Based on 50 hedge funds · latest filing: 2025 Q3 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their ADVM 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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Below peak — only 67% of 3.0Y high
67% of all-time peak
Only 50 funds hold ADVM today versus a peak of 75 funds at 2024 Q3 — 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
25 fewer hedge funds hold ADVM 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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Heavy selling pressure — only 25% buying
13 buying38 selling
Last quarter: 38 funds sold vs only 13 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Fewer new buyers each quarter (-11 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 8 → 14 → 17 → 6. 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.
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Price up while funds trimmed (+111% value, -14% shares)
Last quarter: total value of institutional ADVM holdings rose +111% even though funds reduced share count by 14%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Steady discovery — ~6 new funds/quarter
21 → 8 → 14 → 17 → 6 new funds/Q
New funds entering each quarter: 8 → 14 → 17 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
Exit risk score 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.