Based on 12 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added RHRX 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.
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High ownership — 86% of 3.0Y peak
86% of all-time peak
12 funds currently hold this stock — 86% of the 3.0-year high of 14 funds (reached 2024 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 8% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold RHRX compared to a year ago (-8% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟢
More buyers than sellers — 60% buying
6 buying4 selling
Last quarter: 6 funds were net buyers (3 opened a brand new position + 3 added to an existing one). Only 4 were sellers (3 trimmed + 1 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 1 → 0 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
75% of holders stayed for 2+ years
■ 75% conviction (2yr+)
■ 17% medium
■ 8% new
9 out of 12 hedge funds have held RHRX 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.
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Value +54% but shares only +33% — price-driven
Last quarter: the total dollar value of institutional holdings rose +54%, but actual share count only changed +33%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Steady discovery — ~3 new funds/quarter
0 → 2 → 1 → 0 → 3 new funds/Q
New funds entering each quarter: 2 → 1 → 0 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 58% veterans vs 17% newcomers
■ 58% veterans
■ 25% 1-2yr
■ 17% new
Entry-cohort mix of 12 holders: 7 (58%) are 2+ year veterans, 3 entered 1–2 years ago, and 2 (17%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 9% AUM from top-100
9% from top-100 AUM funds
2 of 12 holders rank in the top 100 by AUM, but together hold only 9% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.