Terns Pharmaceuticals
TERN
TERN was delisted on the 4th of May, 2026.
93 hedge funds and large institutions have $310M invested in Terns Pharmaceuticals in 2023 Q3 according to their latest regulatory filings, with 10 funds opening new positions, 32 increasing their positions, 38 reducing their positions, and 20 closing their positions.
2,479% more call options, than puts
Call options by funds: $2.17M | Put options by funds: $84K
0.78% less ownership
Funds ownership: 101.83% → 101.05% (-0.78%)
10% less funds holding
Funds holding: 103 → 93 (-10)
16% less repeat investments, than reductions
Existing positions increased: 32 | Existing positions reduced: 38
39% less capital invested
Capital invested by funds: $505M → $310M (-$195M)
50% less first-time investments, than exits
New positions opened: 10 | Existing positions closed: 20
83% less funds holding in top 10
Funds holding in top 10: 6 → 1 (-5)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
DTC
Deep Track Capital
Greenwich,
Connecticut
|
+$31.1M |
| 2 |
PA
Perceptive Advisors
New York
|
+$6.82M |
| 3 |
B
Braidwell
Stamford,
Connecticut
|
+$6.33M |
| 4 |
Morgan Stanley
New York
|
+$5.45M |
| 5 |
Franklin Resources
San Mateo,
California
|
+$4.21M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
DM
Deerfield Management
New York
|
-$16.6M |
| 2 |
Fidelity Investments
Boston,
Massachusetts
|
-$12.3M |
| 3 |
Balyasny Asset Management
Chicago,
Illinois
|
-$5.11M |
| 4 |
Millennium Management
New York
|
-$4.24M |
| 5 |
Marshall Wace
London,
United Kingdom
|
-$3.12M |
TERN Hedge Fund Activity: Q3 2023 in Review
93 of the 6,302 institutional investors tracked by Wall St. Rank reported a position in Terns Pharmaceuticals (TERN) for Q3 2023, worth a combined $310M — down 39% from $505M a quarter earlier.
Sellers outnumbered buyers: 20 funds closed out of TERN and 10 opened new positions — a net loss of 10 holders — while 38 trimmed existing stakes and 32 added.
The largest buyer was Deep Track Capital, adding an estimated $31.1M. The largest seller was Deerfield Management, exiting entirely with an estimated $16.6M sold.
- 93 institutional investors held Terns Pharmaceuticals (TERN) as of Q3 2023, down from 103 in Q2 2023.
- Funds reported $310M of Terns Pharmaceuticals stock for Q3 2023, down 39% quarter-over-quarter.
- 10 funds opened new Terns Pharmaceuticals positions in Q3 2023 and 20 closed out, a net change of -10 holders.
- The largest Terns Pharmaceuticals buyer in Q3 2023 was Deep Track Capital, an estimated $31.1M added.
- The largest Terns Pharmaceuticals seller in Q3 2023 was Deerfield Management, an estimated $16.6M sold.
Based on aggregated 13F filings for Q3 2023.