Based on 38 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 QNCX 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 57% of 3.0Y high
57% of all-time peak
Only 38 funds hold QNCX today versus a peak of 67 funds at 2025 Q4 — just 57% 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.
📶
Steady growth — +9% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+9% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🔴
Heavy selling pressure — only 26% buying
18 buying51 selling
Last quarter: 51 funds sold vs only 18 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-17 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 11 → 9 → 26 → 9. 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.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 26% medium
■ 21% new
20 out of 38 hedge funds have held QNCX 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 -25%, value -97%
Last quarter: funds added -25% more shares while total portfolio value only changed -97%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~9 new funds/quarter
6 → 11 → 9 → 26 → 9 new funds/Q
New funds entering each quarter: 11 → 9 → 26 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 62% veterans vs 24% newcomers
■ 62% veterans
■ 14% 1-2yr
■ 24% new
Entry-cohort mix of 42 holders: 26 (62%) are 2+ year veterans, 6 entered 1–2 years ago, and 10 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 15% AUM from top-100
15% from top-100 AUM funds
11 of 37 holders rank in the top 100 by AUM, but together hold only 15% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.