Based on 12 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added PHGE 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.
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Below peak — only 67% of 1.8Y high
67% of all-time peak
Only 12 funds hold PHGE today versus a peak of 18 funds at 2025 Q1 — just 67% 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 — 33% fewer funds vs a year ago
fund count last 6Q
6 fewer hedge funds hold PHGE compared to a year ago (-33% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More buyers than sellers — 64% buying
7 buying4 selling
Last quarter: 7 funds were net buyers (6 opened a brand new position + 1 added to an existing one). Only 4 were sellers (1 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new PHGE position: 3 → 6 → 0 → 6. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Mostly new holders — 50% entered in last year
■ 0% conviction (2yr+)
■ 50% medium
■ 50% new
Only 0 funds (0%) 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.
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Price up while funds trimmed (+99% value, -1% shares)
Last quarter: total value of institutional PHGE holdings rose +99% even though funds reduced share count by 1%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Peak discovery — momentum slowing
4 → 3 → 6 → 0 → 6 new funds/Q
New funds entering each quarter: 3 → 6 → 0 → 6. PHGE is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Mixed cohorts — 0% veterans, 50% new entrants
■ 0% veterans
■ 50% 1-2yr
■ 50% new
Of 12 current holders: 0 (0%) held 2+ years, 6 held 1–2 years, 6 (50%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 11% AUM from top-100
11% from top-100 AUM funds
5 of 12 holders rank in the top 100 by AUM, but together hold only 11% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.