Based on 102 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added BDTX 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
102 hedge funds hold BDTX 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.
📶
Steady growth — +19% more funds vs a year ago
fund count last 6Q
+16 new funds entered over the past year (+19% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 62% buying
64 buying39 selling
Last quarter: 64 funds were net buyers (27 opened a brand new position + 37 added to an existing one). Only 39 were sellers (25 trimmed + 14 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new BDTX position: 17 → 33 → 21 → 27. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
41% of holders stayed for 2+ years
■ 41% conviction (2yr+)
■ 25% medium
■ 34% new
42 out of 102 hedge funds have held BDTX 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.
💎
Buying through price weakness — shares -23%, value -51%
Last quarter: funds added -23% more shares while total portfolio value only changed -51%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~27 new funds/quarter
16 → 17 → 33 → 21 → 27 new funds/Q
New funds entering each quarter: 17 → 33 → 21 → 27. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 57% of holders stayed 2+ years
■ 57% veterans
■ 12% 1-2yr
■ 31% new
Of 108 current holders: 62 (57%) 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.
✅
Strong quality — 33% AUM from major funds
33% from top-100 AUM funds
24 of 102 holders rank in the top 100 by AUM, accounting for 33% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.