Based on 320 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 9 quarters in a row
For 9 consecutive quarters, more hedge funds added LGND 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
320 hedge funds hold LGND 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 — +36% more funds vs a year ago
fund count last 6Q
+84 new funds entered over the past year (+36% 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.
🟡
Slight buying edge — 56% buying
175 buying139 selling
Last quarter: 175 funds bought or added vs 139 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.
➡️
Steady new buyers — ~66 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 31 → 28 → 66 → 66. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 22% medium
■ 19% new
189 out of 320 hedge funds have held LGND 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.
💰
Price up while funds trimmed (+7% value, -44% shares)
Last quarter: total value of institutional LGND holdings rose +7% even though funds reduced share count by 44%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Acceleration phase — new buyers rushing in
37 → 31 → 28 → 66 → 66 new funds/Q
New funds entering each quarter: 31 → 28 → 66 → 66. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Deep conviction — 66% of holders stayed 2+ years
■ 66% veterans
■ 11% 1-2yr
■ 22% new
Of 326 current holders: 216 (66%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
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Elite ownership — 50% AUM from top-100 funds
50% from top-100 AUM funds
40 of 320 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in LGND. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.