Based on 9 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 PMN 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 3.0Y high
39% of all-time peak
Only 9 funds hold PMN today versus a peak of 23 funds at 2025 Q3 — 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.
📉
Outflows — 44% fewer funds vs a year ago
fund count last 6Q
7 fewer hedge funds hold PMN compared to a year ago (-44% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 12% buying
3 buying22 selling
Last quarter: 22 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 1 → 5 → 8 → 2. 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.
📌
Mixed — 33% long-term, 44% new
■ 33% conviction (2yr+)
■ 22% medium
■ 44% new
Of the 9 current holders: 3 (33%) held >2 years, 2 held 1–2 years, and 4 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.
💰
Price up while funds trimmed (-58% value, -97% shares)
Last quarter: total value of institutional PMN holdings rose -58% even though funds reduced share count by 97%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~2 new funds/quarter
0 → 1 → 5 → 8 → 2 new funds/Q
New funds entering each quarter: 1 → 5 → 8 → 2. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 44% of holders stayed 2+ years
■ 44% veterans
■ 11% 1-2yr
■ 44% new
Of 9 current holders: 4 (44%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
📋
Smaller funds dominant — 1% AUM from top-100
1% from top-100 AUM funds
2 of 9 holders rank in the top 100 by AUM, but together hold only 1% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.