Based on 416 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their TMDX positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (96% of max)
96% of all-time peak
416 hedge funds hold TMDX 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 — +38% more funds vs a year ago
fund count last 6Q
+114 new funds entered over the past year (+38% 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.
🟡
Slight buying edge — 50% buying
217 buying218 selling
Last quarter: 217 funds bought or added vs 218 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
⚠️
Fewer new buyers each quarter (-29 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 104 → 75 → 92 → 63. 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.
📌
Mixed — 39% long-term, 28% new
■ 39% conviction (2yr+)
■ 33% medium
■ 28% new
Of the 416 current holders: 163 (39%) held >2 years, 138 held 1–2 years, and 115 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.
💎
Buying through price weakness — shares -2%, value -20%
Last quarter: funds added -2% more shares while total portfolio value only changed -20%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~63 new funds/quarter
52 → 104 → 75 → 92 → 63 new funds/Q
New funds entering each quarter: 104 → 75 → 92 → 63. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 46% veterans vs 33% newcomers
■ 46% veterans
■ 21% 1-2yr
■ 33% new
Entry-cohort mix of 430 holders: 196 (46%) are 2+ year veterans, 91 entered 1–2 years ago, and 143 (33%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 48% AUM from top-100 funds
48% from top-100 AUM funds
53 of 412 holders are among the 100 largest funds by AUM, controlling 48% of total institutional value in TMDX. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.