The cluster shows broad institutional trimming, likely reacting to the early-stage commercial launch with no revenue yet. The $33.0M insider buying partially offsets the bearish signal. Monitor next quarter's 13F for continued selling or stabilization, and watch for TUDRIQEV prescription growth and first revenue in upcoming filings.
How the stock moved after the report
⚠ Clustered BEARISH VIEWSTOCK BELOW ENTRY AT T+1- T+0 · Nov 4 $20.69entry
- T+1 · 5d ago −3.24%α +1.17% · $20.02
- T+4 · todayOpen
- T+5 · in 12h Pending
- T+20 · in 23d Pending
- T+60 · in 3mo Pending
How similar events traded
Executive Summary
In Q3 2026, four institutional investors reduced their REPL positions by a net $2.0M, while only one small buyer added $23K. The selling is concentrated among asset managers, with Dimensional Fund Advisors alone trimming $2.0M. This bearish cluster follows the company's fiscal Q2 earnings report (Oct 28) which highlighted the early TUDRIQEV launch but no revenue yet, and a narrower net loss.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$2.0M
▲ Buyers (1)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Mirae Asset Global Investments Co. | ADD | +30.4% | $64.0K | $23.0K |
▼ Sellers (4)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Dimensional Fund Advisors | TRIM | -45.7% | $5.6M | -$2.0M |
| Farther Finance Advisors | NEAR_EXIT | -80.7% | $63.0K | -$49.0K |
| Commonwealth Equity Services | TRIM | -34.4% | $198.0K | -$43.0K |
| Nisa Investment Advisors | TRIM | -40.1% | $4.0K | -$1.0K |
Key Facts
- 4 sellers vs 1 buyer in Q3 2026 institutional cluster
- Net institutional selling of $2.0M (sellers $2.0M, buyers $23K)
- Dimensional Fund Advisors trimmed 45.7% of its position, reducing by $2.0M
- Farther Finance Advisors nearly exited, cutting 80.7% of shares
- Only one buyer (Mirae Asset) added a small $23K position
- Fiscal Q2 2027 earnings reported Oct 28: net loss narrowed to $57.1M, TUDRIQEV launch underway but no revenue yet
- Insider buying of $33.0M provides some counter-signal (confluence score 41/100)
Financial Impact
4 institutional sellers reduced holdings by $2.0M net, while 1 buyer added $23K; total net outflow of approximately $2.0M
Risk Factors
- 13F data is 45+ days stale; positions may have changed since quarter-end
- Insider buying of $33.0M provides a conflicting signal, reducing conviction in the bearish read
- Small sample size (only 5 institutions) limits statistical significance
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-REPL-2026-Q3 |
Track record
31 reports on REPL
9 of 13 bullish or bearish reports moved the stock their way by T+60. Best: +188.35% at T+20 after the Jul 30, 2026 report. 12 of 13 went positive at some point.
Filters
- Nov 10, 2026today Insider Cluster Neutral 2/10 Entry $23.47 settles Feb 9
- Nov 10, 2026today SC 13G Neutral 3/10 Entry $22.00 settles Feb 8
- Nov 9, 20261d ago 144 Neutral 2/10 Entry $22.51 settles Feb 8
- Nov 9, 20261d ago SC 13G/A Neutral 2/10 Entry $22.26 settles Feb 5
- Nov 6, 20264d ago 10-Q/A Neutral 3/10 Entry $22.26 settles Feb 5
- Nov 4, 20266d ago Institutional Cluster Bearish 4/10 Viewing Entry $20.69 settles Feb 2
- Nov 3, 20267d ago 144 Neutral 2/10 Entry $20.69 settles Feb 2
- Nov 2, 20268d ago 144 Neutral 2/10 Entry $20.65 settles Feb 1
- Oct 30, 202611d ago 144 Neutral 2/10 Entry $19.49 settles Jan 29
- Oct 28, 202613d ago 144 Neutral 2/10 Entry $17.39 settles Jan 27
US Market Status
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