The cluster is dominated by passive fund rebalancing on both sides, but Citadel's near-total exit of a large position is a notable active-manager signal. Monitor for any fundamental deterioration or catalyst that could explain the selling. The buying from Fidelity and Schwab is likely mechanical and does not offset the bearish signal from the sellers.
Executive Summary
An institutional cluster in GMAB shows mixed conviction: two passive funds (Fidelity, Schwab) added $21.8M in new holdings, while four institutions (including Citadel and three passive managers) reduced positions by $85.7M. The net selling pressure of ~$63.9M from the sellers, led by Citadel's near-exit of a $73.7M position, dominates the cluster signal and suggests caution despite the buying activity.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$63.9M
▲ Buyers (2)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Fidelity | ADD | +64.5% | $34.3M | $20.3M |
| Schwab | ADD | +32.3% | $3.1M | $1.5M |
▼ Sellers (4)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Citadel | NEAR_EXIT | -98.6% | $73.7M | -$72.2M |
| UBS | NEAR_EXIT | -83.1% | $10.0M | -$7.5M |
| Morgan Stanley | TRIM | -37.9% | $55.7M | -$4.4M |
| BofA | TRIM | -42.2% | $11.7M | -$1.7M |
Key Facts
- 2 buyers added $21.8M in new holdings (Fidelity +$20.3M, Schwab +$1.5M)
- 4 sellers reduced positions by $85.7M (Citadel -$72.2M, UBS -$7.5M, Morgan Stanley -$4.4M, BofA -$1.7M)
- Citadel executed a near-exit, reducing a $73.7M position to $1.6M (-98.6% of shares)
- All buyers are mega-passive funds (likely index rebalancing), while sellers include one active quant (Citadel) and three passive managers
- Net aggregate change: -$63.9M (sellers outweigh buyers by ~3:1 in dollar terms)
Financial Impact
Net institutional selling of ~$63.9M in Q3 2025, with total seller reductions of $85.7M versus buyer additions of $21.8M
Risk Factors
- 13F data is 45+ days stale; positions may have been further adjusted since quarter-end
- Passive fund activity may reflect index rebalancing rather than fundamental conviction
- Historical reports on GMAB show negative T+20 performance (-12.88% on prior bullish call), suggesting the stock has been difficult to time
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-GMAB-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 8, 2026 24d ago | 6-K | $33.53 $32.65 | ▼ −2.62% | ▼ −1.96% | — |
Aug 12, 2026 7w ago | 6-K | $31.42 $34.11 | ▲ +8.56% | ▲ +9.01% | — |
Aug 11, 2026 7w ago | 6-K | $30.85 $32.96 | ▲ +6.84% | ▲ +7.24% | — |
Aug 6, 2026 8w ago | 6-K | $29.83 $31.34 | ▲ +5.06% | ▲ +3.85% | — |
Jul 15, 2026 11w ago | 6-K | $29.08 $28.85 | ▼ −0.79% | ▲ +0.19% | — |
Jun 29, 2026 13w ago | 6-K | $27.47 $28.01 | ▲ +1.97% | ▲ +1.36% | — |
Jun 17, 2026 15w ago | 6-K | $25.39 $25.87 | ▲ +1.87% | ▲ +2.91% | — |
Jun 16, 2026 15w ago | 6-K | $24.74 $25.94 | ▲ +4.85% | ▲ +7.08% | — |
Jun 15, 2026 15w ago | 6-K | $24.58 $25.61 | ▲ +4.19% | ▲ +5.57% | — |
Jun 15, 2026 15w ago | 6-K | $24.58 $25.61 | ▲ +4.19% | ▲ +5.57% | — |
US Market Status
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