UPDATE: DBV Technologies (DBVT) - Institutional Churn: The Great Rotation

A flurry of year-end 13G filings just dropped, and they illustrate the battleground DBV is currently trading in following the VITESSE Phase 3 data. We are seeing a massive rotation of the shareholder base:

• The Exits: As I warned in my December deep dive (linked in comments), some funds viewed the Phase 3 success as a liquidity event. A new filing confirms that Venrock Healthcare Capital Partners completely liquidated their position by year-end, mirroring the heavy selling we saw from the French state bank, Bpifrance.

• The Diamond Hands: Conversely, high-conviction biotech specialists are digging in. MPM BioImpact reported a massive 24.5 million share position. In fact, MPM is holding right at the 9.9% "Beneficial Ownership Blocker" limit — meaning they are holding as much of DBV as they legally can without crossing regulatory thresholds.

• The Whales: Additionally, mega-fund Citadel reported a 3.5% stake (~8.1M shares), helping to absorb the supply overhang left by the exiting funds.

Takeaway: The dead money and impatient capital are officially out. The shares have transferred into the hands of fundamental biotech specialists (MPM, Artisan, Invus) who are settling in for the 2026 BLA submission and commercial launch. The supply overhang I pointed out in December is clearing.