Based on 12 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their ASND positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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Below peak — only 4% of 3.0Y high
4% of all-time peak
Only 12 funds hold ASND today versus a peak of 307 funds at 2025 Q4 — just 4% 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 — 95% fewer funds vs a year ago
fund count last 6Q
237 fewer hedge funds hold ASND compared to a year ago (-95% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 3% buying
8 buying263 selling
Last quarter: 263 funds sold vs only 8 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Fewer new buyers each quarter (-30 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 62 → 58 → 34 → 4. 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.
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Mixed — 33% long-term, 33% new
■ 33% conviction (2yr+)
■ 33% medium
■ 33% new
Of the 12 current holders: 4 (33%) held >2 years, 4 held 1–2 years, and 4 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
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Saturation — most institutions already know this story
45 → 62 → 58 → 34 → 4 new funds/Q
New funds entering each quarter: 62 → 58 → 34 → 4. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
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Veteran-anchored — 46% veterans vs 38% newcomers
■ 46% veterans
■ 15% 1-2yr
■ 38% new
Entry-cohort mix of 13 holders: 6 (46%) are 2+ year veterans, 2 entered 1–2 years ago, and 5 (38%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 62% AUM from top-100 funds
62% from top-100 AUM funds
2 of 12 holders are among the 100 largest funds by AUM, controlling 62% of total institutional value in ASND. 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 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.