Based on 82 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their MGNX 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 53% of 3.0Y high
53% of all-time peak
Only 82 funds hold MGNX today versus a peak of 156 funds at 2024 Q1 — just 53% 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.
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Outflows — 34% fewer funds vs a year ago
fund count last 6Q
42 fewer hedge funds hold MGNX compared to a year ago (-34% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 43% buying
41 buying55 selling
Last quarter: 55 funds reduced or exited vs 41 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 — ~12 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 19 → 26 → 17 → 12. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
70% of holders stayed for 2+ years
■ 70% conviction (2yr+)
■ 13% medium
■ 17% new
57 out of 82 hedge funds have held MGNX 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.
📊
Peak discovery — momentum slowing
21 → 19 → 26 → 17 → 12 new funds/Q
New funds entering each quarter: 19 → 26 → 17 → 12. MGNX is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 79% of holders stayed 2+ years
■ 79% veterans
■ 7% 1-2yr
■ 14% new
Of 84 current holders: 66 (79%) 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.
✅
Strong quality — 32% AUM from major funds
32% from top-100 AUM funds
20 of 82 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.