Supernus Pharmaceuticals Inc. (NASDAQ: SUPN) has garnered support from institutional investors, including Armistice Capital, Vanguard Group, and Baker Bros. The neurological therapy specialist advances treatments for seizure disorders and movement-related conditions. Its approach to central nervous system therapeutics has attracted institutional capital seeking exposure to growing markets for specialized neurological treatments.
Supernus is working on addressing seizure and movement disorders through both established commercial products and investigational treatments. The company reported full-year 2024 revenues of $661.8 million, a 9% increase compared to 2023.
According to Fintel data, Supernus has 582 institutional owners and shareholders that have filed 13D/G or 13F forms. These institutions hold a total of 67,356,223 shares. Largest shareholders include BlackRock Inc., Vanguard Group Inc., and Armistice Capital.
Institutional Ownership Structure
Armistice Capital holds 5.2 million shares of Supernus, accounting for 2.55% of the hedge fund's portfolio allocation, constituting a serious satellite position compared to other hedge funds rather than a core index holding.
Vanguard and BlackRock maintain substantial positions through passive instruments, providing foundational institutional ownership typical of their broad healthcare sector exposure. Specialty investors such as Baker Bros., RTW, and Wellington also have active exposure to Supernus, indicating institutional confidence in the company's neurological focus and execution capabilities.
The diversified institutional base provides stability while allowing for performance-driven position adjustments based on clinical trial outcomes, regulatory decisions, and commercial execution metrics.
Commercial Performance and Growth Drivers
Total prescriptions for Qelbree, Supernus' non-stimulant medication for treating attention-deficit hyperactivity disorder (ADHD), were 214,613 for the fourth quarter of 2024 and 767,791 for the full year, an increase of 25% for both periods. Qelbree, approved by the FDA in April 2021 as the first novel non-stimulant treatment for ADHD in a decade, has become a significant revenue driver for the company.
Fourth quarter 2024 net sales of Qelbree increased 60% to $74.4 million, compared to the same period in 2023. Full year 2024 net sales of Qelbree increased 72% to $241.3 million, compared to full year 2023. GOCOVRI, the company's treatment for Parkinson's disease dyskinesia, also contributed to growth with full-year net sales increasing 9% to $130.8 million, compared to full-year 2023.
The company successfully transitioned from legacy products like migraine prevention drug Trokendi XR, which faced generic competition, to these newer growth drivers.
Pipeline Development and Recent Milestones
In February 2025, the U.S. Food and Drug Administration (FDA) approved ONAPGO (apomorphine hydrochloride) injection, formerly known as SPN-830, as the first and only subcutaneous apomorphine infusion device for the treatment of motor fluctuations in adults with advanced Parkinson's disease. The company plans to launch ONAPGO later this year.
Supernus maintains research and development programs targeting neurological conditions beyond its established seizure disorder focus. The company's pipeline includes several novel candidates addressing significant unmet medical needs.
SPN-817, used to treat epilepsy, demonstrated 86% median focal seizure reduction at the 3mg to 4mg twice daily doses in the open-label extension period.
SPN-817 represents a novel mechanism of action (MOA) for an anticonvulsant. SPN-817 is a novel synthetic form of huperzine A, whose MOA includes potent acetylcholinesterase inhibition. The drug has received Orphan Drug designation for both Dravet Syndrome and Lennox-Gastaut Syndrome from the U.S. FDA..
Strategic Acquisitions and Portfolio Expansion
Supernus announced a major strategic move in June 2025 with a definitive agreement for Supernus to acquire Sage through a tender offer for $8.50 per share in cash (or an aggregate of approximately $561 million), payable at closing, plus one non-tradable contingent value right (CVR) collectively worth up to $3.50 per share in cash (or an aggregate of approximately $234 million), for total consideration of $12.00 per share in cash (or an aggregate of up to approximately $795 million) (https://www.globenewswire.com/news-release/2025/06/16/3099695/19871/en/Supernus-Pharmaceuticals-to-Acquire-Sage-Therapeutics-Strengthening-its-Neuropsychiatry-Product-Portfolio.html).
This acquisition will add ZURZUVAE® (zuranolone) capsules CIV, the first and only U.S. Food and Drug Administration (FDA)-approved oral medicine indicated for the treatment of adults with postpartum depression. Through a collaboration with Biogen, Supernus will report collaboration revenue that is 50% of total net revenue Biogen records for ZURZUVAE, which was $36.1 million and $13.8 million for the full year 2024 and for the first quarter of 2025, respectively.
Acquisition Activity
In June 2025, Supernus agreed to acquire Sage Therapeutics for $8.50 per share in cash plus contingent value rights worth up to $3.50 per share, totaling a potential $795 million transaction value. ZURZUVAE (zuranolone), the first FDA-approved oral postpartum depression treatment, constitutes the primary asset
Biogen partnership arrangements provide Supernus with 50% of ZURZUVAE U.S. net revenues. Collaboration revenue from the product was $36.1 million for full-year 2024 and $13.8 million for first-quarter 2025.
Broader Investment Context
Institutional investors across multiple categories have allocated capital to neurological therapy companies. Passive index funds provide baseline ownership, while active managers like hedge funds make conviction-based decisions around clinical catalysts and commercial execution.
Neurological disorder treatments require chronic administration in many cases, creating recurring revenue. And aging demographics and improved diagnostic capabilities could expand addressable patient populations over time.
Market dynamics include both novel mechanisms of action and risks from clinical development failures. Institutional investors evaluate these factors when determining position sizing in specialty pharmaceutical companies.
Armistice Capital's satellite position in Supernus reflects measured exposure to neurological therapy development alongside other institutional participants in the sector, while recent pipeline results and the company's acquisition activity provide data points for ongoing investment evaluation across the institutional investor base.
