Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) is a leading biotechnology company focused on developing medicines for serious diseases across ophthalmology, oncology, and immunology. Shares recently traded around $776 per share, giving Regeneron a market capitalization of roughly $79.6B.
Founded and long led by Leonard Schleifer, Regeneron is widely known for its internally driven research model and disciplined approach to capital allocation. Looking at who owns Regeneron and how insiders are trading helps show how large institutions and company leadership may be positioning around the stock today.
Who Are Regeneron’s Top Shareholders?
Regeneron’s shareholder base is led by major institutional investors, many of which tend to hold through market cycles. Recent filings show a mix of trimming and adding, suggesting differing views on valuation and long-term growth rather than a single dominant narrative.
- The Vanguard Group, Inc.: 8,995,042 shares (8.71%), ~$6.98B value. Cut 376,355 shares (-4.02%).
- BlackRock Institutional Trust Company, N.A.: 5,461,663 shares (5.29%), ~$4.24B value. Cut 204,209 shares (-3.60%).
- State Street Investment Management (US): 4,691,223 shares (4.54%), ~$3.64B value. Cut 140,779 shares (-2.91%).
- Dodge & Cox: 4,550,845 shares (4.41%), ~$3.53B value. Added 724,562 shares (+18.94%).
- JP Morgan Asset Management: 2,946,879 shares (2.85%), ~$2.29B value. Added 130,726 shares (+4.64%).
- Geode Capital Management, LLC: 2,535,898 shares (2.46%), ~$1.97B value. Added 70,844 shares (+2.87%).
- Invesco Capital Management (QQQ Trust): 2,183,806 shares (2.11%), ~$1.70B value. Cut 5,936 shares (-0.27%).
- Putnam Investment Management, LLC: 2,147,962 shares (2.08%), ~$1.67B value. Added 117,427 shares (+5.78%).
- Capital World Investors: 1,998,366 shares (1.93%), ~$1.55B value. Added 32,348 shares (+1.65%).
- Loomis, Sayles & Company, L.P.: 1,979,453 shares (1.92%), ~$1.54B value. Added 38,383 shares (+1.98%).
- Fidelity Management & Research Company LLC: 1,886,652 shares (1.83%), ~$1.46B value. Cut 1,375,220 shares (-42.16%).
For investors, this ownership mix highlights steady passive support alongside active managers adjusting exposure based on valuation, growth expectations, and portfolio strategy.
Hedge Fund Highlights
One notable move came from Dodge & Cox, which meaningfully increased its stake in Regeneron Pharmaceuticals, adding more than 700,000 shares to bring its position to roughly $3.5B value. This move may suggest growing confidence in Regeneron’s long-term earnings profile under founder Leonard Schleifer, even as near-term growth remains debated.
Renaissance Technologies, founded by Jim Simons, continues to maintain exposure to Regeneron. While the firm frequently adjusts positions, its ongoing presence suggests Regeneron remains attractive within quantitative strategies at current price levels.
Balyasny Asset Management, led by Dmitry Balyasny, also appears to hold a meaningful position in Regeneron. The fund’s involvement may reflect interest from multi-strategy managers positioning around pipeline optionality and margin durability rather than short-term earnings momentum.
Gotham Asset Management, founded by Joel Greenblatt, remains another notable holder. Gotham’s continued ownership suggests Regeneron may still screen favorably on valuation or quality metrics within disciplined, fundamentals-driven frameworks. For investors, hedge fund positioning appears selective rather than crowded.
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Regeneron’s Recent Insider Trades
Insider filings show a cluster of transactions in early December involving senior executives and directors, generally representing small portions of overall ownership.
- Leonard S. Schleifer (Officer & Director): Sold 155,145 shares at ~$701; acquired 172,723 shares at ~$556.
- George D. Yancopoulos (Officer & Director): Sold 131,874 shares at ~$701; acquired 146,815 shares at ~$556.
- Daniel P. Van Plew (Officer): Sold 4,458 shares at ~$701 to ~$713; recorded 3,715 shares at $0.
- Marion E. McCourt (Officer): Sold 2,357 shares at ~$701 to ~$713; recorded 2,476 shares at $0.
- Andrew J. Murphy (Officer): Sold 5,928 shares at ~$701 to ~$713; recorded 3,715 shares at $0.
- Joseph J. LaRosa (Officer): Sold 1,396 shares at ~$713; recorded 2,476 shares at $0.
- Christopher R. Fenimore (Officer): Sold 992 shares at ~$713; recorded 3,027 shares at $0.
- Jason Pitofsky (Officer): Sold 989 shares at ~$713.
Most transactions represent well under 0.20% of shares outstanding per individual. Some filings include shares recorded at $0, which may relate to equity awards or compensation timing, though that is not confirmed. For investors, insider activity appears measured and does not materially shift overall ownership.
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What the Ownership & Insider Trade Data Tell Us
Regeneron’s shareholder base remains anchored by large institutions, providing stability even as active managers trim or add positions. Hedge fund activity suggests selective interest rather than broad accumulation, reflecting ongoing debate around valuation and long-term growth durability.
Insider transactions appear balanced, with modest sales and compensatory share movements that do not meaningfully change ownership levels. For investors, the data suggests Regeneron continues to be viewed as a high-quality biotech franchise, but positioning across institutions and insiders points to a cautious, deliberate approach at current price levels.
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