Palvella Therapeutics, Inc.: which funds bought and sold

Institutions that bought and sold Palvella Therapeutics shares in Q2 2026, from the holdings they reported to the SEC on Form 13F for March 31, 2026 and June 30, 2026.

Between March 31, 2026 and June 30, 2026, 123 institutions that filed 13F reports for both quarters added to or opened positions in Palvella Therapeutics, and 61 cut or closed them. Together they added a net 832K shares, +6.3% on what they held at the start of the quarter. Active managers and hedge funds on our list were net buyers of 156K shares (+3.1%); index fund managers were net buyers of 625K shares (+29.8%). 35 opened a new position and 18 sold out entirely.

Bought, Q2 2026 123 institutions, 35 of them new holders Sold, Q2 2026 61 institutions, 18 of them sold out

Net change, all compared +832K shares (+6.3%)

Net change, active managers +156K shares (+3.1%), 23 bought, 19 sold

Buyers versus sellers

institutions compared, 211

123 bought 27 61 sold

Active managers and hedge funds 23 bought · 19 sold · +156K

Index fund managers 10 bought · 1 sold · +625K

Other institutions 90 bought · 41 sold · +50K

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
Jennison Associates LLC Active manager	+320K +50.0%	961K	$147M
Price T Rowe Associates Inc Active manager	+236K +58.7%	639K	$97.6M
Blackrock, Inc. Index funds	+232K +33.7%	918K	$140M
State Street Corp Index funds	+194K +42.3%	653K	$99.8M
Orbimed Advisors LLC	+158K +117.2%	292K	$44.7M
Bellevue Group AG	+155K New position	155K	$23.7M
Frontier Capital Management Co LLC Active manager	+105K +28.0%	479K	$73.2M
Geode Capital Management, LLC Index funds	+71K +34.3%	276K	$42.2M
Emerald Advisers, LLC	+68K +42.1%	229K	$35.1M
Primecap Management Co Active manager	+61K +31.4%	256K	$39.1M
Morgan Stanley	+53K +41.8%	181K	$27.7M
HSBC Holdings PLC	+50K New position	50K	$7.6M
Silvercrest Asset Management Group LLC	+40K New position	40K	$6.1M
Aberdeen Group PLC	+39K +48.3%	120K	$18.4M
Vanguard Portfolio Management LLC Index funds	+38K +41.9%	129K	$19.7M
Vanguard Capital Management LLC Index funds	+37K +7.6%	514K	$78.5M
Renaissance Technologies LLC Hedge fund	+35K +196.4%	53K	$8.1M
Neuberger Berman Group LLC Active manager	+34K +69.3%	83K	$12.7M
Northern Trust Corp Index funds	+33K +51.0%	97K	$14.9M
Jump Financial, LLC	+33K +484.5%	39K	$6M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Jennison Associates LLC Active manager	+320K +50.0%	961K	$147M
Price T Rowe Associates Inc Active manager	+236K +58.7%	639K	$97.6M
Frontier Capital Management Co LLC Active manager	+105K +28.0%	479K	$73.2M
Primecap Management Co Active manager	+61K +31.4%	256K	$39.1M
Renaissance Technologies LLC Hedge fund	+35K +196.4%	53K	$8.1M
Neuberger Berman Group LLC Active manager	+34K +69.3%	83K	$12.7M
Fred Alger Management, LLC Active manager	+10K +48.0%	31K	$4.8M
Royce & Associates LP Active manager	+9,002 +28.6%	41K	$6.2M
Martingale Asset Management L P Active manager	+8,406 New position	8,406	$1.3M
Tudor Investment Corp Et Al Hedge fund	+7,906 New position	7,906	$1.2M

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Bvf Inc	−288K −30.0%	673K	$103M
First Light Asset Management, LLC	−209K −21.3%	772K	$118M
Artisan Partners Limited Partnership Active manager	−194K Sold out	0	—
Alyeska Investment Group, L.P. Hedge fund	−178K −98.8%	2,223	$339,719
Point72 Asset Management, L.P. Hedge fund	−88K Sold out	0	—
Avidity Partners Management LP	−70K −50.0%	70K	$10.7M
Ikarian Capital, LLC	−65K Sold out	0	—
Balyasny Asset Management L.P. Hedge fund	−52K −54.0%	45K	$6.8M
Apis Capital Advisors, LLC	−50K −56.2%	39K	$6M
Millennium Management LLC Hedge fund	−41K −44.2%	52K	$8M
Samsara Biocapital, LLC	−38K Sold out	0	—
UBS Group AG	−32K −30.6%	73K	$11.1M
Trexquant Investment LP Hedge fund	−23K −63.2%	13K	$2.1M
BNP Paribas Financial Markets	−23K −81.5%	5,151	$787,176
Bluecrest Capital Management Ltd Hedge fund	−20K Sold out	0	—
Boothbay Fund Management, LLC Hedge fund	−19K Sold out	0	—
Montanova Capital, LLC Hedge fund	−18K −1.6%	1.1M	$174M
Citadel Advisors LLC Hedge fund	−17K −82.8%	3,520	$537,926
Invesco Ltd.	−15K −30.7%	34K	$5.1M
Exoduspoint Capital Management, LP Hedge fund	−15K −72.9%	5,494	$839,593

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Artisan Partners Limited Partnership Active manager	−194K Sold out	0	—
Alyeska Investment Group, L.P. Hedge fund	−178K −98.8%	2,223	$339,719
Point72 Asset Management, L.P. Hedge fund	−88K Sold out	0	—
Balyasny Asset Management L.P. Hedge fund	−52K −54.0%	45K	$6.8M
Millennium Management LLC Hedge fund	−41K −44.2%	52K	$8M
Trexquant Investment LP Hedge fund	−23K −63.2%	13K	$2.1M
Bluecrest Capital Management Ltd Hedge fund	−20K Sold out	0	—
Boothbay Fund Management, LLC Hedge fund	−19K Sold out	0	—
Montanova Capital, LLC Hedge fund	−18K −1.6%	1.1M	$174M
Citadel Advisors LLC Hedge fund	−17K −82.8%	3,520	$537,926

New positions

largest by value

Institution	Shares	Value June 30, 2026
Bellevue Group AG	155K	$23.7M
HSBC Holdings PLC	50K	$7.6M
Silvercrest Asset Management Group LLC	40K	$6.1M
Mutual Of America Capital Management LLC	31K	$4.8M
Act Capital Management, LLC	23K	$3.4M
Capricorn Fund Managers Ltd	14K	$2.2M
Oak Ridge Investments LLC	12K	$1.8M
Martingale Asset Management L PActive manager	8,406	$1.3M
Tudor Investment Corp Et AlHedge fund	7,906	$1.2M
Penn Capital Management Company, LLCActive manager	5,506	$841,427

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Artisan Partners Limited PartnershipActive manager	194K	$24.2M
Point72 Asset Management, L.P.Hedge fund	88K	$11M
Ikarian Capital, LLC	65K	$8.1M
Samsara Biocapital, LLC	38K	$4.8M
Bluecrest Capital Management LtdHedge fund	20K	$2.5M
Boothbay Fund Management, LLCHedge fund	19K	$2.4M
Quadrature Capital LtdHedge fund	8,232	$1M
Virtu Financial LLC	7,726	$963,000
Aquatic Capital Management LLC	6,652	$829,172
Highvista Strategies LLC	5,903	$735,809

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 196
Ten largest holders: 54.1%
Index fund managers: 19.3%
Active managers and hedge funds: 37.4%

Buying and selling by type of institution, March 31, 2026 to June 30, 2026
Type	Bought	Sold	New	Sold out	Net change in shares	Net %
Active managers and hedge funds	23	19	7	7	+156K	+3.1%
Index fund managers	10	1	1	0	+625K	+29.8%
Other institutions	90	41	27	11	+50K	+0.8%

Active managers and hedge funds: a list we maintain of about 400 well-known stock-picking firms and hedge funds, matched by SEC registration number (CIK) and checked against the filer names each quarter. Index fund managers: the large index houses, such as BlackRock, Vanguard, State Street, Geode and Northern Trust. Every other filer (banks, brokers, wealth managers, pension funds, insurers and firms not on the list) counts as another institution. A firm that files under several SEC registrations appears once for each.

What these filings can and cannot tell you

Form 13F lists the long positions in US-listed shares held by investment managers with more than $100 million in such holdings. Managers file it up to 45 days after each quarter ends, so this page shows what funds held at the end of each quarter, not what they are doing now: a position may have changed since. Short positions, most derivatives and smaller managers are not included, and a cut can mean a fund lost clients or rebalanced rather than a view on Palvella Therapeutics.

Only managers that filed a holdings report for both quarters are compared (211 here). 5 other holders are left out: first-time or late filers, firms that changed their SEC registration, and filings that withheld positions under confidential treatment, any of which would otherwise look like a new position or a sale. Figures are as reported by each manager in the SEC's quarterly 13F data sets; option positions are excluded.

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