Fairmount Healthcare Fund II LP

Director Fairmount Funds sold 3,553,410 shares (75.8% reduction) at $84.43 on 2026-07-01 for $300.0M; retains 1.13M shares plus derivative holdings.

Fairmount Funds Management LLC, a director of Oruka Therapeutics, executed a substantial sale of 3,553,410 shares at $84.43, reducing its direct equity stake by 75.8% while retaining 1,131,954 common shares and 94,497 Series B Preferred shares via derivative holdings. The company is unprofitable (net income of $-31,820,000 in the most recent fiscal period, with revenue of $0.00 in the latest quarter) and trades at a market cap of $5,626,515,902.29—a biotech-stage enterprise without near-term commercial revenue. The transaction price of $84.43 sits notably below the current price of $93.29 and the 52-week high of $97.78, indicating the sale occurred before the stock's recent 69.6% gain over 30 days and 75.0% gain over 90 days. Across the insider's full cross-ticker trading history, prior sells averaged -3.9% returns over 30 days but +12.3% over 90 days, with a 0.00% well-timed rate, suggesting a pattern where this insider's stock sales have not preceded downturns. The large size, majority-stake reduction, and post-transaction stock appreciation merit attention to whether additional insiders or directors execute similar transactions or if material developments have emerged since July 2026.

Director Fairmount Funds sold 4.68M SYRE shares for $399.7M at $85.31; zero non-derivative holdings remain post-trade.

Fairmount Funds Management LLC sold 4,684,781 shares of Spyre Therapeutics at $85.31 on 2026-06-23, reducing its non-derivative stake to zero while preserving zero Series B Preferred shares in the related vehicle. The sale occurred as the stock was at -4.9% from its 52-week high of $102.06, having rallied +31.1% in the prior 30 days and +112.5% over 90 days. The company remains unprofitable with a net loss of -$69,005,000 in the latest period and zero revenue, making the director's removal of non-derivative equity exposure notable given recent momentum and the company's ongoing burn rate. Across the director's cross-ticker history, prior sells averaged -3.9% returns over 30 days post-trade and showed a 0.00% well-timed rate, indicating that past sales have not preceded further declines.

Fairmount Funds (director, 10% owner) invests $20M in VRDN shares near 52-week lows as stock rebounds from deeper weakness.

Fairmount Funds Management—a director and 10% beneficial owner of Viridian Therapeutics—deployed approximately $20 million to purchase over 1.1 million shares, expanding its position by roughly a third. This is the fund's fourth open-market purchase of VRDN stock in 36 months, signaling persistent conviction despite the company's unprofitable status and recent operational challenges (quarterly revenue cratered from full-year levels). The timing is noteworthy: the stock is trading well below its 52-week high after a sharp recent decline, but has recovered modestly over the past month—suggesting Fairmount may be accumulating during a period of relative stabilization after severe weakness. Fairmount's broader track record shows a strong preference for buying (16 prior purchases across all holdings versus only 3 sales in 36 months), though the fund's returns on prior open-market buys have been mixed, with short-term gains not translating to sustained long-term outperformance. Without measurable outcome data from Fairmount's three prior VRDN purchases, it remains unclear whether this repeated buyer has been right about the stock before—a material gap in assessing whether this fresh $20 million deployment reflects learned insight or persistent conviction despite mixed results.

Director Fairmount Funds Management LLC bought 150,000 shares of ZBIO at $20.00 ($3.0M); stock down -43.9% in 90 days; company unprofitable with -$51.5M net income.

Fairmount Funds Management LLC (Director) purchased 150,000 shares at $20.00 on 2026-03-31, increasing holdings by 6.8% to 2.36M shares total. The purchase occurs amid significant recent weakness: ZBIO is down -43.9% over 90 days and -20.3% over 30 days, trading at $20.36, down -52.8% from its 52-week high of $43.17. The company remains unprofitable with net income of -$51.5M on zero revenue in the latest quarter, though it has demonstrated 100.0% annual revenue growth year-over-year. The insider's prior two purchases at ZBIO both resulted in negative 90-day returns (-12.6% and -47.5%), with neither trade well-timed at the 90-day mark. A cluster of 2 other insiders also bought within the past 14 days, suggesting coordinated accumulation. The transaction reflects substantial dollar commitment ($3.0M) into a volatile, loss-making biotech at a depressed price relative to recent highs, though the insider's cross-ticker track record shows modest positive 30-day outcomes (+15.1% average) alongside negative 90-day results (-4.2% average with 33.33% win rate).

Director Fairmount Funds sold 1,750,000 shares of APGE at $76.30 for $133,525,000.00, reducing stake 85.4% while company reports $-65,021,000.00 net loss.

Fairmount Funds Management LLC (Director) executed a substantial open-market sale on 2026-01-22, reducing its APGE holdings from 2,048,647 shares to 298,647 shares—a -85.4% reduction in stake. The sale at $76.30 represents a $3.56 discount from the current price of $79.86, and occurs in the context of Apogee Therapeutics' negative full-year net income of $-65,021,000.00. Notably, this director's prior trading pattern at APGE shows three well-timed buy transactions on 2023-07-13, each generating positive 90-day returns of +19.8%; however, the same-ticker track record of successful entry timing does not establish predictive value for exit timing, especially given the cross-ticker history shows a 90-day win rate of only 35.71% and a prior single sell in the broader portfolio. The magnitude of this liquidation (1,750,000 shares)—the largest transaction on record for this insider at this ticker—combined with the company's unprofitable status merits investor scrutiny into whether this reflects a material change in conviction or portfolio rebalancing constraints unrelated to operational performance.

Fairmount Funds director acquired 1,360,000 shares of CBIO for $18.2M, doubling stake to 2.75M shares

Fairmount Funds Management LLC executed a substantial $18,237,600.00 open-market purchase of 1,360,000 shares at $13.41 on 2025-12-04, increasing its holdings by 98.0%. However, the transaction's significance is substantially dampened by both company fundamentals and the insider's prior cross-ticker track record. Crescent BioPharm generated only $75,000.00 in latest quarterly revenue and posted a net income of $-24,607,000.00, with annual revenue declining 86.7% year-over-year; the company remains unprofitable. Fairmount's cross-ticker buy history shows mixed performance: 14 prior buys averaged +16.3% over 30 days but only -8.0% over 90 days, with a 33.33% win rate at the 90-day mark. The stock currently trades at $13.17, down 26.8% from its 52-week high and barely changed on a 30-day basis (+0.3%), providing limited near-term validation of this large accumulation.

Fairmount Funds Management LLC (Director) buys 454,545 shares of VRDN at $22.00 for $9,999,990.00

Fairmount Funds Management LLC, a director at Viridian Therapeutics, purchased 454,545 shares at $22.00 on 2025-10-23, increasing its holdings from 3,459,913 to 3,914,458 shares (+13.1%). The transaction occurred at a price 12.3% below the 52-week high of $25.71, and the stock has rallied +11.6% over the prior 30 days and +34.2% over 90 days. However, this director's prior open-market track record is mixed: 13 prior buys across other tickers showed an average 30-day return of +10.0% but an average 90-day return of -8.0%, with a 90-day win rate of only 33.33%. At VRDN specifically, the director's 2 prior purchases resulted in 0 instances of positive 90-day returns. Against this backdrop, the company's fundamentals remain challenged: Viridian reported quarterly revenue of $75,000.00 and a net loss of $-100,735,000.00, with annual revenue declining -3.8% year-over-year. The purchase represents a substantial capital commitment by the director, but the combination of poor historical timing on subsequent price movements and persistent unprofitability warrants close attention to whether this marks a genuine conviction threshold or a pattern continuation.

Fairmount Funds Management Director bought 316.2K ZBIO shares at $19.00 on 2025-10-07 (+$6.0M); 5 other insiders bought within 14 days amid steep revenue decline.

Fairmount Funds Management LLC purchased 316,219 shares at $19.00, increasing holdings to 2.21M shares (+16.7%), while the stock has since risen 27.1% over 30 days and 148.3% over 90 days. The transaction is part of a cluster pattern: 5 other insiders bought within the past 14 days. However, this coincides with severe fundamental deterioration—annual revenue declined 90.0%, the company reported -$52.2M net income in the latest quarter, and the latest quarter showed $0.00 revenue. The insider's prior buy at ZBIO in September 2024 resulted in a -47.5% return over 90 days, establishing a track record of poorly-timed purchases at this ticker. The cluster activity and large position increase warrant scrutiny given the company's unprofitability and revenue collapse.