Based on 2 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 ATXS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 1% of 3.0Y high
1% of all-time peak
Only 2 funds hold ATXS today versus a peak of 140 funds at 2025 Q4 — just 1% 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 — 98% fewer funds vs a year ago
fund count last 6Q
112 fewer hedge funds hold ATXS compared to a year ago (-98% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 1% buying
1 buying139 selling
Last quarter: 139 funds sold vs only 1 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-62 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 17 → 19 → 63 → 1. 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.
🔒
50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 0% medium
■ 50% new
1 out of 2 hedge funds have held ATXS 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.
➡️
Steady discovery — ~1 new funds/quarter
20 → 17 → 19 → 63 → 1 new funds/Q
New funds entering each quarter: 17 → 19 → 63 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 0% veterans, 50% new entrants
■ 0% veterans
■ 50% 1-2yr
■ 50% new
Of 2 current holders: 0 (0%) held 2+ years, 1 held 1–2 years, 1 (50%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
0 of 2 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.