Based on 7 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their PHGE positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 39% of 2.0Y high
39% of all-time peak
Only 7 funds hold PHGE today versus a peak of 18 funds at 2025 Q1 — just 39% 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 — 56% fewer funds vs a year ago
fund count last 6Q
9 fewer hedge funds hold PHGE compared to a year ago (-56% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 38% buying
5 buying8 selling
Last quarter: 8 funds sold vs only 5 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 0 → 6 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 29% entered in last year
■ 0% conviction (2yr+)
■ 71% medium
■ 29% new
Only 0 funds (0%) 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 +134%, value -79%
Last quarter: funds added +134% more shares while total portfolio value only changed -79%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~3 new funds/quarter
3 → 6 → 0 → 6 → 3 new funds/Q
New funds entering each quarter: 6 → 0 → 6 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 0% veterans, 29% new entrants
■ 0% veterans
■ 71% 1-2yr
■ 29% new
Of 7 current holders: 0 (0%) held 2+ years, 5 held 1–2 years, 2 (29%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
2 of 7 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 1.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.