The cluster is dominated by mega-passive managers (Fidelity, State Street, Morgan Stanley, Wells Fargo) whose moves likely reflect index rebalancing or passive fund flows rather than a shared active catalyst. The active signals are mixed: Citadel's large addition (+780%) is notable but small in absolute dollars ($8.6M), while D.E. Shaw and RenTech both trimmed meaningfully. Monitor for a subsequent 13F filing or a company catalyst (e.g., pipeline update) that could explain the divergence. The 88% win rate on prior RARE reports suggests the stock has been responsive to signals, but this cluster lacks a clear active thesis.
Executive Summary
A mixed institutional cluster in Ultragenyx (RARE) for Q3 2025 shows $368.2M in aggregate buying by 5 institutions (led by Fidelity doubling its stake to $219.1M) against $55.2M in selling by 3 institutions (led by Norges Bank's full exit of $35.8M). The buying is dominated by mega-passive managers (State Street, Fidelity, Morgan Stanley, Wells Fargo) and one quant (Citadel), while the selling includes two quants (D.E. Shaw, RenTech) and a sovereign fund — suggesting passive rebalancing/accumulation rather than a strong active conviction thesis.
Key Financial Metrics
Institutional Positions
Net institutional flow: $99.6M
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Fidelity | DOUBLED | +179.6% | $219.1M | $124.4M |
| State Street | ADD | +43.6% | $111.1M | $17.5M |
| Morgan Stanley | ADD | +42.5% | $27.4M | $4.1M |
| Citadel | DOUBLED | +779.6% | $10.0M | $8.6M |
| Wells Fargo | ADD | +43.1% | $750.0K | $116.0K |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | EXIT | -100% | $35.8M | -$35.8M |
| D.E. Shaw | TRIM | -56.1% | $19.7M | -$12.5M |
| RenTech | NEAR_EXIT | -89.5% | $7.6M | -$6.9M |
Key Facts
- 5 buyers accumulated $154.8M net, led by Fidelity (DOUBLED to $219.1M) and State Street (ADD to $111.1M)
- 3 sellers reduced $55.2M, led by Norges Bank (full EXIT of $35.8M), D.E. Shaw (TRIM -56.1%), and RenTech (NEAR_EXIT -89.5%)
- Citadel (quant) DOUBLED its position by +779.6% to $10.0M, a notable active addition
- All 5 buyers are mega-passive or quant; no activist or concentrated active value funds participated
- The cluster is dominated by passive/index rebalancing, weakening the signal of a shared active thesis
Financial Impact
5 institutions accumulated $368.2M in current holdings (net change +$154.8M) while 3 institutions reduced holdings by $55.2M
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
- Passive-dominated buying provides no fundamental catalyst read-through
- Two quants (D.E. Shaw, RenTech) and a sovereign fund sold, indicating possible risk-off or thesis abandonment
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-RARE-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 2, 2026 4w ago | 8-K | $14.85 $15.22 | ▼ −2.49% | ▼ −3.68% | — |
Sep 1, 2026 4w ago | Press Release | $26.53 $15.03 | ▼ −43.35% | ▼ −43.02% | — |
Aug 11, 2026 7w ago | 8-K | $26.80 $14.31 | ▼ −46.60% | ▼ −45.55% | — |
Aug 4, 2026 8w ago | 8-K | $24.93 $26.53 | ▲ +6.42% | ▲ +7.02% | — |
Aug 4, 2026 8w ago | Insider Cluster | $25.81 $25.81 | · 0.00% | ▲ +1.24% | — |
Jun 15, 2026 15w ago | Insider Cluster | $24.85 $32.03 | ▲ +28.89% | ▲ +28.69% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $23.98 $34.61 | ▲ +44.33% | ▲ +42.44% | — |
May 5, 2026 21w ago | Press Release | $25.93 $22.41 | ▲ +13.57% | ▲ +16.36% | — |
May 1, 2026 22w ago | Insider Cluster | $24.77 $22.85 | ▼ −7.75% | ▼ −13.04% | — |
Apr 2, 2026 26w ago | 8-K | $22.45 $24.69 | ▲ +9.98% | ▲ +0.10% | — |
US Market Status
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