Unfortunately, it seems that some people don't even bother to look at the changing composition of this stock's ownership base between individual investors and institutional investors.
Generally speaking, individual investors tend to be driven more by emotions driven than institutional investors who tend to be driven more by financial milestones like recurring royalties, cash/investments, sales, etc.
There are also different types of institutional investors. Hedge funds of all persuasions are the latest additions to a breed that includes microcap funds (<$100M in market cap), small-cap funds (<$1B in market cap), mid-cap funds (>$1B to <$5B), big-cap funds (>$5B) and pension funds of all stripes.
Naturally, as a company grows it will have to cater to different types of individual investors and institutional investors. In IDCC's case, the change of hands continue between emotional-driven individual investors and empirically-driven institutional investors.
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