Terns Pharmaceuticals
TERN
TERN was delisted on the 4th of May, 2026.
317 hedge funds and large institutions have $6.56B invested in Terns Pharmaceuticals in 2026 Q1 according to their latest regulatory filings, with 130 funds opening new positions, 115 increasing their positions, 56 reducing their positions, and 56 closing their positions.
132% more first-time investments, than exits
New positions opened: 130 | Existing positions closed: 56
105% more repeat investments, than reductions
Existing positions increased: 115 | Existing positions reduced: 56
71% more call options, than puts
Call options by funds: $440M | Put options by funds: $257M
33% more capital invested
Capital invested by funds: $4.95B → $6.56B (+$1.61B)
32% more funds holding in top 10
Funds holding in top 10: 19 → 25 (+6)
28% more funds holding
Funds holding: 248 → 317 (+69)
2.42% more ownership
Funds ownership: 136.1% → 138.51% (+2.4%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
HI
HBK Investments
Dallas,
Texas
|
+$121M |
| 2 |
GCL
Glazer Capital LLC
New York
|
+$94.3M |
| 3 |
Millennium Management
New York
|
+$83.1M |
| 4 |
Balyasny Asset Management
Chicago,
Illinois
|
+$77.5M |
| 5 |
PBA
Paradigm Biocapital Advisors
New York
|
+$57.8M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
VC
Vivo Capital
Palo Alto,
California
|
-$165M |
| 2 |
VPC
Vestal Point Capital
New York
|
-$144M |
| 3 |
Adage Capital Partners
Boston,
Massachusetts
|
-$141M |
| 4 |
O
OrbiMed
New York
|
-$87M |
| 5 |
Janus Henderson Group
London,
United Kingdom
|
-$78.4M |
TERN Hedge Fund Activity: Q1 2026 in Review
317 of the 8,143 institutional investors tracked by Wall St. Rank reported a position in Terns Pharmaceuticals (TERN) for Q1 2026, worth a combined $6.56B — up 33% from $4.95B a quarter earlier.
Buyers outnumbered sellers: 130 funds opened new TERN positions and 56 closed out — a net gain of 74 holders — while 115 added to existing stakes and 56 trimmed.
The largest buyer was HBK Investments, opening a new position worth an estimated $121M. The largest seller was Vivo Capital, cutting an estimated $165M.
- 317 institutional investors held Terns Pharmaceuticals (TERN) as of Q1 2026, up from 248 in Q4 2025.
- Funds reported $6.56B of Terns Pharmaceuticals stock for Q1 2026, up 33% quarter-over-quarter.
- 130 funds opened new Terns Pharmaceuticals positions in Q1 2026 and 56 closed out, a net change of +74 holders.
- The largest Terns Pharmaceuticals buyer in Q1 2026 was HBK Investments, an estimated $121M added.
- The largest Terns Pharmaceuticals seller in Q1 2026 was Vivo Capital, an estimated $165M sold.
Based on aggregated 13F filings for Q1 2026.