Based on 10 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their RHRX positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 71% of 3.0Y peak
71% of all-time peak
10 funds currently hold this stock — 71% of the 3.0-year high of 14 funds (reached 2024 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 29% fewer funds vs a year ago
fund count last 6Q
4 fewer hedge funds hold RHRX compared to a year ago (-29% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 25% buying
2 buying6 selling
Last quarter: 6 funds sold vs only 2 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~0 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 0 → 2 → 1 → 0. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 30% medium
■ 10% new
6 out of 10 hedge funds have held RHRX 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.
⚠️
Saturation — most institutions already know this story
3 → 0 → 2 → 1 → 0 new funds/Q
New funds entering each quarter: 0 → 2 → 1 → 0. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🏛️
Veteran-anchored — 60% veterans vs 10% newcomers
■ 60% veterans
■ 30% 1-2yr
■ 10% new
Entry-cohort mix of 10 holders: 6 (60%) are 2+ year veterans, 3 entered 1–2 years ago, and 1 (10%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 11% AUM from top-100
11% from top-100 AUM funds
2 of 10 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 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.