The cluster is dominated by active quant funds (RenTech, Two Sigma) and a major asset manager (UBS), which carry stronger signal than passive rebalancing. Monitor for any subsequent 13F filings or corporate events (earnings, FDA updates, clinical data) that could explain the shared thesis. The 45-day reporting lag means the cluster may already be partially unwound — watch for price action on any positive catalyst to gauge residual conviction.
Executive Summary
A bullish institutional cluster formed in TMDX during Q3 2025, with 5 buyers adding $66.4M in net new holdings versus 2 sellers trimming $42.9M. The buying was led by UBS, Two Sigma, and a new position from RenTech, while Morgan Stanley and D.E. Shaw reduced their stakes. The cluster suggests growing institutional conviction in TransMedics' organ transplant technology platform, though the 45-day reporting lag means positions may have shifted since quarter-end.
Key Financial Metrics
Institutional Positions
Net institutional flow: $23.5M
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| UBS | ADD | +79.8% | $96.1M | $32.2M |
| Two Sigma | ADD | +54.2% | $71.3M | $16.1M |
| RenTech | NEW | — | $16.3M | $16.3M |
| Envestnet Asset Management | ADD | +78.9% | $5.3M | $1.8M |
| T. Rowe Price | DOUBLED | +188.8% | $45.0K | $26.0K |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Morgan Stanley | TRIM | -25.2% | $98.2M | -$36.7M |
| D.E. Shaw | TRIM | -51.6% | $10.3M | -$6.1M |
Key Facts
- 5 institutional buyers added $66.4M in net new holdings during Q3 2025
- 2 institutional sellers reduced holdings by $42.9M
- Renaissance Technologies initiated a new $16.3M position
- UBS added $32.2M (+79.8% increase) to its existing stake
- Two Sigma added $16.1M (+54.2% increase)
- Morgan Stanley trimmed $36.7M (-25.2% of its position)
- D.E. Shaw cut $6.1M (-51.6% of its position)
- Net institutional inflow of approximately $23.5M across the cluster
Financial Impact
5 institutions accumulated $189.0M in aggregate holdings (net change +$66.4M) while 2 institutions reduced holdings by $42.9M, resulting in net institutional inflow of approximately $23.5M
Risk Factors
- 45-day reporting lag: positions may have been partially or fully unwound since September 30
- Morgan Stanley's $36.7M trim offsets a significant portion of the buying signal
- T. Rowe Price's position is negligible ($45K) and likely a passive tracking error
- Historical TMDX reports show poor T+20 performance (avg -31%) despite bullish signals
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-TMDX-2025-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 12, 2026 16w ago | Institutional Cluster | $72.91 $88.27 | ▲ +21.07% | ▲ +17.80% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $73.59 $89.98 | ▲ +22.27% | ▲ +17.88% | — |
Apr 10, 2026 25w ago | DEFA14A | $114.00 $71.12 | ▼ −37.62% | ▼ −47.95% | — |
Mar 2, 2026 30w ago | Insider Cluster | $147.00 $70.46 | ▼ −52.07% | ▼ −61.39% | — |
Feb 27, 2026 31w ago | 8-K | $145.26 $70.46 | ▼ −51.49% | ▼ −60.88% | — |
Feb 24, 2026 31w ago | 8-K | $131.85 $68.00 | ▼ −48.43% | ▼ −55.38% | — |
US Market Status
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