Vault-13

KEZAR LIFE SCIENCES INC

COM · CUSIP 49372L100

83 institutional holders -22 vs Q2 2023
55,483,77855.5m shares reported held*
$66.0mreported value*
6 new 35 added 32 reduced 28 sold out net sold ≈ $1.7m (-1.4m 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. Holder counts are more reliable. Implied quarter-end price ≈ $1.19. Options: 8 managers hold calls ($865.8k notional), 6 hold puts ($708.7k).

Trends to Q3 2023

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 132Q4 22: 124Q1 23: 138Q2 23: 105Q3 23: 8383Q3 22Q4 22Q1 23Q2 23Q3 23
Numbers
QuarterHolders
Q3 2022132
Q4 2022124
Q1 2023138
Q2 2023105
Q3 202383

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q4 22: 64 bought or addedQ4 22: 61 cut or sold outQ4 22Q1 23: 82 bought or addedQ1 23: 56 cut or sold outQ1 23Q2 23: 57 bought or addedQ2 23: 78 cut or sold outQ2 23Q3 23: 41 bought or addedQ3 23: 60 cut or sold outQ3 23
Numbers
QuarterBought or addedCut or sold out
Q4 20226461
Q1 20238256
Q2 20235778
Q3 20234160

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ4 22 calls: $1.5mQ4 22 puts: $27.3kQ4 22P/C 0.02Q1 23 calls: $2.9mQ1 23 puts: $2.4mQ1 23P/C 0.81Q2 23 calls: $1.8mQ2 23 puts: $1.5mQ2 23P/C 0.83Q3 23 calls: $865.8kQ3 23 puts: $708.7kQ3 23P/C 0.82
Numbers
QuarterCallsPutsP/C
Q4 2022$1.5m$27.3k0.02
Q1 2023$2.9m$2.4m0.81
Q2 2023$1.8m$1.5m0.83
Q3 2023$865.8k$708.7k0.82

Biggest buyers

INTERNATIONAL BIOTECHNOLOGY TRUST PLC New +703,825+703.8k
ACADIAN ASSET MANAGEMENT LLC Added +533,760+533.8k
Opaleye Management Inc. Added +326,204+326.2k
CHARLES SCHWAB INVESTMENT MANAGEMENT INC Added +159,571+159.6k
Caption Management, LLC Added +154,571+154.6k
Squarepoint Ops LLC New +152,925+152.9k
Prosight Management, LP Added +118,879+118.9k
BRIDGEWAY CAPITAL MANAGEMENT, LLC Added +114,600+114.6k
Pale Fire Capital SE New +68,851+68.9k
BNP PARIBAS FINANCIAL MARKETS Added +66,508+66.5k

Biggest sellers

Granahan Investment Management, LLC Reduced -446,461-446.5k
MORGAN STANLEY Reduced -356,504-356.5k
MILLENNIUM MANAGEMENT LLC Reduced -338,996-339.0k
CITADEL ADVISORS LLC Reduced -332,766-332.8k
JACOBS LEVY EQUITY MANAGEMENT, INC Reduced -294,690-294.7k
Cubist Systematic Strategies, LLC Sold out -289,691-289.7k
DEUTSCHE BANK AG\ Reduced -283,407-283.4k
TWO SIGMA ADVISERS, LP Reduced -207,400-207.4k
Russell Investments Group, Ltd. Reduced -179,799-179.8k
JANE STREET GROUP, LLC Sold out -169,906-169.9k

Biggest calls

Caption Management, LLC Reduced $534.9k449.5k shares
CITADEL ADVISORS LLC Reduced $117.6k98.8k shares
Parallax Volatility Advisers, L.P. Unchanged $107.1k90.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $93.8k78.8k shares
SIMPLEX TRADING, LLC Added $12.0k10.3k shares
GROUP ONE TRADING LLC Added $476400 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares
Cutler Group LLC / CA Unchanged $05.0k shares

Biggest puts

Caption Management, LLC Added $535.6k450.1k shares
Parallax Volatility Advisers, L.P. Unchanged $107.1k90.0k shares
CITADEL ADVISORS LLC Reduced $35.0k29.4k shares
SIMPLEX TRADING, LLC Added $25.0k21.8k shares
Cutler Group LLC / CA Unchanged $6.0k5.0k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 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
Equal Talent Investments Ltd 13D · may seek influence filed 2025-03-03 8.7% 616.5k 2025-03-03
Morningside Venture Investments Ltd 13D · may seek influence filed 2025-01-16 8.4% 616.5k 2025-01-16

Fell to 5% or below in the last year: BML Investment Partners, L.P. (0.0%, 2026-05-12)

Holders, Q3 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MONTANOVA CAPITAL, LLC 0.46% of their portfolio New York, NY 7,167,5917.2m $8.5m $8.5m 0.46% Unchanged
2 Avidity Partners Management LP 0.29% of their portfolio DALLAS, TX 6,011,1006.0m $7.2m $7.2m 0.29% Reduced -68.9k -68,900
3 ORBIMED ADVISORS LLC 0.14% of their portfolio New York, NY 5,463,0005.5m $6.5m $6.5m 0.14% Unchanged
4 BlackRock Inc. 0.00% of their portfolio New York, NY 4,952,2905.0m $5.9m $5.9m 0.00% Reduced -136.9k -136,857
5 Prosight Management, LP 1.80% of their portfolio DALLAS, TX 4,770,7994.8m $5.7m $5.7m 1.80% Added +118.9k +118,879
6 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 3,402,1133.4m $4.0m $4.0m 0.00% Reduced -339.0k -338,996
7 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 3,040,5673.0m $3.6m $3.6m 0.00% Added +7.5k +7,497
8 SPHERA FUNDS MANAGEMENT LTD. 0.59% of their portfolio TEL AVIV, L3 2,051,6762.1m $2.4m $2.4m 0.59% Added +63.4k +63,448
9 Granahan Investment Management, LLC 0.06% of their portfolio WALTHAM, MA 1,452,5581.5m $1.7m $1.7m 0.06% Reduced -446.5k -446,461
10 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 1,385,0061.4m $1.6m $1.6m 0.00% Added +40.0k +40,041
11 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 1,365,3001.4m $1.6m $1.6m 0.00% Reduced -22.9k -22,857
12 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 1,292,6171.3m $1.5m $1.5m 0.00% Added +55.9k +55,859
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 1,112,5601.1m $1.3m $1.3m 0.00% Added +16.8k +16,844
14 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 958,621958.6k $1.1m $1.1m 0.00% Reduced -121.1k -121,060
15 Ikarian Capital, LLC 0.38% of their portfolio DALLAS, TX 853,391853.4k $1.0m $1.0m 0.38% Added +11.8k +11,795
16 ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio Boston, MA 831,693831.7k $988.0k $988.0k 0.00% Added +533.8k +533,760
17 QIMING U.S. VENTURES MANAGEMENT, LLC 1.31% of their portfolio BELLEVUE, WA 828,711828.7k $986.2k $986.2k 1.31% Unchanged
18 INTERNATIONAL BIOTECHNOLOGY TRUST PLC 0.28% of their portfolio London, X0 703,825703.8k $830.5k $830.5k 0.28% New
19 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 678,438678.4k $807.3k $807.3k 0.00% Reduced -98.6k -98,600
20 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 669,900669.9k $797.2k $797.2k 0.00% Reduced -207.4k -207,400
21 Palo Alto Investors LP 0.07% of their portfolio PALO ALTO, CA 656,200656.2k $780.9k $780.9k 0.07% Unchanged
22 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 608,696608.7k $724.0k $724.0k 0.00% Reduced -47.3k -47,286
23 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 569,789569.8k $678.0k $678.0k 0.00% Added +11.6k +11,611
24 Opaleye Management Inc. 0.16% of their portfolio BOSTON, MA 425,000425.0k $505.8k $505.8k 0.16% Added +326.2k +326,204
25 Walleye Capital LLC 0.01% of their portfolio NEW YORK, NY 376,580376.6k $448.1k $448.1k 0.01% Reduced -52.6k -52,601
26 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 345,440345.4k $411.1k $411.1k 0.00% Added +159.6k +159,571
27 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 313,565313.6k $373.1k $373.1k 0.00% Reduced -1.6k -1,581
28 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.01% of their portfolio HOUSTON, TX 310,100310.1k $369.0k $369.0k 0.01% Added +114.6k +114,600
29 JACOBS LEVY EQUITY MANAGEMENT, INC 0.00% of their portfolio FLORHAM PARK, NJ 308,576308.6k $367.2k $367.2k 0.00% Reduced -294.7k -294,690
30 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 263,838263.8k $314.0k $314.0k 0.00% Added +4.4k +4,395
31 Caption Management, LLC 0.03% of their portfolio OKLAHOMA CITY, OK 175,506175.5k $208.9k $208.9k 0.03% Added +154.6k +154,571
32 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 162,252162.3k $193.1k $193.1k 0.00% Reduced -332.8k -332,766
33 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 152,925152.9k $182.0k $182.0k 0.00% New
34 BOOTHBAY FUND MANAGEMENT, LLC 0.01% of their portfolio NEW YORK, NY 134,884134.9k $160.5k $160.5k 0.01% Added +11.8k +11,795
35 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 134,826134.8k $160.4k $160.4k 0.00% Reduced -356.5k -356,504
36 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 116,483116.5k $138.6k $138.6k 0.00% Added +13.9k +13,898
37 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 106,855106.9k $127.1k $127.1k 0.00% Reduced -6.7k -6,699
38 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 87,65887.7k $104.3k $104.3k 0.00% Reduced -3.4k -3,410
39 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 83,79983.8k $99.7k $99.7k 0.00% Added +66.5k +66,508
40 CORNERCAP INVESTMENT COUNSEL INC 0.02% of their portfolio Atlanta, GA 73,58273.6k $87.6k $87.6k 0.02% Reduced -988 -988
41 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 71,67771.7k $85.3k $85.3k 0.01% Reduced -23.0k -22,966
42 Parallax Volatility Advisers, L.P. 0.00% of their portfolio San Francisco, CA 71,43871.4k $85.0k $85.0k 0.00% Added +57.1k +57,121
43 Pale Fire Capital SE 0.01% of their portfolio Prague, 2N 68,85168.9k $81.9k $81.9k 0.01% New
44 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 64,41864.4k $76.7k $76.7k 0.00% Added +13.6k +13,616
45 ALGERT GLOBAL LLC 0.00% of their portfolio SAN FRANCISCO, CA 57,39057.4k $68.3k $68.3k 0.00% Unchanged
46 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 55,82455.8k $66.4k $66.4k 0.00% Reduced -21.9k -21,887
47 ALPS ADVISORS INC 0.00% of their portfolio Denver, CO 53,62553.6k $63.8k $63.8k 0.00% Added +402 +402
48 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 46,34746.3k $56.0k $56.0k 0.00% Added +18.7k +18,700
49 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 46,03946.0k $54.8k $54.8k 0.00% Reduced -283.4k -283,407
50 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 43,67543.7k $52.0k $52.0k 0.00% Added +15.7k +15,710
51 PRUDENTIAL FINANCIAL INC 0.00% of their portfolio NEWARK, NJ 36,53036.5k $43.5k $43.5k 0.00% Added +6.7k +6,700
52 AMERICAN INTERNATIONAL GROUP, INC. 0.00% of their portfolio New York, NY 35,61635.6k $42.4k $42.4k 0.00% Added +1.3k +1,266
53 OCCUDO QUANTITATIVE STRATEGIES LP 0.01% of their portfolio FORT LAUDERDALE, FL 34,29434.3k $40.8k $40.8k 0.01% Reduced -39.1k -39,139
54 UBS Group AG 0.00% of their portfolio ZURICH, V8 34,15334.2k $40.6k $40.6k 0.00% Reduced -3.2k -3,159
55 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 32,84132.8k $39.0k $39.0k 0.00% New
56 PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio DES MOINES, IA 29,01229.0k $34.5k $34.5k 0.00% Added +2.4k +2,377
57 IRONWOOD INVESTMENT MANAGEMENT LLC 0.02% of their portfolio BOSTON, MA 28,61028.6k $34.0k $34.0k 0.02% Reduced -13 -13
58 FEDERATED HERMES, INC. 0.00% of their portfolio PITTSBURGH, PA 27,60827.6k $32.9k $32.9k 0.00% Added +2.6k +2,554
59 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 23,89423.9k $28.4k $28.4k 0.00% Added +297 +297
60 RVW Wealth, LLC 0.00% of their portfolio LOS ANGELES, CA 23,76523.8k $28.3k $28.3k 0.00% New
61 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 18,79218.8k $22.4k $22.4k 0.00% Reduced -13.8k -13,766
62 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 15,74715.7k $18.7k $18.7k 0.00% Reduced -8.0k -7,993
63 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 15,31415.3k $18.2k $18.2k 0.00% Added +1.9k +1,919
64 RETIREMENT CAPITAL STRATEGIES 0.01% of their portfolio SAN JOSE, CA 15,00015.0k $17.9k $17.9k 0.01% Reduced -5.0k -5,000
65 ProShare Advisors LLC 0.00% of their portfolio BETHESDA, MD 14,02314.0k $16.7k $16.7k 0.00% Added +56 +56
66 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 13,97314.0k $16.0k $16.0k 0.00% Added +10.7k +10,710
67 Engineers Gate Manager LP 0.00% of their portfolio NEW YORK, NY 13,50713.5k $16.1k $16.1k 0.00% Added +2.6k +2,626
68 Vanguard Personalized Indexing Management, LLC 0.00% of their portfolio OAKLAND, CA 13,42213.4k $16.0k $16.0k 0.00% New
69 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 12,59212.6k $15.0k $15.0k 0.00% Reduced -1.6k -1,633
70 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 11,98212.0k $14.0k $14.0k 0.00% Added +4.5k +4,526
71 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 10,47210.5k $12.5k $12.5k 0.00% Reduced -16.5k -16,509
72 Quantbot Technologies LP 0.00% of their portfolio NEW YORK, NY 7,9297.9k $9.4k $9.4k 0.00% Reduced -15.8k -15,771
73 Cutler Group LLC / CA 0.00% of their portfolio SAN FRANCISCO, CA 7,7007.7k $9.0k $9.0k 0.00% Added +4.0k +4,000
74 FMR LLC 0.00% of their portfolio BOSTON, MA 7,3097.3k $8.7k $8.7k 0.00% Reduced -31.9k -31,865
75 AMALGAMATED BANK 0.00% of their portfolio NEW YORK, NY 7,0017.0k $8.0k $8.0k 0.00% Added +1.8k +1,811
76 Legal & General Group Plc 0.00% of their portfolio London, X0 6,8146.8k $8.1k $8.1k 0.00% Unchanged
77 Ameritas Investment Partners, Inc. 0.00% of their portfolio LINCOLN, NE 4,1274.1k $4.9k $4.9k 0.00% Unchanged
78 China Universal Asset Management Co., Ltd. 0.00% of their portfolio SHANGHAI, F4 1,8601.9k $2.2k $2.2k 0.00% Added +911 +911
79 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 971971 $1.2k $1.2k 0.00% Reduced -21.5k -21,514
80 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 916916 $1.1k $1.1k 0.00% Reduced -179.8k -179,799
81 Daiwa Securities Group Inc. 0.00% of their portfolio CHIYODA-KU,TOKYO, M0 275275 $0 $0 0.00% Unchanged
82 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 135135 $160 $160 0.00% Unchanged
83 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged