Vault-13

MERSANA THERAPEUTICS INC

COM · CUSIP 59045L106

148 institutional holders -11 vs Q1 2023
112,498,996112.5m shares reported held*
$370.2mreported value*
33 new 56 added 42 reduced 43 sold out net bought ≈ $19.4m (+5.9m 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 ($11.4k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $3.29. Options: 26 managers hold calls ($18.1m notional), 14 hold puts ($2.2m).

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

0100200Q3 22: 153Q4 22: 153Q1 23: 159Q2 23: 148148Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 2022153
Q4 2022153
Q1 2023159
Q2 2023148

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q4 22: 83 bought or addedQ4 22: 58 cut or sold outQ4 22Q1 23: 78 bought or addedQ1 23: 64 cut or sold outQ1 23Q2 23: 89 bought or addedQ2 23: 85 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20228358
Q1 20237864
Q2 20238985

Calls vs puts

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

CallsPuts
$0$5m$10m$15m$20mQ3 22 calls: $107.0kQ3 22 puts: $9.0kQ3 22P/C 0.08Q4 22 calls: $511.8kQ4 22 puts: $468.8kQ4 22P/C 0.92Q1 23 calls: $8.9mQ1 23 puts: $661.7kQ1 23P/C 0.07Q2 23 calls: $18.1mQ2 23 puts: $2.2mQ2 23P/C 0.12
Numbers
QuarterCallsPutsP/C
Q3 2022$107.0k$9.0k0.08
Q4 2022$511.8k$468.8k0.92
Q1 2023$8.9m$661.7k0.07
Q2 2023$18.1m$2.2m0.12

Biggest buyers

Balyasny Asset Management L.P. New +4,839,515+4.8m
DEERFIELD MANAGEMENT COMPANY, L.P. New +2,885,400+2.9m
Logos Global Management LP New +2,800,000+2.8m
Redmile Group, LLC New +1,698,626+1.7m
JPMORGAN CHASE & CO Added +1,322,229+1.3m
FMR LLC Added +1,231,867+1.2m
VANGUARD GROUP INC Added +1,086,127+1.1m
Boxer Capital, LLC New +1,000,000+1.0m
Bellevue Group AG Added +919,806+919.8k
Artal Group S.A. Added +813,767+813.8k

Biggest sellers

BRAIDWELL LP Sold out -3,355,805-3.4m
ORBIMED ADVISORS LLC Reduced -1,796,500-1.8m
GOLDMAN SACHS GROUP INC Reduced -1,543,522-1.5m
STATE STREET CORP Reduced -1,507,073-1.5m
Ally Bridge Group (NY) LLC Sold out -1,191,271-1.2m
Avoro Capital Advisors LLC Reduced -1,175,000-1.2m
Sarissa Capital Management LP Reduced -1,167,100-1.2m
MORGAN STANLEY Reduced -1,134,122-1.1m
D. E. Shaw & Co., Inc. Reduced -820,360-820.4k
BAKER BROS. ADVISORS LP Reduced -800,000-800.0k

Biggest calls

SILVERARC CAPITAL MANAGEMENT, LLC New $3.6m1.1m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.5m770.0k shares
LMR Partners LLP New $1.9m562.9k shares
Caption Management, LLC Reduced $1.6m485.3k shares
JPMORGAN CHASE & CO New $1.5m454.8k shares
SIMPLEX TRADING, LLC Added $1.1m337.9k shares
ORBIMED ADVISORS LLC Added $822.5k250.0k shares
MILLENNIUM MANAGEMENT LLC New $816.9k248.3k shares
Altium Capital Management LLC Reduced $658.3k200.1k shares
CITADEL ADVISORS LLC Added $529.7k161.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $399.4k121.4k shares
CITADEL ADVISORS LLC Added $349.7k106.3k shares
GROUP ONE TRADING LLC Added $337.9k102.7k shares
Jefferies Financial Group Inc. New $331.0k100.6k shares
Caption Management, LLC Added $286.2k87.0k shares
JPMORGAN CHASE & CO New $250.4k76.1k shares
SIMPLEX TRADING, LLC Added $125.0k38.1k shares
PEAK6 Investments LLC New $54.6k16.6k shares
JANE STREET GROUP, LLC New $54.3k16.5k shares
WOLVERINE TRADING, LLC New $35.8k11.2k 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
Nextech Crossover I GP S.a r.l. 13G · passive investor filed 2024-12-26 10.4% 12.1m 2024-12-26
VANGUARD GROUP INC 13G · institution filed 2025-04-30 6.7% 8.4m 2025-04-30

Fell to 5% or below in the last year: Schonfeld Strategic Advisors LLC (0.0%, 2026-02-17)

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Bain Capital Life Sciences Investors, LLC 2.94% of their portfolio Boston, MA 8,663,6738.7m $28.5m $28.5m 2.94% Unchanged
2 BlackRock Inc. 0.00% of their portfolio New York, NY 7,963,9828.0m $26.2m $26.2m 0.00% Added +490.2k +490,160
3 ORBIMED ADVISORS LLC 0.43% of their portfolio New York, NY 7,214,9377.2m $23.7m $23.7m 0.43% Reduced -1.8m -1,796,500
4 Avoro Capital Advisors LLC 0.28% of their portfolio NEW YORK, NY 6,375,0006.4m $21.0m $21.0m 0.28% Reduced -1.2m -1,175,000
5 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 5,724,6195.7m $18.8m $18.8m 0.00% Added +1.1m +1,086,127
6 Bellevue Group AG 0.24% of their portfolio ZURICH, V8 5,219,4255.2m $17.2m $17.2m 0.24% Added +919.8k +919,806
7 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 4,905,1494.9m $16.1m $16.1m 0.00% Reduced -1.5m -1,507,073
8 Balyasny Asset Management L.P. 0.04% of their portfolio Chicago, IL 4,839,5154.8m $15.9m $15.9m 0.04% New
9 Avidity Partners Management LP 0.44% of their portfolio DALLAS, TX 3,790,0003.8m $12.5m $12.5m 0.44% Added +356.8k +356,767
10 Rock Springs Capital Management LP 0.27% of their portfolio Baltimore, MD 3,403,1333.4m $11.2m $11.2m 0.27% Reduced -700.7k -700,670
11 Artal Group S.A. 0.32% of their portfolio LUXEMBOURG, N4 3,029,5553.0m $10.0m $10.0m 0.32% Added +813.8k +813,767
12 DEERFIELD MANAGEMENT COMPANY, L.P. 0.20% of their portfolio New York, NY 2,885,4002.9m $9.5m $9.5m 0.20% New
13 Logos Global Management LP 1.27% of their portfolio San Francisco, CA 2,800,0002.8m $9.2m $9.2m 1.27% New
14 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 2,711,3102.7m $8.9m $8.9m 0.02% Added +214.6k +214,600
15 Sarissa Capital Management LP 0.86% of their portfolio GREENWICH, CT 2,632,9002.6m $8.7m $8.7m 0.86% Reduced -1.2m -1,167,100
16 Candriam S.C.A. 0.06% of their portfolio STRASSEN, N4 2,415,4772.4m $7.9m $7.9m 0.06% Reduced -547.4k -547,371
17 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 2,005,6822.0m $6.6m $6.6m 0.00% Added +206.8k +206,835
18 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 1,871,9171.9m $6.2m $6.2m 0.01% Added +610.9k +610,863
19 Redmile Group, LLC 0.21% of their portfolio LARKSPUR, CA 1,698,6261.7m $5.6m $5.6m 0.21% New
20 FMR LLC 0.00% of their portfolio BOSTON, MA 1,479,4971.5m $4.9m $4.9m 0.00% Added +1.2m +1,231,867
21 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,443,7941.4m $4.8m $4.8m 0.00% Added +1.3m +1,322,229
22 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 1,396,0181.4m $4.6m $4.6m 0.00% Reduced -1.5m -1,543,522
23 5AM Venture Management, LLC 1.07% of their portfolio SAN FRANCISCO, CA 1,305,0001.3m $4.3m $4.3m 1.07% Added +120.0k +120,000
24 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 1,241,5911.2m $4.1m $4.1m 0.00% Added +104 +104
25 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,137,7431.1m $3.7m $3.7m 0.00% Reduced -9.8k -9,811
26 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 1,099,1011.1m $3.6m $3.6m 0.00% Added +214.5k +214,468
27 BAKER BROS. ADVISORS LP 0.02% of their portfolio NEW YORK, NY 1,086,1151.1m $3.6m $3.6m 0.02% Reduced -800.0k -800,000
28 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 1,047,9191.0m $3.4m $3.4m 0.00% Reduced -202.6k -202,600
29 Boxer Capital, LLC 0.15% of their portfolio San Diego, CA 1,000,0001.0m $3.3m $3.3m 0.15% New
30 SILVERARC CAPITAL MANAGEMENT, LLC 1.11% of their portfolio BOSTON, MA 1,000,0001.0m $3.3m $3.3m 1.11% Added +459.9k +459,941
31 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 985,739985.7k $3.2m $3.2m 0.01% Reduced -820.4k -820,360
32 Hudson Bay Capital Management LP 0.03% of their portfolio STAMFORD, CT 962,359962.4k $3.2m $3.2m 0.03% Added +322.4k +322,359
33 Decheng Capital Management III (Cayman), LLC 0.93% of their portfolio Grand Cayman, E9 904,268904.3k $3.0m $3.0m 0.93% Unchanged
34 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 820,688820.7k $2.7m $2.7m 0.00% Added +91.0k +91,017
35 DAFNA Capital Management LLC 0.73% of their portfolio LOS ANGELES, CA 810,845810.8k $2.7m $2.7m 0.73% Added +300.0k +299,982
36 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 764,511764.5k $2.5m $2.5m 0.00% Reduced -1.1m -1,134,122
37 RTW INVESTMENTS, LP 0.04% of their portfolio NEW YORK, NY 614,838614.8k $2.0m $2.0m 0.04% New
38 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 578,100578.1k $1.9m $1.9m 0.00% Reduced -226.4k -226,400
39 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 572,273572.3k $1.9m $1.9m 0.00% New
40 FIRST MANHATTAN CO. LLC. 0.01% of their portfolio NEW YORK, NY 569,594569.6k $1.9m $1.9m 0.01% New
41 READYSTATE ASSET MANAGEMENT LP 0.19% of their portfolio CHICAGO, IL 567,300567.3k $1.9m $1.9m 0.19% New
42 KENNEDY CAPITAL MANAGEMENT LLC 0.04% of their portfolio ST LOUIS, MO 555,279555.3k $1.8m $1.8m 0.04% Added +63.2k +63,215
43 ADAGE CAPITAL PARTNERS GP, L.L.C. 0.00% of their portfolio Boston, MA 500,000500.0k $1.6m $1.6m 0.00% New
44 Tri Locum Partners LP 0.52% of their portfolio NEW YORK, NY 428,307428.3k $1.4m $1.4m 0.52% New
45 SPHERA FUNDS MANAGEMENT LTD. 0.30% of their portfolio TEL AVIV, L3 418,562418.6k $1.4m $1.4m 0.30% Added +407.9k +407,941
46 Squarepoint Ops LLC 0.01% of their portfolio NEW YORK, NY 418,224418.2k $1.4m $1.4m 0.01% Added +406.0k +405,988
47 Rhenman & Partners Asset Management AB 0.14% of their portfolio Stockholm, V7 400,000400.0k $1.3m $1.3m 0.14% Added +50.0k +50,000
48 GSA CAPITAL PARTNERS LLP 0.13% of their portfolio LONDON, X0 387,591387.6k $1.3m $1.3m 0.13% Added +183.1k +183,115
49 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 376,671376.7k $1.2m $1.2m 0.00% Added +6.9k +6,885
50 Rafferty Asset Management, LLC 0.01% of their portfolio New York, NY 336,656336.7k $1.1m $1.1m 0.01% Reduced -149.1k -149,052
51 Schonfeld Strategic Advisors LLC 0.01% of their portfolio NEW YORK, NY 320,540320.5k $1.1m $1.1m 0.01% New
52 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 314,483314.5k $1.0m $1.0m 0.00% New
53 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 301,493301.5k $991.9k $991.9k 0.00% Reduced -714.4k -714,391
54 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 292,317292.3k $961.7k $961.7k 0.00% Added +18.0k +18,031
55 PANAGORA ASSET MANAGEMENT INC 0.01% of their portfolio BOSTON, MA 271,501271.5k $893.2k $893.2k 0.01% Added +55.3k +55,304
56 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 267,270267.3k $879.3k $879.3k 0.00% Added +62.7k +62,686
57 ALGERT GLOBAL LLC 0.03% of their portfolio SAN FRANCISCO, CA 219,846219.8k $723.3k $723.3k 0.03% Added +188.5k +188,500
58 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 216,720216.7k $713.0k $713.0k 0.00% Added +117.0k +117,020
59 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 204,106204.1k $671.5k $671.5k 0.00% Reduced -47.7k -47,690
60 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 189,611189.6k $623.7k $623.7k 0.00% Reduced -229.7k -229,726
61 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 186,929186.9k $615.0k $615.0k 0.00% Reduced -11.1k -11,104
62 Cubist Systematic Strategies, LLC 0.01% of their portfolio STAMFORD, CT 186,398186.4k $613.2k $613.2k 0.01% Reduced -124.5k -124,543
63 Caption Management, LLC 0.10% of their portfolio OKLAHOMA CITY, OK 181,000181.0k $595.5k $595.5k 0.10% Reduced -114.9k -114,900
64 Swiss National Bank 0.00% of their portfolio ZURICH, V8 178,096178.1k $585.9k $585.9k 0.00% Added +5.8k +5,800
65 UBS Group AG 0.00% of their portfolio ZURICH, V8 173,617173.6k $571.2k $571.2k 0.00% Reduced -11.8k -11,782
66 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 164,871164.9k $542.4k $542.4k 0.00% Added +6.5k +6,530
67 GROUP ONE TRADING LLC 0.02% of their portfolio CHICAGO, IL 160,303160.3k $527.4k $527.4k 0.02% Added +158.2k +158,204
68 Walleye Capital LLC 0.01% of their portfolio NEW YORK, NY 154,899154.9k $509.6k $509.6k 0.01% Reduced -68.5k -68,489
69 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 150,000150.0k $494.0k $494.0k 0.00% Unchanged
70 NOMURA HOLDINGS INC 0.00% of their portfolio TOKYO, M0 148,979149.0k $490.1k $490.1k 0.00% New
71 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 148,463148.5k $488.4k $488.4k 0.00% Added +44.6k +44,584
72 FEDERATED HERMES, INC. 0.00% of their portfolio PITTSBURGH, PA 140,645140.6k $462.7k $462.7k 0.00% New
73 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 125,628125.6k $413.3k $413.3k 0.00% Reduced -293.6k -293,644
74 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 119,345119.3k $394.0k $394.0k 0.00% Reduced -2.0k -2,032
75 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 105,346105.3k $346.6k $346.6k 0.00% Added +815 +815
76 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 102,903102.9k $338.6k $338.6k 0.00% Added +5.6k +5,628
77 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 102,575102.6k $421.6k $421.6k 0.00% Unchanged
78 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 99,76499.8k $328.2k $328.2k 0.00% Added +81.4k +81,367
79 Skandinaviska Enskilda Banken AB (publ) 0.00% of their portfolio STOCKHOLM, V7 93,13293.1k $306.0k $306.0k 0.00% Added +34.7k +34,663
80 ALPS ADVISORS INC 0.00% of their portfolio Denver, CO 84,08084.1k $276.6k $276.6k 0.00% Added +12.9k +12,909
81 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 74,00274.0k $243.5k $243.5k 0.00% Reduced -147.7k -147,706
82 Graham Capital Management, L.P. 0.01% of their portfolio ROWAYTON, CT 73,74473.7k $242.6k $242.6k 0.01% New
83 Legal & General Group Plc 0.00% of their portfolio London, X0 72,83772.8k $239.6k $239.6k 0.00% Added +36.4k +36,387
84 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 72,04372.0k $237.0k $237.0k 0.00% Added +38.1k +38,141
85 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 70,02470.0k $230.4k $230.4k 0.00% Reduced -3.6k -3,614
86 SIMPLEX TRADING, LLC 0.01% of their portfolio CHICAGO, IL 65,85065.8k $216.0k $216.0k 0.01% Added +20.3k +20,308
87 QVT Financial LP 0.01% of their portfolio New York, NY 62,65762.7k $206.1k $206.1k 0.01% Unchanged
88 PROFUND ADVISORS LLC 0.01% of their portfolio BETHESDA, MD 61,78661.8k $203.3k $203.3k 0.01% Reduced -28.3k -28,309
89 Ghost Tree Capital, LLC 0.07% of their portfolio NEW YORK, NY 61,25061.2k $201.5k $201.5k 0.07% New
90 Thrivent Financial for Lutherans 0.00% of their portfolio Minneapolis, MN 58,07358.1k $191.0k $191.0k 0.00% Reduced -2.8k -2,849
91 Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio SEOUL, M5 57,09957.1k $186.8k $186.8k 0.00% Reduced -7.0k -6,966
92 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 56,70756.7k $186.6k $186.6k 0.00% Reduced -445.5k -445,452
93 Ikarian Capital, LLC 0.06% of their portfolio DALLAS, TX 50,00050.0k $164.5k $164.5k 0.06% New
94 AMERICAN INTERNATIONAL GROUP, INC. 0.00% of their portfolio New York, NY 48,29848.3k $158.9k $158.9k 0.00% Added +3.6k +3,628
95 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 46,64246.6k $153.5k $153.5k 0.00% Unchanged
96 CANADA LIFE ASSURANCE Co 0.00% of their portfolio WINNIPEG, A2 44,55444.6k $147.0k $147.0k 0.00% Unchanged
97 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 40,86640.9k $134.4k $134.4k 0.00% Added +5.3k +5,269
98 Engineers Gate Manager LP 0.01% of their portfolio NEW YORK, NY 40,74040.7k $134.0k $134.0k 0.01% Reduced -28.4k -28,420
99 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 39,97540.0k $131.5k $131.5k 0.00% New
100 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 38,61638.6k $127.0k $127.0k 0.00% Added +5.8k +5,805