RARE Ultragenyx Pharmaceutical Inc.
Executive Summary
A mixed institutional cluster in Ultragenyx (RARE) for Q3 2025 shows $368.2M in aggregate buying by 5 institutions (led by Fidelity doubling its stake to $219.1M) against $55.2M in selling by 3 institutions (led by Norges Bank's full exit of $35.8M). The buying is dominated by mega-passive managers (State Street, Fidelity, Morgan Stanley, Wells Fargo) and one quant (Citadel), while the selling includes two quants (D.E. Shaw, RenTech) and a sovereign fund — suggesting passive rebalancing/accumulation rather than a strong active conviction thesis.
Key Financial Metrics
Institutional Positions
Net institutional flow: $99.6M
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Fidelity | DOUBLED | +179.6% | $219.1M | $124.4M |
| State Street | ADD | +43.6% | $111.1M | $17.5M |
| Morgan Stanley | ADD | +42.5% | $27.4M | $4.1M |
| Citadel | DOUBLED | +779.6% | $10.0M | $8.6M |
| Wells Fargo | ADD | +43.1% | $750.0K | $116.0K |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | EXIT | -100% | $35.8M | -$35.8M |
| D.E. Shaw | TRIM | -56.1% | $19.7M | -$12.5M |
| RenTech | NEAR_EXIT | -89.5% | $7.6M | -$6.9M |
Actionable Insight
The cluster is dominated by mega-passive managers (Fidelity, State Street, Morgan Stanley, Wells Fargo) whose moves likely reflect index rebalancing or passive fund flows rather than a shared active catalyst. The active signals are mixed: Citadel's large addition (+780%) is notable but small in absolute dollars ($8.6M), while D.E. Shaw and RenTech both trimmed meaningfully. Monitor for a subsequent 13F filing or a company catalyst (e.g., pipeline update) that could explain the divergence. The 88% win rate on prior RARE reports suggests the stock has been responsive to signals, but this cluster lacks a clear active thesis.
Key Facts
- 5 buyers accumulated $154.8M net, led by Fidelity (DOUBLED to $219.1M) and State Street (ADD to $111.1M)
- 3 sellers reduced $55.2M, led by Norges Bank (full EXIT of $35.8M), D.E. Shaw (TRIM -56.1%), and RenTech (NEAR_EXIT -89.5%)
- Citadel (quant) DOUBLED its position by +779.6% to $10.0M, a notable active addition
- All 5 buyers are mega-passive or quant; no activist or concentrated active value funds participated
- The cluster is dominated by passive/index rebalancing, weakening the signal of a shared active thesis
Financial Impact
5 institutions accumulated $368.2M in current holdings (net change +$154.8M) while 3 institutions reduced holdings by $55.2M
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
- Passive-dominated buying provides no fundamental catalyst read-through
- Two quants (D.E. Shaw, RenTech) and a sovereign fund sold, indicating possible risk-off or thesis abandonment
Market Snapshot
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-RARE-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 15, 2026
5d ago
|
Insider Cluster
| $24.85 $26.91 | ▲ +8.29% | ▲ +9.54% | — |
|
Jun 11, 2026
9d ago
|
Institutional Cluster
| $23.98 $24.35 | ▲ +1.54% | ▲ +1.00% | — |
|
May 5, 2026
6w ago
|
Press Release
| $25.93 $25.93 | · 0.00% | ▼ −0.33% | — |
|
May 1, 2026
7w ago
|
Insider Cluster
| $24.77 $24.81 | ▲ +0.16% | ▲ +0.50% | — |
|
Apr 2, 2026
11w ago
|
8-K
| $22.45 $22.87 | ▲ +1.87% | ▲ +1.40% | — |
|
Mar 27, 2026
12w ago
|
DEFA14A
| $19.30 $20.95 | ▲ +8.55% | ▲ +5.66% | — |
|
Mar 2, 2026
15w ago
|
Insider Cluster
| $23.02 $22.07 | ▲ +4.13% | ▲ +3.21% | — |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access