Based on 12 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added PCSA 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.
📊
High ownership — 92% of 3.0Y peak
92% of all-time peak
12 funds currently hold this stock — 92% of the 3.0-year high of 13 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding PCSA is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
🟢
More buyers than sellers — 70% buying
7 buying3 selling
Last quarter: 7 funds were net buyers (4 opened a brand new position + 3 added to an existing one). Only 3 were sellers (1 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 3 → 4 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 58% entered in last year
■ 17% conviction (2yr+)
■ 25% medium
■ 58% new
Only 2 funds (17%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
💎
Buying through price weakness — shares +44%, value +11%
Last quarter: funds added +44% more shares while total portfolio value only changed +11%. 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
5 → 7 → 3 → 4 → 4 new funds/Q
New funds entering each quarter: 7 → 3 → 4 → 4. PCSA is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🌱
Early stage — 75% of holders entered in last year
■ 17% veterans
■ 8% 1-2yr
■ 75% new
Of 12 current holders: 9 (75%) entered in the past year, only 2 (17%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
✅
Strong quality — 20% AUM from major funds
20% from top-100 AUM funds
4 of 12 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.