Exploring Beyond Air, Inc. (XAIR) Investor Profile: Who’s Buying and Why?

You are looking at Beyond Air, Inc. (XAIR) and asking the right question: who is still buying into a stock that has cratered 86.27% in the last year? Honestly, it's a classic biotech bet, a situation where a small, focused group of institutional investors is betting on a high-risk turnaround despite the tough near-term financials. The company's fiscal third quarter of 2025 results tell a complex story, showing a massive $13 million net loss and a quarterly cash burn of $7.6 million, but they also reveal a critical signal: revenue hit $1.1 million, a 175% leap year-over-year, which is the commercial traction institutions chase. As of the September 30, 2025 filings, a handful of major players collectively hold over 1.62 million shares; for example, Alyeska Investment Group L.P. is the largest institutional holder with 759,061 shares, and even a firm like BlackRock, Inc. has a stake of 22,033 shares. They aren't buying for the current $1.35 per share price; they are buying the future potential of the LungFit PH system's global expansion-like the recent CE Mark approval in Europe-betting that this early revenue growth will defintely overcome the current significant dilution and FDA approval uncertainties.

Who Invests in Beyond Air, Inc. (XAIR) and Why?

If you're looking at Beyond Air, Inc. (XAIR), the first thing to understand is that the typical ownership structure is completely flipped. This isn't a company dominated by institutional funds; it's an insider-controlled story with a small, highly active institutional and retail float. The stock is a high-risk, high-reward play on commercial execution and pipeline development, not a value investment.

The entire investment thesis hinges on the successful rollout of their LungFit PH system and the potential of their nitric oxide (NO) platform in new indications like oncology. Here's the quick math: the company reported a net loss of $46.6 million for fiscal year 2025 (FY2025), but revenue surged 220% to $3.7 million compared to the prior year, showing commercial momentum. That divergence is what attracts the specific investor types we see.

Key Investor Types: The Insider-Dominated Float

The ownership breakdown for Beyond Air, Inc. is highly concentrated, which is a critical factor influencing stock volatility and trading dynamics. The company's 8.01 million shares outstanding are primarily held by insiders, which means the public float-the shares available for trading-is quite small.

The most striking element is the insider concentration. For example, the largest individual shareholder, Robert Carey, holds approximately 87.77% of the company's shares. This level of control means management and directors have a massive, vested interest in the long-term success of the business, but it also means the stock can be highly illiquid and susceptible to large price swings from relatively small trading volumes.

• Insiders: Dominant holders, including directors and officers, with ownership concentrated around the 87% mark for the largest shareholder.
• Institutional Investors: A small but active group, accounting for approximately 6.22% of shares outstanding.
• Retail Investors: The remaining public float, which is inherently small due to the high insider ownership, often drives the high daily volatility.

Institutional investors like Vanguard Group Inc. and BlackRock, Inc. hold shares, often through index or passive funds, but the more active institutional players include hedge funds like Alyeska Investment Group, L.P. and Balyasny Asset Management Llc. This mix signals a split focus: passive exposure for broad funds and active, high-conviction bets from specialized managers.

Investment Motivations: Betting on the Growth Curve

Investors aren't buying Beyond Air, Inc. for cash flow or dividends-the company is still in the commercialization phase and reported a net loss of $46.6 million in FY2025. The motivation is pure, high-growth speculation on the nitric oxide platform technology.

The primary attraction is the commercial traction of the LungFit PH system, a cylinder-free nitric oxide delivery device that is a clear technological upgrade over older, tank-based systems. The 220% revenue growth to $3.7 million in FY2025, coupled with management's FY2026 revenue guidance of $12 million to $16 million, is the core growth narrative. That's a huge jump, and it's what draws the growth-focused capital.

Plus, the pipeline diversity is a major catalyst. Beyond Air, Inc. is exploring applications for nitric oxide in areas like non-tuberculous mycobacteria (NTM) infections and, notably, its Beyond Cancer initiative. The potential for a new, non-traditional cancer therapy is a classic biotech moonshot that lures high-risk capital. The consensus analyst price target of $11.00-a forecasted upside of over 700% from the stock's price around November 2025-shows the massive potential analysts see if the company executes.

• Growth Prospects: Rapid commercial adoption of LungFit PH, evidenced by 220% FY2025 revenue growth.
• Market Position: Disruption of the traditional, cylinder-based nitric oxide market.
• Pipeline Catalysts: Progress in the Beyond Cancer and NeuroNOS initiatives, offering long-term, high-value potential.

For a deeper dive into the company's long-term vision, you can check out the Mission Statement, Vision, & Core Values of Beyond Air, Inc. (XAIR).

Investment Strategies: The Low-Float Trading Game

The investment strategies seen in Beyond Air, Inc. are split between passive holding and aggressive, short-term trading, a common dynamic in low-float, high-volatility stocks.

Long-Term Holding: This strategy is primarily seen in the large, passive institutions like Vanguard Group Inc. and BlackRock, Inc. They hold the stock because it is part of an index or a broader healthcare fund, not necessarily because of a high-conviction, bottom-up analysis. Their buying and selling is often mechanical, tied to index rebalancing or fund flows.

Short-Term Trading and Hedge Fund Activity: This is where the action is. Funds like Alyeska Investment Group and Balyasny Asset Management are active traders, often employing event-driven or momentum strategies. We see evidence of this in the large, rapid changes in their holdings. For example, in Q1 2025, there were significant moves, including one institutional investor adding 510,807 shares (+230.0%) while another removed 1,153,310 shares (-41.3%). This isn't long-term investing; it's a bet on near-term news, FDA updates, or earnings surprises.

The low public float amplifies the impact of these strategies. When a hedge fund makes a large buy or sell, the stock price moves dramatically. This creates a high-volatility environment that attracts retail traders looking for quick gains, further complicating the price action. The stock's dramatic price decline of 86.27% from November 2024 to November 2025, despite the revenue growth, shows just how brutal the volatility can be. You need a strong stomach for this one.

Institutional Ownership and Major Shareholders of Beyond Air, Inc. (XAIR)

If you're looking at Beyond Air, Inc. (XAIR), the first thing I notice-with my two decades in finance-is that the institutional investor profile is highly dynamic and somewhat concentrated, a common trait in smaller-cap biotech. The direct takeaway is that institutional ownership has seen a significant net reduction recently, even as a few key players initiated or substantially increased their stakes. This suggests a major disagreement on the stock's near-term trajectory.

As of the most recent filings for the quarter ending September 30, 2025, Beyond Air, Inc. had approximately 29 institutional owners reporting positions. These institutions collectively held around 1,623,402 shares. What's crucial to understand is that the company's ownership is heavily skewed toward insiders, which means the institutional holders, while important, are not the majority voice. This dynamic is a key factor in how the company makes strategic decisions, which you can read more about in our deep dive on Beyond Air, Inc. (XAIR): History, Ownership, Mission, How It Works & Makes Money.

Top Institutional Investors and Their Stakes

The largest institutional holders typically include hedge funds and asset managers making tactical bets, plus a few index-tracking giants. For XAIR, the top holders as of the September 30, 2025, reporting date show a mix of conviction and portfolio necessity. Here's the quick math on the largest positions, based on the reported shares and the recent share price of approximately $1.35 per share as of November 19, 2025:

Notice that Alyeska Investment Group, L.P. is a significant new entry, holding the largest institutional stake. Plus, it's interesting to see BlackRock, Inc. on the list, even with a smaller position; their presence often signals a degree of benchmark inclusion, which is a passive, long-term vote of confidence.

Recent Shifts: The Institutional Exodus and New Bets

The most telling story here is the recent activity, which points to a major de-risking by institutional money. Overall, the total shares owned by institutions decreased sharply in the last three months by 92.88% to only 863K shares. That's a massive drop. Also, the number of funds reporting positions decreased by 46.00% in the last quarter, which means nearly half the funds that held XAIR decided to exit entirely.

But still, not everyone is selling. This is where the nuance is defintely important. While the overall trend is negative, some funds have been aggressive buyers:

• Balyasny Asset Management L.P. increased its position by 178.408%.
• Bleichroeder L.P. boosted its stake by 134.286%.
• Vanguard Group Inc. added 43.824% to its holding.

Conversely, Kingdon Capital Management, L.L.C., a long-time holder, reported a staggering decrease of -95.0% in a November 2025 filing, effectively liquidating most of its position. This kind of sharp divergence-massive selling against aggressive buying-is the hallmark of a stock at a critical inflection point, likely tied to the company's clinical trial progress and its recent financing activities, like the up to $20,000,000 equity purchase agreement secured in November 2025.

The Role of Institutional Investors in Stock Strategy

For a company like Beyond Air, Inc., large institutional investors play two distinct roles: they are both price stabilizers and strategic influencers. When institutions hold a significant portion of the float (shares available to trade), their buying and selling can dramatically affect the stock price. The stock price has already declined by 86.27% from November 2024 to November 2025, which shows the brutal impact of the recent institutional selling pressure.

On the strategy side, the influence of institutional investors is usually tied to their ownership percentage and whether they file a Schedule 13D (active intent) or 13G (passive intent). Because XAIR has a high degree of insider ownership-one individual insider holds over 87% of the company-the institutional investors' influence on day-to-day management and strategy is relatively muted compared to a company with a widely-held float. However, their collective sentiment is a powerful signal. The recent net institutional selling is a clear red flag, indicating that a large portion of professional money managers see elevated near-term risk, despite the company securing up to $32 million in total potential proceeds from financing in November 2025.

What this estimate hides is that the remaining institutional holders, like Alyeska and Balyasny, are showing strong conviction, likely betting on a successful commercialization of the LungFit system, or a significant positive clinical data readout. You need to watch their next moves closely, as they will be the first to signal a shift in the market's perception of the company's future.

Key Investors and Their Impact on Beyond Air, Inc. (XAIR)

You need to know who is betting on Beyond Air, Inc. (XAIR) and why, because institutional money drives liquidity and validates a company's strategy. The current investor profile shows a mix of conviction buys from specialist hedge funds and significant recent financing, even as some high-profile investors have reduced their stakes in fiscal year 2025.

Institutional investors own approximately 31.50% of Beyond Air, Inc.'s stock, which is a solid base, but the recent trading activity points to a sharp divergence in sentiment. This isn't a passive investment story; it's a high-stakes bet on the commercial success of the LungFit® PH system, especially given the stock's decline from $9.83 per share in November 2024 to around $1.35 per share by November 2025. That's a brutal drop of over 86%, so every move is magnified.

The Notable Institutional Players and Their Conviction

The largest institutional holders are typically the ones to watch, as their position changes can signal a shift in market perception or access to non-public information. For Beyond Air, Inc., the most recent 13F filings (as of September 30, 2025) highlight several key players. Alyeska Investment Group, L.P. stands out, establishing a new position of 759,061 shares. This is a big vote of confidence.

Other significant institutional holders include:

• Alyeska Investment Group, L.P.: 759,061 shares (New position as of Q3 2025).
• Balyasny Asset Management L.P.: 464,161 shares (A massive 178.408% increase in Q3 2025).
• Vanguard Group Inc.: 104,409 shares (A steady, passive increase of 43.824%).
• BlackRock, Inc.: 22,033 shares (A smaller, but notable position from a major index manager).

When a fund like Balyasny Asset Management L.P. nearly triples its position in a quarter, it suggests they see a near-term catalyst or believe the market has oversold the stock. That's a strong signal, defintely worth tracking.

Recent Moves: Buying, Selling, and Capital Infusion

The most telling story in 2025 isn't just who's holding, but who's moving. We've seen a clear split between those buying the dip and those cutting their losses.

The selling by high-profile investors like Marc Lasry and Soros Fund Management LLC in Q1 2025 is a significant risk signal, suggesting they lost conviction after the company's fiscal year 2025 revenue of $3.7 million, despite a 220% year-over-year increase. They were likely reallocating capital away from a company still reporting a net loss of ($46.6) million for the fiscal year ended March 31, 2025.

Investor Influence: The Streeterville Capital, LLC Deal

The most direct and immediate investor influence came not from a passive fund, but from a strategic financing partner. On November 5, 2025, Beyond Air, Inc. announced a financing agreement with Streeterville Capital, LLC, providing up to $32 million in total potential proceeds. This move is a clear action to address the company's cash runway and accelerate commercial expansion.

Here's the quick math on the capital injection:

• $12 million Secured Promissory Note: Provides immediate cash, but at a high 15% annual interest rate.
• $20 million Equity Line of Credit (ELOC): Allows the company to sell shares over time, providing a flexible capital source.

This deal extends the company's cash runway into calendar 2027, which is a huge win for stability. But to be fair, the terms, especially the high interest on the note and the potential for stock dilution from the ELOC, show the leverage Streeterville Capital, LLC had. This is the cost of capital for a commercial-stage company that needs to bridge its path to profitability, which it hopes to achieve with its second-generation LungFit PH device. For more on the company's path, you can check out Beyond Air, Inc. (XAIR): History, Ownership, Mission, How It Works & Makes Money.

Market Impact and Investor Sentiment

You are looking at Beyond Air, Inc. (XAIR) right now and seeing a huge disconnect: analysts are bullish, but the stock price is struggling. The current investor sentiment is a volatile mix, best described as cautious optimism from institutions against a backdrop of technical weakness and poor recent earnings performance.

The institutional view is still leaning toward a 'Moderate Buy' or 'Outperform' consensus from Wall Street, with an average 12-month price target sitting around $11.00. That implies a massive potential upside of up to 739.69% from the recent share price of approximately $1.31 as of late November 2025. But honestly, the technical indicators and insider sentiment are flashing a 'Negative' signal because of the recent price decline.

Here's a quick snapshot of the mixed signals:

• Wall Street Consensus: Moderate Buy.
• Analyst Price Target Upside: Over 700%.
• Technical Sentiment (Nov 2025): Bearish.
• Insider Sentiment: Negative overall, but recent open-market purchases totaled $543.7K with zero sales.

Recent Market Reactions to Ownership and News

Stock movements for Beyond Air, Inc. (XAIR) in 2025 have been sharp, driven by clinical milestones and financial reports. The stock's volatility is high, which is typical for a commercial-stage medical device company. For instance, the stock price surged by an astonishing 97.68% on September 8, 2025, following positive news like new distribution deals for the LungFit PH system and an FDA orphan designation for a subsidiary's treatment. That's a clear example of how clinical and commercial progress immediately translates into investor confidence.

Conversely, the market reacted negatively to the Q2 Fiscal Year 2026 earnings report on November 10, 2025. The company reported an Earnings Per Share (EPS) of -$1.25, missing the analyst consensus of -$1.10, and revenue came in at $1.82 million, below the $2.54 million expectation. This miss, coupled with unsettling financial disclosures, saw the stock trend down by -10.22% on a single trading day in early November 2025. The market is defintely sensitive to liquidity concerns as the company burns cash to fund its therapeutic developments.

Another major structural event was the 1-for-20 reverse stock split implemented on July 14, 2025. This move, often used to raise a stock's price to maintain Nasdaq listing compliance, can signal distress, but it's a necessary action to stay on a major exchange.

The Role of Key Institutional and Insider Investors

Institutional investors hold about 31.50% of Beyond Air, Inc.'s stock, which is a significant portion for a smaller-cap biotech. Their moves are critical. As of the end of the September 30, 2025, quarter, we saw both accumulation and reduction, which shows a split in conviction. Firms like Alyeska Investment Group, L.P. and Balyasny Asset Management L.P. are among the largest institutional holders, with Alyeska holding 759,061 shares and Balyasny holding 464,161 shares. Even a firm like BlackRock, Inc. held a position of 22,033 shares.

What's more compelling is the insider action. While the overall insider sentiment is negative due to past sales, the high-impact open-market purchases over the last year, totaling over $543.7K, suggest that key executives are putting their own capital to work at current price levels. This is a strong, concrete signal of internal belief in the long-term story, especially when compared to zero open-market sales.

For a deeper dive into the company's foundation and business model, check out Beyond Air, Inc. (XAIR): History, Ownership, Mission, How It Works & Makes Money.

The table shows a clear accumulation trend by several major funds in the most recent quarter, with Balyasny Asset Management L.P. dramatically increasing its position by over 178%. This accumulation is a strong vote of confidence in the company's future, despite the near-term financial misses.

Analyst Perspectives: The Future is in the Pipeline

The analyst community is largely focused on the commercial ramp-up of the LungFit PH system and the deep pipeline of nitric oxide (NO) treatments for conditions like severe lung infections. The high price targets are not based on current financials, but on the projected success of these products achieving market penetration and regulatory milestones. For example, the company reported a positive gross profit of $0.2 million in the quarter ended June 30, 2025, on revenues of $1.8 million, which analysts see as a critical shift toward operational efficiency.

The consensus 'Moderate Buy' rating, with a high price target of $14.00, reflects a belief that the company will successfully navigate its cash burn-which was a net $4.7 million in a recent quarter-by capitalizing on its commercial opportunities. The core thesis is that the value of the LungFit technology, which generates nitric oxide from ambient air, is currently undervalued by the market's focus on short-term losses.