Based on 29 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 BIVI 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 69% of 3.0Y high
69% of all-time peak
Only 29 funds hold BIVI today versus a peak of 42 funds at 2024 Q4 — just 69% 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 — 22% fewer funds vs a year ago
fund count last 6Q
8 fewer hedge funds hold BIVI compared to a year ago (-22% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 47% buying
14 buying16 selling
Last quarter: 16 funds reduced or exited vs 14 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 10 → 7 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 45% entered in last year
■ 3% conviction (2yr+)
■ 52% medium
■ 45% new
Only 1 funds (3%) 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.
📊
Peak discovery — momentum slowing
6 → 8 → 10 → 7 → 7 new funds/Q
New funds entering each quarter: 8 → 10 → 7 → 7. BIVI is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
📊
Mixed cohorts — 3% veterans, 48% new entrants
■ 3% veterans
■ 48% 1-2yr
■ 48% new
Of 29 current holders: 1 (3%) held 2+ years, 14 held 1–2 years, 14 (48%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 26% AUM from major funds
26% from top-100 AUM funds
10 of 29 holders rank in the top 100 by AUM, accounting for 26% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.