Based on 19 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their ACXP positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 58% of 3.0Y high
58% of all-time peak
Only 19 funds hold ACXP today versus a peak of 33 funds at 2025 Q2 — just 58% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 42% fewer funds vs a year ago
fund count last 6Q
14 fewer hedge funds hold ACXP compared to a year ago (-42% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 36% buying
5 buying9 selling
Last quarter: 9 funds sold vs only 5 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 3 → 7 → 8 → 2. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 16% medium
■ 32% new
10 out of 19 hedge funds have held ACXP for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
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Buying through price weakness — shares -32%, value -68%
Last quarter: funds added -32% more shares while total portfolio value only changed -68%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~2 new funds/quarter
11 → 3 → 7 → 8 → 2 new funds/Q
New funds entering each quarter: 3 → 7 → 8 → 2. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 53% veterans vs 37% newcomers
■ 53% veterans
■ 11% 1-2yr
■ 37% new
Entry-cohort mix of 19 holders: 10 (53%) are 2+ year veterans, 2 entered 1–2 years ago, and 7 (37%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 42% AUM from top-100 funds
42% from top-100 AUM funds
7 of 19 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in ACXP. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 2.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.