Based on 110 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 BCAT 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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At the ownership peak (100% of max)
100% of all-time peak
110 hedge funds hold BCAT 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.
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Fast accumulation — +21% more funds vs a year ago
fund count last 6Q
+19 new funds entered over the past year (+21% 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.
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More buyers than sellers — 62% buying
65 buying40 selling
Last quarter: 65 funds were net buyers (25 opened a brand new position + 40 added to an existing one). Only 40 were sellers (23 trimmed + 17 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~25 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 14 → 21 → 20 → 25. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mixed — 39% long-term, 29% new
■ 39% conviction (2yr+)
■ 32% medium
■ 29% new
Of the 110 current holders: 43 (39%) held >2 years, 35 held 1–2 years, and 32 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.
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Growing discovery — still being found
16 → 14 → 21 → 20 → 25 new funds/Q
New funds entering each quarter: 14 → 21 → 20 → 25. A growing number of institutions are discovering BCAT each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 48% veterans vs 37% newcomers
■ 48% veterans
■ 15% 1-2yr
■ 37% new
Entry-cohort mix of 110 holders: 53 (48%) are 2+ year veterans, 16 entered 1–2 years ago, and 41 (37%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 75% AUM from top-100 funds
75% from top-100 AUM funds
17 of 110 holders are among the 100 largest funds by AUM, controlling 75% of total institutional value in BCAT. 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.