Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Zenas Biopharma Inc (ZBIO)

135 + Investors. Track Smart Money conviction in ZBIO. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +12
Streak
7Q ▲
Buyers last Q
66%

Smart Money Signals — ZBIO

Based on 136 hedge funds · latest filing: 2026 Q1 · updated quarterly

📈

Buying streak — 7 quarters in a row

last 6Q
For 7 consecutive quarters, more hedge funds added ZBIO than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️

At the ownership peak (100% of max)

100% of all-time peak
136 hedge funds hold ZBIO right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀

Fast accumulation — +106% more funds vs a year ago

fund count last 6Q
+70 new funds entered over the past year (+106% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢

More buyers than sellers — 66% buying

106 buying54 selling
Last quarter: 106 funds were net buyers (49 opened a brand new position + 57 added to an existing one). Only 54 were sellers (17 trimmed + 37 sold completely). A clear majority buying is a strong confirmation signal.
➡️

Steady new buyers — ~49 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 11 → 12 → 54 → 49. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄

Mostly new holders — 57% entered in last year

■ 4% conviction (2yr+) ■ 38% medium ■ 57% new
Only 6 funds (4%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
💎

Buying through price weakness — shares +33%, value -28%

Value
-27%
Shares
+32%
Last quarter: funds added +33% more shares while total portfolio value only changed -28%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
🚀

Acceleration phase — new buyers rushing in

13 → 11 → 12 → 54 → 49 new funds/Q
New funds entering each quarter: 11 → 12 → 54 → 49. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🌱

Early stage — 62% of holders entered in last year

■ 4% veterans ■ 33% 1-2yr ■ 62% new
Of 141 current holders: 88 (62%) entered in the past year, only 6 (4%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
✅

Strong quality — 35% AUM from major funds

35% from top-100 AUM funds
32 of 135 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
6.1
out of 10
Moderate Exit Risk
Exit risk score 6.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — ZBIO

In 2026 Q1, 106 hedge funds were net buyers of ZBIO (49 opened a new position, 57 added to an existing one), while 54 reduced or exited (17 trimmed, 37 sold completely) — a 66% buyer ratio, indicating clear institutional accumulation. This marks 7 consecutive quarters of net institutional buying — a persistent conviction signal. 35% of total institutional value in ZBIO is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: +12 funds (more new holders than closures). Total institutional holders: 136.

Hedge Fund Ownership: ZBIO

How many hedge funds hold ZBIO — quarterly history vs. share price
Quarterly hedge fund ownership of ZBIO vs. share price

Market Analysis: ZBIO

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: ZBIO

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Zenas Biopharma Inc (ZBIO) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much ZBIO has moved relative to its sector benchmark (XLV) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 82d ago
ZBIO
+1.2%
XLV
+1.9%

ZBIO outperformed XLV by -0.7% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 37d ago
ZBIO
+7.9%
XLV
+3.0%

Since the filing became public, ZBIO outperformed XLV by +4.9% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

18 top-rated funds 6 high-conviction
Consensus
5.6
/ 10
breadth
×
Elite
4.2
/ 10
conviction
Hedge Fund Positioning: ZBIO
135 + Investors

Track Smart Money conviction in ZBIO. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 135 124 8.87%
13F Shares 56M 42M 32.51%
Total Value $1.09B $1.51B -27.57%
New Positions 48 54 -6
Increased Positions 57 37 +20
Closed Positions 37 7 +30
Reduced Positions 16 23 -7
Total Calls 3 9 -66.67%
Total Puts 3 8 -62.5%
PUT/CALL Ratio 1.0 0.89 Neutral

Statistics: ZBIO

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Valuation Measures Data as of: --

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PEG Ratio (5yr expected) --
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Price/Book (mrq) --
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Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
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Income Statement & Cash Flow
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Diluted EPS (ttm) --
Total Cash (mrq) --
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Institutional Holders (2026 Q1)

135 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in ZBIO. Verified SEC 13F-HR filings.

QUARTER:
Top 25 ZBIO holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Enavate Sciences GP, LLC 21.80% 3,919,159 $76.6M
2 NVP Associates, LLC 20.40% 1,838,482 $35.9M
3 Sr One Capital Management, LP 10.76% 5,037,854 $98.5M
4 NEA Management Company, LLC 4.47% 4,023,219 $78.7M
5 Pivotal bioVenture Partners Investment Advisor LLC 4.14% 591,991 $11.6M
6 NEXTBio Capital Management LP 3.87% 426,736 $8.3M
7 Fairmount Funds Management LLC 3.33% 2,359,025 $46.1M
8 Great Point Partners LLC 2.35% 524,066 $10.2M
9 Silverarc Capital Management, LLC 2.27% 1,135,935 $22.2M
10 Monashee Investment Management LLC 1.60% 150,000 $2.9M
11 Sio Capital Management, LLC 0.93% 331,730 $6.5M
12 Exome Asset Management LLC 0.82% 80,730 $1.6M
13 Birchview Capital, LP 0.78% 70,000 $1.4M
14 Sphera Funds Management LTD. 0.67% 214,334 $4.2M
15 EcoR1 Capital, LLC 0.66% 789,500 $15.4M
16 Rock Springs Capital Management LP 0.58% 502,077 $9.8M
17 ArrowMark Colorado Holdings LLC 0.34% 658,909 $12.9M
18 Scientech Research LLC 0.21% 12,952 $253K
19 DAFNA Capital Management LLC 0.19% 42,500 $831K
20 Polar Capital Holdings Plc 0.18% 2,548,444 $49.8M
21 Atom Investors LP 0.15% 107,016 $2.1M
22 Seven Grand Managers, LLC 0.13% 100,000 $2.0M
23 Vestal Point Capital, LP 0.11% 200,000 $3.9M
24 Federated Hermes, INC. 0.10% 3,127,031 $61.1M
25 Maven Securities LTD 0.06% 150,000 $2.9M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Zenas Biopharma Inc (ZBIO)

What does the Smart Money Trend signal show for ZBIO?

Buying streak — 7 quarters in a row: For 7 consecutive quarters, more hedge funds added ZBIO than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for ZBIO?

More buyers than sellers — 66% buying: Last quarter: 106 funds were net buyers (49 opened a brand new position + 57 added to an existing one). Only 54 were sellers (17 trimmed + 37 sold completely). A clear majority buying is a strong confirmation signal.

What is the fund quality score for ZBIO holders?

Strong quality — 35% AUM from major funds: 32 of 135 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held ZBIO?

Mostly new holders — 57% entered in last year: Only 6 funds (4%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.

Is it too late to buy Zenas Biopharma Inc (ZBIO) following the 2026 Q1 hedge fund 13F filings?

As of today, ZBIO has moved +7.9% since the 2026 Q1 13F filing date (May 15, 2026), compared to +3.0% for the XLV sector ETF — an outperformance of +4.9%. Since the quarter end (March 31, 2026), ZBIO has gained +1.2% vs +1.9% for XLV. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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