Based on 14 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added BIAF 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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High ownership — 82% of 3.0Y peak
82% of all-time peak
14 funds currently hold this stock — 82% of the 3.0-year high of 17 funds (reached 2024 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 18% fewer funds vs a year ago
fund count last 6Q
3 fewer hedge funds hold BIAF compared to a year ago (-18% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More buyers than sellers — 64% buying
9 buying5 selling
Last quarter: 9 funds were net buyers (8 opened a brand new position + 1 added to an existing one). Only 5 were sellers (2 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~8 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 4 → 4 → 8. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
43% of holders stayed for 2+ years
■ 43% conviction (2yr+)
■ 14% medium
■ 43% new
6 out of 14 hedge funds have held BIAF 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 +903% but shares only +209% — price-driven
Last quarter: the total dollar value of institutional holdings rose +903%, but actual share count only changed +209%. 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 — ~8 new funds/quarter
4 → 6 → 4 → 4 → 8 new funds/Q
New funds entering each quarter: 6 → 4 → 4 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 43% veterans vs 50% newcomers
■ 43% veterans
■ 7% 1-2yr
■ 50% new
Entry-cohort mix of 14 holders: 6 (43%) are 2+ year veterans, 1 entered 1–2 years ago, and 7 (50%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 35% AUM from major funds
35% from top-100 AUM funds
6 of 14 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.