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 ($604.5k this quarter). Holder counts are more reliable. Shares outstanding: 43.9m as of 2026-07-30, 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 ≈ $62.95. Options: 8 managers hold calls ($30.3m notional), 5 hold puts ($29.5m).
Trends to Q2 2026
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 |
| Q1 2026 | 253 |
| Q2 2026 | 257 |
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 2024 | 93 | 69 |
| Q4 2024 | 107 | 77 |
| Q1 2025 | 101 | 103 |
| Q2 2025 | 128 | 80 |
| Q3 2025 | 103 | 111 |
| Q4 2025 | 127 | 108 |
| Q1 2026 | 129 | 117 |
| Q2 2026 | 140 | 117 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $3.1m | $1.1m | 0.36 |
| Q4 2025 | $27.3m | $671.4k | 0.02 |
| Q1 2026 | $19.2m | $14.6m | 0.76 |
| Q2 2026 | $30.3m | $29.5m | 0.97 |
Biggest buyers
| MILLENNIUM MANAGEMENT LLC | Added | +862.5k |
| Vestal Point Capital, LP | Added | +850.0k |
| Assenagon Asset Management S.A. | Added | +614.8k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | New | +427.0k |
| TANG CAPITAL MANAGEMENT LLC | Added | +379.6k |
| WASATCH ADVISORS LP | New | +368.6k |
| BlackRock, Inc. | Added | +303.5k |
| GOLDMAN SACHS GROUP INC | Added | +303.1k |
| Paradigm Biocapital Advisors LP | Added | +213.5k |
| MACKENZIE FINANCIAL CORP | New | +191.4k |
Biggest sellers
| Driehaus Capital Management LLC | Reduced | -608.5k |
| LORD, ABBETT & CO. LLC | Reduced | -363.0k |
| BRAIDWELL LP | Sold out | -265.7k |
| Point72 Asset Management, L.P. | Sold out | -226.3k |
| Nuveen, LLC | Reduced | -218.5k |
| Qube Research & Technologies Ltd | Reduced | -207.7k |
| Integral Health Asset Management, LLC | Sold out | -200.0k |
| M&G PLC | Sold out | -166.4k |
| Cormorant Asset Management, LP | Reduced | -125.0k |
| MORGAN STANLEY | Reduced | -117.2k |
Biggest calls
| JANE STREET GROUP, LLC | Reduced | $12.0m190.1k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $11.9m188.5k shares |
| TORONTO DOMINION BANK | New | $3.0m47.0k shares |
| MILLENNIUM MANAGEMENT LLC | Unchanged | $1.9m30.0k shares |
| CITADEL ADVISORS LLC | Added | $1.4m21.7k shares |
| Belvedere Trading LLC | New | $207.7k3.3k shares |
| GROUP ONE TRADING LLC | Unchanged | $44.1k700 shares |
| SIMPLEX TRADING, LLC | Added | $12.6k200 shares |
Biggest puts
| Caption Management, LLC | Added | $25.8m410.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $2.8m45.0k shares |
| CITADEL ADVISORS LLC | Added | $673.5k10.7k shares |
| SIMPLEX TRADING, LLC | New | $113.3k1.8k shares |
| Belvedere Trading LLC | New | $62.9k1.0k 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 since 1 Apr 2026
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 |
|---|---|---|---|---|---|
| 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 |
| Q1 2026 | 0 | — | 8 | $9.2m | $3.0m |
| Q2 2026 | 0 | — | 4 | $2.5m | $1.6m |
| Q3 2026 | 0 | — | 4 | $5.2m | $5.2m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-09-15 | LINK WILLIAM J PHD Director | Sold plan | $979.7k12.5k shares |
| 2026-09-04 | Lin Elizabeth Yeu Chief Medical Officer | Sold plan | $942.6k10.8k shares |
| 2026-09-04 | Azamian Bobak R. President/CEO and Board Chair, director · By the Bobak Azamian Living Trust established April 16, 2018 | Sold plan | $905.6k10.0k shares |
| 2026-09-04 | Neervannan Seshadri Chief Operating Officer | Sold plan | $387.9k4.6k shares |
| 2026-09-04 | Lin Elizabeth Yeu Chief Medical Officer | Sold plan | $278.2k3.2k shares |
| 2026-09-02 | Azamian Bobak R. President/CEO and Board Chair, director · By the Bobak Azamian Living Trust established April 16, 2018 | Sold plan | $800.6k10.0k shares |
| 2026-09-02 | Lin Elizabeth Yeu Chief Medical Officer | Sold plan | $431.0k5.4k shares |
| 2026-09-02 | Lin Elizabeth Yeu Chief Medical Officer | Sold plan | $127.2k1.6k shares |
| 2026-09-01 | Lin Elizabeth Yeu Chief Medical Officer | Sold plan | $339.8k4.6k shares |
| 2026-06-17 | Azamian Bobak R. President/CEO and Board Chair, director · By the Bobak Azamian Living Trust established April 16, 2018 | Sold plan | $615.5k10.0k shares |
| 2026-06-16 | Farrow Jeffrey S Officer | Sold | $877.4k14.4k shares |
| 2026-06-15 | LINK WILLIAM J PHD Director | Sold plan | $776.5k12.5k shares |
| 2026-06-15 | Goodrich Katherine Director | Sold plan | $183.4k3.0k 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 2026
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.00% of their portfolio | 3.9m $242.7m | Added +303.5k |
| Deep Track Capital, LP 3.40% of their portfolio | 3.7m $230.8m | Added +66.8k |
| RTW INVESTMENTS, LP 1.80% of their portfolio | 3.4m $211.3m | Added +11.0k |
| Jupiter Topco LLC 0.07% of their portfolio | 2.8m $176.8m | First filing |
| Paradigm Biocapital Advisors LP 3.27% of their portfolio | 2.8m $174.7m | Added +213.5k |
| Assenagon Asset Management S.A. 0.08% of their portfolio | 1.9m $119.3m | Added +614.8k |
| MORGAN STANLEY 0.01% of their portfolio | 1.8m $115.0m | Reduced -117.2k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 1.8m $112.9m | Added +32.5k |
| JENNISON ASSOCIATES LLC 0.06% of their portfolio | 1.7m $104.7m | Reduced -48.5k |
| TANG CAPITAL MANAGEMENT LLC 4.48% of their portfolio | 1.6m $98.7m | Added +379.6k |
| MILLENNIUM MANAGEMENT LLC 0.06% of their portfolio | 1.4m $89.8m | Added +862.5k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.2m $75.1m | Reduced -1.2k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 1.1m $69.6m | Reduced -15.4k |
| STATE STREET CORP 0.00% of their portfolio | 1.1m $67.5m | Added +94.7k |
| Vestal Point Capital, LP 1.54% of their portfolio | 1.1m $66.1m | Added +850.0k |
| Invesco Ltd. 0.00% of their portfolio | 785.8k $49.5m | Added +43.3k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 742.7k $46.7m | Added +303.1k |
| Frazier Life Sciences Management, L.P. 1.00% of their portfolio | 728.6k $45.9m | Unchanged |
| D. E. Shaw & Co., Inc. 0.03% of their portfolio | 710.6k $44.7m | Reduced -80.6k |
| FMR LLC 0.00% of their portfolio | 672.9k $42.4m | Reduced -60.4k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.06% of their portfolio | 607.3k $38.2m | Added +107.4k |
| Clearbridge Investments, LLC 0.03% of their portfolio | 549.4k $34.6m | Added +4.0k |
| TORONTO DOMINION BANK 0.05% of their portfolio | 510.3k $32.1m | Unchanged |
| LORD, ABBETT & CO. LLC 0.09% of their portfolio | 479.3k $30.2m | Reduced -363.0k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 427.0k $26.9m | New |
| NORTHERN TRUST CORP 0.00% of their portfolio | 386.6k $24.3m | Added +33.7k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 385.1k $24.2m | Added +49.2k |
| LOOMIS SAYLES & CO L P 0.03% of their portfolio | 380.7k $24.0m | Reduced -27.2k |
| TimesSquare Capital Management, LLC 0.34% of their portfolio | 369.4k $23.2m | Reduced -19.2k |
| WASATCH ADVISORS LP 0.15% of their portfolio | 368.6k $23.2m | New |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 335.8k $21.1m | Added +7.7k |
| Tri Locum Partners LP 2.54% of their portfolio | 328.3k $20.7m | Added +75.8k |
| MPM BIOIMPACT LLC 1.24% of their portfolio | 322.0k $20.3m | Reduced -7.7k |
| Driehaus Capital Management LLC 0.12% of their portfolio | 317.6k $20.0m | Reduced -608.5k |
| Squarepoint Ops LLC 0.04% of their portfolio | 295.8k $18.6m | Added +54.8k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 286.3k $18.0m | Added +13.5k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 286.0k $18.0m | Reduced -47.7k |
| Artisan Partners Limited Partnership 0.03% of their portfolio | 284.9k $17.9m | Reduced -22.4k |
| Rock Springs Capital Management LP 0.85% of their portfolio | 277.1k $17.4m | Added +51.9k |
| Ensign Peak Advisors, Inc 0.03% of their portfolio | 268.7k $16.9m | Reduced -64.3k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 260.8k $16.4m | Reduced -14.0k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 241.7k $15.2m | Added +77.7k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 201.6k $12.7m | Reduced -101.9k |
| MACKENZIE FINANCIAL CORP 0.01% of their portfolio | 191.4k $12.0m | New |
| Parkman Healthcare Partners LLC 0.97% of their portfolio | 150.0k $9.4m | New |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 140.0k $8.7m | Added +109.5k |
| Allspring Global Investments Holdings, LLC 0.01% of their portfolio | 130.3k $7.9m | Reduced -1.3k |
| Caption Management, LLC 0.27% of their portfolio | 120.7k $7.6m | Added +84.3k |
| Jefferies Financial Group Inc. 0.07% of their portfolio | 118.8k $7.5m | Unchanged |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 117.8k $7.4m | Reduced -5.1k |
| Seven Fleet Capital Management LP 1.31% of their portfolio | 117.1k $7.9m | Added +97.3k |
| Qube Research & Technologies Ltd 0.01% of their portfolio | 116.4k $7.3m | Reduced -207.7k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 114.5k $7.2m | Added +7.7k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 111.6k $7.0m | Added +22.3k |
| Woodline Partners LP 0.02% of their portfolio | 100.4k $6.3m | Unchanged |
| Cormorant Asset Management, LP 0.32% of their portfolio | 100.0k $6.3m | Reduced -125.0k |
| Schonfeld Strategic Advisors LLC 0.03% of their portfolio | 99.8k $6.3m | New |
| CANADA PENSION PLAN INVESTMENT BOARD 0.00% of their portfolio | 98.9k $6.2m | Reduced -53.3k |
| Nuveen, LLC 0.00% of their portfolio | 96.8k $6.1m | Reduced -218.5k |
| XTX Topco Ltd 0.08% of their portfolio | 95.1k $6.0m | Added +43.5k |
| Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio | 91.0k $5.7m | Reduced -20.5k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 89.5k $5.6m | Reduced -56.4k |
| HighVista Strategies LLC 1.25% of their portfolio | 87.1k $5.5m | Added +34.6k |
| Sands Capital Alternatives, LLC 0.87% of their portfolio | 85.0k $5.3m | Unchanged |
| COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio | 79.9k $5.0m | Reduced -1.0k |
| UBS Group AG 0.00% of their portfolio | 73.5k $4.6m | Reduced -8.6k |
| Freestone Grove Partners LP 0.03% of their portfolio | 68.4k $4.3m | New |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.04% of their portfolio | 67.8k $4.3m | Reduced -3.3k |
| CITIGROUP INC 0.00% of their portfolio | 67.3k $4.2m | Added +13.0k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 65.5k $4.1m | Reduced -56.4k |
| FEDERATED HERMES, INC. 0.01% of their portfolio | 65.1k $4.1m | Added +16.0k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.01% of their portfolio | 61.6k $3.9m | Reduced -47.2k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 61.5k $3.9m | Reduced -1.2k |
| Emerald Investment Advisers, LLC 0.25% of their portfolio | 59.7k $3.8m | Added +19.9k |
| Swiss National Bank 0.00% of their portfolio | 59.7k $3.8m | Reduced -3.2k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio | 59.7k $3.8m | Reduced -7.4k |
| Eversept Partners, LP 0.19% of their portfolio | 55.7k $3.5m | New |
| Y-Intercept (Hong Kong) Ltd 0.07% of their portfolio | 54.7k $3.4m | Added +43.5k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.01% of their portfolio | 53.6k $3.4m | New |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 52.7k $3.3m | Added +5.8k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 51.0k $3.6m | Added +10.4k |
| EFG International AG 0.05% of their portfolio | 46.6k $2.9m | Added +12.4k |
| Cinctive Capital Management LP 0.12% of their portfolio | 46.2k $2.9m | Reduced -22.6k |
| E. Ohman J:or Asset Management AB 0.07% of their portfolio | 45.8k $2.9m | Added +3.7k |
| Trexquant Investment LP 0.02% of their portfolio | 44.2k $2.8m | Added +20.5k |
| Voleon Capital Management LP 0.05% of their portfolio | 43.4k $2.7m | Reduced -25.5k |
| ALPS ADVISORS INC 0.01% of their portfolio | 43.4k $2.7m | Added +8.7k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 42.0k $2.6m | Added +11.6k |
| Odyssean, LLC 0.42% of their portfolio | 41.4k $2.6m | Added +27.7k |
| PFM Health Sciences, LP 0.22% of their portfolio | 40.6k $2.6m | Reduced -39.6k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 40.2k $2.5m | Added +24.1k |
| Vontobel Holding Ltd. 0.01% of their portfolio | 40.0k $2.5m | Added +30.2k |
| Atika Capital Management LLC 0.25% of their portfolio | 40.0k $2.5m | New |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 39.3k $2.5m | Added +3.4k |
| Baird Financial Group, Inc. 0.00% of their portfolio | 38.9k $2.4m | Reduced -3.1k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 38.2k $2.4m | Added +794 |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 38.1k $2.4m | Added +28.4k |
| BARCLAYS PLC 0.00% of their portfolio | 36.7k $2.3m | Added +8.7k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 36.4k $2.3m | Reduced -1.3k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 36.0k $2.3m | Added +17.0k |