The 45-day 13F lag means this selling may have already been unwound further or reversed. Watch for insider buying or pipeline catalysts (e.g., onvansertib trial readouts) as potential entry triggers. If no insider confidence materializes alongside the institutional exit, avoid the stock until a clear de-risking event.
Executive Summary
Four major institutions reduced CRDF holdings in Q3 2025, with Morgan Stanley, BofA, Two Sigma, and Nuveen collectively trimming by ~$4.4M, while only Wells Fargo made a small add ($12K net). The 4:1 seller-to-buyer ratio and heavy passive/quant selling suggest a broad de-risking amid CRDF's ongoing clinical-stage losses and no near-term catalyst. The cluster is bearish but muted by the 45-day filing lag — partial unwinding may have already occurred.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$4.4M
▲ Buyers (1)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Wells Fargo | ADD | +26.8% | $121.0K | -$24.8K |
▼ Sellers (4)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Morgan Stanley | TRIM | -61% | $2.5M | -$1.9M |
| Nuveen | TRIM | -65.3% | $1.8M | -$1.4M |
| Two Sigma | TRIM | -54% | $1.4M | -$976.8K |
| BofA | TRIM | -47.2% | $294.0K | -$192.6K |
Key Facts
- 4 of 5 tracked institutions reduced CRDF positions in Q3 2025, with aggregate seller net change of -$4.40M
- Morgan Stanley trimmed 61% of its shares (from $2.5M to $640K)
- Nuveen cut 65.3% of its stake (from $1.8M to $400K)
- Two Sigma reduced its quant position by 54% (from $1.4M to $420K)
- Only Wells Fargo added, increasing a tiny $121K position by 26.8% — negligible relative to selling
- The cluster is dominated by passive/quant managers, not active value or activist funds
Financial Impact
4 institutions sold $4.4M vs 1 institution bought $121K — net institutional outflow of ~$4.3M in Q3 2025
Risk Factors
- Clinical-stage biotech with no approved products — cash burn continues
- 45-day reporting lag; disclosed selling may already be stale
- Low market cap ($101M) amplifies any new selling pressure
- No activist or value-fund buying to counter the passive exit signal
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-CRDF-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 3 | $0.8200 | awaiting T+5 | — | — |
Oct 27, 2026 today | 8-K | $0.8200 | awaiting T+5 | — | — |
Sep 22, 2026 5w ago | Institutional Cluster | $1.33 $1.17 | ▲ +12.03% | ▲ +10.84% | — |
Sep 14, 2026 6w ago | 8-K | $1.31 $1.37 | ▲ +4.58% | ▲ +4.47% | — |
Aug 11, 2026 11w ago | Press Release | $0.9900 $0.8979 | ▲ +9.30% | ▲ +8.86% | — |
Jul 16, 2026 14w ago | Insider Cluster | $0.8800 $0.8381 | ▼ −4.76% | ▼ −4.07% | — |
Jul 16, 2026 14w ago | 8-K | $0.8745 $0.8381 | ▲ +4.16% | ▲ +2.49% | — |
Jul 16, 2026 14w ago | 424B5 | $0.8745 $0.8381 | ▲ +4.16% | ▲ +2.49% | — |
Jun 22, 2026 18w ago | Insider Cluster | $1.30 $1.25 | ▼ −3.85% | ▼ −1.78% | — |
Jun 11, 2026 19w ago | Institutional Cluster | $1.59 $1.18 | ▲ +25.79% | ▲ +26.22% | — |
US Market Status
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