Vault-13

VERONA PHARMA PLC VRNA

SPONSORED ADS · ADR · CUSIP 925050106

244 institutional holders -50 vs Q2 2025
81,788,35981.8m shares reported held*
$8.7bnreported value*
83 new 49 added 79 reduced 137 sold out net sold ≈ $699.5m (-6.6m shares)

* 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 ($14.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $106.68. Options: 15 managers hold calls ($78.3m notional), 11 hold puts ($59.8m).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 69Q4 22: 89Q1 23: 96Q2 23: 106Q3 23: 103Q4 23: 118Q1 24: 114Q2 24: 126Q3 24: 151Q4 24: 192Q1 25: 261Q2 25: 294Q3 25: 244244Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 202269
Q4 202289
Q1 202396
Q2 2023106
Q3 2023103
Q4 2023118
Q1 2024114
Q2 2024126
Q3 2024151
Q4 2024192
Q1 2025261
Q2 2025294
Q3 2025244

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
4000400Q4 23: 56 bought or addedQ4 23: 39 cut or sold outQ1 24: 59 bought or addedQ1 24: 47 cut or sold outQ1 24Q2 24: 69 bought or addedQ2 24: 46 cut or sold outQ3 24: 83 bought or addedQ3 24: 67 cut or sold outQ3 24Q4 24: 104 bought or addedQ4 24: 70 cut or sold outQ1 25: 157 bought or addedQ1 25: 99 cut or sold outQ1 25Q2 25: 148 bought or addedQ2 25: 140 cut or sold outQ3 25: 132 bought or addedQ3 25: 216 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20235639
Q1 20245947
Q2 20246946
Q3 20248367
Q4 202410470
Q1 202515799
Q2 2025148140
Q3 2025132216

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$100m$200m$300m$400mQ4 24 calls: $71.2mQ4 24 puts: $16.7mQ4 24P/C 0.24Q1 25 calls: $70.5mQ1 25 puts: $144.0mQ1 25P/C 2.04Q2 25 calls: $102.0mQ2 25 puts: $327.7mQ2 25P/C 3.21Q3 25 calls: $78.3mQ3 25 puts: $59.8mQ3 25P/C 0.76
Numbers
QuarterCallsPutsP/C
Q4 2024$71.2m$16.7m0.24
Q1 2025$70.5m$144.0m2.04
Q2 2025$102.0m$327.7m3.21
Q3 2025$78.3m$59.8m0.76

Biggest buyers

Pentwater Capital Management LP New +5,300,000+5.3m
FIL Ltd New +3,488,500+3.5m
BlackRock, Inc. Added +3,483,014+3.5m
GLAZER CAPITAL, LLC New +3,205,878+3.2m
JPMORGAN CHASE & CO Added +2,472,933+2.5m
WHITEBOX ADVISORS LLC New +1,566,501+1.6m
MILLENNIUM MANAGEMENT LLC Added +1,419,570+1.4m
MORGAN STANLEY Added +1,393,574+1.4m
BARCLAYS PLC Added +1,283,105+1.3m
Balyasny Asset Management L.P. Added +1,269,777+1.3m

Biggest sellers

JANUS HENDERSON GROUP PLC Reduced -5,123,841-5.1m
PERCEPTIVE ADVISORS LLC Reduced -4,983,503-5.0m
Darwin Global Management, Ltd. Sold out -4,129,618-4.1m
RTW INVESTMENTS, LP Sold out -3,051,878-3.1m
EVENTIDE ASSET MANAGEMENT, LLC Reduced -2,034,395-2.0m
FARALLON CAPITAL MANAGEMENT, L.L.C. Sold out -1,810,000-1.8m
PRICE T ROWE ASSOCIATES INC /MD/ Sold out -1,789,513-1.8m
WELLINGTON MANAGEMENT GROUP LLP Reduced -1,611,216-1.6m
Hood River Capital Management LLC Reduced -1,543,585-1.5m
Caligan Partners LP Sold out -1,436,878-1.4m

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $24.3m227.8k shares
Walleye Trading LLC Added $12.0m112.7k shares
CITADEL ADVISORS LLC Reduced $10.0m94.1k shares
GROUP ONE TRADING LLC Reduced $9.7m91.3k shares
JANE STREET GROUP, LLC Reduced $9.1m85.4k shares
TUDOR INVESTMENT CORP ET AL Reduced $2.9m27.2k shares
BOOTHBAY FUND MANAGEMENT, LLC New $2.7m25.0k shares
WOLVERINE TRADING, LLC Reduced $1.7m16.4k shares
Belvedere Trading LLC New $1.6m15.1k shares
D. E. Shaw & Co., Inc. Reduced $1.1m10.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $28.2m264.1k shares
JANE STREET GROUP, LLC Reduced $9.5m88.8k shares
WATER ISLAND CAPITAL LLC New $9.0m84.1k shares
Walleye Trading LLC Added $4.7m44.4k shares
CITADEL ADVISORS LLC Reduced $3.9m36.5k shares
GROUP ONE TRADING LLC Reduced $3.0m28.4k shares
TUDOR INVESTMENT CORP ET AL Reduced $747.0k7.0k shares
CSS LLC/IL New $394.8k3.7k shares
WOLVERINE TRADING, LLC Reduced $362.5k3.4k shares
FNY Investment Advisers, LLC New $1.0k12 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.

No one currently above 5% in the filings since 19 Dec 2024.

Fell to 5% or below in the last year: PERCEPTIVE ADVISORS LLC (0.0%, 2025-11-14), JANUS HENDERSON GROUP PLC (1.2%, 2025-11-14), Pentwater Capital Management LP (0.0%, 2025-11-14)

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Pentwater Capital Management LP 5.08% of their portfolio Naples, FL 5,300,0005.3m $565.6m $565.6m 5.08% New
2 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 13.74% of their portfolio CHICAGO, IL 4,283,4624.3m $457.1m $457.1m 13.74% Not comparable
3 HBK INVESTMENTS L P 6.71% of their portfolio DALLAS, TX 4,263,5764.3m $455.0m $455.0m 6.71% Not comparable
4 BlackRock, Inc. 0.01% of their portfolio New York, NY 3,826,7103.8m $408.3m $408.3m 0.01% Added +3.5m +3,483,014
5 FIL Ltd 0.29% of their portfolio HAMILTON, D0 3,488,5003.5m $372.3m $372.3m 0.29% New
6 Frazier Life Sciences Management, L.P. 10.82% of their portfolio PALO ALTO, CA 3,383,9503.4m $361.1m $361.1m 10.82% Unchanged
7 Davidson Kempner Capital Management LP 4.88% of their portfolio New York, NY 3,271,6233.3m $349.1m $349.1m 4.88% Not comparable
8 GLAZER CAPITAL, LLC 11.49% of their portfolio New York, NY 3,205,8783.2m $342.1m $342.1m 11.49% New
9 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 2,829,5402.8m $301.9m $301.9m 0.01% Added +2.5m +2,472,933
10 NEA Management Company, LLC 13.19% of their portfolio TIMONIUM, MD 2,252,9942.3m $240.4m $240.4m 13.19% Reduced -10.1k -10,144
11 GOLDMAN SACHS GROUP INC 0.03% of their portfolio NEW YORK, NY 1,935,2781.9m $206.5m $206.5m 0.03% Reduced -682.0k -682,019
12 Balyasny Asset Management L.P. 0.40% of their portfolio Chicago, IL 1,863,4261.9m $198.8m $198.8m 0.40% Added +1.3m +1,269,777
13 MILLENNIUM MANAGEMENT LLC 0.15% of their portfolio NEW YORK, NY 1,796,7381.8m $191.7m $191.7m 0.15% Added +1.4m +1,419,570
14 SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC 6.20% of their portfolio Boston, MA 1,785,4071.8m $190.5m $190.5m 6.20% Reduced -358.9k -358,879
15 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 1,575,9041.6m $168.2m $168.2m 0.01% Added +1.4m +1,393,574
16 WHITEBOX ADVISORS LLC 3.11% of their portfolio MINNEAPOLIS, MN 1,566,5011.6m $167.2m $167.2m 3.11% New
17 BARCLAYS PLC 0.05% of their portfolio LONDON, X0 1,393,7161.4m $148.7m $148.7m 0.05% Added +1.3m +1,283,105
18 Vivo Capital, LLC 11.97% of their portfolio Palo Alto, CA 1,393,4321.4m $148.7m $148.7m 11.97% Unchanged
19 SYQUANT CAPITAL SAS 37.01% of their portfolio PARIS, I0 1,208,3121.2m $128.9m $128.9m 37.01% New
20 ALPINE ASSOCIATES MANAGEMENT INC. 7.52% of their portfolio PALM BEACH, FL 1,157,0501.2m $123.5m $123.5m 7.52% New
21 JANUS HENDERSON GROUP PLC 0.05% of their portfolio LONDON, X0 1,010,5641.0m $107.8m $107.8m 0.05% Reduced -5.1m -5,123,841
22 Duquesne Family Office LLC 2.72% of their portfolio New York, NY 1,002,0801.0m $106.9m $106.9m 2.72% Unchanged
23 Polar Asset Management Partners Inc. 2.10% of their portfolio TORONTO, A6 970,000970.0k $103.5m $103.5m 2.10% Added +958.4k +958,400
24 KRYGER CAPITAL Ltd 11.86% of their portfolio LONDON, X0 962,341962.3k $102.7m $102.7m 11.86% New
25 First Trust Capital Management L.P. 6.26% of their portfolio CHICAGO, IL 909,123909.1k $97.0m $97.0m 6.26% New
26 Qube Research & Technologies Ltd 0.12% of their portfolio LONDON, X0 811,841811.8k $86.6m $86.6m 0.12% Added +492.1k +492,120
27 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 721,212721.2k $77.0m $77.0m 0.01% Added +267.9k +267,936
28 ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio NASHVILLE, TN 718,343718.3k $76.7m $76.7m 0.02% Added +596.8k +596,752
29 EVENTIDE ASSET MANAGEMENT, LLC 1.19% of their portfolio Boston, MA 680,929680.9k $72.7m $72.7m 1.19% Reduced -2.0m -2,034,395
30 TIG Advisors, LLC 4.19% of their portfolio New York, NY 635,267635.3k $67.8m $67.8m 4.19% New
31 Magnetar Financial LLC 0.41% of their portfolio EVANSTON, IL 628,260628.3k $67.0m $67.0m 0.41% New
32 Affinity Asset Advisors, LLC 6.21% of their portfolio NEW YORK, NY 625,000625.0k $66.7m $66.7m 6.21% Added +15.0k +15,000
33 RENAISSANCE TECHNOLOGIES LLC 0.09% of their portfolio NEW YORK, NY 615,900615.9k $65.7m $65.7m 0.09% Added +468.5k +468,500
34 Aisling Capital Management LP 14.39% of their portfolio NEW YORK, NY 615,352615.4k $65.7m $65.7m 14.39% Unchanged
35 NEXPOINT ASSET MANAGEMENT, L.P. 5.55% of their portfolio Dallas, TX 584,601584.6k $62.4m $62.4m 5.55% New
36 PERCEPTIVE ADVISORS LLC 1.62% of their portfolio NEW YORK, NY 524,088524.1k $55.9m $55.9m 1.62% Reduced -5.0m -4,983,503
37 Verition Fund Management LLC 0.31% of their portfolio GREENWICH, CT 517,012517.0k $55.2m $55.2m 0.31% Added +504.0k +503,969
38 AQR Arbitrage LLC 1.39% of their portfolio Greenwich, CT 513,778513.8k $54.8m $54.8m 1.39% New
39 Twin Securities, Inc. 26.94% of their portfolio New York, NY 501,113501.1k $53.5m $53.5m 26.94% New
40 HIGHBRIDGE CAPITAL MANAGEMENT LLC 2.70% of their portfolio NEW YORK, NY 500,000500.0k $53.4m $53.4m 2.70% New
41 Westchester Capital Management, LLC 2.68% of their portfolio VALHALLA, NY 483,655483.7k $51.6m $51.6m 2.68% New
42 ODDO BHF ASSET MANAGEMENT SAS 1.90% of their portfolio PARIS, I0 467,471467.5k $49.9m $49.9m 1.90% Added +222.1k +222,113
43 CITADEL ADVISORS LLC 0.04% of their portfolio MIAMI, FL 461,869461.9k $49.3m $49.3m 0.04% Reduced -934.8k -934,775
44 Hudson Bay Capital Management LP 0.30% of their portfolio STAMFORD, CT 455,334455.3k $48.6m $48.6m 0.30% New
45 Schonfeld Strategic Advisors LLC 0.33% of their portfolio NEW YORK, NY 438,062438.1k $46.7m $46.7m 0.33% Added +395.1k +395,112
46 Man Group plc 0.09% of their portfolio LONDON, X0 415,732415.7k $44.4m $44.4m 0.09% New
47 Absolute Gestao de Investimentos Ltda. 5.83% of their portfolio SAO PAULO, D5 413,432413.4k $44.1m $44.1m 5.83% New
48 TUDOR INVESTMENT CORP ET AL 0.28% of their portfolio STAMFORD, CT 400,000400.0k $42.7m $42.7m 0.28% New
49 Artia Global Partners LP 7.12% of their portfolio MIAMI, FL 379,004379.0k $40.4m $40.4m 7.12% Reduced -545.2k -545,200
50 CAPSTONE INVESTMENT ADVISORS, LLC 0.35% of their portfolio NEW YORK, NY 375,000375.0k $40.0m $40.0m 0.35% New
51 GABELLI FUNDS LLC 0.27% of their portfolio Rye, NY 372,744372.7k $39.8m $39.8m 0.27% New
52 NEUBERGER BERMAN GROUP LLC 0.03% of their portfolio NEW YORK, NY 337,445337.4k $36.0m $36.0m 0.03% Added +259.3k +259,300
53 D. E. Shaw & Co., Inc. 0.03% of their portfolio New York, NY 337,143337.1k $36.0m $36.0m 0.03% Reduced -1.1m -1,078,076
54 Woodline Partners LP 0.16% of their portfolio San Francisco, CA 317,587317.6k $33.9m $33.9m 0.16% Added +16.8k +16,760
55 Capula Management Ltd 0.23% of their portfolio Grand Cayman, E9 295,665295.7k $31.6m $31.6m 0.23% Not comparable
56 WATER ISLAND CAPITAL LLC 4.43% of their portfolio NEW YORK, NY 290,182290.2k $31.0m $31.0m 4.43% New
57 SOROS FUND MANAGEMENT LLC 0.48% of their portfolio NEW YORK, NY 285,185285.2k $30.4m $30.4m 0.48% New
58 Birnam Oak Advisors, LP 7.26% of their portfolio New York, NY 277,604277.6k $29.6m $29.6m 7.26% New
59 NWI MANAGEMENT LP 1.47% of their portfolio NEW YORK, NY 270,000270.0k $28.8m $28.8m 1.47% Unchanged
60 GABELLI & Co INVESTMENT ADVISERS, INC. 4.54% of their portfolio Rye, NY 265,266265.3k $28.3m $28.3m 4.54% New
61 Grantham, Mayo, Van Otterloo & Co. LLC 0.08% of their portfolio Boston, MA 264,115264.1k $28.2m $28.2m 0.08% New
62 READYSTATE ASSET MANAGEMENT LP 1.36% of their portfolio CHICAGO, IL 262,265262.3k $28.0m $28.0m 1.36% Added +207.3k +207,265
63 PICTON MAHONEY ASSET MANAGEMENT 0.33% of their portfolio Toronto, A6 245,000245.0k $26.1m $26.1m 0.33% New
64 Taconic Capital Advisors LP 7.36% of their portfolio NEW YORK, NY 232,930232.9k $24.9m $24.9m 7.36% Not comparable
65 CITIGROUP INC 0.02% of their portfolio NEW YORK, NY 231,508231.5k $24.7m $24.7m 0.02% Added +226.6k +226,624
66 P SCHOENFELD ASSET MANAGEMENT LP 6.68% of their portfolio NEW YORK, NY 221,200221.2k $23.6m $23.6m 6.68% New
67 Cinctive Capital Management LP 1.18% of their portfolio New York, NY 221,054221.1k $23.6m $23.6m 1.18% Added +161.4k +161,400
68 HARVEST MANAGEMENT LLC 10.85% of their portfolio New York, NY 207,000207.0k $22.1m $22.1m 10.85% New
69 Hennion & Walsh Asset Management, Inc. 0.72% of their portfolio Parsippany, NJ 185,819185.8k $19.8m $19.8m 0.72% Reduced -12.7k -12,695
70 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.01% of their portfolio BOSTON, MA 185,303185.3k $19.8m $19.8m 0.01% New
71 LOOMIS SAYLES & CO L P 0.02% of their portfolio BOSTON, MA 177,769177.8k $19.0m $19.0m 0.02% Reduced -453.9k -453,940
72 Atika Capital Management LLC 1.60% of their portfolio NEW YORK, NY 176,000176.0k $18.8m $18.8m 1.60% Reduced -36.5k -36,500
73 Slotnik Capital, LLC 6.57% of their portfolio DALLAS, TX 170,834170.8k $18.2m $18.2m 6.57% New
74 GARDNER LEWIS ASSET MANAGEMENT L P 4.63% of their portfolio CHADDS FORD, PA 165,592165.6k $17.7m $17.7m 4.63% New
75 GAMCO INVESTORS, INC. ET AL 0.17% of their portfolio GREENWICH, CT 163,800163.8k $17.5m $17.5m 0.17% New
76 PRELUDE CAPITAL MANAGEMENT, LLC 1.34% of their portfolio NEW YORK, NY 160,565160.6k $17.1m $17.1m 1.34% New
77 Focus Partners Wealth 0.03% of their portfolio ST LOUIS, MO 150,005150.0k $16.0m $16.0m 0.03% New
78 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.03% of their portfolio TORONTO, A6 150,000150.0k $16.0m $16.0m 0.03% New
79 FNY Investment Advisers, LLC 5.10% of their portfolio NEW YORK, NY 148,120148.1k $15.8m $15.8m 5.10% New
80 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 147,768147.8k $15.8m $15.8m 0.02% Added +121.4k +121,418
81 ANGELO GORDON & CO., L.P. 1.89% of their portfolio NEW YORK, NY 145,000145.0k $15.5m $15.5m 1.89% New
82 LMR Partners LLP 0.20% of their portfolio LONDON, X0 143,200143.2k $15.3m $15.3m 0.20% New
83 CREDIT INDUSTRIEL ET COMMERCIAL 2.34% of their portfolio PARIS FRANCE, I0 137,552137.6k $14.7m $14.7m 2.34% New
84 Chicago Capital Management, LLC 12.37% of their portfolio CHICAGO, IL 129,600129.6k $13.8m $13.8m 12.37% New
85 Groupe la Francaise 0.18% of their portfolio PARIS, I0 127,309127.3k $13.6m $13.6m 0.18% New
86 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 127,177127.2k $13.6m $13.6m 0.00% Reduced -1.0m -1,032,485
87 Clearbridge Investments, LLC 0.01% of their portfolio NEW YORK, NY 119,217119.2k $12.7m $12.7m 0.01% Reduced -16.6k -16,582
88 Quantessence Capital LLC 3.72% of their portfolio NEW YORK, NY 110,237110.2k $11.8m $11.8m 3.72% New
89 Melqart Asset Management (UK) Ltd 1.54% of their portfolio London, X0 107,991108.0k $11.5m $11.5m 1.54% New
90 Rosalind Advisors, Inc. 3.77% of their portfolio TORONTO, A6 100,000100.0k $10.7m $10.7m 3.77% Unchanged
91 Trium Capital LLP 4.18% of their portfolio LONDON, X0 99,83799.8k $10.7m $10.7m 4.18% Not comparable
92 Quarry LP 2.59% of their portfolio NEW YORK, NY 99,30099.3k $10.6m $10.6m 2.59% Added +97.6k +97,600
93 Yakira Capital Management, Inc. 3.91% of their portfolio Westport, CT 98,50098.5k $10.5m $10.5m 3.91% New
94 KENNEDY CAPITAL MANAGEMENT LLC 0.23% of their portfolio ST LOUIS, MO 98,37898.4k $10.5m $10.5m 0.23% Reduced -10.7k -10,672
95 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 95,53995.5k $10.2m $10.2m 0.00% Reduced -19.2k -19,238
96 TOKIO MARINE ASSET MANAGEMENT CO LTD 0.36% of their portfolio Tokyo, M0 95,00095.0k $10.1m $10.1m 0.36% Added +84.0k +84,003
97 NOMURA HOLDINGS INC 0.04% of their portfolio TOKYO, M0 92,29892.3k $9.8m $9.8m 0.04% New
98 UBS Group AG 0.00% of their portfolio ZURICH, V8 89,88789.9k $9.6m $9.6m 0.00% Reduced -1.1m -1,096,294
99 Legal & General Group Plc 0.00% of their portfolio London, X0 81,65481.7k $8.7m $8.7m 0.00% Added +1.4k +1,374
100 PFM Health Sciences, LP 0.73% of their portfolio SAN FRANCISCO, CA 80,41680.4k $8.6m $8.6m 0.73% Unchanged