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 ($46.1m 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 ≈ $486.33. Options: 14 managers hold calls ($390.2m notional), 15 hold puts ($351.8m).
Trends to Q4 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 |
| Q4 2025 | 838 |
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 | 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 |
| Q4 2025 | 435 | 312 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $43.4m | $44.7m | 1.03 |
| Q2 2025 | $133.5m | $104.6m | 0.78 |
| Q3 2025 | $623.8m | $1.3bn | 2.03 |
| Q4 2025 | $390.2m | $351.8m | 0.90 |
Biggest buyers
| WELLINGTON MANAGEMENT GROUP LLP | Added | +1.0m |
| Avoro Capital Advisors LLC | Added | +583.8k |
| JANUS HENDERSON GROUP PLC | Added | +341.4k |
| BAILLIE GIFFORD & CO | New | +323.0k |
| AQR CAPITAL MANAGEMENT LLC | Added | +295.2k |
| FULLER & THALER ASSET MANAGEMENT, INC. | Added | +265.9k |
| D. E. Shaw & Co., Inc. | Added | +242.3k |
| Caisse de depot et placement du Quebec | Added | +198.2k |
| JANE STREET GROUP, LLC | Added | +169.6k |
| FMR LLC | Added | +153.5k |
Biggest sellers
| Darwin Global Management, Ltd. | Sold out | -748.5k |
| CITIGROUP INC | Reduced | -367.1k |
| LSV ASSET MANAGEMENT | Reduced | -278.6k |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -264.1k |
| VANGUARD GROUP INC | Reduced | -242.6k |
| JPMORGAN CHASE & CO | Reduced | -233.7k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -194.5k |
| BlackRock, Inc. | Reduced | -182.2k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | -162.8k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Reduced | -139.2k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $148.7m305.1k shares |
| Caption Management, LLC | Reduced | $108.6m222.8k shares |
| JANE STREET GROUP, LLC | Unchanged | $49.7m102.1k shares |
| CITADEL ADVISORS LLC | Reduced | $33.4m68.5k shares |
| IMC-Chicago, LLC | Added | $29.6m60.8k shares |
| NOMURA HOLDINGS INC | Added | $12.9m26.5k shares |
| Walleye Trading LLC | Reduced | $4.2m8.6k shares |
| GROUP ONE TRADING LLC | Reduced | $633.4k1.3k shares |
| TUDOR INVESTMENT CORP ET AL | Added | $584.7k1.2k shares |
| D. E. Shaw & Co., Inc. | Reduced | $584.7k1.2k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $88.9m182.5k shares |
| Caption Management, LLC | Reduced | $77.9m159.8k shares |
| JANE STREET GROUP, LLC | Reduced | $51.7m106.2k shares |
| NOMURA HOLDINGS INC | Reduced | $31.3m64.3k shares |
| CITADEL ADVISORS LLC | Reduced | $24.4m50.0k shares |
| IMC-Chicago, LLC | Added | $22.3m45.8k shares |
| LMR Partners LLP | Reduced | $21.8m44.7k shares |
| CITIGROUP INC | Reduced | $9.7m20.0k shares |
| Walleye Trading LLC | Reduced | $8.9m18.2k shares |
| DLD Asset Management, LP | Added | $6.1m12.5k 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 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 | $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 |
| Q4 2025 | 0 | — | 9 | $340.7m | $336.6m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-12-29 | BENKOWITZ MICHAEL PRESIDENT AND COO · by Trust | Sold plan | $11.3m22.5k shares |
| 2025-12-24 | MAHON PAUL A EVP & GENERAL COUNSEL | Sold plan | $5.6m11.0k shares |
| 2025-12-23 | MALCOLM JAN Director | Sold plan | $25.6k50 shares |
| 2025-12-22 | BENKOWITZ MICHAEL PRESIDENT AND COO · by Trust | Sold plan | $11.6m22.5k shares |
| 2025-12-22 | SULLIVAN LOUIS W Director · by Trust | Sold | $3.0m6.0k shares |
| 2025-12-19 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.0m2.0k shares |
| 2025-12-18 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $2.0m4.0k shares |
| 2025-12-18 | Thompson Tommy G Director | Sold | $455.5k910 shares |
| 2025-12-17 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $2.0m4.0k shares |
| 2025-12-16 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $2.0m4.0k shares |
| 2025-12-15 | BENKOWITZ MICHAEL PRESIDENT AND COO · by Trust | Sold plan | $11.2m22.5k shares |
| 2025-12-15 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $2.0m4.0k shares |
| 2025-12-15 | EDGEMOND JAMES CFO AND TREASURER | Sold plan | $1.7m3.5k shares |
| 2025-12-15 | PATUSKY CHRISTOPHER Director | Sold | $495.9k1.0k shares |
| 2025-12-12 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $2.0m4.0k shares |
| 2025-12-11 | MAHON PAUL A EVP & GENERAL COUNSEL | Sold plan | $5.3m11.0k shares |
| 2025-12-11 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.9m4.0k shares |
| 2025-12-11 | MALCOLM JAN Director | Sold plan | $24.1k50 shares |
| 2025-12-10 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.9m4.0k shares |
| 2025-12-09 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.9m4.0k shares |
| 2025-12-09 | Mesa Nilda Director | Sold | $90.1k187 shares |
| 2025-12-08 | BENKOWITZ MICHAEL PRESIDENT AND COO · by Trust | Sold plan | $10.8m22.5k shares |
| 2025-12-08 | EDGEMOND JAMES CFO AND TREASURER | Sold plan | $10.1m21.0k shares |
| 2025-12-08 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.9m4.0k shares |
| 2025-12-05 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.9m4.0k shares |
| 2025-12-04 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.9m4.0k shares |
| 2025-12-03 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.9m4.0k shares |
| 2025-12-02 | ROTHBLATT MARTINE A Chairperson & CEO, director | Sold plan | $1.9m4.0k shares |
| 2025-12-01 | BENKOWITZ MICHAEL PRESIDENT AND COO · by Trust | Sold plan | $10.8m22.5k shares |
| 2025-12-01 | EDGEMOND JAMES CFO AND TREASURER | Sold plan | $10.1m21.0k shares |
The latest 30 of 90 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, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.04% of their portfolio | 5.2m $2.5bn | Reduced -182.2k |
| VANGUARD GROUP INC 0.03% of their portfolio | 4.2m $2.0bn | Reduced -242.6k |
| Avoro Capital Advisors LLC 12.48% of their portfolio | 2.6m $1.3bn | Added +583.8k |
| WELLINGTON MANAGEMENT GROUP LLP 0.21% of their portfolio | 2.4m $1.2bn | Added +1.0m |
| RENAISSANCE TECHNOLOGIES LLC 1.44% of their portfolio | 1.9m $930.3m | Reduced -264.1k |
| STATE STREET CORP 0.03% of their portfolio | 1.8m $897.7m | Reduced -80.2k |
| AQR CAPITAL MANAGEMENT LLC 0.33% of their portfolio | 1.3m $624.5m | Added +295.2k |
| GEODE CAPITAL MANAGEMENT, LLC 0.04% of their portfolio | 1.2m $580.2m | Reduced -56.6k |
| JANUS HENDERSON GROUP PLC 0.17% of their portfolio | 796.1k $387.8m | Added +341.4k |
| ASSETMARK, INC 0.63% of their portfolio | 635.0k $309.4m | Reduced -11.0k |
| Invesco Ltd. 0.03% of their portfolio | 608.8k $296.6m | Reduced -28.5k |
| NORGES BANK 0.03% of their portfolio | 602.2k $293.4m | Not comparable |
| FULLER & THALER ASSET MANAGEMENT, INC. 0.48% of their portfolio | 581.2k $283.2m | Added +265.9k |
| DIMENSIONAL FUND ADVISORS LP 0.05% of their portfolio | 528.2k $257.4m | Added +15.4k |
| DEERFIELD MANAGEMENT COMPANY, L.P. 2.66% of their portfolio | 426.0k $207.6m | Unchanged |
| NORTHERN TRUST CORP 0.03% of their portfolio | 418.4k $203.9m | Reduced -28.6k |
| LSV ASSET MANAGEMENT 0.43% of their portfolio | 408.1k $198.8m | Reduced -278.6k |
| FMR LLC 0.01% of their portfolio | 403.8k $196.8m | Added +153.5k |
| MORGAN STANLEY 0.01% of their portfolio | 389.3k $189.7m | Reduced -49.5k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.02% of their portfolio | 352.1k $171.6m | Added +51.2k |
| Bank of New York Mellon Corp 0.03% of their portfolio | 333.6k $162.6m | Reduced -17.8k |
| Swedbank AB 0.15% of their portfolio | 324.8k $158.2m | Reduced -4.3k |
| BAILLIE GIFFORD & CO 0.13% of their portfolio | 323.0k $157.4m | New |
| D. E. Shaw & Co., Inc. 0.11% of their portfolio | 307.0k $149.6m | Added +242.3k |
| Pictet Asset Management Holding SA 0.15% of their portfolio | 306.8k $149.7m | Reduced -14.7k |
| Caisse de depot et placement du Quebec 0.24% of their portfolio | 296.3k $144.4m | Added +198.2k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 289.9k $141.3m | Reduced -23.0k |
| HSBC HOLDINGS PLC 0.04% of their portfolio | 287.2k $140.1m | Added +130.9k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 262.2k $127.8m | Reduced -233.7k |
| LORD, ABBETT & CO. LLC 0.39% of their portfolio | 258.0k $125.7m | Reduced -11.0k |
| Eversept Partners, LP 6.90% of their portfolio | 252.6k $123.1m | Reduced -628 |
| Nuveen, LLC 0.03% of their portfolio | 251.8k $122.7m | Reduced -35.3k |
| Pacer Advisors, Inc. 0.31% of their portfolio | 241.9k $117.9m | Reduced -97.2k |
| VICTORY CAPITAL MANAGEMENT INC 0.06% of their portfolio | 228.4k $111.3m | Added +118.6k |
| UBS Group AG 0.02% of their portfolio | 225.8k $110.0m | Added +70.4k |
| FIRST TRUST ADVISORS LP 0.08% of their portfolio | 219.0k $106.7m | Reduced -81.5k |
| JANE STREET GROUP, LLC 0.13% of their portfolio | 216.8k $105.6m | Added +169.6k |
| ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio | 206.5k $100.6m | Added +26.1k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 205.1k $100.0m | Added +12.3k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio | 203.4k $99.1m | Added +158 |
| ACADIAN ASSET MANAGEMENT LLC 0.16% of their portfolio | 200.5k $97.7m | Added +60.7k |
| CITADEL ADVISORS LLC 0.06% of their portfolio | 187.2k $91.2m | Reduced -86.8k |
| Point72 Asset Management, L.P. 0.14% of their portfolio | 186.2k $90.7m | Added +86.4k |
| CITIGROUP INC 0.06% of their portfolio | 184.4k $89.9m | Reduced -367.1k |
| FRONTIER CAPITAL MANAGEMENT CO LLC 0.94% of their portfolio | 181.2k $88.3m | Added +7.2k |
| FRANKLIN RESOURCES INC 0.02% of their portfolio | 181.1k $88.3m | Added +118.5k |
| Legal & General Group Plc 0.02% of their portfolio | 173.6k $84.6m | Reduced -26.1k |
| Amundi 0.02% of their portfolio | 163.2k $79.5m | Added +33.2k |
| COMERICA BANK 0.31% of their portfolio | 161.7k $78.8m | Added +3.7k |
| Sofinnova Investments, Inc. 3.31% of their portfolio | 157.6k $76.8m | Reduced -33.0k |
| SEIZERT CAPITAL PARTNERS, LLC 3.00% of their portfolio | 145.5k $70.9m | Reduced -1.5k |
| Epoch Investment Partners, Inc. 0.39% of their portfolio | 142.3k $69.3m | Reduced -63.5k |
| Candriam S.C.A. 0.31% of their portfolio | 127.2k $62.0m | Added +3.8k |
| DEUTSCHE BANK AG\ 0.02% of their portfolio | 124.5k $60.7m | Added +5.4k |
| RHUMBLINE ADVISERS 0.05% of their portfolio | 121.8k $59.3m | Reduced -7.1k |
| Tri Locum Partners LP 7.65% of their portfolio | 120.9k $58.9m | Reduced -1.3k |
| Thrivent Financial for Lutherans 0.10% of their portfolio | 120.8k $58.9m | Reduced -56.0k |
| Swiss National Bank 0.03% of their portfolio | 117.7k $57.4m | Reduced -5.7k |
| Robeco Institutional Asset Management B.V. 0.08% of their portfolio | 113.8k $55.5m | Added +22.8k |
| TD Asset Management Inc 0.04% of their portfolio | 113.1k $55.1m | Reduced -25.7k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 110.8k $54.0m | Added +29.2k |
| ORBIMED ADVISORS LLC 1.05% of their portfolio | 105.2k $51.3m | Reduced -9.7k |
| Allspring Global Investments Holdings, LLC 0.08% of their portfolio | 104.8k $52.0m | Added +15.0k |
| Polaris Capital Management, LLC 4.19% of their portfolio | 103.7k $50.5m | Reduced -18.4k |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 101.0k $49.2m | Added +37.7k |
| Qube Research & Technologies Ltd 0.07% of their portfolio | 98.3k $47.9m | Added +68.7k |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 98.2k $47.8m | Reduced -7.6k |
| Retirement Systems of Alabama 0.15% of their portfolio | 97.3k $47.4m | Reduced -3.0k |
| STOREBRAND ASSET MANAGEMENT AS 0.12% of their portfolio | 93.8k $45.7m | Added +11.1k |
| DekaBank Deutsche Girozentrale 0.04% of their portfolio | 93.5k $24.2m | Unchanged |
| Sumitomo Mitsui Trust Group, Inc. 0.03% of their portfolio | 92.2k $44.9m | Reduced -2.5k |
| Krensavage Asset Management, LLC 15.71% of their portfolio | 91.3k $44.5m | Reduced -6.4k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 90.9k $44.3m | Added +12.8k |
| BARCLAYS PLC 0.02% of their portfolio | 90.9k $44.3m | Reduced -21.9k |
| California Public Employees Retirement System 0.02% of their portfolio | 83.4k $40.6m | Reduced -63.3k |
| Gotham Asset Management, LLC 0.14% of their portfolio | 80.0k $39.0m | Reduced -939 |
| Man Group plc 0.07% of their portfolio | 79.0k $38.5m | Added +16.0k |
| Corient Private Wealth LP 0.01% of their portfolio | 73.0k $17.8m | Added +56.1k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.02% of their portfolio | 69.4k $33.8m | Reduced -139.2k |
| AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio | 68.0k $33.1m | Added +31.8k |
| PFM Health Sciences, LP 3.34% of their portfolio | 67.7k $33.0m | Reduced -27.9k |
| Bridgewater Associates, LP 0.11% of their portfolio | 64.6k $31.5m | Added +48.5k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.04% of their portfolio | 64.5k $31.5m | New |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 64.1k $31.2m | Reduced -194.5k |
| First Turn Management, LLC 3.54% of their portfolio | 63.6k $31.0m | Reduced -21.7k |
| ATWOOD & PALMER INC 1.76% of their portfolio | 63.5k $31.0m | Reduced -348 |
| HRT FINANCIAL LP 0.12% of their portfolio | 63.4k $30.9m | Reduced -12.2k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.03% of their portfolio | 63.3k $30.8m | Reduced -881 |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio | 61.7k $30.3m | Reduced -591 |
| TOCQUEVILLE ASSET MANAGEMENT L.P. 0.43% of their portfolio | 61.1k $29.8m | Reduced -599 |
| WEDGE CAPITAL MANAGEMENT L L P/NC 0.53% of their portfolio | 60.7k $29.6m | Reduced -5.9k |
| Soleus Capital Management, L.P. 1.24% of their portfolio | 60.0k $29.2m | Reduced -90.0k |
| IEQ CAPITAL, LLC 0.09% of their portfolio | 59.0k $28.7m | Added +46.7k |
| Palo Alto Investors LP 3.95% of their portfolio | 58.2k $28.4m | Unchanged |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 57.3k $27.9m | Added +20.9k |
| Summit Street Capital Management, LLC 4.36% of their portfolio | 56.9k $27.7m | Reduced -10.3k |
| Balyasny Asset Management L.P. 0.05% of their portfolio | 55.9k $27.3m | Reduced -91.0k |
| Caption Management, LLC 1.18% of their portfolio | 55.1k $26.8m | Added +15.6k |
| Russell Investments Group, Ltd. 0.03% of their portfolio | 54.8k $26.8m | Added +11.9k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.05% of their portfolio | 52.0k $25.3m | Added +32.7k |