leigh Crawford Managing Partner	4.65% $8.6M	0.05% 20.5K shares	Q4 2023 Held for 1y 11m	$185.0M
P Palo Alto Investors, LLC Hedge Fund•Long/Short	Angela Elizabeth Nguyen-Dinh CCO	4.51% $24.4M	0.13% 58.2K shares	≤ Q2 2013 Held for 12y 5m+	$540.4M