Based on 98 hedge funds · latest filing: 2025 Q4 · updated quarterly
➡️
No change last quarter
The number of hedge funds holding this stock didn't change last quarter. Neither a buying nor selling signal on its own — watch the next quarter for direction.
📊
High ownership — 92% of 3.0Y peak
92% of all-time peak
98 funds currently hold this stock — 92% of the 3.0-year high of 107 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding INO is almost the same as a year ago (-3 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 52% buying
45 buying42 selling
Last quarter: 45 funds bought or added vs 42 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.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 19 → 23 → 24 → 18. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄
Mostly new holders — 34% entered in last year
■ 7% conviction (2yr+)
■ 59% medium
■ 34% new
Only 7 funds (7%) 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.
💎
Buying through price weakness — shares +60%, value +19%
Last quarter: funds added +60% more shares while total portfolio value only changed +19%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Steady discovery — ~18 new funds/quarter
22 → 19 → 23 → 24 → 18 new funds/Q
New funds entering each quarter: 19 → 23 → 24 → 18. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 4% veterans, 41% new entrants
■ 4% veterans
■ 55% 1-2yr
■ 41% new
Of 104 current holders: 4 (4%) held 2+ years, 57 held 1–2 years, 43 (41%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 54% AUM from top-100 funds
54% from top-100 AUM funds
19 of 98 holders are among the 100 largest funds by AUM, controlling 54% of total institutional value in INO. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.