Vault-13

MERUS N V MRUS

COM · Common Stock · CUSIP N5749R100

269 institutional holders +66 vs Q2 2025
71,887,85671.9m shares reported held*
$6.8bnreported value*
99 new 66 added 73 reduced 39 sold out net sold ≈ $706.5m (-7.5m 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 ($320.5k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $94.09. Options: 16 managers hold calls ($169.0m notional), 13 hold puts ($82.2m).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 101Q4 22: 92Q1 23: 105Q2 23: 115Q3 23: 114Q4 23: 133Q1 24: 158Q2 24: 181Q3 24: 191Q4 24: 194Q1 25: 187Q2 25: 203Q3 25: 269269Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 2022101
Q4 202292
Q1 2023105
Q2 2023115
Q3 2023114
Q4 2023133
Q1 2024158
Q2 2024181
Q3 2024191
Q4 2024194
Q1 2025187
Q2 2025203
Q3 2025269

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q4 23: 68 bought or addedQ4 23: 53 cut or sold outQ1 24: 85 bought or addedQ1 24: 62 cut or sold outQ1 24Q2 24: 119 bought or addedQ2 24: 68 cut or sold outQ3 24: 105 bought or addedQ3 24: 68 cut or sold outQ3 24Q4 24: 96 bought or addedQ4 24: 86 cut or sold outQ1 25: 96 bought or addedQ1 25: 91 cut or sold outQ1 25Q2 25: 119 bought or addedQ2 25: 94 cut or sold outQ3 25: 165 bought or addedQ3 25: 112 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20236853
Q1 20248562
Q2 202411968
Q3 202410568
Q4 20249686
Q1 20259691
Q2 202511994
Q3 2025165112

Calls vs puts

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

CallsPuts
$0$50m$100m$150m$200mQ4 24 calls: $5.1mQ4 24 puts: $3.7mQ4 24P/C 0.74Q1 25 calls: $17.1mQ1 25 puts: $4.1mQ1 25P/C 0.24Q2 25 calls: $41.5mQ2 25 puts: $31.7mQ2 25P/C 0.76Q3 25 calls: $169.0mQ3 25 puts: $82.2mQ3 25P/C 0.49
Numbers
QuarterCallsPutsP/C
Q4 2024$5.1m$3.7m0.74
Q1 2025$17.1m$4.1m0.24
Q2 2025$41.5m$31.7m0.76
Q3 2025$169.0m$82.2m0.49

Biggest buyers

GLAZER CAPITAL, LLC New +1,619,372+1.6m
BlackRock, Inc. Added +1,121,073+1.1m
GOLDMAN SACHS GROUP INC Added +1,088,790+1.1m
KRYGER CAPITAL Ltd New +1,053,500+1.1m
Magnetar Financial LLC New +1,045,209+1.0m
Pentwater Capital Management LP New +970,000+970.0k
TIG Advisors, LLC New +868,145+868.1k
ALPINE ASSOCIATES MANAGEMENT INC. New +835,600+835.6k
JPMORGAN CHASE & CO Added +821,081+821.1k
TUDOR INVESTMENT CORP ET AL New +731,150+731.1k

Biggest sellers

FMR LLC Reduced -4,679,442-4.7m
WELLINGTON MANAGEMENT GROUP LLP Reduced -3,267,636-3.3m
Holocene Advisors, LP Reduced -2,058,500-2.1m
RTW INVESTMENTS, LP Reduced -1,975,276-2.0m
Polar Capital Holdings Plc Sold out -1,611,049-1.6m
FRANKLIN RESOURCES INC Reduced -1,335,960-1.3m
Driehaus Capital Management LLC Reduced -1,188,736-1.2m
PRICE T ROWE ASSOCIATES INC /MD/ Reduced -1,174,868-1.2m
Cormorant Asset Management, LP Sold out -1,120,000-1.1m
Siren, L.L.C. Sold out -853,467-853.5k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $39.3m417.4k shares
LMR Partners LLP New $28.2m300.0k shares
Paradigm Biocapital Advisors LP New $28.2m300.0k shares
SPHERA FUNDS MANAGEMENT LTD. New $14.1m150.0k shares
Caption Management, LLC Added $10.9m115.5k shares
MILLENNIUM MANAGEMENT LLC New $8.9m94.0k shares
GOLDMAN SACHS GROUP INC New $8.4m89.6k shares
GROUP ONE TRADING LLC Added $7.9m84.0k shares
CITADEL ADVISORS LLC Added $7.2m76.0k shares
SIG BROKERAGE, LP Added $5.6m60.0k shares

Biggest puts

GOLDMAN SACHS GROUP INC New $23.5m250.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $22.6m240.3k shares
Caption Management, LLC Reduced $9.9m105.0k shares
WATER ISLAND CAPITAL LLC New $9.0m96.0k shares
ExodusPoint Capital Management, LP New $5.8m61.1k shares
NOMURA HOLDINGS INC New $3.2m34.3k shares
CITADEL ADVISORS LLC Reduced $2.9m30.7k shares
JANE STREET GROUP, LLC Added $2.6m27.1k shares
SIMPLEX TRADING, LLC Reduced $2.4m25.4k shares
Decagon Asset Management LLP New $188.3k2.0k 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.

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

Fell to 5% or below in the last year: Paradigm Biocapital Advisors LP (0.0%, 2026-02-17), GENMAB A/S (0.0%, 2025-12-30)

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Paradigm Biocapital Advisors LP 12.18% of their portfolio NEW YORK, NY 4,373,7704.4m $411.8m $411.8m 12.18% Added +91.8k +91,816
2 Avoro Capital Advisors LLC 4.31% of their portfolio NEW YORK, NY 3,542,5003.5m $333.5m $333.5m 4.31% Added +386.9k +386,945
3 Commodore Capital LP 16.20% of their portfolio NEW YORK, NY 3,525,0003.5m $331.9m $331.9m 16.20% Unchanged
4 DEERFIELD MANAGEMENT COMPANY, L.P. 4.40% of their portfolio New York, NY 3,046,9163.0m $286.9m $286.9m 4.40% Reduced -337.7k -337,712
5 HBK INVESTMENTS L P 3.96% of their portfolio DALLAS, TX 2,850,0002.9m $268.3m $268.3m 3.96% Not comparable
6 FMR LLC 0.01% of their portfolio BOSTON, MA 2,810,9352.8m $264.6m $264.6m 0.01% Reduced -4.7m -4,679,442
7 BlackRock, Inc. 0.00% of their portfolio New York, NY 2,172,0152.2m $204.5m $204.5m 0.00% Added +1.1m +1,121,073
8 WESTFIELD CAPITAL MANAGEMENT CO LP 0.84% of their portfolio BOSTON, MA 2,132,4892.1m $200.8m $200.8m 0.84% Added +90.1k +90,101
9 RTW INVESTMENTS, LP 2.35% of their portfolio NEW YORK, NY 2,025,2772.0m $190.7m $190.7m 2.35% Reduced -2.0m -1,975,276
10 Woodline Partners LP 0.74% of their portfolio San Francisco, CA 1,674,1671.7m $157.6m $157.6m 0.74% Added +131.3k +131,267
11 GLAZER CAPITAL, LLC 5.12% of their portfolio New York, NY 1,619,3721.6m $152.5m $152.5m 5.12% New
12 Lynx1 Capital Management LP 29.40% of their portfolio DORADO, PR 1,534,1411.5m $144.4m $144.4m 29.40% Reduced -34.7k -34,700
13 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,512,0261.5m $142.4m $142.4m 0.00% Added +821.1k +821,081
14 PERCEPTIVE ADVISORS LLC 3.68% of their portfolio NEW YORK, NY 1,353,0931.4m $127.4m $127.4m 3.68% Added +644.9k +644,917
15 FEDERATED HERMES, INC. 0.21% of their portfolio PITTSBURGH, PA 1,249,1621.2m $117.6m $117.6m 0.21% Reduced -279.4k -279,425
16 Davidson Kempner Capital Management LP 1.63% of their portfolio New York, NY 1,233,9091.2m $116.2m $116.2m 1.63% Not comparable
17 ALLIANCEBERNSTEIN L.P. 0.04% of their portfolio NASHVILLE, TN 1,196,3251.2m $112.6m $112.6m 0.04% Added +94.0k +93,969
18 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 1,195,4081.2m $112.5m $112.5m 0.02% Added +1.1m +1,088,790
19 PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio BALTIMORE, MD 1,087,1431.1m $102.4m $102.4m 0.01% Reduced -1.2m -1,174,868
20 KRYGER CAPITAL Ltd 11.46% of their portfolio LONDON, X0 1,053,5001.1m $99.2m $99.2m 11.46% New
21 Magnetar Financial LLC 0.60% of their portfolio EVANSTON, IL 1,045,2091.0m $98.4m $98.4m 0.60% New
22 Pentwater Capital Management LP 0.82% of their portfolio Naples, FL 970,000970.0k $91.3m $91.3m 0.82% New
23 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 898,822898.8k $84.6m $84.6m 0.02% Reduced -235.0k -235,035
24 TIG Advisors, LLC 5.05% of their portfolio New York, NY 868,145868.1k $81.7m $81.7m 5.05% New
25 ALPINE ASSOCIATES MANAGEMENT INC. 4.79% of their portfolio PALM BEACH, FL 835,600835.6k $78.7m $78.7m 4.79% New
26 NOVO HOLDINGS A/S 4.55% of their portfolio HELLERUP, G7 750,000750.0k $70.6m $70.6m 4.55% Unchanged
27 Hudson Bay Capital Management LP 0.42% of their portfolio STAMFORD, CT 740,394740.4k $69.7m $69.7m 0.42% Added +725.8k +725,843
28 TUDOR INVESTMENT CORP ET AL 0.45% of their portfolio STAMFORD, CT 731,150731.1k $68.8m $68.8m 0.45% New
29 MILLENNIUM MANAGEMENT LLC 0.05% of their portfolio NEW YORK, NY 699,029699.0k $65.8m $65.8m 0.05% Added +683.2k +683,233
30 JANUS HENDERSON GROUP PLC 0.03% of their portfolio LONDON, X0 662,140662.1k $62.3m $62.3m 0.03% Reduced -167.4k -167,418
31 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 1.85% of their portfolio CHICAGO, IL 654,126654.1k $61.6m $61.6m 1.85% Added +637.4k +637,422
32 Balyasny Asset Management L.P. 0.12% of their portfolio Chicago, IL 644,283644.3k $60.7m $60.7m 0.12% New
33 CITADEL ADVISORS LLC 0.05% of their portfolio MIAMI, FL 614,538614.5k $57.9m $57.9m 0.05% Added +278.9k +278,944
34 ADAGE CAPITAL PARTNERS GP, L.L.C. 0.09% of their portfolio Boston, MA 600,000600.0k $56.5m $56.5m 0.09% Reduced -233.4k -233,397
35 TANG CAPITAL MANAGEMENT LLC 2.17% of their portfolio SAN DIEGO, CA 600,000600.0k $56.5m $56.5m 2.17% Unchanged
36 Rock Springs Capital Management LP 3.29% of their portfolio Baltimore, MD 597,051597.1k $56.2m $56.2m 3.29% Reduced -466.6k -466,557
37 UBS Group AG 0.01% of their portfolio ZURICH, V8 581,071581.1k $54.7m $54.7m 0.01% Added +3.4k +3,377
38 BAKER BROS. ADVISORS LP 0.39% of their portfolio NEW YORK, NY 574,377574.4k $54.1m $54.1m 0.39% Unchanged
39 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 548,521548.5k $51.6m $51.6m 0.01% Reduced -284.8k -284,840
40 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 501,615501.6k $47.2m $47.2m 0.01% Reduced -1.3m -1,335,960
41 Verition Fund Management LLC 0.27% of their portfolio GREENWICH, CT 498,900498.9k $47.0m $47.0m 0.27% Added +494.9k +494,923
42 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 459,087459.1k $43.2m $43.2m 0.01% Reduced -3.3m -3,267,636
43 GILEAD SCIENCES, INC. 2.38% of their portfolio FOSTER CITY, CA 452,527452.5k $42.6m $42.6m 2.38% Unchanged
44 Qube Research & Technologies Ltd 0.06% of their portfolio LONDON, X0 422,277422.3k $39.8m $39.8m 0.06% Added +418.0k +418,002
45 SOROS FUND MANAGEMENT LLC 0.60% of their portfolio NEW YORK, NY 405,000405.0k $38.1m $38.1m 0.60% New
46 LMR Partners LLP 0.47% of their portfolio LONDON, X0 390,465390.5k $36.8m $36.8m 0.47% New
47 First Turn Management, LLC 5.26% of their portfolio DEL MAR, CA 372,022372.0k $35.0m $35.0m 5.26% Added +79.1k +79,058
48 Man Group plc 0.07% of their portfolio LONDON, X0 361,703361.7k $34.1m $34.1m 0.07% New
49 FIL Ltd 0.03% of their portfolio HAMILTON, D0 338,000338.0k $31.8m $31.8m 0.03% New
50 Absolute Gestao de Investimentos Ltda. 4.11% of their portfolio SAO PAULO, D5 330,588330.6k $31.1m $31.1m 4.11% New
51 Pictet Asset Management Holding SA 0.03% of their portfolio CAROUGE, V8 330,228330.2k $31.1m $31.1m 0.03% Reduced -585.0k -585,024
52 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 311,566311.6k $29.3m $29.3m 0.00% Added +161.6k +161,604
53 Twin Securities, Inc. 14.72% of their portfolio New York, NY 310,263310.3k $29.2m $29.2m 14.72% New
54 Octagon Capital Advisors LP 4.53% of their portfolio NEW YORK, NY 308,000308.0k $29.0m $29.0m 4.53% Reduced -81.0k -81,000
55 Artia Global Partners LP 4.92% of their portfolio MIAMI, FL 296,750296.8k $27.9m $27.9m 4.92% Unchanged
56 Affinity Asset Advisors, LLC 2.50% of their portfolio NEW YORK, NY 285,769285.8k $26.9m $26.9m 2.50% Added +215.8k +215,769
57 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 282,882282.9k $26.6m $26.6m 0.00% Added +17.5k +17,521
58 Point72 Asset Management, L.P. 0.05% of their portfolio STAMFORD, CT 254,751254.8k $24.0m $24.0m 0.05% Added +84.0k +83,974
59 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 247,302247.3k $23.3m $23.3m 0.00% Added +6.2k +6,186
60 First Trust Capital Management L.P. 1.49% of their portfolio CHICAGO, IL 245,354245.4k $23.1m $23.1m 1.49% New
61 Sand Grove Capital Management LLP 11.01% of their portfolio LONDON, X0 239,378239.4k $22.5m $22.5m 11.01% New
62 READYSTATE ASSET MANAGEMENT LP 1.09% of their portfolio CHICAGO, IL 238,696238.7k $22.5m $22.5m 1.09% Added +160.2k +160,196
63 First Light Asset Management, LLC 1.99% of their portfolio Edina, MN 224,080224.1k $21.1m $21.1m 1.99% New
64 DAFNA Capital Management LLC 5.13% of their portfolio LOS ANGELES, CA 220,451220.5k $20.8m $20.8m 5.13% Reduced -178.4k -178,353
65 Caligan Partners LP 2.83% of their portfolio NEW YORK, NY 216,954217.0k $20.4m $20.4m 2.83% Reduced -440.0k -440,045
66 VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio ATLANTA, GA 210,304210.3k $19.8m $19.8m 0.02% Reduced -23.2k -23,167
67 AQR Arbitrage LLC 0.49% of their portfolio Greenwich, CT 204,994205.0k $19.3m $19.3m 0.49% New
68 Versor Investments LP 3.45% of their portfolio New York, NY 198,789198.8k $18.7m $18.7m 3.45% New
69 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.03% of their portfolio TORONTO, A6 192,500192.5k $18.1m $18.1m 0.03% New
70 Allianz Asset Management GmbH 0.02% of their portfolio MUNICH, 2M 192,100192.1k $18.1m $18.1m 0.02% Added +166.1k +166,100
71 Decheng Capital LLC 3.06% of their portfolio MENLO PARK, CA 186,546186.5k $17.6m $17.6m 3.06% Reduced -2.6k -2,552
72 Saturn V Capital Management LP 3.80% of their portfolio AUSTIN, TX 184,135184.1k $17.3m $17.3m 3.80% Reduced -40.1k -40,125
73 Driehaus Capital Management LLC 0.12% of their portfolio Chicago, IL 177,508177.5k $16.7m $16.7m 0.12% Reduced -1.2m -1,188,736
74 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.06% of their portfolio JUPITER, FL 176,009176.0k $16.6m $16.6m 0.06% New
75 Carmignac Gestion 0.23% of their portfolio PARIS, I0 167,532167.5k $15.8m $15.8m 0.23% Reduced -47.2k -47,190
76 Holocene Advisors, LP 0.04% of their portfolio New York, NY 166,741166.7k $15.7m $15.7m 0.04% Reduced -2.1m -2,058,500
77 Sofinnova Investments, Inc. 0.96% of their portfolio Menlo Park, CA 166,729166.7k $15.7m $15.7m 0.96% Reduced -237.8k -237,833
78 TimesSquare Capital Management, LLC 0.22% of their portfolio NEW YORK, NY 166,002166.0k $15.6m $15.6m 0.22% Reduced -76.7k -76,696
79 Aberdeen Group plc 0.02% of their portfolio EDINBURGH, X0 155,151155.2k $14.6m $14.6m 0.02% Added +29.4k +29,383
80 CAPSTONE INVESTMENT ADVISORS, LLC 0.13% of their portfolio NEW YORK, NY 152,000152.0k $14.3m $14.3m 0.13% New
81 NAN FUNG TRINITY (HK) LTD 1.41% of their portfolio CENTRAL, HONG KONG, K3 150,338150.3k $14.2m $14.2m 1.41% Unchanged
82 Taconic Capital Advisors LP 4.04% of their portfolio NEW YORK, NY 145,000145.0k $13.7m $13.7m 4.04% Not comparable
83 Weiss Asset Management LP 0.19% of their portfolio BOSTON, MA 144,902144.9k $13.6m $13.6m 0.19% Not comparable
84 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 144,035144.0k $13.6m $13.6m 0.00% Added +110.4k +110,393
85 HighVista Strategies LLC 3.08% of their portfolio BOSTON, MA 133,321133.3k $12.6m $12.6m 3.08% Added +43.6k +43,559
86 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 132,212132.2k $12.4m $12.4m 0.00% Reduced -120.3k -120,292
87 VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio San Antonio, TX 131,432131.4k $12.4m $12.4m 0.01% Added +20.0k +19,992
88 PFM Health Sciences, LP 1.05% of their portfolio SAN FRANCISCO, CA 130,742130.7k $12.3m $12.3m 1.05% Reduced -53.1k -53,140
89 HARVEST MANAGEMENT LLC 6.01% of their portfolio New York, NY 130,000130.0k $12.2m $12.2m 6.01% New
90 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 121,783121.8k $11.5m $11.5m 0.01% Reduced -10.8k -10,793
91 Boxer Capital Management, LLC 3.60% of their portfolio San Diego, CA 120,000120.0k $11.3m $11.3m 3.60% Reduced -245.0k -245,000
92 Westchester Capital Management, LLC 0.56% of their portfolio VALHALLA, NY 114,159114.2k $10.7m $10.7m 0.56% New
93 GABELLI FUNDS LLC 0.07% of their portfolio Rye, NY 105,050105.0k $9.9m $9.9m 0.07% New
94 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 104,110104.1k $9.8m $9.8m 0.00% Reduced -9.4k -9,398
95 GABELLI & Co INVESTMENT ADVISERS, INC. 1.56% of their portfolio Rye, NY 103,450103.5k $9.7m $9.7m 1.56% New
96 Meteora Capital, LLC 1.01% of their portfolio Boca Raton, FL 101,162101.2k $9.5m $9.5m 1.01% New
97 Swiss National Bank 0.01% of their portfolio ZURICH, V8 101,054101.1k $9.5m $9.5m 0.01% Added +8.7k +8,700
98 PICTON MAHONEY ASSET MANAGEMENT 0.12% of their portfolio Toronto, A6 100,000100.0k $9.4m $9.4m 0.12% New
99 STATE OF WISCONSIN INVESTMENT BOARD 0.02% of their portfolio MADISON, WI 96,22496.2k $9.1m $9.1m 0.02% Reduced -53.3k -53,319
100 WATER ISLAND CAPITAL LLC 1.29% of their portfolio NEW YORK, NY 96,00096.0k $9.0m $9.0m 1.29% New