TARSUS PHARMACEUTICALS INC TARS
COM · Common Stock · CUSIP 87650L103 · ISIN US87650L1035
- SectorHealth care
- IndustryBiological Products, (No Diagnostic Substances)
- HeadquartersIrvine, CA
- FilingsSEC EDGAR
* 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 ($6.6m this quarter). Holder counts are more reliable. Shares outstanding: 42.0m as of 2025-04-24, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $51.37. Options: 5 managers hold calls ($1.4m notional), 3 hold puts ($626.7k).
Trends to Q1 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 75 |
| Q4 2022 | 70 |
| Q1 2023 | 75 |
| Q2 2023 | 93 |
| Q3 2023 | 106 |
| Q4 2023 | 117 |
| Q1 2024 | 158 |
| Q2 2024 | 149 |
| Q3 2024 | 163 |
| Q4 2024 | 196 |
| Q1 2025 | 196 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2023 | 63 | 22 |
| Q3 2023 | 74 | 25 |
| Q4 2023 | 71 | 38 |
| Q1 2024 | 107 | 38 |
| Q2 2024 | 90 | 75 |
| Q3 2024 | 93 | 69 |
| Q4 2024 | 107 | 77 |
| Q1 2025 | 101 | 103 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2024 | $2.3m | $22.0m | 9.71 |
| Q3 2024 | $17.5m | $134.8k | 0.01 |
| Q4 2024 | $4.6m | $17.5m | 3.82 |
| Q1 2025 | $1.4m | $626.7k | 0.45 |
Biggest buyers
| Deep Track Capital, LP | New | +1.5m |
| CITADEL ADVISORS LLC | Added | +913.3k |
| Driehaus Capital Management LLC | New | +717.9k |
| ORBIMED ADVISORS LLC | New | +653.7k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | New | +510.0k |
| JANUS HENDERSON GROUP PLC | Added | +500.5k |
| NORGES BANK | New | +391.1k |
| Rock Springs Capital Management LP | Added | +243.5k |
| TANG CAPITAL MANAGEMENT LLC | Added | +200.0k |
| Qube Research & Technologies Ltd | Added | +148.8k |
Biggest sellers
| MILLENNIUM MANAGEMENT LLC | Reduced | -396.8k |
| BlackRock, Inc. | Reduced | -385.1k |
| Jefferies Financial Group Inc. | Reduced | -341.9k |
| AIGH Capital Management LLC | Sold out | -224.7k |
| Frazier Life Sciences Management, L.P. | Reduced | -190.0k |
| PERCEPTIVE ADVISORS LLC | Sold out | -186.7k |
| Integral Health Asset Management, LLC | Reduced | -150.0k |
| Principia Wealth Advisory, LLC | Sold out | -138.4k |
| Ikarian Capital, LLC | Reduced | -122.7k |
| Invesco Ltd. | Reduced | -105.6k |
Biggest calls
| CITADEL ADVISORS LLC | Added | $750.0k14.6k shares |
| GROUP ONE TRADING LLC | Reduced | $297.9k5.8k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $272.3k5.3k shares |
| SIMPLEX TRADING, LLC | Reduced | $71.0k1.4k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| CITADEL ADVISORS LLC | Reduced | $390.4k7.6k shares |
| GROUP ONE TRADING LLC | Added | $236.3k4.6k 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.
| Holder | Stake |
|---|---|
| Deep Track Capital, LP 13G · passive investor +1.4 pts · filed 2026-05-15 | 8.5% |
| RTW INVESTMENTS, LP 13G · institution filed 2025-08-14 | 8.1% |
| BlackRock, Inc. 13G · institution filed 2025-04-24 | 7.4% |
| Janus Henderson Group Ltd. 13G · institution +1.2 pts · filed 2026-08-13 | 6.5% |
Fell to 5% or below in the last year: PRUDENTIAL FINANCIAL INC (4.3%, 2026-05-08), JENNISON ASSOCIATES LLC (4.0%, 2026-05-06), VANGUARD GROUP INC (0.0%, 2026-03-27), TANG CAPITAL MANAGEMENT LLC (2.8%, 2026-02-17)
Insider purchases and sales in Q1 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.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q2 2023 | 0 | — | 3 | $1.1m | $1.1m |
| Q3 2023 | 1 | $159.7k | 2 | $2.6m | $2.6m |
| Q4 2023 | 1 | $19.0k | 4 | $1.6m | $1.3m |
| Q1 2024 | 0 | — | 5 | $881.6k | — |
| Q2 2024 | 0 | — | 1 | $286.9k | — |
| Q3 2024 | 0 | — | 1 | $913.0k | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 6 | $3.3m | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-03-24 | Azamian Bobak R. President/CEO and Board Chair, director · By the Bobak Azamian Living Trust established April 16, 2018 | Sold | $300.0k6.0k shares |
| 2025-03-20 | Azamian Bobak R. President/CEO and Board Chair, director | Sold | $427.6k8.5k shares |
| 2025-03-20 | Mottiwala Aziz Chief Commercial Officer | Sold | $168.6k3.4k shares |
| 2025-03-20 | Wahl Bryan General Counsel | Sold | $154.5k3.1k shares |
| 2025-03-20 | Neervannan Seshadri Chief Operating Officer | Sold | $122.0k2.4k shares |
| 2025-03-20 | Whitfield Dianne C. Chief Human Resources Officer | Sold | $107.1k2.1k shares |
| 2025-03-20 | Farrow Jeffrey S Officer | Sold | $59.4k1.2k shares |
| 2025-03-19 | Azamian Bobak R. President/CEO and Board Chair, director | Sold | $405.3k8.6k shares |
| 2025-03-19 | Mottiwala Aziz Chief Commercial Officer | Sold | $168.6k3.6k shares |
| 2025-03-19 | Wahl Bryan General Counsel | Sold | $154.6k3.3k shares |
| 2025-03-19 | Neervannan Seshadri Chief Operating Officer | Sold | $120.5k2.5k shares |
| 2025-03-19 | Whitfield Dianne C. Chief Human Resources Officer | Sold | $107.1k2.3k shares |
| 2025-03-19 | Farrow Jeffrey S Officer | Sold | $59.4k1.3k shares |
| 2025-03-18 | Azamian Bobak R. President/CEO and Board Chair, director | Sold | $330.1k7.1k shares |
| 2025-03-18 | Mottiwala Aziz Chief Commercial Officer | Sold | $168.6k3.6k shares |
| 2025-03-18 | Wahl Bryan General Counsel | Sold | $154.7k3.3k shares |
| 2025-03-18 | Neervannan Seshadri Chief Operating Officer | Sold | $120.6k2.6k shares |
| 2025-03-18 | Whitfield Dianne C. Chief Human Resources Officer | Sold | $107.2k2.3k shares |
| 2025-03-18 | Farrow Jeffrey S Officer | Sold | $59.4k1.3k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q1 2025
| Manager | Shares | Change |
|---|---|---|
| RTW INVESTMENTS, LP 2.61% of their portfolio | 3.3m $170.3m | Added +79.5k |
| BlackRock, Inc. 0.00% of their portfolio | 3.2m $162.0m | Reduced -385.1k |
| Paradigm Biocapital Advisors LP 6.17% of their portfolio | 2.6m $134.1m | Added +78.3k |
| JENNISON ASSOCIATES LLC 0.09% of their portfolio | 2.5m $128.0m | Reduced -7.5k |
| TANG CAPITAL MANAGEMENT LLC 6.98% of their portfolio | 2.5m $126.1m | Added +200.0k |
| VANGUARD GROUP INC 0.00% of their portfolio | 2.2m $114.4m | Added +111.4k |
| MORGAN STANLEY 0.01% of their portfolio | 2.0m $103.4m | Added +43.7k |
| TORONTO DOMINION BANK 0.25% of their portfolio | 1.9m $96.3m | Reduced -34.5k |
| Deep Track Capital, LP 2.47% of their portfolio | 1.5m $76.2m | New |
| Frazier Life Sciences Management, L.P. 3.28% of their portfolio | 1.4m $71.8m | Reduced -190.0k |
| LORD, ABBETT & CO. LLC 0.24% of their portfolio | 1.3m $68.4m | Added +51.7k |
| Assenagon Asset Management S.A. 0.10% of their portfolio | 1.1m $57.8m | Reduced -21.5k |
| CITADEL ADVISORS LLC 0.05% of their portfolio | 992.6k $51.0m | Added +913.3k |
| STATE STREET CORP 0.00% of their portfolio | 910.7k $46.8m | Reduced -6.1k |
| MACQUARIE GROUP LTD 0.06% of their portfolio | 892.8k $45.9m | Added +76.9k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 865.4k $44.5m | Added +26.6k |
| Invesco Ltd. 0.01% of their portfolio | 826.5k $42.5m | Reduced -105.6k |
| Driehaus Capital Management LLC 0.36% of their portfolio | 717.9k $36.9m | New |
| ORBIMED ADVISORS LLC 0.81% of their portfolio | 653.7k $33.6m | New |
| Artisan Partners Limited Partnership 0.05% of their portfolio | 603.2k $31.0m | Reduced -88.1k |
| JANUS HENDERSON GROUP PLC 0.01% of their portfolio | 513.0k $26.5m | Added +500.5k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.05% of their portfolio | 510.0k $26.2m | New |
| Ensign Peak Advisors, Inc 0.05% of their portfolio | 487.3k $25.0m | Reduced -82.7k |
| Ikarian Capital, LLC 8.12% of their portfolio | 485.0k $24.9m | Reduced -122.7k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 433.2k $22.3m | Reduced -27.6k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 429.1k $22.0m | Added +91.3k |
| GILDER GAGNON HOWE & CO LLC 0.28% of their portfolio | 416.8k $21.4m | Added +12.6k |
| D. E. Shaw & Co., Inc. 0.03% of their portfolio | 410.7k $21.1m | Added +45.1k |
| Cormorant Asset Management, LP 1.56% of their portfolio | 400.0k $20.5m | Reduced -100.0k |
| NORGES BANK 0.00% of their portfolio | 391.1k $20.1m | New |
| NORTHERN TRUST CORP 0.00% of their portfolio | 363.4k $18.7m | Added +5.8k |
| Rock Springs Capital Management LP 1.04% of their portfolio | 354.4k $18.2m | Added +243.5k |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 308.2k $15.8m | Reduced -33.1k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 301.5k $15.5m | Reduced -17.2k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 290.3k $14.9m | Reduced -3.4k |
| Nuveen, LLC 0.00% of their portfolio | 264.5k $13.6m | First filing |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 247.2k $12.7m | Reduced -396.8k |
| Qube Research & Technologies Ltd 0.02% of their portfolio | 246.8k $12.7m | Added +148.8k |
| Cutter Capital Management, LP 4.59% of their portfolio | 205.0k $10.5m | Added +92.5k |
| Integral Health Asset Management, LLC 1.14% of their portfolio | 200.0k $10.3m | Reduced -150.0k |
| Tetragon Partners GP Ltd 2.94% of their portfolio | 178.5k $9.2m | Reduced -21.5k |
| Sands Capital Alternatives, LLC 2.14% of their portfolio | 170.0k $8.7m | Unchanged |
| Allspring Global Investments Holdings, LLC 0.02% of their portfolio | 168.7k $8.7m | Reduced -12.4k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 151.4k $7.8m | Reduced -2.0k |
| Atika Capital Management LLC 1.14% of their portfolio | 144.4k $7.4m | Reduced -32.8k |
| J. Goldman & Co LP 0.26% of their portfolio | 140.3k $7.2m | Added +10.1k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 134.6k $6.9m | Added +132.4k |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.08% of their portfolio | 130.3k $6.7m | Added +192 |
| Ally Bridge Group (NY) LLC 6.39% of their portfolio | 127.9k $6.6m | Reduced -45.2k |
| BOOTHBAY FUND MANAGEMENT, LLC 0.22% of their portfolio | 121.3k $6.2m | Reduced -35.1k |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 120.8k $6.2m | Reduced -27.9k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 116.1k $6.0m | Reduced -20.7k |
| Baird Financial Group, Inc. 0.01% of their portfolio | 110.8k $5.7m | Reduced -31.6k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 101.0k $5.2m | Reduced -915 |
| Woodline Partners LP 0.03% of their portfolio | 100.1k $5.1m | Reduced -8.8k |
| UBS Group AG 0.00% of their portfolio | 92.7k $4.8m | Added +31.4k |
| Pictet Asset Management Holding SA 0.00% of their portfolio | 84.7k $4.4m | Added +79.6k |
| SILVERARC CAPITAL MANAGEMENT, LLC 0.87% of their portfolio | 81.3k $4.2m | Added +15.4k |
| Jefferies Financial Group Inc. 0.07% of their portfolio | 78.8k $4.0m | Reduced -341.9k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 75.7k $3.9m | First filing |
| CASTLEARK MANAGEMENT LLC 0.13% of their portfolio | 74.9k $3.8m | New |
| COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio | 71.6k $3.7m | New |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 71.2k $3.7m | Added +1.4k |
| Lisanti Capital Growth, LLC 1.07% of their portfolio | 70.2k $3.6m | Reduced -26.8k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 60.9k $3.1m | Reduced -3.3k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 59.8k $3.1m | Added +2.8k |
| Balyasny Asset Management L.P. 0.01% of their portfolio | 59.7k $3.1m | New |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 58.9k $3.0m | Added +11.2k |
| VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 57.8k $3.0m | Added +27.8k |
| Squarepoint Ops LLC 0.01% of their portfolio | 57.7k $3.0m | Added +51.7k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 55.8k $2.9m | Added +9.1k |
| Swiss National Bank 0.00% of their portfolio | 55.5k $2.9m | Added +3.2k |
| FEDERATED HERMES, INC. 0.01% of their portfolio | 54.7k $2.8m | Reduced -23.0k |
| ESSEX INVESTMENT MANAGEMENT CO LLC 0.58% of their portfolio | 54.4k $2.8m | Reduced -25.3k |
| BARCLAYS PLC 0.00% of their portfolio | 52.8k $2.7m | Reduced -21.8k |
| TD Asset Management Inc 0.00% of their portfolio | 52.5k $2.7m | Reduced -2.5k |
| Informed Momentum Co LLC 0.47% of their portfolio | 52.4k $2.7m | Reduced -19.4k |
| Aberdeen Group plc 0.01% of their portfolio | 51.9k $2.7m | Reduced -41.8k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 51.7k $2.7m | Added +2.1k |
| Jump Financial, LLC 0.04% of their portfolio | 48.8k $2.5m | New |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 44.3k $2.3m | Added +40.3k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 43.0k $2.2m | Unchanged |
| E. Ohman J:or Asset Management AB 0.06% of their portfolio | 43.0k $2.2m | Added +8.2k |
| Ghisallo Capital Management LLC 0.18% of their portfolio | 40.0k $2.1m | New |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 39.1k $2.0m | Added +804 |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 37.5k $1.9m | Added +5.2k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 37.4k $1.9m | Reduced -10.8k |
| CITIGROUP INC 0.00% of their portfolio | 35.8k $1.8m | Reduced -2.4k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio | 35.4k $1.8m | New |
| Legato Capital Management LLC 0.22% of their portfolio | 32.0k $1.6m | Reduced -13.7k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 29.3k $1.5m | Reduced -61.9k |
| TWINBEECH CAPITAL LP 0.03% of their portfolio | 28.2k $1.4m | New |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 28.0k $1.4m | Reduced -101.2k |
| ALPS ADVISORS INC 0.01% of their portfolio | 27.8k $1.4m | Reduced -3.1k |
| Legal & General Group Plc 0.00% of their portfolio | 27.6k $1.4m | Added +999 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 25.4k $1.3m | Reduced -280 |
| Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio | 23.1k $1.2m | Reduced -25 |
| MetLife Investment Management, LLC 0.01% of their portfolio | 22.3k $1.1m | Reduced -373 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 22.1k $1.1m | Added +1.2k |
| HARBOR CAPITAL ADVISORS, INC. 0.05% of their portfolio | 20.8k $1.1m | Reduced -1.3k |