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 ($7.8m this quarter). Holder counts are more reliable. Shares outstanding: 42.2m as of 2025-07-31, 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 ≈ $40.51. Options: 4 managers hold calls ($417.1k notional), 1 hold puts ($0).
Trends to Q2 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 |
| Q2 2025 | 206 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q2 2025 | 128 | 80 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $17.5m | $134.8k | 0.01 |
| Q4 2024 | $4.6m | $17.5m | 3.82 |
| Q1 2025 | $1.4m | $626.7k | 0.45 |
| Q2 2025 | $417.1k | $0 | 0.00 |
Biggest buyers
| JANUS HENDERSON GROUP PLC | Added | +1.3m |
| BlackRock, Inc. | Added | +638.5k |
| Clearbridge Investments, LLC | New | +444.5k |
| ROYAL BANK OF CANADA | Added | +376.0k |
| Paradigm Biocapital Advisors LP | Added | +365.9k |
| MPM BIOIMPACT LLC | New | +341.5k |
| D. E. Shaw & Co., Inc. | Added | +312.5k |
| Deep Track Capital, LP | Added | +265.7k |
| Capitolis Liquid Global Markets LLC | New | +242.1k |
| J. Goldman & Co LP | Added | +224.3k |
Biggest sellers
| TORONTO DOMINION BANK | Reduced | -872.8k |
| CITADEL ADVISORS LLC | Reduced | -763.4k |
| ORBIMED ADVISORS LLC | Reduced | -455.8k |
| GILDER GAGNON HOWE & CO LLC | Reduced | -339.6k |
| LORD, ABBETT & CO. LLC | Reduced | -336.3k |
| Ikarian Capital, LLC | Reduced | -288.5k |
| DIMENSIONAL FUND ADVISORS LP | Reduced | -216.1k |
| Cutter Capital Management, LP | Sold out | -205.0k |
| RTW INVESTMENTS, LP | Reduced | -204.4k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -189.1k |
Biggest calls
| CITADEL ADVISORS LLC | Reduced | $316.0k7.8k shares |
| GROUP ONE TRADING LLC | Reduced | $89.1k2.2k shares |
| SIMPLEX TRADING, LLC | Reduced | $12.0k300 shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| 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 Q2 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 |
|---|---|---|---|---|---|
| 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 | — |
| Q2 2025 | 0 | — | 3 | $1.4m | $765.8k |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-06-17 | Farrow Jeffrey S Officer | Sold | $550.0k13.6k shares |
| 2025-06-16 | Lin Elizabeth Yeu Chief Medical Officer | Sold | $41.3k1.0k shares |
| 2025-06-09 | Mottiwala Aziz Chief Commercial Officer | Sold plan | $765.8k17.5k 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, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.00% of their portfolio | 3.8m $153.6m | Added +638.5k |
| RTW INVESTMENTS, LP 1.80% of their portfolio | 3.1m $126.1m | Reduced -204.4k |
| Paradigm Biocapital Advisors LP 5.15% of their portfolio | 3.0m $120.6m | Added +365.9k |
| JENNISON ASSOCIATES LLC 0.06% of their portfolio | 2.5m $100.0m | Reduced -24.6k |
| TANG CAPITAL MANAGEMENT LLC 5.03% of their portfolio | 2.5m $99.4m | Unchanged |
| VANGUARD GROUP INC 0.00% of their portfolio | 2.3m $93.1m | Added +70.8k |
| MORGAN STANLEY 0.01% of their portfolio | 2.1m $83.3m | Added +42.9k |
| JANUS HENDERSON GROUP PLC 0.04% of their portfolio | 1.8m $73.2m | Added +1.3m |
| Deep Track Capital, LP 2.28% of their portfolio | 1.8m $70.9m | Added +265.7k |
| Frazier Life Sciences Management, L.P. 2.26% of their portfolio | 1.4m $56.6m | Unchanged |
| TORONTO DOMINION BANK 0.09% of their portfolio | 1.0m $40.6m | Reduced -872.8k |
| Assenagon Asset Management S.A. 0.06% of their portfolio | 997.6k $40.4m | Reduced -127.7k |
| LORD, ABBETT & CO. LLC 0.13% of their portfolio | 995.4k $40.3m | Reduced -336.3k |
| STATE STREET CORP 0.00% of their portfolio | 980.9k $39.7m | Added +70.2k |
| MACQUARIE GROUP LTD 0.05% of their portfolio | 948.9k $38.4m | Added +56.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 934.4k $37.9m | Added +69.0k |
| Invesco Ltd. 0.01% of their portfolio | 928.5k $37.6m | Added +102.0k |
| Driehaus Capital Management LLC 0.28% of their portfolio | 876.5k $35.5m | Added +158.7k |
| D. E. Shaw & Co., Inc. 0.03% of their portfolio | 723.2k $29.3m | Added +312.5k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.04% of their portfolio | 543.0k $22.0m | Added +33.0k |
| Artisan Partners Limited Partnership 0.03% of their portfolio | 539.3k $21.8m | Reduced -63.9k |
| Ensign Peak Advisors, Inc 0.03% of their portfolio | 487.3k $19.7m | Unchanged |
| NORGES BANK 0.00% of their portfolio | 471.4k $19.1m | Added +80.3k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 466.3k $18.9m | Added +37.1k |
| Qube Research & Technologies Ltd 0.03% of their portfolio | 459.4k $18.6m | Added +212.6k |
| Clearbridge Investments, LLC 0.01% of their portfolio | 444.5k $18.0m | New |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 398.0k $16.1m | Added +96.5k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 383.9k $15.6m | Reduced -49.3k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 379.1k $15.4m | Added +376.0k |
| Rock Springs Capital Management LP 0.94% of their portfolio | 373.8k $15.1m | Added +19.4k |
| J. Goldman & Co LP 0.46% of their portfolio | 364.6k $14.8m | Added +224.3k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 357.2k $14.5m | Reduced -6.3k |
| MPM BIOIMPACT LLC 2.40% of their portfolio | 341.5k $13.8m | New |
| Nuveen, LLC 0.00% of their portfolio | 336.9k $13.6m | Added +72.4k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 329.3k $13.3m | Added +39.0k |
| Cormorant Asset Management, LP 0.91% of their portfolio | 300.0k $12.2m | Reduced -100.0k |
| Tetragon Partners GP Ltd 1.83% of their portfolio | 250.0k $10.1m | Added +71.5k |
| Capitolis Liquid Global Markets LLC 0.07% of their portfolio | 242.1k $9.8m | New |
| Jump Financial, LLC 0.12% of their portfolio | 237.1k $9.6m | Added +188.3k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 229.2k $9.3m | Reduced -763.4k |
| Integral Health Asset Management, LLC 0.76% of their portfolio | 200.0k $8.1m | Unchanged |
| ORBIMED ADVISORS LLC 0.20% of their portfolio | 197.9k $8.0m | Reduced -455.8k |
| Ikarian Capital, LLC 2.63% of their portfolio | 196.5k $8.0m | Reduced -288.5k |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 182.4k $7.4m | Added +61.6k |
| Tri Locum Partners LP 2.18% of their portfolio | 177.7k $7.2m | New |
| Sands Capital Alternatives, LLC 1.36% of their portfolio | 170.0k $6.9m | Unchanged |
| Jefferies Financial Group Inc. 0.11% of their portfolio | 163.0k $6.6m | Added +84.2k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 152.3k $6.2m | Added +76.6k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 145.2k $5.9m | Added +10.6k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 140.6k $5.7m | Added +112.6k |
| Balyasny Asset Management L.P. 0.01% of their portfolio | 138.0k $5.6m | Added +78.3k |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.06% of their portfolio | 133.0k $5.4m | Added +2.7k |
| Allspring Global Investments Holdings, LLC 0.01% of their portfolio | 132.6k $5.4m | Reduced -36.2k |
| BARCLAYS PLC 0.00% of their portfolio | 127.6k $5.2m | Added +74.7k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 127.0k $5.1m | Added +67.1k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 123.6k $5.0m | Added +7.5k |
| Ally Bridge Group (NY) LLC 4.29% of their portfolio | 121.2k $4.9m | Reduced -6.8k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 106.8k $4.3m | Added +5.8k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 105.1k $4.3m | New |
| Squarepoint Ops LLC 0.01% of their portfolio | 102.6k $4.2m | Added +45.0k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 102.4k $4.1m | Reduced -49.1k |
| Woodline Partners LP 0.02% of their portfolio | 100.1k $4.1m | Unchanged |
| Trexquant Investment LP 0.04% of their portfolio | 94.6k $3.8m | New |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 92.1k $3.7m | Reduced -216.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 86.4k $3.5m | Added +15.2k |
| Pictet Asset Management Holding SA 0.00% of their portfolio | 80.2k $3.2m | Reduced -4.5k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 79.9k $3.2m | Added +8.3k |
| GILDER GAGNON HOWE & CO LLC 0.03% of their portfolio | 77.2k $3.1m | Reduced -339.6k |
| Lisanti Capital Growth, LLC 0.85% of their portfolio | 75.5k $3.1m | Added +5.3k |
| Swiss National Bank 0.00% of their portfolio | 63.5k $2.6m | Added +8.0k |
| PDT Partners, LLC 0.14% of their portfolio | 63.0k $2.6m | New |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 62.2k $2.5m | Added +17.9k |
| Baird Financial Group, Inc. 0.00% of their portfolio | 61.7k $2.5m | Reduced -49.1k |
| Aberdeen Group plc 0.00% of their portfolio | 61.6k $2.5m | Added +9.7k |
| Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio | 60.5k $2.5m | New |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.01% of their portfolio | 58.6k $2.4m | New |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 58.1k $2.4m | Reduced -189.1k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 57.6k $2.3m | Added +6.0k |
| FEDERATED HERMES, INC. 0.00% of their portfolio | 55.0k $2.2m | Added +339 |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 53.6k $2.2m | Added +37.3k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 53.0k $2.1m | Reduced -2.8k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 52.3k $2.1m | Reduced -8.5k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio | 51.8k $2.1m | Added +16.4k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 44.7k $1.8m | Added +24.3k |
| TD Asset Management Inc 0.00% of their portfolio | 43.3k $1.8m | Reduced -9.2k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 43.0k $1.7m | Unchanged |
| E. Ohman J:or Asset Management AB 0.04% of their portfolio | 41.0k $1.7m | Reduced -2.0k |
| Quantbot Technologies LP 0.04% of their portfolio | 40.3k $1.6m | Added +24.3k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 39.1k $1.6m | Unchanged |
| Aquatic Capital Management LLC 0.03% of their portfolio | 36.4k $1.5m | New |
| VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 36.1k $1.5m | Reduced -21.7k |
| Legal & General Group Plc 0.00% of their portfolio | 35.4k $1.4m | Added +7.8k |
| SG Americas Securities, LLC 0.01% of their portfolio | 34.0k $1.4m | Added +28.8k |
| Schonfeld Strategic Advisors LLC 0.01% of their portfolio | 32.4k $1.3m | Added +19.7k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 30.1k $1.2m | Reduced -7.3k |
| BOOTHBAY FUND MANAGEMENT, LLC 0.04% of their portfolio | 29.8k $1.2m | Reduced -91.4k |
| UBS Group AG 0.00% of their portfolio | 28.5k $1.2m | Reduced -64.2k |
| Man Group plc 0.00% of their portfolio | 27.1k $1.1m | New |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 25.4k $1.0m | Unchanged |
| Graham Capital Management, L.P. 0.03% of their portfolio | 24.8k $1.0m | Added +18.3k |