Gabelli and Karpus lead the July 14–21 whale tape (2026)

The two clearest buys

Gabelli-affiliated accounts put about $10.42 million into LGL Group's July 16 rights offering and now report 2,634,758 shares, or 20.92% of the company. Karpus Management separately reported a 12.56% AFB position built primarily through open-market purchases, with an aggregate cost of about $39.33 million. Those are the week's cleanest cash-backed accumulation prints. 1 2

The rest of the July 14–21 ownership tape is more conditional. Jonathan Rothberg's related entities disclosed planned Butterfly Network sales, OrbiMed's Q32 Bio percentage fell because the share count expanded, and three passive filings put fresh attention on small-cap healthcare and new-issue names. The table below includes the filings in the window with a readable ownership, capital-allocation, control, or supply signal; routine equity awards are excluded. Filing dates are stated where they differ from the underlying event date.

The ranked whale tape

Rank	Ticker	Whale / filer	New disclosure	Retail read
1	LGL	Mario Gabelli and affiliates	The group reports 2,634,758 shares, or 20.92%, after buying through the rights offering at $6.90 per share. The amendment was available on EDGAR on July 20 and assigns $10,416,772 of additional consideration across Gabelli, GGCP, the Gabelli Foundation, and GAMCO. 1	The strongest new buy signal. It is a rights-offering commitment, not proof of an open-market breakout or a declared activist campaign.
2	AFB	Karpus Management	Karpus reports 3,609,635 shares, or 12.56%, acquired primarily in open-market purchases for client accounts, at an aggregate cost of about $39.33 million. The Schedule 13D was available on EDGAR on July 16, based on holdings at the close of business on July 15. It says the position is for investment purposes and lists no current corporate-action plans. 2	A large accumulation print with no disclosed campaign. Track whether Karpus files again, rather than treating the first 13D as an immediate catalyst.
3	BFLY	Jonathan Rothberg and 4C Holdings	The group disclosed sales of 4,013,452 shares across July 14–16 at weighted-average prices between $7.0889 and $7.7178, roughly $29.37 million in aggregate. The amendment was available on EDGAR on July 17. The sales were tied to estate planning and a Rule 10b5-1 plan dated March 13, 2026. 3	A sizable supply event, but not a discretionary dump signal. Class B shares automatically converted into Class A when sold; Rothberg's entities still report 100% of the Class B class after the filing.
4	QTTB	OrbiMed Advisors	OrbiMed reports 4,127,987 shares, or 13.9% in an amendment available on EDGAR on July 20. The percentage declined by more than one point because Q32 Bio's outstanding share count rose to 29,708,814, not because the filing reports a sale. The funds also face a 45-trading-day lock-up. 4	Treat this as a locked, concentrated biotech position. The headline percentage change is dilution-related, so it is not a clean buy or sell read.
5	ANRO	EcoR1 Capital / Oleg Nodelman	EcoR1 and Nodelman report 2,232,000 shares, or 5.8% in a Schedule 13G available on EDGAR on July 20; EcoR1 Capital Fund Qualified reports 2,065,935 shares, or 5.3%. The filing uses a 38,829,167-share post-offering base and certifies passive intent. 5	A fresh threshold alert from a known biotech investor, but the filing does not disclose a purchase price or an activist plan. Do not add the reported percentages together; they reflect related reporting persons.
6	RACD	Biotechnology Value Fund and affiliates	The BVF group reports 500,000 Class A shares, or about 6.4%, in a Schedule 13G available on EDGAR on July 20, based on 7,775,000 Class A shares outstanding after Research Alliance's July 13 offering. The filing does not state a purchase price and is passive. 6	A healthcare-specialist stake in a newly offered vehicle. The ownership percentage is more useful as a holder map than as a short-term direction call.
7	NVVE	The Hewlett Fund	The Hewlett Fund reports 57,648 shares, or 9.99%, in a Schedule 13G available on EDGAR on July 20, with sole voting and dispositive power. The filing says a contractual 9.99% cap limits the reported beneficial ownership; full exercise of its securities would exceed that limit. 7	A small-cap threshold alert, not an activist filing. The cap is the important detail: 9.99% does not mean the fund can freely build beyond that level without a new disclosure or a change in the restriction.

What changed in the signal mix

Real cash deployment is concentrated in two filings

LGL and AFB are the only entries here with a clearly disclosed dollar commitment tied to the current position. Gabelli's purchase came through LGL's rights offering, while Karpus says its shares were accumulated primarily in the open market for managed client accounts. Both filings use Schedule 13D, but neither presents a current corporate-action plan. That combination gives retail traders a useful distinction: large ownership does not automatically mean an activist catalyst.

Healthcare ownership is showing up as a cluster, but the forms are not interchangeable

QTTB, ANRO, and RACD all put healthcare-focused institutional names on the screen. The underlying signals differ. OrbiMed's QTTB percentage moved down because dilution increased the denominator, EcoR1's ANRO filing is a passive threshold disclosure after an offering, and BVF's RACD stake is also passive with no price disclosed. The common theme is concentrated ownership; the directional evidence is weaker than the LGL and AFB prints.

Planned selling needs a different filter

BFLY's roughly $29.37 million of disclosed sales is the week's largest visible sell-side dollar figure in this set, but the filing identifies both estate planning and a pre-arranged 10b5-1 plan. That makes it a supply and overhang item rather than a clean judgment that Rothberg's group has lost conviction. The remaining Class B control position also matters: the shares sold converted into Class A, while the entities still reported the entire Class B class.

Retail follow-up list

LGL: Watch for a post-rights-offering ownership change or any explicit statement from Gabelli about governance. The current filing gives size and funding, but not a campaign.
AFB: Watch for a second Karpus filing. A follow-on increase would make the initial accumulation more informative than the 12.56% threshold alone.
BFLY: Track whether the planned sales continue after the disclosed July 14–16 block. The 10b5-1 explanation lowers the signal quality, but the supply can still matter in a thin stock.
QTTB, ANRO, and RACD: Treat the filings as ownership and dilution monitors. The next useful data point is a new filing that changes shares, intent, lock-up status, or voting power.
NVVE: Treat the 9.99% cap as a hard constraint in the copy-trade case; a passive filing by itself is not a control bid.

This is a filing-based market digest, not investment advice.

Gabelli and Karpus lead the July 14–21 whale tape