Based on 24 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 CODX 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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Below peak — only 53% of 3.0Y high
53% of all-time peak
Only 24 funds hold CODX today versus a peak of 45 funds at 2023 Q4 — just 53% 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
12 fewer hedge funds hold CODX 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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More buyers than sellers — 82% buying
18 buying4 selling
Last quarter: 18 funds were net buyers (14 opened a brand new position + 4 added to an existing one). Only 4 were sellers (1 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+9 vs last Q)
new funds entering per quarter
Funds opening a new CODX position: 2 → 5 → 5 → 14. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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71% of holders stayed for 2+ years
■ 71% conviction (2yr+)
■ 12% medium
■ 17% new
17 out of 24 hedge funds have held CODX 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.
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Value +1860% but shares only +1112% — price-driven
Last quarter: the total dollar value of institutional holdings rose +1860%, but actual share count only changed +1112%. 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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Growing discovery — still being found
5 → 2 → 5 → 5 → 14 new funds/Q
New funds entering each quarter: 2 → 5 → 5 → 14. A growing number of institutions are discovering CODX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 75% veterans vs 17% newcomers
■ 75% veterans
■ 8% 1-2yr
■ 17% new
Entry-cohort mix of 24 holders: 18 (75%) are 2+ year veterans, 2 entered 1–2 years ago, and 4 (17%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 16% AUM from top-100
16% from top-100 AUM funds
9 of 24 holders rank in the top 100 by AUM, but together hold only 16% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.