CROWD: AMBER
Institutional ownership is building here (3 rising quarters). Not yet crowded, but the quiet phase is ending.
Active holders?Institutions that actively chose this stock. Index funds and mega-diversified platforms (filers holding 1500+ names) are stripped out; they hold it automatically, not by decision.
154
of 252 total, index funds excluded
This quarter?Turnover of the active crowd vs the prior quarter: funds that opened a position vs funds that closed out entirely. The split shows texture: broad new interest vs a revolving door.
+38
34 out
Conviction?How big this position is inside the typical holder's own portfolio (median, in basis points). 1 bps is pocket lint they will not miss; 200+ bps is a bet they did real work on. Many holders at tiny weight is weaker than few holders at real weight.
21 bps
median holder weight: token bet
Streak?How many quarters in a row the active holder count has risen. Persistence, not a buy signal: long streaks are how names end up crowded.
3q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2023Mar 2026
Holdings as of Mar 31, 2026, filed by May 16, 2026. Counts for the newest quarter keep settling for a few weeks as amendments land.
The tide
funds in (up) vs out (down)
Top holders
by reported value · $5.5B held
Fund
Value
Note
TCG Crossover Management, L…
$722M
UBS Group AG
$506M
Darwin Global Management, L…
$352M
MORGAN STANLEY
$190M
Vestal Point Capital, LP
$167M
Caligan Partners LP
$163M
ADAR1 Capital Management, L…
$155M
WESTFIELD CAPITAL MANAGEMEN…
$147M
FMR LLC
$143M
Helikon Investments Ltd
$113M
Tourists vs true believers
every holder a dot · right = bigger bet in their own book, up = patient money
Hover any dot for the fund and its bet size. Patience is measured from each filer's actual quarter-to-quarter turnover across our whole database.