Based on 103 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added AGEN than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
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At the ownership peak (100% of max)
100% of all-time peak
103 hedge funds hold AGEN right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
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Steady growth — +11% more funds vs a year ago
fund count last 6Q
+10 new funds entered over the past year (+11% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 66% buying
68 buying35 selling
Last quarter: 68 funds were net buyers (36 opened a brand new position + 32 added to an existing one). Only 35 were sellers (17 trimmed + 18 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+24 vs last Q)
new funds entering per quarter
Funds opening a new AGEN position: 20 → 21 → 12 → 36. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Mostly new holders — 28% entered in last year
■ 22% conviction (2yr+)
■ 50% medium
■ 28% new
Only 23 funds (22%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Growing discovery — still being found
34 → 20 → 21 → 12 → 36 new funds/Q
New funds entering each quarter: 20 → 21 → 12 → 36. A growing number of institutions are discovering AGEN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 8% veterans, 31% new entrants
■ 8% veterans
■ 61% 1-2yr
■ 31% new
Of 106 current holders: 8 (8%) held 2+ years, 65 held 1–2 years, 33 (31%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 41% AUM from top-100 funds
41% from top-100 AUM funds
30 of 101 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in AGEN. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.