The divergence between passive sellers and active/quant buyers suggests the stock is being de-weighted by index funds while nimble traders take small speculative positions. Monitor upcoming clinical catalysts for CRDF; the institutional selling may reflect risk-off ahead of binary data readouts.
Executive Summary
Institutional activity in CRDF during Q2 2026 was sharply divided: 15 buyers added $1.6M in new positions (led by Jane Street, UBS, and BNP Paribas), while 16 sellers reduced holdings by $3.4M (led by Geode, Northern Trust, and Vanguard). The net selling pressure of -$1.8M and dominance of mega-passive sellers trimming suggests broad de-risking, partially offset by opportunistic quant/asset-manager buying at low absolute dollar levels.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$1.8M
▲ Buyers (15)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Jane Street Group | DOUBLED | +1415.8% | $790.0K | $725.0K |
| UBS | ADD | +59.4% | $830.0K | $181.0K |
| Bnp Paribas Financial Markets | DOUBLED | +1647.2% | $297.0K | $276.0K |
| Millennium | DOUBLED | +484.1% | $175.0K | $138.0K |
| Morgan Stanley | DOUBLED | +337.1% | $320.0K | $229.0K |
▼ Sellers (16)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Geode | TRIM | -48.7% | $2.6M | -$1.5M |
| Northern Trust | TRIM | -69% | $799.0K | -$600.0K |
| Vanguard Portfolio Management | NEAR_EXIT | -83.5% | $708.0K | -$615.0K |
| Bank Of New York Mellon | TRIM | -46.7% | $492.0K | -$281.0K |
| RenTech | NEAR_EXIT | -86.2% | $164.0K | -$146.0K |
Key Facts
- 15 institutional buyers added $1.6M in net new holdings; 16 sellers reduced by $3.4M
- Largest seller: Geode trimmed 48.7% of its position, removing $1.5M in value
- Largest buyer: Jane Street Group increased 1,415.8% to a $790K position
- Mega-passive funds (Geode, Northern Trust, Vanguard, BNY Mellon) accounted for the majority of selling
- Quant/asset-manager buyers (Jane Street, Millennium, BNP Paribas) added small absolute positions
Financial Impact
Net institutional outflow of approximately $1.8M in Q2 2026, with sellers reducing $3.4M and buyers adding $1.6M
Risk Factors
- 13F data is 45 days stale; positions may have been unwound or added to since quarter-end
- Low absolute dollar amounts ($2.6M total buyer holdings) indicate limited institutional conviction
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-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 4w 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 10w 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% | — |
Jun 3, 2026 20w ago | 8-K | $1.40 $1.48 | ▲ +5.71% | ▲ +9.53% | — |
Jun 2, 2026 20w ago | Press Release | $1.51 $1.53 | ▲ +1.32% | ▲ +4.29% | — |
US Market Status
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