AARD · Aardvark Therapeutics, Inc. · Holdings

$3.90 +0.16 (+4.28%)

Market Cap

$84.91M

21.88M

Volume · Oct 20 66.71K Avg daily vol (3M) 129.68K

Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.

Use institutional holdings through the 13F API or MCP → See every holder of AARD: 13F, 13D and 13G, insiders and funds →

Institutional holdings are being reconciled with SEC filings. Holder totals and changes may be incomplete until reconciliation finishes.

The Sep 30, 2026 filing window is still open — showing the latest known positions. Funds that have not filed yet carry their prior-quarter positions; a fund that filed without this stock counts as sold out. Each fund's Change is measured against its own previous reported quarter, shown in the Reported column. Pick a completed quarter in the Quarter selector below to put every fund on one quarter and see the stock-wide activity breakdown.

Quarter:

Holders: 69

Total Value: $54,806,223

Total Shares: 9,515,886

Institutional Ownership Trend

7 quarters

Holder Concentration

Across 71 13F filers

Top Holder

41.1%

of institutional value

Top 5

77.0%

of institutional value

Top 10

89.2%

of institutional value

HHI

2,109

Moderately concentrated

Who Holds AARD

Last 7 quarters through Sep 30, 2026 (filing window open)

Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book. The quarter selector does not change this card.

Jun 30, 2026, the newest closed quarter: 71 filers, like-for-like change -7.5%; actively managed books +3.2%; index-like books -48.0%.

Holder type	Share	Filers	Change	New	Exited
Registered adviser	49.9%	38	+8.8%	12	11
Exempt adviser	0.2%	1	new	1	0
Adviser	0.0%	1	-40.4%	0	0
Bank	1.6%	8	-71.9%	0	3
Non-US	0.0%	1	-93.8%	0	1
Holding company	2.6%	4	-70.4%	0	0
Benefit plan	0.0%	0	-100.0%	0	1
Unknown	45.6%	18	-3.6%	5	8

Style	Share	Filers	Change	New	Exited
Index-like	11.7%	10	-48.0%	2	7
Systematic-like	17.1%	9	-3.0%	2	1
Concentrated	58.0%	10	+2.4%	2	2
Diversified active	13.2%	42	+16.2%	12	14
Not measured	0.0%	0	—	0	0
Unknown	0.0%	0	—	0	0

Turnover	Share	Filers	Change	New	Exited
Low turnover	49.1%	36	-21.5%	10	18
Medium turnover	14.9%	16	+65.6%	2	3
High turnover	29.1%	14	+0.9%	5	2
Unknown	6.8%	5	-10.3%	1	1
Not measured	0.0%	0	—	0	0

Holding horizon	Share	Filers	Change	New	Exited
Short horizon	7.0%	6	-13.3%	1	2
Medium horizon	45.9%	12	-11.2%	4	7
Long horizon	33.2%	45	-3.8%	10	15
Unknown	13.9%	8	+0.7%	3	0
Not measured	0.0%	0	—	0	0

13F book size	Share	Filers	Change	New	Exited
Under $1B	41.7%	10	-8.0%	4	3
$1B to $10B	17.9%	19	+35.5%	5	5
$10B to $100B	5.8%	17	+1.3%	7	6
$100B or more	34.6%	25	-21.1%	2	10
Not measured	0.0%	0	—	0	0

Client base	Share	Filers	Change	New	Exited
Individuals and high net worth	1.5%	21	+113.3%	7	1
Pooled investment vehicles	35.5%	11	+7.8%	3	4
Registered funds and BDCs	7.8%	3	-27.2%	0	3
Pension and profit sharing plans	0.0%	1	new	1	0
Other investment advisers	0.0%	1	new	1	0
Diversified	5.1%	1	+256.5%	0	1
Insurance companies	0.0%	0	-100.0%	0	1
Governments and sovereign funds	0.0%	0	-100.0%	0	1
Unknown	50.1%	33	-19.5%	6	13

Private funds	Share	Filers	Change	New	Exited
Hedge funds	40.7%	13	+18.8%	5	4
Private equity funds	0.2%	2	new	2	0
Venture capital funds	0.0%	1	+244.2%	0	0
Real estate funds	0.4%	4	-24.2%	1	1
Other private funds	0.4%	2	+3.2%	1	1
No private funds	8.4%	17	-21.6%	4	5
Unknown	49.9%	32	-19.8%	5	13

Location	Share	Filers	Change	New	Exited
United States	99.1%	63	-3.0%	17	19
Outside the US	0.9%	8	-85.3%	1	5

The Sep 30, 2026 filing window is still open, so its bar carries the Jun 30, 2026 positions of filers that have not filed yet.

How the mix is measured

Shares are 13F common shares restated to today's split basis; options and principal amounts are left out. The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none was. Actively managed books are those measured systematic-like, concentrated or diversified active.

Excluded 2 holders with no observed 2026-06-30 13F.

Conviction and Crowding

71 13F filers, quarter ended Jun 30, 2026

Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts filers with high turnover or that advise private funds on Form ADV.

Conviction holders

1.41% of filers hold it in their top 10

Mar 31, 2026: 1

Holders above 5%

median weight 0.000%

Mar 31, 2026: 0

Crowding

18.4%

of shares outstanding, 54th percentile

Mar 31, 2026: 15.3%

Private-fund advisers

18.0%

of shares outstanding

Institutional ownership

43.2%

60.7% of the estimated free float

Top 10 holders

89.4%

of 13F shares, Herfindahl 0.213

Active holders

+3.2%

like-for-like share change of active filers

5% stakes on record

0 13D, 3 13G (0 institutional, 2 passive, 1 exempt)

How long holders have held it value-weighted 4.9 quarters

Under 1 year 24.6% 1 to 3 years 75.4% 3 years or more 0.000% Since coverage start 0.000%

Managers in the top fifth by current three-year FundScore alpha were net buyers of $0 (0 buying, 0 selling).

Estimated Holder Cost Basis

Quarter ended Jun 30, 2026, on that quarter's share basis

Estimated, never filed: each 13F buy is costed at its quarter's average traded price and each sale keeps the average cost, so this is what holders paid on average if they traded evenly through each quarter.

Estimated avg cost

$10.29

estimated per share

Mar 31, 2026: $11.18

Quarter-end price

$5.76

implied by 13F values

Estimated gain or loss

-44.0%

price against the estimated cost

Estimated at a loss

92.0%

of costed 13F value

Estimated cost covers 93.2% of the 13F shares; positions already held when a filer's 13F history starts, or bought in a quarter without a trusted average price, have no estimate.

Shared Holders

Companies AARD's active holders also own, quarter ended Dec 31, 2025

#	Company	Shared holders	Similarity
1	EQ Equillium, Inc.	3	0.474
2	IVA Inventiva S.A.	4	0.289
3	VRDN Viridian Therapeutics, Inc.\DE	4	0.206
4	PALI Palisade Bio, Inc.	3	0.197
5	NUVB Nuvation Bio Inc.	3	0.197
6	CLDX Celldex Therapeutics, Inc.	3	0.194
7	URGN UroGen Pharma Ltd.	3	0.188
8	TRVI Trevi Therapeutics, Inc.	3	0.160
9	MLYS Mineralys Therapeutics, Inc.	3	0.152
10	COGT Cogent Biosciences, Inc.	3	0.126

Shareholder Targets

13F filers that own its peers but not AARD, quarter ended Dec 31, 2025

Found through its holder-overlap peers: EQ, IVA, VRDN, PALI, NUVB, CLDX, URGN, TRVI, MLYS, COGT, RVMD. 635 filers in all.

#	Filer	In peers	Of book	Largest peers
1	JANUS HENDERSON GROUP PLC Adviser, Diversified active	$1,222,015,718 9 held	0.550%	RVMD, COGT, MLYS
2	FARALLON CAPITAL MANAGEMENT LLC Registered adviser, Diversified active	$1,192,518,412 5 held	6.84%	RVMD, MLYS, COGT
3	WELLINGTON MANAGEMENT GROUP LLP Holding company, Diversified active	$1,015,794,672 8 held	0.180%	RVMD, CLDX, COGT
4	BAKER BROS. ADVISORS LP Registered adviser, Concentrated	$832,549,253 3 held	4.92%	RVMD, VRDN, CLDX
5	Paradigm Biocapital Advisors LP Registered adviser, Concentrated	$697,508,868 4 held	26.5%	RVMD, URGN, VRDN
6	Bellevue Group AG Non-US, Diversified active	$633,413,442 5 held	13.2%	RVMD, VRDN, CLDX
7	PRICE T ROWE ASSOCIATES INC /MD/ Registered adviser, Diversified active	$615,829,666 9 held	0.070%	RVMD, VRDN, COGT
8	Nextech Invest, Ltd. Exempt adviser, Concentrated	$605,426,579 1 held	59.3%	RVMD
9	DEERFIELD MANAGEMENT COMPANY, L.P. Registered adviser, Diversified active	$551,795,359 2 held	11.5%	COGT, RVMD
10	Fairmount Funds Management LLC Registered adviser, Concentrated	$441,619,339 2 held	35.6%	COGT, VRDN

Fund Ownership of AARD by Fund Type

Registered funds' Form N-PORT reports for the quarter ended Jun 30, 2026

Index funds and index ETFs hold 5.05% of shares outstanding.

Fund type	Of shares outstanding	Change	Shares	Funds
Index funds	1.45%	-0.19 pp	316,893	16
Index ETFs	3.60%	-1.82 pp	788,665	17
Active ETFs	0.00%	0.00 pp	0	0
Active funds	0.19%	-0.09 pp	41,077	9
Unclassified	0.00%	0.00 pp	0	0
All registered funds	5.24%	-2.09 pp	1,146,635	42

How fund types are measured

Each fund series counts once, with its latest Form N-PORT report dated inside the quarter; only long share positions count, restated to today's split basis. The fund type is the series' latest Form N-CEN answer on or before the quarter end (the index-fund box and the exchange-traded flag), never its name. Unclassified funds have no usable N-CEN; unit investment trusts are among them, so index ownership is a floor. Funds sit inside their advisers' 13F reports, so these shares overlap the 13F figures and are never added to them.

Holder type: Registered adviser 38 Exempt adviser 1 Adviser 1 Bank 8 Non-US 1 Holding company 4 Unknown 16

Showing 72 of 72

All Common Calls Puts

Compact Export CSV

Holder

Value (USD)

% of 13F

Decheng Capital LLC

$22,563,642

41.17%

3,917,299

CITADEL ADVISORS LLC

$7,391,035

13.49%

1,283,166

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citadel Securities GP LLC	40,889	$235,520	3.2%	Defined
Held directly	1,242,277	$7,155,515	96.8%	Defined

Laurion Capital Management LP

$5,958,483

10.87%

1,034,459

VANGUARD CAPITAL MANAGEMENT LLC

$3,242,171

5.92%

562,877

AQR CAPITAL MANAGEMENT LLC

$2,766,231

5.05%

480,249

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Petros Family Wealth, LLC	15	$86	0.0%	Other
RF&L WEALTH MANAGEMENT, LLC	1	$5	0.0%	Other
Compound Planning, Inc.	1	$5	0.0%	Other
Arax Advisory Partners	7,636	$43,983	1.6%	Other
HALBERT HARGROVE GLOBAL ADVISORS, LLC	1,987	$11,445	0.4%	Other
Stokes Family Office, LLC	891	$5,132	0.2%	Other
Held directly	469,718	$2,705,575	97.8%	Defined

EcoR1 Capital, LLC

$2,282,077

4.16%

396,194

ADAGE CAPITAL PARTNERS GP, L.L.C.

$1,728,000

3.15%

300,000

BlackRock, Inc.

$1,077,378

1.97%

187,045

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BlackRock Investment Management, LLC	2,725	$15,696	1.5%	Sole
BlackRock Fund Advisors	132,669	$764,173	70.9%	Sole
BlackRock Institutional Trust Company, N.A.	36,458	$209,998	19.5%	Sole
BlackRock Asset Management Ireland Ltd	15,153	$87,281	8.1%	Sole
Aperio Group, LLC	40	$230	0.0%	Sole

GEODE CAPITAL MANAGEMENT, LLC

$863,100

1.57%

149,844

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
GEODE CAPITAL MANAGEMENT TRUST COMPANY, LLC	27,868	$160,519	18.6%	Defined
Held directly	121,976	$702,581	81.4%	Defined

CANTOR FITZGERALD, L. P.

$671,512

1.23%

116,582

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Cantor Fitzgerald & Co.	49,900	$287,424	42.8%	Defined
Held directly	66,682	$384,088	57.2%	Defined

TWO SIGMA INVESTMENTS, LP

$624,251

1.14%

108,377

RAYMOND JAMES FINANCIAL INC

$456,675

0.83%

79,284

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
RAYMOND JAMES & ASSOCIATES	4,774	$27,498	6.0%	Defined
Raymond James Financial Services Advisors, Inc.	74,510	$429,177	94.0%	Defined

VANGUARD FIDUCIARY TRUST CO

$432,990

0.79%

75,172

Woodline Partners LP

$417,191

0.76%

72,429

MILLENNIUM MANAGEMENT LLC

$402,900

0.74%

69,948

STATE STREET CORP

$341,412

0.62%

59,273

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
SSGA FUNDS MANAGEMENT, INC. joint	59,273	$341,412	100.0%	Defined

CITADEL ADVISORS LLC

$340,416

0.62%

59,100

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citadel Securities GP LLC	59,100	$340,416	100.0%	Defined

J. Goldman & Co LP

$233,280

0.43%

40,500

IEQ CAPITAL, LLC

$221,080

0.40%

38,382

UBS Group AG

$205,280

0.37%

35,639

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
UBS AG	31,112	$179,205	87.3%	Defined
UBS Securities LLC	4,527	$26,075	12.7%	Defined

MORGAN STANLEY

$173,818

0.32%

30,177

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
MORGAN STANLEY & CO INTERNATIONAL PLC	1,263	$7,274	4.2%	Defined
MORGAN STANLEY & CO. LLC	600	$3,456	2.0%	Defined
MORGAN STANLEY CAPITAL SERVICES, LLC	22,714	$130,832	75.3%	Defined
MORGAN STANLEY SMITH BARNEY LLC	5,600	$32,256	18.6%	Defined

NORTHERN TRUST CORP

$161,740

0.30%

28,080

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
NORTHERN TRUST CO joint	28,080	$161,740	100.0%	Defined

CITIGROUP INC

$151,482

0.28%

26,299

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citigroup Financial Products Inc. joint	26,299	$151,482	100.0%	Defined

Cresset Asset Management, LLC

$138,430

0.25%

24,033

SUSQUEHANNA INTERNATIONAL GROUP, LLP

$138,384

0.25%

24,025

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
SUSQUEHANNA SECURITIES, LLC	24,025	$138,384	100.0%	Other

BRIDGEWAY CAPITAL MANAGEMENT, LLC

$138,240

0.25%

24,000

JANE STREET GROUP, LLC

$133,632

0.24%

23,200

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Jane Street Capital, LLC	23,200	$133,632	100.0%	Defined

Point72 Asset Management, L.P.

$131,742

0.24%

22,872

JANE STREET GROUP, LLC

$129,392

0.24%

22,464

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Jane Street Capital, LLC	11,716	$67,484	52.2%	Defined
Jane Street Global Trading, LLC	10,748	$61,908	47.8%	Defined

Mariner, LLC

$125,475

0.23%

21,784

SMITH, MOORE & CO.

$115,200

0.21%

20,000

XTX Topco Ltd

$114,554

0.21%

19,888

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
XTX EXECUTION SERVICES LLC joint	19,888	$114,554	100.0%	Defined

MARSHALL WACE, LLP

$109,876

0.20%

19,076

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Marshall Wace North America L.P. joint	19,076	$109,876	100.0%	Other

FMR LLC

$108,887

0.20%

18,904

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Fidelity Management & Research Co LLC	18,904	$108,887	100.0%	Defined

SIMPLEX TRADING, LLC

$91,681

0.17%

15,917

EcoR1 Capital, LLC

$84,672

0.15%

14,700

PRELUDE CAPITAL MANAGEMENT, LLC

$71,573

0.13%

12,426

GOLDMAN SACHS GROUP INC

$70,508

0.13%

12,241

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
GOLDMAN SACHS & CO. LLC	12,241	$70,508	100.0%	Defined

MERCER GLOBAL ADVISORS INC /ADV

$66,032

0.12%

11,464

Cerity Partners LLC

$62,040

0.11%

10,771

Abel Hall, LLC

$53,047

0.10%

10,066

Arax Advisory Partners

$48,234

0.09%

8,374

Vanguard Global Advisers, LLC

$33,943

0.06%

5,893

Steward Partners Investment Advisory, LLC

$23,904

0.04%

4,150

China Universal Asset Management Co., Ltd.

$19,998

0.04%

3,472

Tower Research Capital LLC (TRC)

$14,405

0.03%

2,501

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Latour Trading LLC (Latour)	2,501	$14,405	100.0%	Defined

BARCLAYS PLC

$13,011

0.02%

2,259

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BARCLAYS BANK PLC	1,575	$9,072	69.7%	Defined
BARCLAYS CAPITAL INC.	684	$3,939	30.3%	Defined

JPMORGAN CHASE & CO

$10,275

0.02%

1,784

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
JPMorgan Chase Bank, N.A.	54	$311	3.0%	Defined
J.P. Morgan Securities plc	1,730	$9,964	97.0%	Defined

BNP PARIBAS ARBITRAGE, SA

$7,534

0.01%

1,308

Russell Investments Group, Ltd.

$7,136

0.01%

1,239

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Russell Investment Management, LLC	1,239	$7,136	100.0%	Defined

Stone House Investment Management, LLC

$5,760

0.01%

1,000

Mirae Asset Global Investments Co., Ltd.

$5,621

0.01%

976

Allworth Financial LP

$4,682

0.01%

813

EverSource Wealth Advisors, LLC

$4,456

0.01%

774

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BMSS Wesson Wealth Solutions, LLC	6	$34	0.8%	Sole
Held directly	768	$4,422	99.2%	Sole

FEDERATED HERMES, INC.

$3,720

0.01%

646

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
FEDERATED MDTA LLC	646	$3,720	100.0%	Defined

GF FUND MANAGEMENT CO. LTD.

$2,603

0.00%

452

Hilton Head Capital Partners, LLC

$2,499

0.00%

434

GAMMA Investing LLC

$2,044

0.00%

388

PNC FINANCIAL SERVICES GROUP, INC.

$2,010

0.00%

349

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
PNC Bank, National Association	349	$2,010	100.0%	Defined

ROTHSCHILD INVESTMENT LLC

$1,526

0.00%

265

ROYAL BANK OF CANADA

$973

0.00%

169

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
RBC Capital Markets, LLC	150	$864	88.8%	Defined
Held directly	19	$109	11.2%	Sole

Essential Partners LLC

$843

0.00%

160

NISA INVESTMENT ADVISORS, LLC

$403

0.00%

HARBOUR INVESTMENTS, INC.

$305

0.00%

Clearstead Advisors, LLC

$224

0.00%

True Wealth Design, LLC

$142

0.00%

IFP Advisors, Inc

$105

0.00%

SJS Investment Consulting Inc.

$92

0.00%

Farther Finance Advisors, LLC

$89

0.00%

Transamerica Financial Advisors, LLC

$80

0.00%

Fortitude Family Office, LLC

$57

0.00%

JPL Wealth Management, LLC

$40

0.00%

Key facts CIK 1774857 CUSIP 002942100 13F (30d) 8 filings 8 filers Visit website Investor relations