Vault-13

MOONLAKE IMMUNOTHERAPEUTICS MLTX

CLASS A ORD · Common Stock · CUSIP 61559X104

110 institutional holders -2 vs Q2 2024
62,107,09662.1m shares reported held*
$3.1bnreported value*
16 new 51 added 23 reduced 19 sold out net bought ≈ $27.8m (+551.2k 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 ≈ $50.42. Options: 7 managers hold calls ($6.0m notional), 6 hold puts ($5.0m).

Trends to Q3 2024

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 24Q4 22: 34Q1 23: 44Q2 23: 85Q3 23: 120Q4 23: 127Q1 24: 115Q2 24: 112Q3 24: 110110Q3 22Q1 23Q3 23Q1 24Q3 24
Numbers
QuarterHolders
Q3 202224
Q4 202234
Q1 202344
Q2 202385
Q3 2023120
Q4 2023127
Q1 2024115
Q2 2024112
Q3 2024110

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q4 22: 17 bought or addedQ4 22: 11 cut or sold outQ1 23: 32 bought or addedQ1 23: 16 cut or sold outQ1 23Q2 23: 73 bought or addedQ2 23: 15 cut or sold outQ3 23: 77 bought or addedQ3 23: 37 cut or sold outQ3 23Q4 23: 84 bought or addedQ4 23: 60 cut or sold outQ1 24: 62 bought or addedQ1 24: 69 cut or sold outQ1 24Q2 24: 57 bought or addedQ2 24: 62 cut or sold outQ3 24: 67 bought or addedQ3 24: 42 cut or sold outQ3 24
Numbers
QuarterBought or addedCut or sold out
Q4 20221711
Q1 20233216
Q2 20237315
Q3 20237737
Q4 20238460
Q1 20246269
Q2 20245762
Q3 20246742

Calls vs puts

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

CallsPuts
$0$20m$40m$60mQ4 23 calls: $40.1mQ4 23 puts: $47.3mQ4 23P/C 1.18Q1 24 calls: $24.6mQ1 24 puts: $26.9mQ1 24P/C 1.09Q2 24 calls: $5.9mQ2 24 puts: $7.2mQ2 24P/C 1.22Q3 24 calls: $6.0mQ3 24 puts: $5.0mQ3 24P/C 0.83
Numbers
QuarterCallsPutsP/C
Q4 2023$40.1m$47.3m1.18
Q1 2024$24.6m$26.9m1.09
Q2 2024$5.9m$7.2m1.22
Q3 2024$6.0m$5.0m0.83

Biggest buyers

FMR LLC Added +1,306,215+1.3m
Paradigm Biocapital Advisors LP New +931,480+931.5k
Hood River Capital Management LLC New +646,662+646.7k
PRICE T ROWE ASSOCIATES INC /MD/ Added +418,737+418.7k
VOYA INVESTMENT MANAGEMENT LLC Added +350,958+351.0k
Saturn V Capital Management LP New +298,974+299.0k
GOLDMAN SACHS GROUP INC Added +244,084+244.1k
AMERIPRISE FINANCIAL INC New +159,260+159.3k
Camber Capital Management LP Added +86,000+86.0k
RICE HALL JAMES & ASSOCIATES, LLC New +75,469+75.5k

Biggest sellers

Logos Global Management LP Sold out -1,500,000-1.5m
ADAGE CAPITAL PARTNERS GP, L.L.C. Reduced -1,320,000-1.3m
Balyasny Asset Management L.P. Reduced -224,063-224.1k
TimesSquare Capital Management, LLC Sold out -203,737-203.7k
WELLINGTON MANAGEMENT GROUP LLP Reduced -180,599-180.6k
Polar Capital Holdings Plc Reduced -178,169-178.2k
Ghost Tree Capital, LLC Reduced -171,589-171.6k
MILLENNIUM MANAGEMENT LLC Reduced -165,697-165.7k
Granahan Investment Management, LLC Reduced -111,015-111.0k
AXA S.A. Reduced -104,286-104.3k

Biggest calls

GROUP ONE TRADING LLC Added $3.4m68.4k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $932.8k18.5k shares
GTS SECURITIES LLC New $756.3k15.0k shares
CITADEL ADVISORS LLC Reduced $665.5k13.2k shares
Walleye Capital LLC New $151.3k3.0k shares
SIMPLEX TRADING, LLC Reduced $90.0k1.8k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

GROUP ONE TRADING LLC Reduced $3.3m65.6k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $690.8k13.7k shares
CITADEL ADVISORS LLC Reduced $529.4k10.5k shares
JANE STREET GROUP, LLC Reduced $307.6k6.1k shares
Walleye Capital LLC New $161.3k3.2k 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
BIOTECHNOLOGY VALUE FUND L P 13D · may seek influence -2.6 pts · filed 2026-06-29 19.7% -2.6 pts 16.0m≈ $311.5m 2026-06-29
Deep Track Capital, LP 13G · passive investor +3.3 pts · filed 2026-08-14 9.7% +3.3 pts 8.0m≈ $155.7m 2026-08-14
T. Rowe Price Investment Management, Inc. 13G · institution new · filed 2026-08-14 5.3% new 4.3m≈ $83.3m 2026-08-14

Fell to 5% or below in the last year: Cormorant Asset Management, LP (4.3%, 2026-08-14), Avoro Capital Advisors LLC (3.1%, 2025-11-14)

Insider purchases and sales in Q3 2024

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.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
202Q4 22: 0 buyingQ4 22: 0 sellingQ1 23: 0 buyingQ1 23: 0 sellingQ1 23Q2 23: 0 buyingQ2 23: 0 sellingQ3 23: 0 buyingQ3 23: 0 sellingQ3 23Q4 23: 0 buyingQ4 23: 1 sellingQ1 24: 0 buyingQ1 24: 2 sellingQ1 24Q2 24: 0 buyingQ2 24: 0 sellingQ3 24: 0 buyingQ3 24: 0 sellingQ3 24
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q4 20220—0——
Q1 20230—0——
Q2 20230—0——
Q3 20230—0——
Q4 20230—1$5.9m$5.9m
Q1 20240—2$21.8m$21.8m
Q2 20240—0——
Q3 20240—0——

None reported in Q3 2024.

Holders, Q3 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BVF INC/IL 32.08% of their portfolio San Francisco, CA 21,751,28421.8m $1.1bn $1.1bn 32.08% Unchanged
2 Cormorant Asset Management, LP 22.71% of their portfolio BOSTON, MA 8,494,1518.5m $428.3m $428.3m 22.71% Unchanged
3 FMR LLC 0.02% of their portfolio BOSTON, MA 4,950,2245.0m $249.6m $249.6m 0.02% Added +1.3m +1,306,215
4 PRICE T ROWE ASSOCIATES INC /MD/ 0.02% of their portfolio BALTIMORE, MD 2,980,2493.0m $150.3m $150.3m 0.02% Added +418.7k +418,737
5 Avoro Capital Advisors LLC 2.04% of their portfolio NEW YORK, NY 2,770,1002.8m $139.7m $139.7m 2.04% Added +100 +100
6 CITADEL ADVISORS LLC 0.12% of their portfolio MIAMI, FL 2,322,9712.3m $117.1m $117.1m 0.12% Added +57.3k +57,276
7 Holocene Advisors, LP 0.32% of their portfolio New York, NY 1,585,1671.6m $79.9m $79.9m 0.32% Reduced -41.2k -41,174
8 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 1,495,8311.5m $75.4m $75.4m 0.01% Added +244.1k +244,084
9 WESTFIELD CAPITAL MANAGEMENT CO LP 0.27% of their portfolio BOSTON, MA 1,167,3581.2m $58.9m $58.9m 0.27% Added +49.7k +49,733
10 MARSHALL WACE, LLP 0.08% of their portfolio LONDON, X0 1,154,3851.2m $58.2m $58.2m 0.08% Added +55.8k +55,755
11 FEDERATED HERMES, INC. 0.13% of their portfolio PITTSBURGH, PA 1,130,3281.1m $57.0m $57.0m 0.13% Added +1.9k +1,900
12 ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio NASHVILLE, TN 998,140998.1k $50.3m $50.3m 0.02% Reduced -23.6k -23,610
13 Paradigm Biocapital Advisors LP 1.64% of their portfolio NEW YORK, NY 931,480931.5k $47.0m $47.0m 1.64% New
14 FRED ALGER MANAGEMENT, LLC 0.16% of their portfolio NEW YORK, NY 666,574666.6k $33.6m $33.6m 0.16% Added +7.5k +7,545
15 Hood River Capital Management LLC 0.53% of their portfolio PALM BEACH GARDENS, FL 646,662646.7k $32.6m $32.6m 0.53% New
16 Nuveen Asset Management, LLC 0.01% of their portfolio CHICAGO, IL 580,789580.8k $29.3m $29.3m 0.01% Added +59.1k +59,076
17 ADAGE CAPITAL PARTNERS GP, L.L.C. 0.04% of their portfolio Boston, MA 505,000505.0k $25.5m $25.5m 0.04% Reduced -1.3m -1,320,000
18 Polar Capital Holdings Plc 0.14% of their portfolio London, X0 500,000500.0k $25.2m $25.2m 0.14% Reduced -178.2k -178,169
19 Camber Capital Management LP 0.86% of their portfolio BOSTON, MA 441,000441.0k $22.2m $22.2m 0.86% Added +86.0k +86,000
20 VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio ATLANTA, GA 409,203409.2k $20.6m $20.6m 0.02% Added +351.0k +350,958
21 BlackRock, Inc. 0.00% of their portfolio New York, NY 400,785400.8k $20.2m $20.2m 0.00% First filing
22 Finepoint Capital LP 2.38% of their portfolio BOSTON, MA 388,835388.8k $19.6m $19.6m 2.38% Unchanged
23 Balyasny Asset Management L.P. 0.05% of their portfolio Chicago, IL 360,200360.2k $18.2m $18.2m 0.05% Reduced -224.1k -224,063
24 Pictet Asset Management Holding SA 0.02% of their portfolio CAROUGE, V8 356,836356.8k $18.0m $18.0m 0.02% Added +11.0k +10,996
25 MPM BIOIMPACT LLC 2.64% of their portfolio BOSTON, MA 349,063349.1k $17.6m $17.6m 2.64% Added +5.8k +5,828
26 Saturn V Capital Management LP 5.39% of their portfolio AUSTIN, TX 298,974299.0k $15.1m $15.1m 5.39% New
27 5AM Venture Management, LLC 2.94% of their portfolio SAN FRANCISCO, CA 282,313282.3k $14.2m $14.2m 2.94% Unchanged
28 Candriam S.C.A. 0.07% of their portfolio STRASSEN, N4 239,000239.0k $12.0m $12.0m 0.07% Unchanged
29 Woodline Partners LP 0.10% of their portfolio San Francisco, CA 232,430232.4k $11.7m $11.7m 0.10% Added +5.7k +5,713
30 Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. 1.60% of their portfolio WARSZAWA, R9 229,029229.0k $11.5m $11.5m 1.60% Added +226 +226
31 Integral Health Asset Management, LLC 1.31% of their portfolio New York, NY 220,000220.0k $11.1m $11.1m 1.31% Unchanged
32 VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio San Antonio, TX 217,839217.8k $11.0m $11.0m 0.01% Added +43.2k +43,157
33 TD Asset Management Inc 0.01% of their portfolio Toronto, A6 215,834215.8k $10.7m $10.7m 0.01% Added +6.6k +6,600
34 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 192,058192.1k $9.7m $9.7m 0.00% Reduced -180.6k -180,599
35 Granahan Investment Management, LLC 0.34% of their portfolio WALTHAM, MA 172,634172.6k $8.7m $8.7m 0.34% Reduced -111.0k -111,015
36 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 159,260159.3k $8.0m $8.0m 0.00% New
37 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 130,598130.6k $6.6m $6.6m 0.00% Added +61.6k +61,571
38 Ghost Tree Capital, LLC 2.35% of their portfolio NEW YORK, NY 128,411128.4k $6.5m $6.5m 2.35% Reduced -171.6k -171,589
39 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 122,099122.1k $6.2m $6.2m 0.00% Added +68.1k +68,063
40 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio Toronto, A6 118,126118.1k $6.0m $6.0m 0.01% Added +3.9k +3,892
41 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 117,736117.7k $5.9m $5.9m 0.00% Added +25.9k +25,896
42 AXA S.A. 0.02% of their portfolio PARIS, I0 104,342104.3k $5.3m $5.3m 0.02% Reduced -104.3k -104,286
43 Parkman Healthcare Partners LLC 0.66% of their portfolio STAMFORD, CT 102,813102.8k $5.2m $5.2m 0.66% Added +1.6k +1,589
44 Alyeska Investment Group, L.P. 0.03% of their portfolio CHICAGO, IL 100,000100.0k $5.0m $5.0m 0.03% Reduced -25.0k -25,000
45 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 87,63787.6k $4.4m $4.4m 0.00% Added +43.0k +42,980
46 Schonfeld Strategic Advisors LLC 0.04% of their portfolio NEW YORK, NY 86,77586.8k $4.4m $4.4m 0.04% Reduced -29.7k -29,663
47 HARBOR CAPITAL ADVISORS, INC. 0.17% of their portfolio CHICAGO, IL 77,46877.5k $3.9m $3.9m 0.17% Added +38.8k +38,779
48 RICE HALL JAMES & ASSOCIATES, LLC 0.21% of their portfolio San Diego, CA 75,46975.5k $3.8m $3.8m 0.21% New
49 CONGRESS ASSET MANAGEMENT CO 0.02% of their portfolio BOSTON, MA 66,64166.6k $3.4m $3.4m 0.02% New
50 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 62,03062.0k $3.1m $3.1m 0.00% Added +28.5k +28,471
51 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 58,41058.4k $2.9m $2.9m 0.00% Reduced -90 -90
52 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 51,26751.3k $2.6m $2.6m 0.00% Reduced -165.7k -165,697
53 Monashee Investment Management LLC 0.27% of their portfolio Boston, MA 50,00050.0k $2.5m $2.5m 0.27% Unchanged
54 ALPS ADVISORS INC 0.01% of their portfolio Denver, CO 43,82843.8k $2.2m $2.2m 0.01% Reduced -5.2k -5,214
55 HighVista Strategies LLC 0.76% of their portfolio BOSTON, MA 43,54143.5k $2.2m $2.2m 0.76% Added +1.3k +1,292
56 Swiss National Bank 0.00% of their portfolio ZURICH, V8 43,00043.0k $2.2m $2.2m 0.00% Added +12.1k +12,100
57 Ensign Peak Advisors, Inc 0.00% of their portfolio SALT LAKE CITY, UT 42,31342.3k $2.1m $2.1m 0.00% Reduced -10.9k -10,874
58 Altium Capital Management LLC 0.60% of their portfolio NEW YORK, NY 40,00040.0k $2.0m $2.0m 0.60% Reduced -75.0k -75,000
59 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 35,81435.8k $1.8m $1.8m 0.00% Added +17.6k +17,580
60 Clearbridge Investments, LLC 0.00% of their portfolio NEW YORK, NY 34,27434.3k $1.7m $1.7m 0.00% Added +5.7k +5,738
61 TUDOR INVESTMENT CORP ET AL 0.02% of their portfolio STAMFORD, CT 31,84031.8k $1.6m $1.6m 0.02% Added +4.7k +4,667
62 SECTORAL ASSET MANAGEMENT INC 0.81% of their portfolio MONTREAL, A8 27,25827.3k $1.4m $1.4m 0.81% Added +5.8k +5,830
63 Trexquant Investment LP 0.02% of their portfolio STAMFORD, CT 25,52325.5k $1.3m $1.3m 0.02% New
64 ADAR1 Capital Management, LLC 0.20% of their portfolio AUSTIN, TX 23,45723.5k $1.2m $1.2m 0.20% Added +18.7k +18,657
65 GSA CAPITAL PARTNERS LLP 0.08% of their portfolio LONDON, X0 22,12722.1k $1.1m $1.1m 0.08% Added +403 +403
66 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 20,82320.8k $1.0m $1.0m 0.00% New
67 Y-Intercept (Hong Kong) Ltd 0.06% of their portfolio HONG KONG, K3 20,32520.3k $1.0m $1.0m 0.06% Added +7.2k +7,247
68 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 19,21319.2k $968.7k $968.7k 0.00% Added +5.0k +4,969
69 Legal & General Group Plc 0.00% of their portfolio London, X0 18,05118.1k $910.1k $910.1k 0.00% Added +2.3k +2,261
70 ExodusPoint Capital Management, LP 0.01% of their portfolio NEW YORK, NY 16,85516.9k $850.0k $850.0k 0.01% New
71 J. Goldman & Co LP 0.04% of their portfolio NEW YORK, NY 16,16216.2k $814.9k $814.9k 0.04% Reduced -2.0k -2,005
72 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.02% of their portfolio CHICAGO, IL 16,00016.0k $806.7k $806.7k 0.02% Not comparable
73 Erste Asset Management GmbH 0.01% of their portfolio VIENNA, C4 15,00015.0k $741.0k $741.0k 0.01% Unchanged
74 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 14,55214.6k $733.0k $733.0k 0.00% Reduced -3.3k -3,284
75 WEXFORD CAPITAL LP 0.17% of their portfolio WEST PALM BEACH, FL 14,00014.0k $705.9k $705.9k 0.17% Unchanged
76 AlphaCentric Advisors LLC 0.52% of their portfolio SAN JUAN, PR 14,00014.0k $705.9k $705.9k 0.52% New
77 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 13,59213.6k $685.0k $685.0k 0.00% New
78 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 13,59013.6k $685.2k $685.2k 0.00% Reduced -3.1k -3,140
79 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 13,02913.0k $656.9k $656.9k 0.00% Added +473 +473
80 Handelsbanken Fonder AB 0.00% of their portfolio STOCKHOLM, V7 13,00013.0k $655.0k $655.0k 0.00% Added +2.7k +2,700
81 PEAK6 Investments LLC 0.03% of their portfolio CHICAGO, IL 13,00013.0k $655.5k $655.5k 0.03% Unchanged
82 JANUS HENDERSON GROUP PLC 0.00% of their portfolio LONDON, X0 11,10011.1k $560.1k $560.1k 0.00% Unchanged
83 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 9,1649.2k $462.0k $462.0k 0.00% Added +1.0k +1,018
84 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 8,1808.2k $412.4k $412.4k 0.00% Added +44 +44
85 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 7,9287.9k $399.7k $399.7k 0.00% Reduced -24.3k -24,296
86 DNB Asset Management AS 0.00% of their portfolio Oslo, Q8 7,5097.5k $378.6k $378.6k 0.00% Added +137 +137
87 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 6,8146.8k $343.6k $343.6k 0.00% Added +319 +319
88 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 6,4026.4k $322.8k $322.8k 0.00% Reduced -938 -938
89 UBS Group AG 0.00% of their portfolio ZURICH, V8 6,3406.3k $319.7k $319.7k 0.00% Added +3.1k +3,073
90 ARIZONA STATE RETIREMENT SYSTEM 0.00% of their portfolio PHOENIX, AZ 6,3366.3k $319.5k $319.5k 0.00% New
91 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 5,6415.6k $284.4k $284.4k 0.00% Added +5.2k +5,229
92 TEACHER RETIREMENT SYSTEM OF TEXAS 0.00% of their portfolio AUSTIN, TX 5,5195.5k $278.0k $278.0k 0.00% New
93 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 5,4505.5k $274.8k $274.8k 0.00% Added +573 +573
94 Allianz Asset Management GmbH 0.00% of their portfolio MUNICH, 2M 5,2005.2k $262.2k $262.2k 0.00% Reduced -7.1k -7,100
95 Bellevue Group AG 0.00% of their portfolio ZURICH, V8 4,4004.4k $221.8k $221.8k 0.00% Unchanged
96 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 2,7532.8k $138.8k $138.8k 0.00% Unchanged
97 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,4722.5k $124.6k $124.6k 0.00% Reduced -32.9k -32,944
98 VIRTUS ADVISERS, LLC 0.05% of their portfolio HARTFORD, CT 2,1622.2k $109.0k $109.0k 0.05% Added +42 +42
99 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 1,6721.7k $84.3k $84.3k 0.00% Added +1.6k +1,625
100 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 869869 $43.8k $43.8k 0.00% New