Based on 30 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their PAVM positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (97% of max)
97% of all-time peak
30 hedge funds hold PAVM right now — the highest count in 2.2 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀
Fast accumulation — +25% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+25% 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.
🟡
Slight buying edge — 50% buying
11 buying11 selling
Last quarter: 11 funds bought or added vs 11 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 4 → 4 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
47% of holders stayed for 2+ years
■ 47% conviction (2yr+)
■ 30% medium
■ 23% new
14 out of 30 hedge funds have held PAVM 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.
💎
Buying through price weakness — shares +29%, value -33%
Last quarter: funds added +29% more shares while total portfolio value only changed -33%. 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
4 → 9 → 4 → 4 → 4 new funds/Q
New funds entering each quarter: 9 → 4 → 4 → 4. PAVM 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 — 0% veterans, 37% new entrants
■ 0% veterans
■ 63% 1-2yr
■ 37% new
Of 30 current holders: 0 (0%) held 2+ years, 19 held 1–2 years, 11 (37%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 50% AUM from top-100 funds
50% from top-100 AUM funds
14 of 30 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in PAVM. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.