Based on 6 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added XRTX 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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High ownership — 86% of 2.8Y peak
86% of all-time peak
6 funds currently hold this stock — 86% of the 2.8-year high of 7 funds (reached 2024 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 14% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold XRTX compared to a year ago (-14% 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 — 67% buying
4 buying2 selling
Last quarter: 4 funds were net buyers (4 opened a brand new position + 0 added to an existing one). Only 2 were sellers (2 trimmed + 0 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 4 → 1 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 33% entered in last year
■ 17% conviction (2yr+)
■ 50% medium
■ 33% new
Only 1 funds (17%) 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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Value +83539% but shares only +12382% — price-driven
Last quarter: the total dollar value of institutional holdings rose +83539%, but actual share count only changed +12382%. 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.
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Peak discovery — momentum slowing
5 → 2 → 4 → 1 → 4 new funds/Q
New funds entering each quarter: 2 → 4 → 1 → 4. XRTX 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 — 33% veterans, 33% new entrants
■ 33% veterans
■ 33% 1-2yr
■ 33% new
Of 6 current holders: 2 (33%) held 2+ years, 2 held 1–2 years, 2 (33%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 59% AUM from top-100 funds
59% from top-100 AUM funds
3 of 6 holders are among the 100 largest funds by AUM, controlling 59% of total institutional value in XRTX. 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 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.