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TERN

Terns Pharmaceuticals

Delisted

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

141 hedge funds and large institutions have $666M invested in Terns Pharmaceuticals in 2025 Q3 according to their latest regulatory filings, with 26 funds opening new positions, 44 increasing their positions, 42 reducing their positions, and 14 closing their positions.

New
Increased
Maintained
Reduced
Closed

1,340% more call options, than puts

Call options by funds: $5.47M | Put options by funds: $380K

115% more capital invested

Capital invested by funds: $310M → $666M (+$356M)

86% more first-time investments, than exits

New positions opened: 26 | Existing positions closed: 14

67% more funds holding in top 10

Funds holding in top 10: 35 (+2)

9% more funds holding

Funds holding: 129141 (+12)

6.12% more ownership

Funds ownership: 95.16%101.28% (+6.1%)

5% more repeat investments, than reductions

Existing positions increased: 44 | Existing positions reduced: 42

Holders
141
Holders Change
+12
Holders Change %
+9.3%
% of All Funds
1.85%
Holding in Top 10
5
Holding in Top 10 Change
+2
Holding in Top 10 Change %
+66.67%
% of All Funds
0.07%
New
26
Increased
44
Reduced
42
Closed
14
Calls
$5.47M
Puts
$380K
Net Calls
+$5.09M
Net Calls Change
+$4.58M
Name Holding Trade Value Shares
Change
Change in
Stake
VIA
76
Virtus Investment Advisers
Connecticut
$217K +$32.1K +5,026 +21%
Manulife (Manufacturers Life Insurance)
77
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$187K -$14.9K -2,338 -9%
GCM
78
Graham Capital Management
Connecticut
$182K -$317K -49,674 -67%
PFSRSONJ
79
Police & Firemen's Retirement System of New Jersey
New Jersey
$166K +$45K +7,040 +47%
VCIM
80
Velan Capital Investment Management
Georgia
$150K
VPIM
81
Vanguard Personalized Indexing Management
California
$133K +$6.63K +1,038 +6%
New York State Common Retirement Fund
82
New York State Common Retirement Fund
New York
$132K
SIP
83
Stoneridge Investment Partners
Pennsylvania
$127K -$23.9K -3,736 -18%
Creative Planning
84
Creative Planning
Kansas
$120K +$102K +16,035 New
Royal Bank of Canada
85
Royal Bank of Canada
Ontario, Canada
$117K -$1.14M -178,632 -92%
ProShare Advisors
86
ProShare Advisors
Maryland
$116K -$16.7K -2,608 -14%
CUAMC
87
China Universal Asset Management Company
China
$115K -$14.1K -2,202 -13%
CAU
88
Caxton Associates (UK)
$114K +$96.9K +15,168 New
VOYA Investment Management
89
VOYA Investment Management
Georgia
$103K -$41.6K -6,515 -32%
LCM
90
Landscape Capital Management
New Jersey
$99.1K
PA
91
Profund Advisors
Maryland
$95.8K +$81.5K +12,759 New
Squarepoint
92
Squarepoint
New York
$95.6K -$480K -75,104 -86%
Citigroup
93
Citigroup
New York
$94.7K -$164K -25,662 -67%
OC
94
Oppenheimer & Co
New York
$93.6K +$79.6K +12,466 New
SC
95
SummitTX Capital
Texas
$87.9K -$659K -103,145 -90%
FRM
96
Fox Run Management
Connecticut
$87.2K +$74.1K +11,610 New
PCM
97
Polymer Capital Management
New York
$76.2K +$64.8K +10,144 New
SCM
98
Sio Capital Management
New York
$75.9K
DAM
99
DLD Asset Management
New York
$75.1K -$173K -27,047 -73%
ACM
100
ADAR1 Capital Management
Texas
$75.1K -$118K -18,415 -65%

TERN Hedge Fund Activity: Q3 2025 in Review

141 of the 7,622 institutional investors tracked by Wall St. Rank reported a position in Terns Pharmaceuticals (TERN) for Q3 2025, worth a combined $666M — up 115% from $310M a quarter earlier.

Buyers outnumbered sellers: 26 funds opened new TERN positions and 14 closed out — a net gain of 12 holders — while 44 added to existing stakes and 42 trimmed.

The largest buyer was Commodore Capital, opening a new position worth an estimated $36.4M. The largest seller was Citadel Advisors, cutting an estimated $14.7M.

  • 141 institutional investors held Terns Pharmaceuticals (TERN) as of Q3 2025, up from 129 in Q2 2025.
  • Funds reported $666M of Terns Pharmaceuticals stock for Q3 2025, up 115% quarter-over-quarter.
  • 26 funds opened new Terns Pharmaceuticals positions in Q3 2025 and 14 closed out, a net change of +12 holders.
  • The largest Terns Pharmaceuticals buyer in Q3 2025 was Commodore Capital, an estimated $36.4M added.
  • The largest Terns Pharmaceuticals seller in Q3 2025 was Citadel Advisors, an estimated $14.7M sold.

Based on aggregated 13F filings for Q3 2025.