Based on 5 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their DVAX 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 2% of 3.0Y high
2% of all-time peak
Only 5 funds hold DVAX today versus a peak of 277 funds at 2025 Q1 — just 2% 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
272 fewer hedge funds hold DVAX compared to a year ago (-98% 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 0% buying
1 buying261 selling
Last quarter: 261 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 (-56 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 40 → 34 → 57 → 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.
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40% of holders stayed for 2+ years
■ 40% conviction (2yr+)
■ 40% medium
■ 20% new
2 out of 5 hedge funds have held DVAX 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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Peak discovery — momentum slowing
43 → 40 → 34 → 57 → 1 new funds/Q
New funds entering each quarter: 40 → 34 → 57 → 1. DVAX is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Veteran-anchored — 40% veterans vs 40% newcomers
■ 40% veterans
■ 20% 1-2yr
■ 40% new
Entry-cohort mix of 5 holders: 2 (40%) are 2+ year veterans, 1 entered 1–2 years ago, and 2 (40%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
0 of 5 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 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.