Based on 164 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds added TBPH 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
164 hedge funds hold TBPH 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 — +39% more funds vs a year ago
fund count last 6Q
+46 new funds entered over the past year (+39% 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 — 60% buying
99 buying65 selling
Last quarter: 99 funds were net buyers (28 opened a brand new position + 71 added to an existing one). Only 65 were sellers (48 trimmed + 17 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 24 → 25 → 35 → 28. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 24% medium
■ 19% new
93 out of 164 hedge funds have held TBPH 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.
💰
Value +30% but shares only +2% — price-driven
Last quarter: the total dollar value of institutional holdings rose +30%, but actual share count only changed +2%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
📈
Growing discovery — still being found
19 → 24 → 25 → 35 → 28 new funds/Q
New funds entering each quarter: 24 → 25 → 35 → 28. A growing number of institutions are discovering TBPH each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 70% of holders stayed 2+ years
■ 70% veterans
■ 10% 1-2yr
■ 20% new
Of 166 current holders: 116 (70%) 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 — 21% AUM from major funds
21% from top-100 AUM funds
30 of 164 holders rank in the top 100 by AUM, accounting for 21% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
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.