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TERN

Terns Pharmaceuticals

Delisted

TERN was delisted on the 4th of May, 2026.

248 hedge funds and large institutions have $4.95B invested in Terns Pharmaceuticals in 2025 Q4 according to their latest regulatory filings, with 124 funds opening new positions, 72 increasing their positions, 42 reducing their positions, and 17 closing their positions.

New
Increased
Maintained
Reduced
Closed

644% more capital invested

Capital invested by funds: $666M → $4.95B (+$4.29B)

629% more first-time investments, than exits

New positions opened: 124 | Existing positions closed: 17

411% more call options, than puts

Call options by funds: $61.1M | Put options by funds: $11.9M

280% more funds holding in top 10

Funds holding in top 10: 519 (+14)

76% more funds holding

Funds holding: 141248 (+107)

71% more repeat investments, than reductions

Existing positions increased: 72 | Existing positions reduced: 42

34.81% more ownership

Funds ownership: 101.28%136.1% (+35%)

Holders
248
Holders Change
+107
Holders Change %
+75.89%
% of All Funds
3.01%
Holding in Top 10
19
Holding in Top 10 Change
+14
Holding in Top 10 Change %
+280%
% of All Funds
0.23%
New
124
Increased
72
Reduced
42
Closed
17
Calls
$61.1M
Puts
$11.9M
Net Calls
+$49.1M
Net Calls Change
+$44M
Name Holding Trade Value Shares
Change
Change in
Stake
PHP
51
Parkman Healthcare Partners
Connecticut
$25.1M -$7.25M -313,883 -34%
Invesco
52
Invesco
Georgia
$24.5M +$2.97M +128,573 +27%
B
53
Braidwell
Connecticut
$23.2M +$13.3M +575,321 New
Point72 Asset Management
54
Point72 Asset Management
Connecticut
$23.2M +$13.3M +573,700 New
Bank of America
55
Bank of America
North Carolina
$22.4M -$3.49M -151,164 -21%
NCM
56
NEXTBio Capital Management
California
$22.3M +$12.7M +551,190 New
AAA
57
Affinity Asset Advisors
New York
$22.2M +$12.7M +550,000 New
Mariner
58
Mariner
Kansas
$21.9M +$12.5M +542,052 New
ACM
59
ADAR1 Capital Management
Texas
$21.9M +$12.3M +531,615 +5,316%
Blackstone Inc
60
Blackstone Inc
New York
$19.3M +$11M +476,754 New
Renaissance Technologies
61
Renaissance Technologies
New York
$18.9M -$4.85M -209,987 -31%
BFM
62
Boothbay Fund Management
New York
$18.1M +$6.2M +268,133 +150%
SCM
63
Superstring Capital Management
New York
$17.9M -$7.99M -345,869 -44%
KCA
64
KVP Capital Advisors
California
$17.8M +$10.2M +440,000 New
SC
65
Stempoint Capital
New York
$17.3M +$7.85M +339,581 +379%
IHAM
66
Integral Health Asset Management
New York
$17.2M -$12.1M -525,000 -55%
Deutsche Bank
67
Deutsche Bank
Germany
$16.2M +$478K +20,697 +5%
Norges Bank
68
Norges Bank
Norway
$16M +$9.13M +395,205 New
ECM
69
ExodusPoint Capital Management
New York
$15.2M +$8.68M +375,673 New
BCM
70
Boxer Capital Management
California
$15.2M +$8.67M +375,000 New
EQF
71
Evergreen Quality Fund
Cayman Islands
$14.6M +$8.32M +360,200 New
DP
72
Diadema Partners
New Jersey
$14M +$525K +22,721 +7%
UBS Group
73
UBS Group
Switzerland
$13.2M -$14.9M -646,804 -66%
ACM
74
Atika Capital Management
New York
$13M +$7.42M +321,165 New
PSC
75
Patient Square Capital
California
$12.9M +$7.4M +320,000 New

TERN Hedge Fund Activity: Q4 2025 in Review

248 of the 8,232 institutional investors tracked by Wall St. Rank reported a position in Terns Pharmaceuticals (TERN) for Q4 2025, worth a combined $4.95B — up 644% from $666M a quarter earlier.

Buyers outnumbered sellers: 124 funds opened new TERN positions and 17 closed out — a net gain of 107 holders — while 72 added to existing stakes and 42 trimmed.

The largest buyer was Vestal Point Capital, opening a new position worth an estimated $104M. The largest seller was Soleus Capital Management, cutting an estimated $183M.

  • 248 institutional investors held Terns Pharmaceuticals (TERN) as of Q4 2025, up from 141 in Q3 2025.
  • Funds reported $4.95B of Terns Pharmaceuticals stock for Q4 2025, up 644% quarter-over-quarter.
  • 124 funds opened new Terns Pharmaceuticals positions in Q4 2025 and 17 closed out, a net change of +107 holders.
  • The largest Terns Pharmaceuticals buyer in Q4 2025 was Vestal Point Capital, an estimated $104M added.
  • The largest Terns Pharmaceuticals seller in Q4 2025 was Soleus Capital Management, an estimated $183M sold.

Based on aggregated 13F filings for Q4 2025.