Based on 35 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added NEPH 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
35 hedge funds hold NEPH 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 — +106% more funds vs a year ago
fund count last 6Q
+18 new funds entered over the past year (+106% 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 — 76% buying
25 buying8 selling
Last quarter: 25 funds were net buyers (15 opened a brand new position + 10 added to an existing one). Only 8 were sellers (5 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+10 vs last Q)
new funds entering per quarter
Funds opening a new NEPH position: 1 → 3 → 5 → 15. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 37% long-term, 49% new
■ 37% conviction (2yr+)
■ 14% medium
■ 49% new
Of the 35 current holders: 13 (37%) held >2 years, 5 held 1–2 years, and 17 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.
📈
Growing discovery — still being found
2 → 1 → 3 → 5 → 15 new funds/Q
New funds entering each quarter: 1 → 3 → 5 → 15. A growing number of institutions are discovering NEPH each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 46% of holders stayed 2+ years
■ 46% veterans
■ 9% 1-2yr
■ 46% new
Of 35 current holders: 16 (46%) 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.
📋
Smaller funds dominant — 7% AUM from top-100
7% from top-100 AUM funds
10 of 35 holders rank in the top 100 by AUM, but together hold only 7% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
5.5
out of 10
Moderate Exit Risk
Exit risk score 5.5/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.