Based on 73 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 6 quarters in a row
For 6 consecutive quarters, more hedge funds added DRUG 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
73 hedge funds hold DRUG 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.
🚀
Fast accumulation — +161% more funds vs a year ago
fund count last 6Q
+45 new funds entered over the past year (+161% 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.
🟢
More buyers than sellers — 64% buying
44 buying25 selling
Last quarter: 44 funds were net buyers (19 opened a brand new position + 25 added to an existing one). Only 25 were sellers (19 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~19 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 10 → 23 → 15 → 19. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 60% entered in last year
■ 4% conviction (2yr+)
■ 36% medium
■ 60% new
Only 3 funds (4%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
💰
Value +41% but shares only +9% — price-driven
Last quarter: the total dollar value of institutional holdings rose +41%, but actual share count only changed +9%. 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.
➡️
Steady discovery — ~19 new funds/quarter
23 → 10 → 23 → 15 → 19 new funds/Q
New funds entering each quarter: 10 → 23 → 15 → 19. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 86% of holders entered in last year
■ 8% veterans
■ 5% 1-2yr
■ 86% new
Of 73 current holders: 63 (86%) entered in the past year, only 6 (8%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
✅
Strong quality — 25% AUM from major funds
25% from top-100 AUM funds
22 of 73 holders rank in the top 100 by AUM, accounting for 25% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
6.1
out of 10
Moderate Exit Risk
Exit risk score 6.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.