Based on 382 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added AXSM 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
382 hedge funds hold AXSM 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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Fast accumulation — +35% more funds vs a year ago
fund count last 6Q
+100 new funds entered over the past year (+35% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
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Slight buying edge — 58% buying
224 buying160 selling
Last quarter: 224 funds bought or added vs 160 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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More new buyers each quarter (+36 vs last Q)
new funds entering per quarter
Funds opening a new AXSM position: 89 → 52 → 47 → 83. 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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48% of holders stayed for 2+ years
■ 48% conviction (2yr+)
■ 26% medium
■ 25% new
185 out of 382 hedge funds have held AXSM 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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Value +51% but shares only +2% — price-driven
Last quarter: the total dollar value of institutional holdings rose +51%, but actual share count only changed +2%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Steady discovery — ~83 new funds/quarter
62 → 89 → 52 → 47 → 83 new funds/Q
New funds entering each quarter: 89 → 52 → 47 → 83. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 56% of holders stayed 2+ years
■ 56% veterans
■ 14% 1-2yr
■ 30% new
Of 401 current holders: 223 (56%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
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Elite ownership — 40% AUM from top-100 funds
40% from top-100 AUM funds
36 of 382 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in AXSM. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.