Based on 100 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their ZLAB positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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Below peak — only 63% of 3.0Y high
63% of all-time peak
Only 100 funds hold ZLAB today versus a peak of 159 funds at 2025 Q1 — just 63% 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 — 37% fewer funds vs a year ago
fund count last 6Q
59 fewer hedge funds hold ZLAB compared to a year ago (-37% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 37% buying
49 buying85 selling
Last quarter: 85 funds sold vs only 49 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-9 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 33 → 20 → 29 → 20. 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.
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61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 20% medium
■ 19% new
61 out of 100 hedge funds have held ZLAB 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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Steady discovery — ~20 new funds/quarter
46 → 33 → 20 → 29 → 20 new funds/Q
New funds entering each quarter: 33 → 20 → 29 → 20. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 68% veterans vs 19% newcomers
■ 68% veterans
■ 13% 1-2yr
■ 19% new
Entry-cohort mix of 106 holders: 72 (68%) are 2+ year veterans, 14 entered 1–2 years ago, and 20 (19%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 19% AUM from top-100
19% from top-100 AUM funds
32 of 100 holders rank in the top 100 by AUM, but together hold only 19% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.