Based on 10 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their BMRA positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 29% of 3.0Y high
29% of all-time peak
Only 10 funds hold BMRA today versus a peak of 35 funds at 2023 Q2 — just 29% 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.
📉
Outflows — 58% fewer funds vs a year ago
fund count last 6Q
14 fewer hedge funds hold BMRA compared to a year ago (-58% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 40% buying
6 buying9 selling
Last quarter: 9 funds reduced or exited vs 6 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 0 → 6 → 0 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 30% long-term, 50% new
■ 30% conviction (2yr+)
■ 20% medium
■ 50% new
Of the 10 current holders: 3 (30%) held >2 years, 2 held 1–2 years, and 5 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.
💎
Buying through price weakness — shares +21%, value +1%
Last quarter: funds added +21% more shares while total portfolio value only changed +1%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
5 → 0 → 6 → 0 → 5 new funds/Q
New funds entering each quarter: 0 → 6 → 0 → 5. BMRA is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 40% veterans vs 40% newcomers
■ 40% veterans
■ 20% 1-2yr
■ 40% new
Entry-cohort mix of 10 holders: 4 (40%) are 2+ year veterans, 2 entered 1–2 years ago, and 4 (40%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 62% AUM from top-100 funds
62% from top-100 AUM funds
3 of 10 holders are among the 100 largest funds by AUM, controlling 62% of total institutional value in BMRA. 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 1.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.