Exploring PAVmed Inc. (PAVM) Investor Profile: Who’s Buying and Why?

You're looking at PAVmed Inc. (PAVM), a micro-cap medical technology stock, and wondering why institutional money is still in the game when the stock price has fallen sharply from its 2024 high. The reality is this: despite reporting a GAAP net loss of approximately $6.3 million for the third quarter of 2025, a core group of institutional investors is maintaining or even increasing their stake, betting on the long-term value of the company's pipeline. With a current market capitalization hovering around $9.4 million, the company's valuation is tiny, but the institutional ownership is notable, totaling over 1.4 million shares held by 39 institutions, representing about 5.38% of the shares outstanding. Why are names like First Manhattan Co. LLC and Vanguard Group Inc. holding on?

The answer is in the strategic assets: Lucid Diagnostics Inc.'s EsoGuard, which generated $1.2 million in revenue in Q3 2025 from 2,841 tests, and the Veris Health Inc. platform, which just launched its commercial phase with The Ohio State University Comprehensive Cancer Center. Are these clinical milestones and the recent debt restructuring-which reduced the Senior Secured Convertible Notes liability from $29.1 million at the end of 2024 to $6.9 million by September 2025-enough to offset the persistent cash burn? We'll defintely map out the key institutional buyers, their recent trading activity, and the specific catalysts they are tracking to see if this is a value play or a high-risk gamble on future FDA submissions.

Who Invests in PAVmed Inc. (PAVM) and Why?

If you're looking at PAVmed Inc. (PAVM), you need to understand who is buying the stock, because the investor base tells a story about risk tolerance and future expectations. The direct takeaway is that PAVmed is overwhelmingly owned by insiders and retail investors, signaling a high-conviction, high-risk growth play on medical technology, not a stable institutional holding.

As of late 2025, the ownership structure is defintely unusual for a publicly traded company. Insiders and retail investors hold a massive majority of the shares, which means the stock's movement can be more volatile and less predictable than one dominated by large institutions. Here's the breakdown of the ownership structure:

• Insider Shareholders: Hold approximately 50.74% of the company. This is a huge vote of confidence from management and directors, but it also means liquidity can be tight.
• Retail Investors: Account for a significant 44.31%. This group is often driven by the high-potential, transformative nature of the medical device and diagnostics sector.
• Institutional Shareholders: Own a small fraction, around 4.95%. This low percentage reflects the company's early commercial stage and the financial instability that comes with it.

While institutional ownership is low, the names present are notable. Major holders include First Manhattan Co. LLC, Vanguard Group Inc., and BlackRock, Inc., who collectively hold over a million shares. For instance, institutions hold a total of 1,435,272 shares, valued at approximately $808 thousand as of November 2025, which is a small position for these giants.

What Attracts Investors: The Growth Story

The primary motivation for buying PAVmed is a bet on the commercial success of its subsidiaries, especially Lucid Diagnostics and its EsoGuard Esophageal DNA Test. Investors are buying the potential for a massive market shift in esophageal precancer screening. Lucid Diagnostics reported $1.2 million in revenue from 2,841 EsoGuard tests in the third quarter of 2025, which is a concrete revenue stream, but still small.

The big near-term opportunity is Medicare coverage. Lucid Diagnostics is on the verge of securing Medicare coverage for EsoGuard, which would be a game-changer for commercialization efforts and could significantly boost test volume and revenue. Plus, the company has been focused on stabilizing its finances. They successfully restructured their debt, reducing their Senior Secured Convertible Notes liability from $29.1 million at the end of 2024 to $6.9 million by September 2025. That's a huge step toward fiscal health, even with a Q3 2025 GAAP net loss of approximately $6.3 million.

Here's a quick look at the core growth drivers:

• EsoGuard Test: Potential for widespread adoption with anticipated Medicare coverage.
• Veris Health: Commercial phase launch with The Ohio State University James Cancer Hospital for its digital cancer care platform.
• Innovation Pipeline: Licensing a new endoscopic imaging technology from Duke University to expand its offerings.

This is a story of future growth, not current profitability. You can read more about the underlying financial metrics in Breaking Down PAVmed Inc. (PAVM) Financial Health: Key Insights for Investors.

Investment Strategies: High-Risk, High-Reward

Given the ownership profile and the nature of the business-a commercial-stage medical technology company with an innovative but not yet widely profitable product-the typical investment strategies are highly focused on long-term capital appreciation, with a strong dose of speculation. The low institutional ownership means you won't see much stable, value investing here.

The dominant strategies are:

1. Long-Term Growth Holding: This is the strategy of the insiders and the passive institutional funds like Vanguard. They are holding for the multi-year payoff of EsoGuard securing full reimbursement and market adoption. They are willing to stomach the current financial pressures, like the Q3 2025 non-GAAP adjusted loss of approximately $0.4 million, for the massive upside.
2. Short-Term Trading/Event-Driven Speculation: The high retail ownership and volatility suggest significant short-term trading. News like the unanimous expert support for Medicare coverage or the Q3 2025 cash reserves increasing to $3.1 million can cause sharp, temporary price movements. This is a stock where the sentiment of retail investors, often discussed on social media forums, plays a defintely outsized role.

What this estimate hides is the high risk of dilution, as the company has historically relied on public stock offerings to strengthen its balance sheet and extend its financial runway through key milestones. Any investor here is accepting a significant degree of clinical and commercial execution risk.

Institutional Ownership and Major Shareholders of PAVmed Inc. (PAVM)

If you're looking at PAVmed Inc. (PAVM), the first thing to understand is who holds the power, and right now, institutional money is showing a complex, but recently accumulating, interest. Institutional investors-the big players like mutual funds, pension funds, and asset managers-currently hold a total of approximately 1,535,732 shares of PAVmed Inc. stock as of the most recent filings in November 2025. This ownership is small in percentage terms, but their trading volume and conviction are what matter most in a smaller-cap stock like this.

The core of the institutional buying is focused on a few major players. These are the firms that have done the deep dive on the company's medical device portfolio and its strategic investment in Lucid Diagnostics. The largest shareholder by a significant margin is First Manhattan Co. Llc., holding 714,100 shares as of September 30, 2025. Following them are major index and asset managers, which is a classic sign of a stock being included in broader market funds.

Recent Shifts: Who's Buying and Why

The most telling sign of institutional sentiment is the recent activity, and honestly, the trend is an accumulation story. In the most recent quarter leading up to September 30, 2025, institutional investors increased their long positions by a net of over 320,864 shares, while only decreasing positions by 10,529 shares. That's a strong signal of conviction, even if it's coming off a low base.

You see major percentage jumps from firms like Vanguard Group Inc. and Jane Street Group, Llc., increasing their holdings by over 155% and 189%, respectively. This isn't just passive index-tracking; it suggests a belief that the risk/reward profile has improved. Northern Trust Corp. also made a massive move, increasing its stake by over 297%. When you see this kind of buying, it's defintely worth a closer look at the underlying catalysts, which you can read more about here: PAVmed Inc. (PAVM): History, Ownership, Mission, How It Works & Makes Money.

• Vanguard and BlackRock, Inc. are primarily buying PAVmed Inc. for inclusion in their broad index funds, which is a passive vote of confidence.
• Jane Street and Virtu Financial, on the other hand, are high-frequency trading and market-making firms; their large, sudden increases often point to short-term trading opportunities or arbitrage, not a long-term strategic bet.
• The total institutional shares (long) increased by 10.68% in the most recent quarter, showing a clear accumulation phase.

The Impact of Large Investors on PAVmed Inc.'s Trajectory

Institutional investors play two critical roles: they move the stock price with their trades and they can influence corporate strategy. Their transactions, especially in a stock with lower liquidity like PAVmed Inc., can cause sharp price movements. For example, the stock saw a sharp 20.03% surge in November 2025, a move that, in the absence of major news, is often attributed to a concentrated buy-side event, likely a large institutional order or short covering triggered by a big buyer.

From a strategic standpoint, the institutional appreciation is tied to the company's improving earnings picture. The recent upgrade to a Zacks Rank #1 (Strong Buy) in October 2025 was a direct result of analysts raising their earnings estimates. PAVmed Inc. is expected to earn -$0.55 per share for the fiscal year ending December 2025. Institutional investors use these revised estimates to calculate a higher fair value, leading to buying pressure. Here's the quick math: better earnings outlook equals a higher valuation in their models, so they buy. Plus, PAVmed Inc. still holds a significant strategic position as the single largest shareholder of Lucid Diagnostics, with approximately 23% common share ownership and a 28% voting interest, giving them and their institutional peers significant influence over that subsidiary's direction.

Key Investors and Their Impact on PAVmed Inc. (PAVM)

You're looking at PAVmed Inc. (PAVM) and trying to figure out who's really driving the bus, and honestly, the ownership structure is a bit unusual for a Nasdaq-listed company. The direct takeaway is that insiders and retail investors hold the vast majority of shares, which means institutional influence is relatively small, but their recent moves are telling.

As of late 2025, the ownership pie is sliced heavily toward those closest to the company and the general public. Insiders, including executives and directors, control a significant 50.74% of the stock, while retail investors hold another 44.31%. This leaves institutional investors-the big funds like BlackRock, Inc. and Vanguard Group Inc.-with only about 4.95% of the company, a very small piece of the action.

The Dominance of Insider and Retail Ownership

When insiders own over half the company, their influence on strategic decisions, like the recent debt restructuring or the focus on subsidiaries Lucid Diagnostics and Veris Health, is defintely magnified. The largest individual shareholder is Ira Scott Greenspan, an insider who holds 7,148,458 shares, representing 24.09% of the company, valued at approximately $2.29 million as of the latest data. That's a massive stake. The CEO, Lishan Aklog, also remains a key figure, holding a substantial interest.

Here's the quick math on the ownership split:

• Insider Ownership: 50.74%
• Retail Investor Ownership: 44.31%
• Institutional Ownership: 4.95%

Because no single institutional fund holds a dominant position (a Schedule 13D, indicating an activist stance, is absent), the collective power of the 44.31% retail base can also influence stock movements, especially on social media-driven news or major announcements. The stock's volatility often reflects this high retail and insider concentration.

Institutional Players and Their Recent Moves

While their overall percentage is low, the institutional investors who are in PAVmed Inc. are notable. Firms like First Manhattan Co, Vanguard Group Inc, Geode Capital Management, Llc, and BlackRock, Inc. are among the largest institutional holders. Their presence provides a measure of credibility, but their primary influence is through passive investment (Schedule 13G filings), meaning they're not actively pushing for a change in management or strategy.

Still, their recent trading activity, as seen in the September 30, 2025, 13F filings, shows a clear trend of accumulation. This suggests that despite the stock's decline-it fell over 71% from November 2024 to November 2025-some professional money managers are seeing a buying opportunity.

Look at the recent accumulation by some of these funds:

Vanguard Group Inc. and Jane Street Group, Llc, for example, significantly increased their stakes in the third quarter of 2025. This aggressive buying, even with the stock trading around $0.32 per share in November 2025, is a strong signal of conviction in the long-term potential of PAVmed Inc.'s pipeline, which includes the Veris Health implantable physiological monitor and the EsoGuard® Esophageal DNA Test from Lucid Diagnostics. Learn more about the company's background and subsidiaries here: PAVmed Inc. (PAVM): History, Ownership, Mission, How It Works & Makes Money.

What this estimate hides is the small dollar value of these institutional positions-First Manhattan Co's stake, for instance, is valued at only $229 thousand-meaning the stock is a tiny, high-risk bet for them, not a core holding. Still, the trend is clear: the institutions that are involved are mostly adding to their positions. This accumulation comes even as the company reported a GAAP net loss of $6 million in Q3 2025, with a cash burn rate of $900,000 for the quarter, underscoring a focus on future growth over near-term financials.

Your next step should be to monitor the next wave of insider and institutional filings to see if this accumulation trend continues into the fourth quarter of 2025.

Market Impact and Investor Sentiment

You're looking at PAVmed Inc. (PAVM) and trying to figure out if the big money is buying or selling, and honestly, the picture is a study in contrasts. While the stock price has struggled-trading near its 52-week low of $0.304 as of November 2025-the sentiment among key investor groups is surprisingly bifurcated. The market is definitely cautious, but insiders are buying, and some analysts are wildly bullish.

The overall market sentiment is best described as negative, largely driven by the company's financial results. Following the Q3 2025 earnings report on November 13, 2025, the stock price dropped by 4.65% in premarket trading. This reaction reflects investor concern over the reported GAAP net loss of $6 million for the quarter, despite the company's strategic progress. To be fair, this kind of volatility is common for a company focused on long-term commercialization, especially when you consider the Mission Statement, Vision, & Core Values of PAVmed Inc. (PAVM). which prioritizes innovation over near-term profit.

Here's the quick math on the financial challenges: PAVmed Inc.'s total revenue for the nine months ending September 30, 2025, was a mere $19,000, a sharp decline from $2.985 million in the same period of 2024. But still, the company has aggressively cut costs, reducing operating expenses from $42.3 million to $15 million over that same nine-month period. That's a massive operational improvement, even if the top-line revenue isn't there yet.

Institutional Ownership and Insider Confidence

When you look at who is actually holding the stock, you see a mix of passive giants and active insiders. As of September 30, 2025, PAVmed Inc. had 39 institutional owners holding a total of 1,435,272 shares. These aren't just small funds; the list includes major players like Vanguard Group Inc. and BlackRock, Inc., who hold shares primarily through index-tracking funds.

The true signal comes from the active positions. While the institutional value is small, the fact that major firms are on the register matters. More telling is the insider activity. Over the last year, insiders have collectively purchased approximately $322.0K worth of shares in high-impact open-market transactions, with zero reported sales. That's a strongly positive signal-it tells you the people who know the business best are putting their own capital to work. They defintely believe in the long game.

The largest institutional holders as of the Q3 2025 reporting period include:

Analyst Perspectives and Future Outlook

Analyst perspectives on PAVmed Inc. (PAVM) are highly polarized, reflecting the high-risk, high-reward nature of medical technology (MedTech) stocks. You have to look past the current stock price of around $0.380 (as of November 18, 2025) and focus on the strategic milestones.

Some analysts see massive upside, driven by the company's product pipeline and strategic restructuring. For example, one analyst from Ascendiant Capital, Edward Woo, maintained a 'Strong Buy' rating with a 12-month price target of $20.00, last updated in October 2025. This implies an astronomical upside, but it's based on the successful commercialization of products like EsoGuard and the implantable physiologic monitor, which is slated for FDA submission in 2026.

However, the consensus is more tempered. The median price target from a group of Wall Street analysts is $11.00, still implying a significant return if the company executes. The reality is that the stock's performance is currently tied to operational milestones, not earnings, which is why the market reacts so poorly to losses even as analysts remain bullish on the long-term vision. The key opportunities analysts are watching are:

• Securing Medicare coverage for Lucid Diagnostics' EsoGuard, which would significantly boost commercialization.
• Successful launch of the Veris commercial phase, including the partnership with Ohio State University.
• Progress on the implantable physiologic monitor, with FDA submission planned for 2026.

The near-term risk remains the cash burn rate, which was about $900,000 for Q3 2025, and the need for additional capital to support operations. So, while the analysts are pointing to a potential 3,337.5% upside based on the median target, you must acknowledge the significant execution risk involved. Finance: Monitor the next capital raise announcement closely to gauge dilution risk.