UNITED THERAPEUTICS CORP DEL UTHR
COM · Common Stock · CUSIP 91307C102 · ISIN US91307C1027
Biotech company based in Silver Spring, Maryland, United States
- SectorHealth care
- IndustryPharmaceutical Preparations
- HeadquartersSilver Spring, MD
- Founded1996
- Websiteunither.com
- 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 ($52.0m this quarter). Holder counts are more reliable. Shares outstanding: 43.1m as of 2025-10-22, 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 ≈ $419.23. Options: 25 managers hold calls ($623.8m notional), 27 hold puts ($1.3bn).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 460 |
| Q4 2022 | 512 |
| Q1 2023 | 508 |
| Q2 2023 | 476 |
| Q3 2023 | 510 |
| Q4 2023 | 536 |
| Q1 2024 | 524 |
| Q2 2024 | 568 |
| Q3 2024 | 627 |
| Q4 2024 | 674 |
| Q1 2025 | 673 |
| Q2 2025 | 672 |
| Q3 2025 | 708 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 251 | 211 |
| Q1 2024 | 265 | 243 |
| Q2 2024 | 295 | 249 |
| Q3 2024 | 302 | 274 |
| Q4 2024 | 340 | 255 |
| Q1 2025 | 333 | 310 |
| Q2 2025 | 350 | 291 |
| Q3 2025 | 319 | 350 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $46.0m | $37.9m | 0.82 |
| Q1 2025 | $43.4m | $44.7m | 1.03 |
| Q2 2025 | $133.5m | $104.6m | 0.78 |
| Q3 2025 | $623.8m | $1.3bn | 2.03 |
Biggest buyers
| Darwin Global Management, Ltd. | New | +748.5k |
| CITIGROUP INC | Added | +508.9k |
| JPMORGAN CHASE & CO | Added | +253.3k |
| Eversept Partners, LP | Added | +193.9k |
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +186.4k |
| MILLENNIUM MANAGEMENT LLC | Added | +181.5k |
| JANUS HENDERSON GROUP PLC | Added | +173.2k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | +153.3k |
| CITADEL ADVISORS LLC | Added | +133.0k |
| Tri Locum Partners LP | New | +122.2k |
Biggest sellers
| Caisse de depot et placement du Quebec | Reduced | -384.6k |
| Avoro Capital Advisors LLC | Reduced | -347.8k |
| VICTORY CAPITAL MANAGEMENT INC | Reduced | -286.9k |
| AQR CAPITAL MANAGEMENT LLC | Reduced | -286.7k |
| MARSHALL WACE, LLP | Sold out | -276.5k |
| Invesco Ltd. | Reduced | -247.5k |
| STATE STREET CORP | Reduced | -244.9k |
| Amundi | Reduced | -232.8k |
| AustralianSuper Pty Ltd | Reduced | -189.8k |
| ROYAL BANK OF CANADA | Reduced | -181.7k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $146.5m349.5k shares |
| CITIGROUP INC | Added | $136.2m325.0k shares |
| Caption Management, LLC | Added | $106.3m253.6k shares |
| CITADEL ADVISORS LLC | Added | $45.7m108.9k shares |
| JANE STREET GROUP, LLC | Added | $42.8m102.1k shares |
| LMR Partners LLP | New | $32.4m77.4k shares |
| IMC-Chicago, LLC | Added | $19.7m47.0k shares |
| WOLVERINE TRADING, LLC | Added | $16.6m39.2k shares |
| Walleye Trading LLC | Added | $16.4m39.2k shares |
| GROUP ONE TRADING LLC | Added | $15.3m36.4k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $345.6m824.3k shares |
| LMR Partners LLP | New | $168.1m401.0k shares |
| CITIGROUP INC | Added | $148.8m355.0k shares |
| Caption Management, LLC | Added | $129.9m309.8k shares |
| Ikarian Capital, LLC | New | $88.0m209.8k shares |
| JANE STREET GROUP, LLC | Added | $83.0m198.1k shares |
| NOMURA HOLDINGS INC | New | $48.1m114.7k shares |
| Sofinnova Investments, Inc. | New | $40.7m97.1k shares |
| BOOTHBAY FUND MANAGEMENT, LLC | New | $36.4m86.9k shares |
| 683 Capital Management, LLC | New | $31.5m75.2k 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 |
|---|---|
| ROTHBLATT MARTINE A 13G · exempt (held before listing) filed 2026-08-14 | 5.3% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 5.2% |
Fell to 5% or below in the last year: WELLINGTON MANAGEMENT GROUP LLP (3.2%, 2026-08-13), VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q3 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 |
|---|---|---|---|---|---|
| Q4 2023 | 0 | — | 3 | $9.2m | $8.2m |
| Q1 2024 | 0 | — | 5 | $76.0m | $74.3m |
| Q2 2024 | 0 | — | 9 | $101.4m | $79.0m |
| Q3 2024 | 0 | — | 6 | $77.2m | $65.3m |
| Q4 2024 | 0 | — | 8 | $81.6m | $61.4m |
| Q1 2025 | 0 | — | 4 | $42.3m | $35.9m |
| Q2 2025 | 0 | — | 6 | $35.2m | $33.4m |
| Q3 2025 | 0 | — | 7 | $98.3m | $91.6m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-09-30 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.7m4.0k shares |
| 2025-09-29 | BENKOWITZ MICHAEL PRESIDENT AND COO · by Trust | Sold plan | $9.5m22.5k shares |
| 2025-09-29 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.7m4.0k shares |
| 2025-09-26 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold | $1.7m4.0k shares |
| 2025-09-25 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold | $1.7m4.0k shares |
| 2025-09-24 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.7m4.0k shares |
| 2025-09-24 | CAUSEY CHRISTOPHER Director | Sold | $440.0k1.0k shares |
| 2025-09-23 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.7m4.0k shares |
| 2025-09-22 | BENKOWITZ MICHAEL PRESIDENT AND COO · by Trust | Sold plan | $9.4m22.5k shares |
| 2025-09-22 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.7m4.0k shares |
| 2025-09-19 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.6m4.0k shares |
| 2025-09-19 | Olian Judy D. Director | Sold | $747.8k1.8k shares |
| 2025-09-18 | MAHON PAUL A EVP & GENERAL COUNSEL | Sold plan | $4.5m11.0k shares |
| 2025-09-18 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.6m4.0k shares |
| 2025-09-17 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.6m4.0k shares |
| 2025-09-16 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.6m4.0k shares |
| 2025-09-15 | BENKOWITZ MICHAEL PRESIDENT AND COO · by Trust | Sold plan | $9.0m22.5k shares |
| 2025-09-15 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.6m4.0k shares |
| 2025-09-12 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.6m4.0k shares |
| 2025-09-11 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.6m4.0k shares |
| 2025-09-10 | Thompson Tommy G Director | Sold | $1.8m4.6k shares |
| 2025-09-10 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.6m4.0k shares |
| 2025-09-09 | BENKOWITZ MICHAEL PRESIDENT AND COO · by Trust | Sold plan | $4.5m11.4k shares |
| 2025-09-09 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $3.2m8.0k shares |
| 2025-09-09 | MALCOLM JAN Director | Sold | $280.2k700 shares |
| 2025-09-08 | BENKOWITZ MICHAEL PRESIDENT AND COO · by Trust | Sold plan | $2.0m5.0k shares |
| 2025-09-04 | MAHON PAUL A EVP & GENERAL COUNSEL | Sold plan | $4.2m11.0k shares |
| 2025-09-02 | BENKOWITZ MICHAEL PRESIDENT AND COO · by Trust | Sold plan | $9.4m22.5k shares |
| 2025-09-02 | CAUSEY CHRISTOPHER Director | Sold plan | $1.3m3.0k shares |
| 2025-08-21 | MAHON PAUL A EVP & GENERAL COUNSEL | Sold plan | $3.4m11.0k shares |
The latest 30 of 33 trades.
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, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.04% of their portfolio | 5.4m $2.2bn | Added +19.3k |
| VANGUARD GROUP INC 0.03% of their portfolio | 4.4m $1.9bn | Reduced -30.2k |
| RENAISSANCE TECHNOLOGIES LLC 1.20% of their portfolio | 2.2m $911.1m | Added +54.3k |
| Avoro Capital Advisors LLC 10.97% of their portfolio | 2.0m $847.7m | Reduced -347.8k |
| STATE STREET CORP 0.03% of their portfolio | 1.9m $806.0m | Reduced -244.9k |
| WELLINGTON MANAGEMENT GROUP LLP 0.10% of their portfolio | 1.4m $586.4m | Reduced -44.2k |
| GEODE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio | 1.2m $522.9m | Added +49.3k |
| AQR CAPITAL MANAGEMENT LLC 0.27% of their portfolio | 986.5k $413.5m | Reduced -286.7k |
| Darwin Global Management, Ltd. 8.83% of their portfolio | 748.5k $317.6m | New |
| LSV ASSET MANAGEMENT 0.64% of their portfolio | 686.7k $287.9m | Reduced -177.9k |
| ASSETMARK, INC 0.58% of their portfolio | 645.9k $270.8m | Reduced -69.9k |
| Invesco Ltd. 0.04% of their portfolio | 637.2k $267.1m | Reduced -247.5k |
| CITIGROUP INC 0.16% of their portfolio | 551.5k $231.2m | Added +508.9k |
| DIMENSIONAL FUND ADVISORS LP 0.05% of their portfolio | 512.8k $215.0m | Reduced -60.9k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 495.9k $207.9m | Added +253.3k |
| JANUS HENDERSON GROUP PLC 0.09% of their portfolio | 454.7k $190.6m | Added +173.2k |
| NORTHERN TRUST CORP 0.02% of their portfolio | 447.0k $187.4m | Reduced -5.2k |
| MORGAN STANLEY 0.01% of their portfolio | 438.8k $184.0m | Added +41.3k |
| DEERFIELD MANAGEMENT COMPANY, L.P. 2.74% of their portfolio | 426.0k $178.6m | Reduced -114.6k |
| Bank of New York Mellon Corp 0.03% of their portfolio | 351.5k $147.3m | Reduced -11.0k |
| Pacer Advisors, Inc. 0.36% of their portfolio | 339.1k $142.1m | Reduced -170.7k |
| Swedbank AB 0.14% of their portfolio | 329.1k $138.0m | Reduced -1.5k |
| Pictet Asset Management Holding SA 0.13% of their portfolio | 321.5k $134.9m | Added +110.1k |
| FULLER & THALER ASSET MANAGEMENT, INC. 0.45% of their portfolio | 315.3k $132.2m | Reduced -71.7k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 312.9k $131.2m | Reduced -22.9k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 300.9k $126.2m | Added +186.4k |
| FIRST TRUST ADVISORS LP 0.09% of their portfolio | 300.5k $126.0m | Reduced -5.0k |
| Nuveen, LLC 0.03% of their portfolio | 287.1k $120.3m | Added +35.8k |
| CITADEL ADVISORS LLC 0.09% of their portfolio | 274.0k $114.9m | Added +133.0k |
| LORD, ABBETT & CO. LLC 0.34% of their portfolio | 269.1k $112.8m | Reduced -4.6k |
| MILLENNIUM MANAGEMENT LLC 0.09% of their portfolio | 258.6k $108.4m | Added +181.5k |
| Eversept Partners, LP 8.13% of their portfolio | 253.2k $106.2m | Added +193.9k |
| FMR LLC 0.01% of their portfolio | 250.3k $104.9m | Reduced -173.9k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.06% of their portfolio | 208.5k $87.4m | Reduced -130.6k |
| Epoch Investment Partners, Inc. 0.47% of their portfolio | 205.8k $86.3m | Reduced -85.7k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio | 203.2k $85.2m | Reduced -81.9k |
| Legal & General Group Plc 0.02% of their portfolio | 199.7k $83.7m | Added +1.1k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 192.8k $80.8m | Reduced -19.9k |
| Sofinnova Investments, Inc. 4.90% of their portfolio | 190.6k $79.9m | Added +72.1k |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 180.4k $75.6m | Reduced -115.7k |
| Thrivent Financial for Lutherans 0.15% of their portfolio | 176.8k $74.1m | Reduced -8.7k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.11% of their portfolio | 176.5k $74.0m | Added +153.3k |
| FRONTIER CAPITAL MANAGEMENT CO LLC 0.65% of their portfolio | 173.9k $72.9m | Reduced -24.6k |
| COMERICA BANK 0.25% of their portfolio | 158.0k $66.2m | Reduced -4.0k |
| HSBC HOLDINGS PLC 0.04% of their portfolio | 156.4k $65.6m | Reduced -28.4k |
| UBS Group AG 0.01% of their portfolio | 155.4k $65.1m | Added +51.3k |
| Soleus Capital Management, L.P. 3.36% of their portfolio | 150.0k $62.9m | Reduced -59.8k |
| SEIZERT CAPITAL PARTNERS, LLC 2.67% of their portfolio | 147.0k $61.6m | Added +21.4k |
| Balyasny Asset Management L.P. 0.12% of their portfolio | 146.9k $61.6m | Reduced -5.8k |
| California Public Employees Retirement System 0.04% of their portfolio | 146.7k $61.5m | Reduced -23.4k |
| ACADIAN ASSET MANAGEMENT LLC 0.10% of their portfolio | 139.9k $58.6m | Reduced -66.2k |
| TD Asset Management Inc 0.05% of their portfolio | 138.9k $58.2m | Added +6.6k |
| Amundi 0.02% of their portfolio | 130.0k $58.9m | Reduced -232.8k |
| RHUMBLINE ADVISERS 0.04% of their portfolio | 128.8k $54.0m | Reduced -287 |
| Swiss National Bank 0.03% of their portfolio | 123.5k $51.8m | Reduced -5.6k |
| Candriam S.C.A. 0.27% of their portfolio | 123.4k $51.7m | Added +40.2k |
| Tri Locum Partners LP 11.77% of their portfolio | 122.2k $51.2m | New |
| Polaris Capital Management, LLC 3.36% of their portfolio | 122.0k $51.2m | Reduced -5.6k |
| DEUTSCHE BANK AG\ 0.02% of their portfolio | 119.0k $49.9m | Reduced -6.5k |
| ORBIMED ADVISORS LLC 1.16% of their portfolio | 114.9k $48.2m | New |
| BARCLAYS PLC 0.02% of their portfolio | 112.8k $47.3m | Reduced -1.9k |
| VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio | 109.8k $46.0m | Reduced -286.9k |
| Schonfeld Strategic Advisors LLC 0.32% of their portfolio | 109.0k $45.7m | Added +106.5k |
| Aware Super Pty Ltd as trustee of Aware Super 0.61% of their portfolio | 106.5k $44.6m | Unchanged |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 105.8k $44.3m | Reduced -5.6k |
| Retirement Systems of Alabama 0.14% of their portfolio | 100.3k $42.0m | Reduced -18.7k |
| Point72 Asset Management, L.P. 0.09% of their portfolio | 99.8k $41.8m | New |
| Caisse de depot et placement du Quebec 0.07% of their portfolio | 98.1k $41.1m | Reduced -384.6k |
| AustralianSuper Pty Ltd 0.19% of their portfolio | 98.0k $41.1m | Reduced -189.8k |
| Krensavage Asset Management, LLC 17.44% of their portfolio | 97.6k $40.9m | Reduced -3.5k |
| PFM Health Sciences, LP 3.42% of their portfolio | 95.7k $40.1m | Added +59.3k |
| Sumitomo Mitsui Trust Group, Inc. 0.02% of their portfolio | 94.7k $39.7m | Reduced -5.5k |
| DekaBank Deutsche Girozentrale 0.07% of their portfolio | 93.5k $39.4m | Unchanged |
| Robeco Institutional Asset Management B.V. 0.06% of their portfolio | 91.1k $38.2m | Reduced -143.5k |
| Allspring Global Investments Holdings, LLC 0.06% of their portfolio | 89.8k $39.4m | Added +4.9k |
| First Turn Management, LLC 5.37% of their portfolio | 85.3k $35.8m | New |
| STOREBRAND ASSET MANAGEMENT AS 0.09% of their portfolio | 82.7k $34.7m | Reduced -8.8k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 81.5k $34.2m | Reduced -66.7k |
| Gotham Asset Management, LLC 0.15% of their portfolio | 81.0k $33.9m | Reduced -8.4k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 78.1k $32.7m | Reduced -29.6k |
| HRT FINANCIAL LP 0.14% of their portfolio | 75.6k $31.7m | New |
| Andra AP-fonden 0.40% of their portfolio | 73.8k $30.9m | Reduced -44.6k |
| BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio | 70.1k $29.4m | Added +25.2k |
| CAPITAL FUND MANAGEMENT S.A. 0.29% of their portfolio | 68.9k $28.9m | Added +20.4k |
| Kynam Capital Management, LP 1.49% of their portfolio | 67.6k $20.0m | New |
| CANADA LIFE ASSURANCE Co 0.04% of their portfolio | 67.2k $28.5m | Reduced -1.4k |
| Summit Street Capital Management, LLC 3.86% of their portfolio | 67.2k $28.2m | Reduced -13.7k |
| WEDGE CAPITAL MANAGEMENT L L P/NC 0.47% of their portfolio | 66.6k $27.9m | Reduced -29.3k |
| D. E. Shaw & Co., Inc. 0.02% of their portfolio | 64.7k $27.1m | Added +43.1k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.03% of their portfolio | 64.2k $26.9m | Added +3.9k |
| ATWOOD & PALMER INC 1.57% of their portfolio | 63.9k $26.8m | Reduced -44 |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 63.4k $26.6m | Added +3.7k |
| Man Group plc 0.05% of their portfolio | 63.0k $26.4m | Reduced -41.9k |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 62.7k $26.3m | Reduced -79.4k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio | 62.3k $26.1m | Added +5.2k |
| EVENTIDE ASSET MANAGEMENT, LLC 0.43% of their portfolio | 62.2k $26.1m | Added +15.0k |
| TOCQUEVILLE ASSET MANAGEMENT L.P. 0.38% of their portfolio | 61.7k $25.9m | Reduced -491 |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.09% of their portfolio | 61.6k $25.8m | Reduced -48.7k |
| Palo Alto Investors LP 4.51% of their portfolio | 58.2k $24.4m | Reduced -37.3k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 57.8k $24.2m | Reduced -15.3k |