Based on 50 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their FBIO positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 86% of 3.0Y peak
86% of all-time peak
50 funds currently hold this stock — 86% of the 3.0-year high of 58 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +6% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+6% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 45% buying
25 buying30 selling
Last quarter: 30 funds reduced or exited vs 25 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 — ~11 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 11 → 20 → 11 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 36% long-term, 34% new
■ 36% conviction (2yr+)
■ 30% medium
■ 34% new
Of the 50 current holders: 18 (36%) held >2 years, 15 held 1–2 years, and 17 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.
💎
Buying through price weakness — shares -11%, value -41%
Last quarter: funds added -11% more shares while total portfolio value only changed -41%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
2 → 11 → 20 → 11 → 11 new funds/Q
New funds entering each quarter: 11 → 20 → 11 → 11. FBIO is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 45% veterans vs 32% newcomers
■ 45% veterans
■ 23% 1-2yr
■ 32% new
Entry-cohort mix of 53 holders: 24 (45%) are 2+ year veterans, 12 entered 1–2 years ago, and 17 (32%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 24% AUM from major funds
24% from top-100 AUM funds
14 of 49 holders rank in the top 100 by AUM, accounting for 24% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.