The cluster is dominated by passive rebalancing, not active thesis-driven buying. The $17.8M net inflow is small relative to market cap. Monitor for any active manager 13F additions or a specific catalyst (pipeline readout, partnership) that could drive conviction buying.
Executive Summary
A cluster of five mega-passive institutions (State Street, Wells Fargo, Schwab, Invesco, Morgan Stanley) added $46.3M in RXRX during Q3 2025, while two sellers (Fidelity and Norges Bank) reduced by $28.5M. The net $17.8M inflow is dominated by passive/index rebalancing, not active conviction, and the cluster is overwhelmingly passive — the signal is weak.
Key Financial Metrics
Institutional Positions
Net institutional flow: $17.8M
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| State Street | ADD | +63.4% | $89.2M | $32.6M |
| Wells Fargo | DOUBLED | +269.2% | $3.9M | $2.8M |
| Schwab | ADD | +33.1% | $16.8M | $3.7M |
| Invesco | ADD | +31% | $2.0M | $426.0K |
| Morgan Stanley | ADD | +28.1% | $35.6M | $6.8M |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Fidelity | TRIM | -42.2% | $28.3M | -$12.5M |
| Norges Bank | EXIT | -100% | $16.0M | -$16.0M |
Key Facts
- 5 buyers added $46.3M in aggregate; 2 sellers reduced by $28.5M; net inflow of ~$17.8M
- All 5 buyers are mega-passive managers (State Street, Wells Fargo, Schwab, Invesco, Morgan Stanley) — likely index rebalancing, not active conviction
- Fidelity trimmed 42.2% of its position, selling $12.5M; Norges Bank fully exited a $16.0M position
- No active hedge fund or activist manager participated in the cluster
Financial Impact
Net institutional inflow of ~$17.8M (5 buyers added $46.3M, 2 sellers reduced $28.5M) — small relative to $1.6B market cap (~1.1% of float)
Risk Factors
- Passive inflows may reverse next quarter on index reconstitution
- Norges Bank's full exit and Fidelity's large trim suggest institutional skepticism
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-RXRX-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | 424B5 | $3.47 $3.58 | ▼ −3.32% | ▼ −3.23% | — |
Oct 15, 2026 12d ago | 8-K | $4.16 $3.58 | ▼ −13.94% | ▼ −12.93% | — |
Oct 15, 2026 12d ago | Press Release | $4.16 $3.58 | ▼ −13.94% | ▼ −12.93% | — |
Oct 15, 2026 12d ago | Press Release | $4.16 $3.58 | ▲ +13.94% | ▲ +12.93% | — |
Oct 15, 2026 12d ago | Press Release | $4.16 $3.58 | ▼ −13.94% | ▼ −12.93% | — |
Oct 15, 2026 12d ago | 424B5 | $4.16 $3.58 | ▲ +13.94% | ▲ +12.93% | — |
Oct 6, 2026 20d ago | 144 | $4.63 $3.84 | ▼ −17.17% | ▼ −17.03% | — |
Oct 6, 2026 20d ago | 144 | $4.63 $3.84 | ▼ −17.17% | ▼ −17.03% | — |
Sep 21, 2026 5w ago | 8-K | $3.97 $3.70 | ▼ −6.80% | ▼ −5.78% | — |
Sep 10, 2026 6w ago | Insider Cluster | $3.20 $3.83 | ▲ +19.69% | ▲ +20.03% | — |
US Market Status
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