Based on 272 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 GMAB 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 — 94% of 3.0Y peak
94% of all-time peak
272 funds currently hold this stock — 94% of the 3.0-year high of 289 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +24% more funds vs a year ago
fund count last 6Q
+53 new funds entered over the past year (+24% 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.
🟠
More sellers than buyers — 49% buying
151 buying156 selling
Last quarter: 156 funds reduced or exited vs 151 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.
⚠️
Fewer new buyers each quarter (-32 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 34 → 61 → 78 → 46. 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.
🔒
49% of holders stayed for 2+ years
■ 49% conviction (2yr+)
■ 20% medium
■ 31% new
133 out of 272 hedge funds have held GMAB 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.
📈
Growing discovery — still being found
37 → 34 → 61 → 78 → 46 new funds/Q
New funds entering each quarter: 34 → 61 → 78 → 46. A growing number of institutions are discovering GMAB each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 57% veterans vs 32% newcomers
■ 57% veterans
■ 11% 1-2yr
■ 32% new
Entry-cohort mix of 275 holders: 157 (57%) are 2+ year veterans, 30 entered 1–2 years ago, and 88 (32%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 35% AUM from major funds
35% from top-100 AUM funds
34 of 270 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.