Vault-13

89BIO INC ETNB

COM · Common Stock · CUSIP 282559103

198 institutional holders +11 vs Q2 2025
154,752,343154.8m shares reported held*
$2.3bnreported value*
53 new 60 added 62 reduced 42 sold out net sold ≈ $119.1m (-8.1m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($101.1k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $14.70. Options: 13 managers hold calls ($23.1m notional), 21 hold puts ($102.0m).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0100200Q3 22: 86Q4 22: 106Q1 23: 149Q2 23: 159Q3 23: 162Q4 23: 155Q1 24: 152Q2 24: 147Q3 24: 146Q4 24: 158Q1 25: 189Q2 25: 187Q3 25: 198198Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 202286
Q4 2022106
Q1 2023149
Q2 2023159
Q3 2023162
Q4 2023155
Q1 2024152
Q2 2024147
Q3 2024146
Q4 2024158
Q1 2025189
Q2 2025187
Q3 2025198

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q4 23: 93 bought or addedQ4 23: 80 cut or sold outQ1 24: 91 bought or addedQ1 24: 77 cut or sold outQ1 24Q2 24: 84 bought or addedQ2 24: 65 cut or sold outQ3 24: 80 bought or addedQ3 24: 55 cut or sold outQ3 24Q4 24: 97 bought or addedQ4 24: 54 cut or sold outQ1 25: 142 bought or addedQ1 25: 54 cut or sold outQ1 25Q2 25: 109 bought or addedQ2 25: 90 cut or sold outQ3 25: 113 bought or addedQ3 25: 104 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20239380
Q1 20249177
Q2 20248465
Q3 20248055
Q4 20249754
Q1 202514254
Q2 202510990
Q3 2025113104

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$50m$100m$150mQ4 24 calls: $1.4mQ4 24 puts: $8.9mQ4 24P/C 6.44Q1 25 calls: $3.1mQ1 25 puts: $7.7mQ1 25P/C 2.47Q2 25 calls: $3.7mQ2 25 puts: $17.4mQ2 25P/C 4.74Q3 25 calls: $23.1mQ3 25 puts: $102.0mQ3 25P/C 4.42
Numbers
QuarterCallsPutsP/C
Q4 2024$1.4m$8.9m6.44
Q1 2025$3.1m$7.7m2.47
Q2 2025$3.7m$17.4m4.74
Q3 2025$23.1m$102.0m4.42

Biggest buyers

Pentwater Capital Management LP New +11,750,000+11.8m
ADAGE CAPITAL PARTNERS GP, L.L.C. Added +7,128,587+7.1m
GLAZER CAPITAL, LLC New +5,636,905+5.6m
DEUTSCHE BANK AG\ Added +3,413,036+3.4m
SYQUANT CAPITAL SAS New +2,593,694+2.6m
KRYGER CAPITAL Ltd New +2,350,000+2.4m
TIG Advisors, LLC New +2,186,648+2.2m
Hudson Bay Capital Management LP Added +1,946,300+1.9m
Balyasny Asset Management L.P. New +1,459,055+1.5m
ADAR1 Capital Management, LLC Added +1,237,170+1.2m

Biggest sellers

JANUS HENDERSON GROUP PLC Reduced -15,410,178-15.4m
MONTANOVA CAPITAL, LLC Reduced -5,930,000-5.9m
Pictet Asset Management Holding SA Reduced -4,019,315-4.0m
CITADEL ADVISORS LLC Reduced -3,685,542-3.7m
Holocene Advisors, LP Sold out -3,065,387-3.1m
Polar Capital Holdings Plc Sold out -2,475,000-2.5m
Point72 Asset Management, L.P. Sold out -2,274,151-2.3m
SILVERARC CAPITAL MANAGEMENT, LLC Sold out -2,037,087-2.0m
RTW INVESTMENTS, LP Sold out -1,967,527-2.0m
Assenagon Asset Management S.A. Reduced -1,928,478-1.9m

Biggest calls

WATER ISLAND CAPITAL LLC New $7.3m493.5k shares
PEAK6 LLC New $5.5m376.6k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $2.2m152.4k shares
GROUP ONE TRADING LLC Added $1.7m113.6k shares
NOMURA HOLDINGS INC Added $1.6m112.0k shares
Verition Fund Management LLC New $1.4m96.8k shares
CITADEL ADVISORS LLC Added $1.2m81.3k shares
EQUITEC PROPRIETARY MARKETS, LLC New $937.9k63.8k shares
CSS LLC/IL New $470.4k32.0k shares
Point72 Asset Management, L.P. New $424.8k28.9k shares

Biggest puts

LMR Partners LLP New $26.5m1.8m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $24.4m1.7m shares
Balyasny Asset Management L.P. New $16.1m1.1m shares
CSS LLC/IL New $5.2m356.0k shares
UBS Group AG New $5.1m343.6k shares
EQUITEC PROPRIETARY MARKETS, LLC New $4.7m318.1k shares
NEXPOINT ASSET MANAGEMENT, L.P. New $4.3m292.2k shares
SIMPLEX TRADING, LLC Added $3.8m256.2k shares
GROUP ONE TRADING LLC Added $2.2m148.9k shares
CITADEL ADVISORS LLC Added $1.9m126.5k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
VANGUARD GROUP INC 13G · institution new · filed 2025-07-29 5.6% new 8.2m 2025-07-29
SUVRETTA CAPITAL MANAGEMENT, LLC 13G · institution -4.3 pts · filed 2025-11-13 5.6% -4.3 pts 8.3m 2025-11-13

Fell to 5% or below in the last year: Deep Track Capital, LP (0.0%, 2026-02-13), Pentwater Capital Management LP (0.0%, 2025-11-14)

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 RA CAPITAL MANAGEMENT, L.P. 3.60% of their portfolio BOSTON, MA 19,889,68319.9m $292.4m $292.4m 3.60% Unchanged
2 Pentwater Capital Management LP 1.55% of their portfolio Naples, FL 11,750,00011.8m $172.7m $172.7m 1.55% New
3 BlackRock, Inc. 0.00% of their portfolio New York, NY 10,316,39310.3m $151.7m $151.7m 0.00% Reduced -253.0k -253,031
4 Deep Track Capital, LP 3.84% of their portfolio GREENWICH, CT 9,356,1719.4m $137.5m $137.5m 3.84% Reduced -143.8k -143,829
5 ADAGE CAPITAL PARTNERS GP, L.L.C. 0.21% of their portfolio Boston, MA 9,097,5879.1m $133.7m $133.7m 0.21% Added +7.1m +7,128,587
6 MONTANOVA CAPITAL, LLC 3.69% of their portfolio New York, NY 8,280,0008.3m $121.7m $121.7m 3.69% Reduced -5.9m -5,930,000
7 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 8,053,4598.1m $118.4m $118.4m 0.00% Reduced -188.7k -188,695
8 Avoro Capital Advisors LLC 1.21% of their portfolio NEW YORK, NY 6,387,7906.4m $93.9m $93.9m 1.21% Reduced -362.2k -362,210
9 GLAZER CAPITAL, LLC 2.78% of their portfolio New York, NY 5,636,9055.6m $82.9m $82.9m 2.78% New
10 JANUS HENDERSON GROUP PLC 0.04% of their portfolio LONDON, X0 5,378,1855.4m $79.1m $79.1m 0.04% Reduced -15.4m -15,410,178
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 5,286,3085.3m $77.7m $77.7m 0.00% Added +1.0m +1,036,351
12 DEUTSCHE BANK AG\ 0.02% of their portfolio FRANKFURT AM MAIN, 2M 3,499,6253.5m $51.4m $51.4m 0.02% Added +3.4m +3,413,036
13 WESTFIELD CAPITAL MANAGEMENT CO LP 0.20% of their portfolio BOSTON, MA 3,291,3693.3m $48.4m $48.4m 0.20% Reduced -79.4k -79,448
14 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 3,092,3403.1m $45.5m $45.5m 0.00% Reduced -19.0k -18,959
15 SYQUANT CAPITAL SAS 10.94% of their portfolio PARIS, I0 2,593,6942.6m $38.1m $38.1m 10.94% New
16 KRYGER CAPITAL Ltd 3.99% of their portfolio LONDON, X0 2,350,0002.4m $34.5m $34.5m 3.99% New
17 TIG Advisors, LLC 1.98% of their portfolio New York, NY 2,186,6482.2m $32.1m $32.1m 1.98% New
18 Hudson Bay Capital Management LP 0.19% of their portfolio STAMFORD, CT 2,172,0002.2m $31.9m $31.9m 0.19% Added +1.9m +1,946,300
19 ADAR1 Capital Management, LLC 3.08% of their portfolio AUSTIN, TX 2,113,1532.1m $31.1m $31.1m 3.08% Added +1.2m +1,237,170
20 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 1,616,7851.6m $23.8m $23.8m 0.00% Added +363.7k +363,700
21 DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio AUSTIN, TX 1,606,7831.6m $23.6m $23.6m 0.01% Added +423.6k +423,560
22 Redmile Group, LLC 2.11% of their portfolio LARKSPUR, CA 1,473,1361.5m $21.7m $21.7m 2.11% Reduced -72.1k -72,072
23 Balyasny Asset Management L.P. 0.04% of their portfolio Chicago, IL 1,459,0551.5m $21.4m $21.4m 0.04% New
24 Weiss Asset Management LP 0.29% of their portfolio BOSTON, MA 1,400,0001.4m $20.6m $20.6m 0.29% Not comparable
25 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 1,125,7841.1m $16.5m $16.5m 0.00% Reduced -6.7k -6,653
26 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 1,003,0741.0m $14.7m $14.7m 0.00% Reduced -60.9k -60,898
27 LMR Partners LLP 0.19% of their portfolio LONDON, X0 1,000,0001.0m $14.7m $14.7m 0.19% New
28 Erste Asset Management GmbH 0.12% of their portfolio VIENNA, C4 833,000833.0k $12.2m $12.2m 0.12% Reduced -50.0k -50,000
29 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 820,620820.6k $12.1m $12.1m 0.00% Reduced -429.3k -429,334
30 Newtyn Management, LLC 1.44% of their portfolio NEW YORK, NY 800,000800.0k $11.8m $11.8m 1.44% Added +600.0k +600,000
31 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 725,823725.8k $10.7m $10.7m 0.01% Reduced -236.7k -236,651
32 UBS Group AG 0.00% of their portfolio ZURICH, V8 666,842666.8k $9.8m $9.8m 0.00% Added +317.4k +317,397
33 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 651,873651.9k $9.6m $9.6m 0.01% Added +322.0k +322,012
34 CREDIT INDUSTRIEL ET COMMERCIAL 1.41% of their portfolio PARIS FRANCE, I0 600,000600.0k $8.8m $8.8m 1.41% New
35 OMERS ADMINISTRATION Corp 0.06% of their portfolio TORONTO, A6 575,100575.1k $8.5m $8.5m 0.06% New
36 EMERALD ADVISERS, LLC 0.25% of their portfolio LEOLA, PA 535,147535.1k $7.9m $7.9m 0.25% Reduced -1.3m -1,309,223
37 ALPINE ASSOCIATES MANAGEMENT INC. 0.47% of their portfolio PALM BEACH, FL 529,800529.8k $7.8m $7.8m 0.47% New
38 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 527,069527.1k $7.7m $7.7m 0.00% Added +38.4k +38,358
39 EMERALD MUTUAL FUND ADVISERS TRUST 0.39% of their portfolio LEOLA, PA 512,051512.1k $7.5m $7.5m 0.39% Reduced -633.8k -633,762
40 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 510,500510.5k $7.5m $7.5m 0.01% Reduced -2.9k -2,900
41 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 444,767444.8k $6.5m $6.5m 0.00% Reduced -1.7m -1,740,238
42 GABELLI FUNDS LLC 0.04% of their portfolio Rye, NY 434,025434.0k $6.4m $6.4m 0.04% New
43 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 428,720428.7k $6.3m $6.3m 0.01% New
44 GABELLI & Co INVESTMENT ADVISERS, INC. 0.98% of their portfolio Rye, NY 417,850417.9k $6.1m $6.1m 0.98% New
45 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 417,756417.8k $6.1m $6.1m 0.00% Reduced -153.8k -153,846
46 CSS LLC/IL 0.36% of their portfolio CHICAGO, IL 409,571409.6k $6.0m $6.0m 0.36% New
47 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 400,154400.2k $5.9m $5.9m 0.00% Reduced -238.7k -238,673
48 Groupe la Francaise 0.08% of their portfolio PARIS, I0 400,000400.0k $5.9m $5.9m 0.08% New
49 Eversept Partners, LP 0.44% of their portfolio NEW YORK, NY 392,441392.4k $5.8m $5.8m 0.44% Added +156.5k +156,451
50 SUPERSTRING CAPITAL MANAGEMENT LP 5.57% of their portfolio NEW YORK, NY 384,652384.7k $5.7m $5.7m 5.57% Added +172.3k +172,275
51 Vivo Capital, LLC 0.45% of their portfolio Palo Alto, CA 376,804376.8k $5.5m $5.5m 0.45% Unchanged
52 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 349,679349.7k $5.1m $5.1m 0.00% Added +107 +107
53 Black Maple Capital Management LP 3.43% of their portfolio MILWAUKEE, WI 321,616321.6k $4.7m $4.7m 3.43% New
54 AQR Arbitrage LLC 0.11% of their portfolio Greenwich, CT 296,445296.4k $4.4m $4.4m 0.11% New
55 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 293,942293.9k $4.3m $4.3m 0.00% Added +144.9k +144,924
56 Exome Asset Management LLC 2.66% of their portfolio NEW YORK, NY 273,661273.7k $4.0m $4.0m 2.66% Added +40.2k +40,235
57 Schonfeld Strategic Advisors LLC 0.03% of their portfolio NEW YORK, NY 272,094272.1k $4.0m $4.0m 0.03% Reduced -111.1k -111,094
58 CANTOR FITZGERALD, L. P. 0.08% of their portfolio NEW YORK, NY 267,606267.6k $3.9m $3.9m 0.08% New
59 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 255,623255.6k $3.8m $3.8m 0.00% Added +117.2k +117,213
60 Yakira Capital Management, Inc. 1.38% of their portfolio Westport, CT 251,991252.0k $3.7m $3.7m 1.38% New
61 Hennion & Walsh Asset Management, Inc. 0.13% of their portfolio Parsippany, NJ 248,497248.5k $3.7m $3.7m 0.13% Added +36.5k +36,542
62 Assenagon Asset Management S.A. 0.01% of their portfolio SENNINGERBERG, N4 242,716242.7k $3.6m $3.6m 0.01% Reduced -1.9m -1,928,478
63 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 242,557242.6k $3.6m $3.6m 0.00% Reduced -11.7k -11,699
64 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 241,011241.0k $3.5m $3.5m 0.00% Reduced -150.4k -150,399
65 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 230,889230.9k $3.4m $3.4m 0.00% Reduced -290.4k -290,393
66 ROYCE & ASSOCIATES LP 0.03% of their portfolio New York, NY 226,058226.1k $3.3m $3.3m 0.03% Unchanged
67 SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.12% of their portfolio BALA CYNWYD, PA 212,522212.5k $3.1m $3.1m 0.12% Reduced -43.3k -43,274
68 Swiss National Bank 0.00% of their portfolio ZURICH, V8 212,200212.2k $3.1m $3.1m 0.00% Added +17.0k +17,000
69 Orchard Capital Management, LLC 3.96% of their portfolio CHICAGO, IL 204,114204.1k $3.0m $3.0m 3.96% Added +6.0k +5,995
70 Caption Management, LLC 0.17% of their portfolio OKLAHOMA CITY, OK 196,300196.3k $2.9m $2.9m 0.17% Added +81.9k +81,899
71 Rafferty Asset Management, LLC 0.01% of their portfolio New York, NY 189,837189.8k $2.8m $2.8m 0.01% Added +67.5k +67,484
72 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 189,817189.8k $2.8m $2.8m 0.00% Reduced -4.0k -4,001
73 COMERICA BANK 0.01% of their portfolio DALLAS, TX 188,031188.0k $2.8m $2.8m 0.01% Added +28 +28
74 Woodline Partners LP 0.01% of their portfolio San Francisco, CA 172,779172.8k $2.5m $2.5m 0.01% Reduced -1.0m -1,049,882
75 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 165,424165.4k $2.4m $2.4m 0.00% Added +13.7k +13,728
76 SANDERS MORRIS HARRIS LLC 0.32% of their portfolio Houston, TX 163,914163.9k $2.4m $2.4m 0.32% New
77 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 151,350151.3k $2.2m $2.2m 0.00% Reduced -3.7m -3,685,542
78 Quinn Opportunity Partners LLC 0.16% of their portfolio CHARLOTTESVILLE, VA 150,000150.0k $2.2m $2.2m 0.16% New
79 NEXPOINT ASSET MANAGEMENT, L.P. 0.19% of their portfolio Dallas, TX 146,100146.1k $2.1m $2.1m 0.19% New
80 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 144,436144.4k $2.1m $2.1m 0.00% Reduced -71.9k -71,889
81 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 142,356142.4k $2.1m $2.1m 0.00% Added +62.8k +62,783
82 EQUITEC PROPRIETARY MARKETS, LLC 11.41% of their portfolio CHICAGO, IL 130,200130.2k $1.9m $1.9m 11.41% New
83 Susquehanna Portfolio Strategies, LLC 0.03% of their portfolio Bala Cynwyd, PA 126,508126.5k $1.9m $1.9m 0.03% Unchanged
84 DARK FOREST CAPITAL MANAGEMENT LP 0.07% of their portfolio NEW YORK, NY 118,872118.9k $1.7m $1.7m 0.07% Reduced -147.5k -147,523
85 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 114,029114.0k $1.7m $1.7m 0.00% Added +1.6k +1,599
86 Verition Fund Management LLC 0.01% of their portfolio GREENWICH, CT 112,398112.4k $1.7m $1.7m 0.01% Reduced -8.8k -8,764
87 SIMPLEX TRADING, LLC 0.04% of their portfolio CHICAGO, IL 108,245108.2k $1.6m $1.6m 0.04% Added +99.1k +99,052
88 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 106,985107.0k $1.6m $1.6m 0.00% Reduced -41.0k -41,016
89 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 105,660105.7k $1.6m $1.6m 0.00% Added +6 +6
90 PRELUDE CAPITAL MANAGEMENT, LLC 0.11% of their portfolio NEW YORK, NY 92,95593.0k $1.4m $1.4m 0.11% Added +22.6k +22,568
91 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 90,90990.9k $1.3m $1.3m 0.00% New
92 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 90,49590.5k $1.3m $1.3m 0.00% Added +15.1k +15,123
93 PANAGORA ASSET MANAGEMENT INC 0.01% of their portfolio BOSTON, MA 90,24790.2k $1.3m $1.3m 0.01% Reduced -239.6k -239,634
94 DekaBank Deutsche Girozentrale 0.00% of their portfolio FRANKFURT, 2M 90,00090.0k $1.1m $1.1m 0.00% Unchanged
95 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 88,32588.3k $1.3m $1.3m 0.00% Added +8.8k +8,793
96 Sagefield Capital LP 0.15% of their portfolio DALLAS, TX 88,30088.3k $1.3m $1.3m 0.15% New
97 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 86,25686.3k $1.3m $1.3m 0.00% Added +6.2k +6,227
98 HARVEST MANAGEMENT LLC 0.61% of their portfolio New York, NY 84,00084.0k $1.2m $1.2m 0.61% New
99 Legal & General Group Plc 0.00% of their portfolio London, X0 82,82882.8k $1.2m $1.2m 0.00% Reduced -22.3k -22,343
100 MetLife Investment Management, LLC 0.01% of their portfolio Whippany, NJ 74,66174.7k $1.1m $1.1m 0.01% Unchanged