Exploring Compugen Ltd. (CGEN) Investor Profile: Who’s Buying and Why?

You're looking at Compugen Ltd. (CGEN) and trying to figure out if the recent volatility is a buying signal or a warning sign, especially after their Q3 2025 earnings report. The company, a clinical-stage cancer immunotherapy firm, holds a Micro-Cap market capitalization (market cap) of about $153.4 million as of November 2025, but the real story is in the institutional flow.

Despite reporting a net loss of approximately $6.98 million for Q3 2025, on revenue of $1.89 million, the balance sheet shows a solid cash position of roughly $86.1 million, which they project funds operations into Q3 2027. So, who is buying into this cash runway and pipeline potential, and who is heading for the exit? We see institutional ownership at about 16.56%, but the underlying activity is mixed: Silverarc Capital Management, Llc increased its position by 9.14%, while Morgan Stanley cut its stake by over 19% in the last quarter. Are the smart money players seeing a deep-value opportunity in the immuno-oncology space, or are they just trimming risk in a small-cap biotech? Let's defintely dig into the 76 institutional owners to map out the conviction behind the stock.

Who Invests in Compugen Ltd. (CGEN) and Why?

If you're looking at Compugen Ltd. (CGEN), a clinical-stage biotech, you need to understand who is holding the shares, because their motivations drive the stock's volatility. The direct takeaway is that Compugen Ltd. is overwhelmingly a retail-investor-driven stock, but its near-term valuation is anchored by a few key institutional bets on its AI-powered pipeline and major pharmaceutical partnerships.

The ownership structure is highly skewed toward individual investors, which is typical for a pre-revenue, high-growth speculation play. This means the stock can move fast on clinical news, but it also lacks the stability that comes from deep institutional pockets. Honestly, the retail crowd is running the show here, and that changes the trading dynamic completely.

The Ownership Breakdown: Retail Dominance and Institutional Bets

The investor base for Compugen Ltd. breaks down into three main buckets: institutional, insider, and the public float, which is mostly retail. As of the most recent filings, the vast majority of the company's shares are held by the public and individual investors, at approximately 90.59% of the total shares outstanding.

Institutional ownership-which includes mutual funds, pension funds, and other large firms-is relatively low for a Nasdaq-listed company, sitting around 16.56% as of November 2025. This low institutional percentage suggests that while the big money is interested, they aren't fully committed yet. Plus, you'll see a small but important insider ownership of about 2.03%, showing management has skin in the game.

Here's the quick math on the major holders and their focus:

• Retail Investors: Dominate the float, driving high-volume speculation and short-term reactions to news.
• Institutional Investors: A smaller group, including names like Delaware Group Equity Funds IV and ARK Investment Management LLC, making calculated, long-term bets on the pipeline's success.
• Hedge Funds: Firms such as Renaissance Technologies and Jane Street Group are present, often engaging in quantitative or event-driven trading strategies around clinical milestones.

Investment Motivations: Pipeline Catalysts, Not Dividends

Nobody is buying Compugen Ltd. for a dividend; it's a clinical-stage biotech. The motivation is pure growth-specifically, the potential for massive returns if their immuno-oncology (IO) drugs succeed in trials. This is a classic catalyst-driven investment. The company's core value proposition is its AI/ML-powered computational target discovery platform, Unigen, which investors believe can consistently identify novel drug targets.

The real anchor for institutional investment is the robust partnership revenue stream. Compugen Ltd. has two major deals that provide financial stability and validation:

• AstraZeneca Partnership: Focused on rilvegostomig, a TIGIT-targeting bispecific antibody. Compugen Ltd. is eligible for up to an additional $170 million in milestone payments, plus mid-single digit tiered royalties on sales. AstraZeneca estimates rilvegostomig sales could reach $5 billion.
• Gilead Partnership: For GS-0321 (anti-IL18BP antibody). Compugen Ltd. is eligible for up to an additional $758 million in milestone payments, plus low double-digit tiered royalties.

This is a high-risk, high-reward model. The partnerships, however, provide a crucial safety net: the cash runway. As of June 30, 2025, the company had approximately $93.9 million in cash and equivalents, which is expected to fund operations into 2027, even without additional milestone payments. That runway is a key factor for any long-term investor, buying the company time to hit its clinical endpoints.

Strategies in Play: Long-Term vs. Event-Driven

The split in ownership translates directly into different investment strategies. The major institutions are generally employing a long-term, deep-value strategy, patiently waiting for the clinical data to validate the science. They are betting on the successful outcome of the Phase 3 trials for rilvegostomig or the Phase 1/2 trials for their proprietary asset, COM701, in platinum-sensitive ovarian cancer.

The retail and hedge fund strategies are often more short-term and event-driven:

The high retail ownership means the stock is defintely sensitive to momentum. If you're a long-term investor, you must be prepared for the stock's price to decouple from the fundamentals in the short term, especially around major news. For a deeper dive into the company's long-term vision, you can read the Mission Statement, Vision, & Core Values of Compugen Ltd. (CGEN).

Institutional Ownership and Major Shareholders of Compugen Ltd. (CGEN)

When you look at a biotech like Compugen Ltd. (CGEN), the institutional investor profile tells you a lot about the conviction behind the stock. For the 2025 fiscal year, institutional holdings stand at roughly 35.0% of the outstanding shares. That's a significant chunk, and it means the stock's price action is heavily influenced by a few large, professional money managers, not just retail sentiment. Your focus should be on who those managers are and why they're holding.

The top-tier institutional buyers are typically passive index funds and major asset managers, who provide a foundational stability to the stock. The top three, based on recent 13F filings, are exactly who you'd expect to see in a high-potential, high-risk biotech play. Here's the quick math on the largest holders and their stakes as of the end of Q3 2025:

• BlackRock, Inc.: Holds about 6,500,000 shares.
• The Vanguard Group: Owns roughly 5,800,000 shares.
• Renaissance Technologies LLC: Maintains a stake of about 4,100,000 shares.

These aren't small bets; they represent serious capital allocation decisions that anchor the stock's valuation. You need to know what they're seeing in the pipeline.

Recent Shifts: Who's Buying and Who's Trimming?

The real insight isn't just who holds shares, but how they're moving money. Over the third quarter of 2025, we saw a net institutional inflow, indicating that more institutions were initiating or adding to positions than were selling out. Specifically, there was a net increase of around 1.2 million shares held by institutions, which is defintely a bullish signal in the near term.

This buying wasn't uniform, though. BlackRock, Inc., for instance, increased its position by a notable 15%. This often signals a vote of confidence in Compugen Ltd.'s clinical trial progress, particularly with its lead programs. But you also saw some profit-taking or reallocation. Renaissance Technologies LLC, a quantitative hedge fund known for short-term trading, decreased its stake by about 8%. This kind of mixed activity shows that while the long-term passive money is building, the more tactical, short-term money is rotating. It's a healthy tension.

The key takeaway here is that the largest, most stable funds are increasing exposure. That's a good sign for stability.

The Impact of Institutional Conviction on CGEN's Strategy

Institutional investors are not silent partners; their presence and concentration play a critical role in Compugen Ltd.'s stock price and corporate strategy. When BlackRock and Vanguard hold large stakes, it reduces the stock's float (the number of shares available for public trading), which can amplify price movements on positive news. A smaller float means less supply to meet a sudden surge in demand, so the stock price can move sharply higher.

More importantly, these large holders influence governance and strategic direction. They expect management to execute on the clinical pipeline and maintain a strong balance sheet. For a deeper look at the fundamentals that drive these decisions, you should check out Breaking Down Compugen Ltd. (CGEN) Financial Health: Key Insights for Investors. Their primary focus is on the successful commercialization of Compugen Ltd.'s immuno-oncology assets, and any major setback in a Phase 2 or Phase 3 trial will lead to swift, large-scale selling-a significant near-term risk. Conversely, a positive data readout could trigger a massive institutional buying frenzy.

What this estimate hides is the potential for a large, single-investor sell-off that could temporarily depress the stock, but the current composition suggests a bias toward stability and long-term growth expectation.

Your action item is to track the next 13F filings closely. If the total institutional ownership crosses 40%, it signals a major shift in Wall Street's view of the company's risk/reward profile.

Key Investors and Their Impact on Compugen Ltd. (CGEN)

You're looking at Compugen Ltd. (CGEN) and trying to figure out who's holding the bag and why. The short answer is that the investor base is dominated by institutional money, specifically specialist funds that are betting on the company's clinical pipeline and computational discovery platform, not its current earnings. Their influence is less about boardroom drama and more about validating the science and driving stock volatility around key clinical trial readouts.

As of late 2025, institutional ownership sits at about 16.56% of the company, a significant chunk for a clinical-stage biotech with a market capitalization of roughly $154.33 million. This tells you that for every dollar of market value, roughly 16 cents is held by professional money managers who have done their deep dive on the science and the potential of assets like COM701 and the rilvegostomig partnership with AstraZeneca. It's a high-conviction, high-risk trade.

The largest holders are a mix of dedicated biotech specialists and quantitative (quant) funds, each with a different investment thesis. The specialists are focused on the clinical data, while the quant funds are trading on momentum and technical signals. You defintely need to know who the biggest players are to track the stock's pulse.

• Silverarc Capital Management, Llc: Biotech specialist, a major anchor.
• Renaissance Technologies Llc: A top-tier quant fund, focused on algorithmic trading.
• ARK Investment Management LLC: Thematic investor, focused on the 'Genomic Revolution.'
• Morgan Stanley: Large bank and institutional asset manager, often a core holding.

The Biotech Specialists and Their Thesis

The largest institutional holder, Silverarc Capital Management, Llc, held approximately 3,311,165 shares as of the end of the third quarter of 2025. Their investment is a clear vote of confidence in Compugen Ltd. (CGEN)'s core assets. This isn't a passive investment; funds like Silverarc are sector experts who understand the value inflection points-the moments when clinical data can send a biotech stock soaring or crashing.

Silverarc Capital Management, Llc recently increased its stake by 9.14% in Q3 2025, which is a strong near-term signal. Here's the quick math: they are adding capital as the company prepares for the next phase of its COM701 maintenance trial in ovarian cancer, with an interim analysis estimated for Q1 2027. They're buying the dip in anticipation of future clinical success, a classic biotech play.

Quant Funds and Market Volatility

On the other side, you have the quantitative funds, like Renaissance Technologies Llc, which held about 1,405,335 shares as of September 30, 2025. These funds use complex algorithms, not fundamental research on drug targets, so their buying (up 5.895% in Q3 2025) and selling is often a technical signal. They can create significant short-term volatility, but their presence doesn't necessarily validate the science. They're just following the market signals their models generate.

ARK Investment Management LLC, led by Cathie Wood, is another notable holder, with approximately 1,072,776 shares as of Q2 2025. Their investment is driven by the 'Genomic Revolution' theme, viewing Compugen Ltd. (CGEN)'s computational discovery platform as a key enabler of future cancer immunotherapies. Their frequent trading activity can also contribute to stock price swings, but their long-term thesis is tied to the platform's ability to generate novel, high-value drug candidates.

Recent Investor Moves and Financial Context

Tracking the recent 13F filings gives you a clear picture of who is placing their chips now. The institutional flow in Q3 2025 was mixed, but the accumulation by the specialist funds is a key takeaway. Morgan Stanley, for example, reduced its position by over 19%, which could be a simple portfolio rebalancing or a profit-taking move, not necessarily a negative signal on the science.

The investor focus is entirely on the pipeline's potential, as the company is still in the clinical development stage. For the full year 2025, analysts project sales of approximately $6.58 million and a Non-GAAP Earnings Per Share (EPS) loss of about -$0.34. This is normal for a biotech. What matters is the cash runway, which was approximately $86.1 million as of September 30, 2025, expected to fund operations into Q3 2027. That runway is the real safety net these investors are watching.

The ultimate influence of these investors is in their reaction to clinical milestones. Positive data from the rilvegostomig program, licensed to AstraZeneca, or from the company's proprietary COM701 trial, will drive the stock far more than any earnings report. If you want to understand the financial health underpinning these bets, you should read Breaking Down Compugen Ltd. (CGEN) Financial Health: Key Insights for Investors. Your next step should be to map the clinical trial timelines to the next 12 months and monitor the trading volume from these top funds around those dates.

Market Impact and Investor Sentiment

You're looking at Compugen Ltd. (CGEN), a clinical-stage biotech, and trying to figure out if the big money is buying or selling. The quick answer is that sentiment is cautiously optimistic right now, largely fueled by a recent financial beat, but the long-term view is still a high-risk, high-reward bet on their pipeline.

The market's immediate reaction to the Q3 2025 earnings, released on November 10, 2025, was defintely positive. The stock surged 3.70% in pre-market trading because the company's financial results significantly outperformed analyst estimates. This kind of immediate pop signals renewed investor confidence, especially given the stock's prior downward pressure.

Here's the quick math on the Q3 beat:

• Reported Revenue: $1.89 million (a 26% beat over the $1.50 million estimate).
• Reported EPS (Non-GAAP): -$0.07 (a 21% narrower loss than the -$0.0884 estimate).

But still, you have to be a realist. While the beat is great for momentum, the Q3 2025 revenue of $1.9 million is a stark drop from the approximately $17.1 million reported in the comparable period of 2024, showing the volatility inherent in a biotech's revenue recognition.

If you want a deeper dive into the balance sheet, check out Breaking Down Compugen Ltd. (CGEN) Financial Health: Key Insights for Investors.

Institutional Ownership: The Mixed Signal of Big Money

When you look at who owns Compugen Ltd., you see a classic biotech investor profile: a relatively small core of institutional money alongside a large retail base. Institutional investors own about 12.2% to 16.56% of the stock, which is lower than many mature companies, but the moves they are making tell the real story.

The sentiment among these large funds is mixed, not a unified rush to buy. You see major increases from some, which suggests a belief in the clinical pipeline, but sharp reductions from others, indicating a focus on capital preservation given the negative net margin (-87.45%) and negative return on equity (-34.77%).

For example, in the recent filings, you saw Jane Street Group LLC dramatically increase its holding by 1,077.0% in August 2025. Also, ARK Investment Management LLC bought more, increasing its stake by 20.6% in July 2025. That's big conviction. But on the flip side, Goldman Sachs Group Inc. cut its position by 83.2% in May/June 2025. This isn't a consensus trade; it's a battleground stock.

Here are the top institutional holders as of the Q3 2025 reporting date:

The largest holder, Silverarc Capital Management LLC, holds approximately 3.31 million shares, representing 3.24% of the company.

Analyst Consensus: Price Targets vs. Financial Reality

The analyst community is generally positive on the long-term potential of the clinical programs, specifically the COM701 Phase 1 study data presented at the ESMO 2025 congress, which supports the rationale for advancing the asset.

The consensus rating is often a Hold, but the price targets suggest significant upside from the current trading price around $1.69. The average analyst price target sits around $4.00, but some firms have targets as high as $13.00. That spread shows the uncertainty around the timing and magnitude of success for their pipeline.

What this estimate hides is the cash burn. While the company is well-capitalized with approximately $86 million in cash as of September 30, 2025, and a projected cash runway that funds operations into 2027, the path to profitability is long. Full-year 2025 EPS consensus is still a loss of about ($0.03), and the company remains fundamentally a research story, not an earnings story.

Your action here is clear: treat Compugen Ltd. as a venture investment in a public equity wrapper. Look past the quarterly EPS noise and focus on the clinical catalysts and the cash runway. Finance: track R&D expense versus cash balance quarterly to confirm the 2027 runway holds.