Vault-13

GENMAB A/S GMAB

SPONSORED ADS · ADR · CUSIP 372303206

294 institutional holders +40 vs Q3 2025
73,101,07873.1m shares reported held*
$2.3bnreported value*
62 new 122 added 55 reduced 29 sold out net bought ≈ $348.5m (+11.3m 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 ($5.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $30.81. Options: 6 managers hold calls ($3.3m notional), 5 hold puts ($2.5m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 194Q4 22: 238Q1 23: 217Q2 23: 215Q3 23: 236Q4 23: 227Q1 24: 228Q2 24: 221Q3 24: 225Q4 24: 230Q1 25: 222Q2 25: 219Q3 25: 254Q4 25: 294294Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022194
Q4 2022238
Q1 2023217
Q2 2023215
Q3 2023236
Q4 2023227
Q1 2024228
Q2 2024221
Q3 2024225
Q4 2024230
Q1 2025222
Q2 2025219
Q3 2025254
Q4 2025294

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q1 24: 127 bought or addedQ1 24: 112 cut or sold outQ2 24: 92 bought or addedQ2 24: 128 cut or sold outQ2 24Q3 24: 124 bought or addedQ3 24: 89 cut or sold outQ4 24: 115 bought or addedQ4 24: 117 cut or sold outQ4 24Q1 25: 122 bought or addedQ1 25: 108 cut or sold outQ2 25: 117 bought or addedQ2 25: 111 cut or sold outQ2 25Q3 25: 164 bought or addedQ3 25: 90 cut or sold outQ4 25: 184 bought or addedQ4 25: 84 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024127112
Q2 202492128
Q3 202412489
Q4 2024115117
Q1 2025122108
Q2 2025117111
Q3 202516490
Q4 202518484

Calls vs puts

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

CallsPuts
$0$5m$10m$15m$20mQ1 25 calls: $15.4mQ1 25 puts: $9.4mQ1 25P/C 0.61Q2 25 calls: $1.1mQ2 25 puts: $1.7mQ2 25P/C 1.57Q3 25 calls: $2.4mQ3 25 puts: $557.9kQ3 25P/C 0.23Q4 25 calls: $3.3mQ4 25 puts: $2.5mQ4 25P/C 0.76
Numbers
QuarterCallsPutsP/C
Q1 2025$15.4m$9.4m0.61
Q2 2025$1.1m$1.7m1.57
Q3 2025$2.4m$557.9k0.23
Q4 2025$3.3m$2.5m0.76

Biggest buyers

Orbis Allan Gray Ltd Added +3,340,456+3.3m
Paradigm Biocapital Advisors LP Added +3,222,983+3.2m
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Added +1,334,919+1.3m
BlackRock, Inc. Added +1,143,375+1.1m
Pictet Asset Management Holding SA New +1,098,550+1.1m
Perpetual Ltd New +827,217+827.2k
RENAISSANCE TECHNOLOGIES LLC Added +671,307+671.3k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +594,371+594.4k
Alyeska Investment Group, L.P. New +506,661+506.7k
Balyasny Asset Management L.P. New +379,364+379.4k

Biggest sellers

TWO SIGMA ADVISERS, LP Reduced -1,092,800-1.1m
TWO SIGMA INVESTMENTS, LP Reduced -495,372-495.4k
Deep Track Capital, LP Sold out -481,267-481.3k
Brandywine Global Investment Management, LLC Reduced -381,371-381.4k
FIRST TRUST ADVISORS LP Reduced -352,115-352.1k
TANG CAPITAL MANAGEMENT LLC Sold out -200,000-200.0k
Ikarian Capital, LLC Sold out -175,000-175.0k
MARSHALL WACE, LLP Reduced -174,769-174.8k
CAPITAL FUND MANAGEMENT S.A. Sold out -161,676-161.7k
Avidity Partners Management LP Reduced -156,100-156.1k

Biggest calls

JANE STREET GROUP, LLC Added $1.2m39.4k shares
CITADEL ADVISORS LLC Reduced $828.5k26.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $474.3k15.4k shares
SIMPLEX TRADING, LLC Reduced $415.8k13.5k shares
IMC-Chicago, LLC New $317.2k10.3k shares
GROUP ONE TRADING LLC Reduced $83.2k2.7k shares

Biggest puts

GROUP ONE TRADING LLC Added $843.9k27.4k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $705.3k22.9k shares
JANE STREET GROUP, LLC New $486.6k15.8k shares
CITADEL ADVISORS LLC Added $406.6k13.2k shares
SIMPLEX TRADING, LLC Reduced $98.6k3.2k 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
Darwin Global Management, Ltd. 13G · passive investor new · filed 2026-10-05 5.9% new 3.7m 2026-10-05

Insider purchases and sales in Q4 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q4 2025.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Orbis Allan Gray Ltd 1.86% of their portfolio HamiltoN, D0 14,418,46214.4m $444.1m $444.1m 1.86% Added +3.3m +3,340,456
2 ALLIANCEBERNSTEIN L.P. 0.11% of their portfolio NASHVILLE, TN 10,877,09410.9m $335.0m $335.0m 0.11% Reduced -76.8k -76,819
3 Paradigm Biocapital Advisors LP 5.81% of their portfolio NEW YORK, NY 7,039,8347.0m $216.8m $216.8m 5.81% Added +3.2m +3,222,983
4 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.09% of their portfolio BOSTON, MA 4,978,0585.0m $153.3m $153.3m 0.09% Added +1.3m +1,334,919
5 BlackRock, Inc. 0.00% of their portfolio New York, NY 4,593,9014.6m $141.5m $141.5m 0.00% Added +1.1m +1,143,375
6 RENAISSANCE TECHNOLOGIES LLC 0.17% of their portfolio NEW YORK, NY 3,492,8503.5m $107.6m $107.6m 0.17% Added +671.3k +671,307
7 Harding Loevner LP 0.91% of their portfolio Bridgewater, NJ 3,370,1433.4m $103.9m $103.9m 0.91% Reduced -114.3k -114,344
8 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,834,4391.8m $56.5m $56.5m 0.00% Added +159.9k +159,865
9 FIRST TRUST ADVISORS LP 0.03% of their portfolio Wheaton, IL 1,335,2731.3m $41.1m $41.1m 0.03% Reduced -352.1k -352,115
10 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 1,333,3031.3m $41.1m $41.1m 0.01% Added +214.7k +214,674
11 Pictet Asset Management Holding SA 0.03% of their portfolio CAROUGE, V8 1,098,5501.1m $33.8m $33.8m 0.03% New
12 FMR LLC 0.00% of their portfolio BOSTON, MA 1,057,3401.1m $32.6m $32.6m 0.00% Reduced -62.4k -62,374
13 Brandywine Global Investment Management, LLC 0.21% of their portfolio PHILADELPHIA, PA 1,031,4641.0m $31.8m $31.8m 0.21% Reduced -381.4k -381,371
14 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 957,029957.0k $29.5m $29.5m 0.00% Added +74.7k +74,732
15 TWO SIGMA INVESTMENTS, LP 0.04% of their portfolio NEW YORK, NY 895,843895.8k $27.6m $27.6m 0.04% Reduced -495.4k -495,372
16 Perpetual Ltd 0.37% of their portfolio SYDNEY, NEW SOUTH WALES, C3 827,217827.2k $25.5m $25.5m 0.37% New
17 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 806,635806.6k $24.8m $24.8m 0.01% Reduced -3.3k -3,304
18 Russell Investments Group, Ltd. 0.02% of their portfolio Seattle, WA 710,587710.6k $21.9m $21.9m 0.02% Reduced -112.2k -112,152
19 FEDERATED HERMES, INC. 0.03% of their portfolio PITTSBURGH, PA 679,379679.4k $20.9m $20.9m 0.03% Added +256.4k +256,441
20 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio BALA CYNWYD, PA 612,323612.3k $18.9m $18.9m 0.03% Added +594.4k +594,371
21 Alyeska Investment Group, L.P. 0.04% of their portfolio CHICAGO, IL 506,661506.7k $15.6m $15.6m 0.04% New
22 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 438,018438.0k $13.5m $13.5m 0.00% Added +66.8k +66,762
23 AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio KANSAS CITY, MO 431,552431.6k $13.3m $13.3m 0.01% Added +59.5k +59,499
24 Balyasny Asset Management L.P. 0.02% of their portfolio Chicago, IL 379,364379.4k $11.7m $11.7m 0.02% New
25 Woodline Partners LP 0.04% of their portfolio San Francisco, CA 369,188369.2k $11.4m $11.4m 0.04% Reduced -90.0k -89,988
26 CIBC WORLD MARKET INC. 0.02% of their portfolio TORONTO, A6 367,282367.3k $11.3m $11.3m 0.02% Added +87.3k +87,350
27 OPPENHEIMER ASSET MANAGEMENT INC. 0.14% of their portfolio NEW YORK, NY 364,756364.8k $11.2m $11.2m 0.14% Added +48.9k +48,894
28 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 358,440358.4k $11.0m $11.0m 0.01% Reduced -174.8k -174,769
29 TWO SIGMA ADVISERS, LP 0.02% of their portfolio NEW YORK, NY 340,000340.0k $10.5m $10.5m 0.02% Reduced -1.1m -1,092,800
30 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 339,917339.9k $10.5m $10.5m 0.00% Added +11.8k +11,827
31 Hudson Bay Capital Management LP 0.06% of their portfolio STAMFORD, CT 325,000325.0k $10.0m $10.0m 0.06% Added +60.0k +60,000
32 EAGLE GLOBAL ADVISORS LLC 0.28% of their portfolio Houston, TX 249,310249.3k $7.7m $7.7m 0.28% Added +4.8k +4,840
33 Quantinno Capital Management LP 0.02% of their portfolio NEW YORK, NY 246,910246.9k $7.6m $7.6m 0.02% Added +37.1k +37,075
34 ASSETMARK, INC 0.01% of their portfolio CONCORD, CA 233,852233.9k $7.2m $7.2m 0.01% Added +224.6k +224,586
35 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 228,488228.5k $7.0m $7.0m 0.00% Reduced -7.9k -7,874
36 UBS Group AG 0.00% of their portfolio ZURICH, V8 184,191184.2k $5.7m $5.7m 0.00% Added +102.0k +102,021
37 FOLKETRYGDFONDET 0.13% of their portfolio OSLO, Q8 174,805174.8k $5.4m $5.4m 0.13% Unchanged
38 AIMZ Investment Advisors, LLC 1.44% of their portfolio LOS ALTOS, CA 163,310163.3k $5.0m $5.0m 1.44% Reduced -1.2k -1,200
39 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 147,498147.5k $4.5m $4.5m 0.00% Added +31.4k +31,406
40 NEOS Investment Management LLC 0.03% of their portfolio Westport, CT 140,733140.7k $4.3m $4.3m 0.03% Added +8.7k +8,690
41 Private Wealth Advisors, LLC 1.46% of their portfolio Fresno, CA 131,653131.7k $4.1m $4.1m 1.46% Reduced -3.4k -3,440
42 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 130,583130.6k $4.0m $4.0m 0.00% Added +14.7k +14,734
43 FRED ALGER MANAGEMENT, LLC 0.02% of their portfolio NEW YORK, NY 130,470130.5k $4.0m $4.0m 0.02% New
44 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 129,343129.3k $4.0m $4.0m 0.00% Added +15.5k +15,493
45 Optiver Holding B.V. 0.07% of their portfolio AMSTERDAM, P7 125,914125.9k $3.9m $3.9m 0.07% New
46 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 110,799110.8k $3.4m $3.4m 0.00% Added +9.6k +9,620
47 Tower Research Capital LLC (TRC) 0.08% of their portfolio NEW YORK, NY 110,659110.7k $3.4m $3.4m 0.08% Added +109.6k +109,647
48 Vestmark Advisory Solutions, Inc. 0.05% of their portfolio Wakefield, MA 109,358109.4k $3.4m $3.4m 0.05% New
49 ABC ARBITRAGE SA 0.31% of their portfolio PARIS, I0 105,871105.9k $3.3m $3.3m 0.31% New
50 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 94,57394.6k $2.9m $2.9m 0.00% Added +3.7k +3,660
51 Avidity Partners Management LP 0.82% of their portfolio DALLAS, TX 92,00092.0k $2.8m $2.8m 0.82% Reduced -156.1k -156,100
52 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.01% of their portfolio JUPITER, FL 84,30284.3k $2.6m $2.6m 0.01% Reduced -46.5k -46,513
53 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 83,92483.9k $2.6m $2.6m 0.00% Added +9.9k +9,929
54 NATIXIS ADVISORS, LLC 0.00% of their portfolio Boston, MA 83,12183.1k $2.6m $2.6m 0.00% Reduced -110.8k -110,828
55 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 82,22782.2k $2.5m $2.5m 0.00% Added +8.5k +8,526
56 Quadrature Capital Ltd 0.03% of their portfolio LONDON, X0 79,85179.9k $2.5m $2.5m 0.03% Added +44.3k +44,349
57 OLD MISSION CAPITAL LLC 0.09% of their portfolio CHICAGO, IL 78,90578.9k $2.4m $2.4m 0.09% New
58 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 74,95775.0k $2.3m $2.3m 0.00% Added +2.8k +2,836
59 Vanguard Personalized Indexing Management, LLC 0.02% of their portfolio OAKLAND, CA 73,65473.7k $2.3m $2.3m 0.02% Reduced -5.6k -5,603
60 INGALLS & SNYDER LLC 0.08% of their portfolio NEW YORK, NY 73,10573.1k $2.3m $2.3m 0.08% Reduced -34.2k -34,169
61 Ishara Investments LP 2.51% of their portfolio LOS ANGELES, CA 70,00070.0k $2.2m $2.2m 2.51% First filing
62 Sanctuary Advisors, LLC 0.01% of their portfolio INDIANAPOLIS, IN 68,75868.8k $2.1m $2.1m 0.01% Added +10.8k +10,843
63 Madison Asset Management, LLC 0.02% of their portfolio MADISON, WI 66,49166.5k $2.0m $2.0m 0.02% Added +5.0k +4,999
64 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 61,49061.5k $1.9m $1.9m 0.00% Added +2.3k +2,314
65 Mitsubishi UFJ Trust & Banking Corp 0.00% of their portfolio TOKYO, M0 61,45261.5k $1.9m $1.9m 0.00% Added +642 +642
66 QRG CAPITAL MANAGEMENT, INC. 0.02% of their portfolio BERWYN, PA 61,26161.3k $1.9m $1.9m 0.02% Added +6.1k +6,149
67 LEVEL FOUR ADVISORY SERVICES, LLC 0.06% of their portfolio DALLAS, TX 61,02761.0k $1.9m $1.9m 0.06% Reduced -6.3k -6,316
68 Terra Nova Asset Management LLC 1.23% of their portfolio NEW YORK, NY 60,60060.6k $1.9m $1.9m 1.23% New
69 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 56,92156.9k $1.8m $1.8m 0.00% Added +10.6k +10,632
70 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 56,47956.5k $1.7m $1.7m 0.00% Added +1.2k +1,205
71 Callan Family Office, LLC 0.04% of their portfolio RADNOR, PA 56,07256.1k $1.7m $1.7m 0.04% Added +21.1k +21,055
72 Mariner, LLC 0.00% of their portfolio Overland Park, KS 55,80055.8k $1.7m $1.7m 0.00% Added +8.2k +8,224
73 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 55,62355.6k $1.7m $1.7m 0.00% Reduced -707 -707
74 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 52,85252.9k $1.6m $1.6m 0.00% Added +10.1k +10,057
75 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 50,43550.4k $1.6m $1.6m 0.00% Added +22.1k +22,053
76 HRT FINANCIAL LP 0.01% of their portfolio NEW YORK, NY 49,23249.2k $1.5m $1.5m 0.01% Reduced -17.7k -17,683
77 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 48,66748.7k $1.5m $1.5m 0.00% Added +8.4k +8,442
78 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 47,85647.9k $1.5m $1.5m 0.00% Added +12.3k +12,288
79 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 47,63847.6k $1.5m $1.5m 0.00% Added +17.4k +17,365
80 Pinnacle Financial Partners, Inc. 0.01% of their portfolio ATLANTA, GA 47,31547.3k $1.5m $1.5m 0.01% First filing
81 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 46,76146.8k $1.4m $1.4m 0.00% Added +5.9k +5,883
82 Dorsey Wright & Associates 0.30% of their portfolio PASADENA, CA 44,83744.8k $1.4m $1.4m 0.30% New
83 DAVENPORT & Co LLC 0.01% of their portfolio RICHMOND, VA 44,76144.8k $1.4m $1.4m 0.01% Added +11.3k +11,265
84 Arrowpoint Investment Partners (Singapore) Pte. Ltd. 0.20% of their portfolio SINGAPORE, U0 43,22843.2k $1.3m $1.3m 0.20% New
85 Atria Investments, Inc 0.01% of their portfolio Charlotte, NC 42,46242.5k $1.3m $1.3m 0.01% Added +12.9k +12,900
86 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 40,59340.6k $1.3m $1.3m 0.00% Added +2.3k +2,347
87 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 39,93139.9k $1.2m $1.2m 0.00% Added +17.5k +17,510
88 Vident Advisory, LLC 0.01% of their portfolio Alpharetta, GA 39,70739.7k $1.2m $1.2m 0.01% Added +4.1k +4,060
89 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 39,45539.5k $1.2m $1.2m 0.00% New
90 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 39,24939.2k $1.2m $1.2m 0.00% Added +1.3k +1,261
91 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 38,47338.5k $1.2m $1.2m 0.00% Added +11.8k +11,756
92 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 38,23938.2k $1.2m $1.2m 0.00% Reduced -60.6k -60,579
93 GRANDFIELD & DODD, LLC 0.07% of their portfolio NEW YORK, NY 38,09838.1k $1.2m $1.2m 0.07% Reduced -1.0k -1,035
94 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 37,06237.1k $1.1m $1.1m 0.00% Added +21.0k +21,048
95 KEYBANK NATIONAL ASSOCIATION/OH 0.00% of their portfolio BROOKLYN, OH 35,73435.7k $1.1m $1.1m 0.00% Added +1.0k +1,027
96 XTX Topco Ltd 0.03% of their portfolio LONDON, X0 35,59735.6k $1.1m $1.1m 0.03% Added +5.1k +5,051
97 Braeburn Wealth Management LLC 0.55% of their portfolio MUSKEGON, MI 35,19635.2k $1.1m $1.1m 0.55% First filing
98 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 34,93834.9k $1.1m $1.1m 0.00% Added +19.2k +19,193
99 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 34,15234.2k $1.1m $1.1m 0.00% Added +26.5k +26,527
100 Sequoia Financial Advisors, LLC 0.01% of their portfolio Akron, OH 32,33732.3k $996.0k $996.0k 0.01% Added +5.9k +5,941