Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

TALPHERA INC (TLPH)

43 + Investors. Track Smart Money conviction in TLPH. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +2
Streak
2Q ▲
Buyers last Q
67%

Smart Money Signals — TLPH

Based on 37 hedge funds · latest filing: 2025 Q4 · updated quarterly

📈

Buying streak — 2 quarters in a row

last 6Q
For 2 consecutive quarters, more hedge funds added TLPH 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.
🏔️

At the ownership peak (100% of max)

100% of all-time peak
37 hedge funds hold TLPH right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀

Fast accumulation — +23% more funds vs a year ago

fund count last 6Q
+7 new funds entered over the past year (+23% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢

More buyers than sellers — 67% buying

22 buying11 selling
Last quarter: 22 funds were net buyers (8 opened a brand new position + 14 added to an existing one). Only 11 were sellers (5 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.
➡️

Steady new buyers — ~8 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 5 → 2 → 10 → 8. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

51% of holders stayed for 2+ years

■ 51% conviction (2yr+) ■ 24% medium ■ 24% new
19 out of 37 hedge funds have held TLPH 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.
💰

Value +57% but shares only +23% — price-driven

Value
+56%
Shares
+22%
Last quarter: the total dollar value of institutional holdings rose +57%, but actual share count only changed +23%. 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.
➡️

Steady discovery — ~8 new funds/quarter

6 → 5 → 2 → 10 → 8 new funds/Q
New funds entering each quarter: 5 → 2 → 10 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Deep conviction — 56% of holders stayed 2+ years

■ 56% veterans ■ 14% 1-2yr ■ 30% new
Of 43 current holders: 24 (56%) 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 — 5% AUM from top-100

5% from top-100 AUM funds
8 of 37 holders rank in the top 100 by AUM, but together hold only 5% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — TLPH

In 2025 Q4, 22 hedge funds were net buyers of TLPH (8 opened a new position, 14 added to an existing one), while 11 reduced or exited (5 trimmed, 6 sold completely) — a 67% buyer ratio, indicating clear institutional accumulation. Net buying has persisted for two consecutive quarters, a positive momentum signal. Net fund flow last quarter: +2 funds (more new holders than closures). Total institutional holders: 37.

Hedge Fund Ownership: TLPH

How many hedge funds hold TLPH — quarterly history vs. share price
Quarterly hedge fund ownership of TLPH vs. share price

Market Analysis: TLPH

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: TLPH

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy TALPHERA INC (TLPH) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much TLPH has moved relative to its sector benchmark (XLV) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 49d ago
TLPH
+7.6%
XLV
-11.8%

TLPH outperformed XLV by +19.4% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 4d ago
TLPH
-11.1%
XLV
-5.2%

Since the filing became public, TLPH outperformed XLV by -5.9% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

6 top-rated funds 0 high-conviction
Consensus
3.7
/ 10
breadth
×
Elite
0.8
/ 10
conviction
Hedge Fund Positioning: TLPH
2026 Q1 Stats Unlock in 1 days 43 + Investors

Track Smart Money conviction in TLPH. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2025 Q4) Prior (2025 Q3) Change
Funds Holding 43 35 22.86%
13F Shares 22M 18M 22.95%
Total Value $25M $16M 56.9%
New Positions 10 10 -
Increased Positions 17 11 +6
Closed Positions 6 4 +2
Reduced Positions 5 4 +1
Total Calls 4 3 33.33%
Total Puts 3 0 100%
PUT/CALL Ratio 0.75 0.0 Neutral

Statistics: TLPH

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Valuation Measures Data as of: --

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PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

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Return on Assets (ttm) --
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Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
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Institutional Holders (2026 Q1)

43 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in TLPH. Verified SEC 13F-HR filings.

QUARTER:
Top 25 institutional holders of TLPH — 2025 Q4 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Rosalind Advisors, Inc. 1.01% 3,353,916 $2.5M
2 Empery Asset Management, LP 0.53% 590,481 $441K
3 AIGH Capital Management LLC 0.47% 4,661,502 $3.5M
4 Dauntless Investment Group, LLC 0.22% 435,234 $325K
5 Bleichroeder LP 0.17% 1,307,787 $977K
6 Rock Springs Capital Management LP 0.16% 3,589,186 $2.7M
7 Nantahala Capital Management, LLC 0.10% 3,492,519 $2.6M
8 Almitas Capital LLC 0.08% 467,152 $349K
9 Values First Advisors, Inc. 0.03% 81,517 $61K
10 DIADEMA PARTNERS LP 0.02% 153,563 $115K
11 Shay Capital LLC 0.02% 250,083 $187K
12 Persistent Asset Partners Ltd 0.01% 38,968 $29K
13 CANTOR FITZGERALD, L. P. 0.01% 887,481 $663K
14 GSA CAPITAL PARTNERS LLP 0.00% 93,788 —
15 Caption Management, LLC 0.00% 561,820 $420K
16 TWO SIGMA SECURITIES, LLC 0.00% 18,663 $14K
17 Onyx Bridge Wealth Group LLC 0.00% 11,500 $9K
18 AlphaCore Capital LLC 0.00% 20,670 $15K
19 XTX Topco Ltd 0.00% 25,747 $19K
20 RENAISSANCE TECHNOLOGIES LLC 0.00% 237,755 $178K
21 Mariner, LLC 0.00% 100,000 $75K
22 VANGUARD FIDUCIARY TRUST CO 0.00% 192,405 $144K
23 HRT FINANCIAL LP 0.00% 19,090 $14K
24 Tower Research Capital LLC (TRC) 0.00% 1,145 —
25 MAI Capital Management 0.00% 3,314 $2K
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — TALPHERA INC (TLPH)

What does the Smart Money Trend signal show for TLPH?

Buying streak — 2 quarters in a row: For 2 consecutive quarters, more hedge funds added TLPH 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.

What is the institutional breadth score for TLPH?

More buyers than sellers — 67% buying: Last quarter: 22 funds were net buyers (8 opened a brand new position + 14 added to an existing one). Only 11 were sellers (5 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.

What is the fund quality score for TLPH holders?

Smaller funds dominant — 5% AUM from top-100: 8 of 37 holders rank in the top 100 by AUM, but together hold only 5% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

How long have hedge funds held TLPH?

51% of holders stayed for 2+ years: 19 out of 37 hedge funds have held TLPH 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.

Is it too late to buy TALPHERA INC (TLPH) following the 2026 Q1 hedge fund 13F filings?

As of today, TLPH has moved -11.1% since the 2026 Q1 13F filing date (May 15, 2026), compared to -5.2% for the XLV sector ETF — an outperformance of -5.9%. Since the quarter end (March 31, 2026), TLPH has gained +7.6% vs -11.8% for XLV. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.