Based on 13 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their KALA 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 42% of 3.0Y high
42% of all-time peak
Only 13 funds hold KALA today versus a peak of 31 funds at 2024 Q4 — just 42% 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 — 52% fewer funds vs a year ago
fund count last 6Q
14 fewer hedge funds hold KALA compared to a year ago (-52% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 29% buying
8 buying20 selling
Last quarter: 20 funds sold vs only 8 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 10 → 7 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 31% long-term, 38% new
■ 31% conviction (2yr+)
■ 31% medium
■ 38% new
Of the 13 current holders: 4 (31%) held >2 years, 4 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.
💰
Price up while funds trimmed (+333% value, -63% shares)
Last quarter: total value of institutional KALA holdings rose +333% even though funds reduced share count by 63%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📊
Peak discovery — momentum slowing
4 → 5 → 10 → 7 → 4 new funds/Q
New funds entering each quarter: 5 → 10 → 7 → 4. KALA 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 — 46% veterans vs 38% newcomers
■ 46% veterans
■ 15% 1-2yr
■ 38% new
Entry-cohort mix of 13 holders: 6 (46%) are 2+ year veterans, 2 entered 1–2 years ago, and 5 (38%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 46% AUM from top-100 funds
46% from top-100 AUM funds
7 of 13 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in KALA. 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 2.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.