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 ($2.6m this quarter). Holder counts are more reliable. Shares outstanding: 42.4m as of 2025-10-29, 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 ≈ $81.87. Options: 4 managers hold calls ($27.3m notional), 1 hold puts ($671.4k).
Trends to Q4 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 |
| Q3 2025 | 220 |
| Q4 2025 | 246 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 107 | 38 |
| Q2 2024 | 90 | 75 |
| Q3 2024 | 93 | 69 |
| Q4 2024 | 107 | 77 |
| Q1 2025 | 101 | 103 |
| Q2 2025 | 128 | 80 |
| Q3 2025 | 103 | 111 |
| Q4 2025 | 127 | 108 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $1.4m | $626.7k | 0.45 |
| Q2 2025 | $417.1k | $0 | 0.00 |
| Q3 2025 | $3.1m | $1.1m | 0.36 |
| Q4 2025 | $27.3m | $671.4k | 0.02 |
Biggest buyers
| FMR LLC | Added | +625.3k |
| JANUS HENDERSON GROUP PLC | Added | +491.3k |
| FRANKLIN RESOURCES INC | Added | +314.8k |
| BANK OF AMERICA CORP /DE/ | Added | +222.1k |
| RTW INVESTMENTS, LP | Added | +157.9k |
| BNP PARIBAS FINANCIAL MARKETS | Added | +151.8k |
| Driehaus Capital Management LLC | Added | +141.4k |
| MORGAN STANLEY | Added | +128.3k |
| VANGUARD GROUP INC | Added | +127.5k |
| Invesco Ltd. | Added | +75.4k |
Biggest sellers
| TANG CAPITAL MANAGEMENT LLC | Reduced | -1.3m |
| MACQUARIE GROUP LTD | Sold out | -833.4k |
| Frazier Life Sciences Management, L.P. | Reduced | -438.9k |
| JENNISON ASSOCIATES LLC | Reduced | -374.5k |
| Capricorn Fund Managers Ltd | Reduced | -218.0k |
| Jump Financial, LLC | Reduced | -137.9k |
| LORD, ABBETT & CO. LLC | Reduced | -130.0k |
| Tetragon Partners GP Ltd | Sold out | -125.0k |
| Affinity Asset Advisors, LLC | Sold out | -125.0k |
| Artisan Partners Limited Partnership | Reduced | -121.8k |
Biggest calls
| JANE STREET GROUP, LLC | New | $15.1m184.3k shares |
| Caption Management, LLC | Added | $8.2m100.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $2.4m29.5k shares |
| MILLENNIUM MANAGEMENT LLC | New | $1.6m20.0k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $671.4k8.2k 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.
| 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 Q4 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 |
|---|---|---|---|---|---|
| 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 |
| Q3 2025 | 0 | — | 2 | $2.2m | $632.2k |
| Q4 2025 | 0 | — | 4 | $3.1m | $3.0m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-12-24 | Azamian Bobak R. President/CEO and Board Chair, director · By the Bobak Azamian Living Trust established April 16, 2018 | Sold plan | $495.1k6.0k shares |
| 2025-12-16 | Whitfield Dianne C. Chief Human Resources Officer | Sold plan | $592.5k7.4k shares |
| 2025-12-16 | Lin Elizabeth Yeu Chief Medical Officer | Sold | $165.2k2.1k shares |
| 2025-12-15 | LINK WILLIAM J PHD Director | Sold plan | $923.2k11.4k shares |
| 2025-12-15 | LINK WILLIAM J PHD Director | Sold plan | $846.9k10.4k shares |
| 2025-12-15 | LINK WILLIAM J PHD Director | Sold plan | $94.6k1.1k 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, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.01% of their portfolio | 3.8m $310.4m | Added +10.9k |
| RTW INVESTMENTS, LP 2.74% of their portfolio | 3.3m $273.1m | Added +157.9k |
| Deep Track Capital, LP 5.61% of their portfolio | 3.0m $246.0m | Added +4.0k |
| Paradigm Biocapital Advisors LP 5.62% of their portfolio | 2.6m $209.8m | Reduced -103.5k |
| VANGUARD GROUP INC 0.00% of their portfolio | 2.4m $196.5m | Added +127.5k |
| JENNISON ASSOCIATES LLC 0.11% of their portfolio | 2.2m $182.6m | Reduced -374.5k |
| MORGAN STANLEY 0.01% of their portfolio | 2.0m $167.1m | Added +128.3k |
| JANUS HENDERSON GROUP PLC 0.07% of their portfolio | 1.9m $158.1m | Added +491.3k |
| TANG CAPITAL MANAGEMENT LLC 4.81% of their portfolio | 1.2m $97.3m | Reduced -1.3m |
| Driehaus Capital Management LLC 0.65% of their portfolio | 1.2m $96.0m | Added +141.4k |
| Assenagon Asset Management S.A. 0.14% of their portfolio | 1.1m $92.3m | Reduced -120.2k |
| Invesco Ltd. 0.01% of their portfolio | 1.0m $82.9m | Added +75.4k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 947.8k $77.6m | Added +3.3k |
| STATE STREET CORP 0.00% of their portfolio | 929.1k $76.1m | Reduced -7.1k |
| LORD, ABBETT & CO. LLC 0.21% of their portfolio | 855.6k $70.1m | Reduced -130.0k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 758.1k $62.1m | Added +222.1k |
| Frazier Life Sciences Management, L.P. 1.60% of their portfolio | 728.6k $59.7m | Reduced -438.9k |
| FMR LLC 0.00% of their portfolio | 647.1k $53.0m | Added +625.3k |
| D. E. Shaw & Co., Inc. 0.04% of their portfolio | 615.2k $50.4m | Added +16.8k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.07% of their portfolio | 584.7k $47.9m | First filing |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 518.8k $42.5m | Added +65.9k |
| TORONTO DOMINION BANK 0.07% of their portfolio | 510.3k $41.8m | Reduced -107.3k |
| Clearbridge Investments, LLC 0.03% of their portfolio | 506.1k $41.4m | Reduced -60.9k |
| Ensign Peak Advisors, Inc 0.07% of their portfolio | 474.1k $38.8m | Reduced -8.3k |
| LOOMIS SAYLES & CO L P 0.04% of their portfolio | 441.9k $36.2m | Added +52.0k |
| Artisan Partners Limited Partnership 0.05% of their portfolio | 436.6k $35.7m | Reduced -121.8k |
| Qube Research & Technologies Ltd 0.05% of their portfolio | 401.2k $32.9m | Reduced -121.0k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 378.7k $31.0m | Added +37.7k |
| BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio | 356.1k $29.2m | Added +151.8k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 342.5k $28.0m | Reduced -15.6k |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 337.0k $27.6m | Added +314.8k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 333.1k $27.3m | Added +199 |
| TimesSquare Capital Management, LLC 0.41% of their portfolio | 332.4k $27.2m | Added +64.9k |
| MPM BIOIMPACT LLC 3.08% of their portfolio | 328.9k $26.9m | Reduced -12.6k |
| Nuveen, LLC 0.01% of their portfolio | 322.5k $26.4m | Reduced -8.2k |
| Rock Springs Capital Management LP 1.09% of their portfolio | 260.3k $21.3m | Reduced -28.0k |
| Cormorant Asset Management, LP 1.16% of their portfolio | 250.0k $20.5m | Reduced -50.0k |
| Integral Health Asset Management, LLC 0.83% of their portfolio | 200.0k $16.4m | Reduced -50.0k |
| Connor, Clark & Lunn Investment Management Ltd. 0.04% of their portfolio | 173.3k $14.2m | Added +69.5k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.02% of their portfolio | 161.8k $13.3m | Added +61.8k |
| ORBIMED ADVISORS LLC 0.26% of their portfolio | 154.4k $12.6m | Reduced -43.5k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 153.8k $12.6m | Added +5.4k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.01% of their portfolio | 151.1k $12.4m | Added +19.8k |
| Allspring Global Investments Holdings, LLC 0.02% of their portfolio | 130.4k $10.5m | Added +1.6k |
| Jump Financial, LLC 0.13% of their portfolio | 128.1k $10.5m | Reduced -137.9k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 119.1k $9.7m | Added +20.3k |
| Jefferies Financial Group Inc. 0.08% of their portfolio | 118.8k $9.7m | Added +5.7k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 118.2k $9.7m | Reduced -66.2k |
| NORGES BANK 0.00% of their portfolio | 117.6k $9.6m | Not comparable |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 117.0k $9.6m | Added +16.4k |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.10% of their portfolio | 114.5k $9.4m | Reduced -7.9k |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 111.8k $9.2m | Added +59.9k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio | 109.9k $9.0m | Added +18.3k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 107.8k $8.8m | Reduced -1.6k |
| Woodline Partners LP 0.03% of their portfolio | 100.2k $8.2m | Unchanged |
| Sands Capital Alternatives, LLC 1.34% of their portfolio | 85.0k $7.0m | Reduced -85.0k |
| BARCLAYS PLC 0.00% of their portfolio | 80.8k $6.6m | Reduced -11.3k |
| Squadron Capital Management LLC 2.92% of their portfolio | 80.0k $6.6m | First filing |
| Voleon Capital Management LP 0.14% of their portfolio | 77.4k $6.3m | Added +54.4k |
| Informed Momentum Co LLC 0.67% of their portfolio | 72.9k $6.0m | New |
| COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio | 68.3k $5.6m | Added +1.3k |
| UBS Group AG 0.00% of their portfolio | 66.9k $5.5m | Reduced -51.7k |
| GordonMD Global Investments LP 3.91% of their portfolio | 66.7k $5.5m | First filing |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 66.3k $5.4m | Added +3.7k |
| Lisanti Capital Growth, LLC 1.25% of their portfolio | 64.3k $5.3m | Added +21.3k |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 64.1k $5.2m | Added +22.5k |
| TD Asset Management Inc 0.00% of their portfolio | 64.0k $5.2m | Added +11.3k |
| PDT Partners, LLC 0.33% of their portfolio | 63.0k $5.2m | Unchanged |
| Swiss National Bank 0.00% of their portfolio | 62.4k $5.1m | Added +1.3k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 56.6k $4.6m | Reduced -97.7k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 55.3k $4.5m | Added +1.3k |
| Trexquant Investment LP 0.04% of their portfolio | 54.5k $4.5m | Added +34.5k |
| HighVista Strategies LLC 1.13% of their portfolio | 53.6k $4.4m | Added +28.7k |
| CITIGROUP INC 0.00% of their portfolio | 52.0k $4.3m | Added +11.4k |
| ExodusPoint Capital Management, LP 0.05% of their portfolio | 51.5k $4.2m | New |
| Public Sector Pension Investment Board 0.01% of their portfolio | 50.0k $4.1m | New |
| FEDERATED HERMES, INC. 0.01% of their portfolio | 49.3k $4.0m | Added +34.1k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 47.1k $3.9m | Reduced -9.4k |
| Baird Financial Group, Inc. 0.01% of their portfolio | 46.9k $3.8m | Reduced -7.0k |
| ALGERT GLOBAL LLC 0.06% of their portfolio | 46.0k $3.8m | New |
| SEI INVESTMENTS CO 0.00% of their portfolio | 43.3k $3.5m | Added +11.8k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 43.2k $3.5m | Reduced -5.5k |
| CAXTON ASSOCIATES LLP 0.07% of their portfolio | 41.0k $3.4m | New |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 40.7k $3.3m | Reduced -300 |
| Walleye Capital LLC 0.02% of their portfolio | 40.3k $3.3m | Added +30.8k |
| F/m Investments LLC 0.12% of their portfolio | 39.2k $3.2m | New |
| VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 38.1k $3.1m | Added +6.1k |
| Point72 Asset Management, L.P. 0.00% of their portfolio | 37.6k $3.1m | New |
| Pictet Asset Management Holding SA 0.00% of their portfolio | 37.6k $3.1m | Reduced -36.1k |
| SILVERARC CAPITAL MANAGEMENT, LLC 0.43% of their portfolio | 36.1k $3.0m | New |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 35.6k $2.9m | Reduced -13.7k |
| ALPS ADVISORS INC 0.02% of their portfolio | 34.8k $2.8m | Added +13.3k |
| Calamos Advisors LLC 0.01% of their portfolio | 34.4k $2.8m | New |
| E. Ohman J:or Asset Management AB 0.06% of their portfolio | 33.3k $2.7m | Reduced -5.0k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio | 31.9k $2.6m | Added +332 |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 31.5k $2.2m | Reduced -5.6k |
| Ikarian Capital, LLC 0.33% of their portfolio | 31.2k $2.6m | Reduced -42.5k |
| Legal & General Group Plc 0.00% of their portfolio | 31.1k $2.5m | Reduced -215 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 30.2k $2.5m | Reduced -4 |
| Penserra Capital Management LLC 0.03% of their portfolio | 29.4k $2.4m | New |