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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
Two Sigma Investments
126
Two Sigma Investments
New York
$1.77M +$227K +9,836 +29%
SG Americas Securities
127
SG Americas Securities
New York
$1.77M +$1.01M +43,857 New
YIH
128
Y-Intercept (HK)
Hong Kong
$1.69M +$968K +41,893 New
BGM
129
Burkehill Global Management
New York
$1.62M +$924K +40,000 New
Mirae Asset Global ETFs Holdings
130
Mirae Asset Global ETFs Holdings
Hong Kong
$1.61M +$134K +5,810 +17%
EAM
131
Erste Asset Management
Austria
$1.54M +$855K +37,000 New
Prudential Financial
132
Prudential Financial
New Jersey
$1.39M -$805K -34,820 -50%
FC
133
FORA Capital
Florida
$1.36M +$779K +33,728 New
HIS
134
Harvest Investment Services
Illinois
$1.34M +$769K +33,286 New
PCMH
135
Polymer Capital Management (HK)
Hong Kong
$1.34M +$764K +33,070 New
IIM
136
INTECH Investment Management
Florida
$1.33M +$44.6K +1,928 +6%
Raymond James Financial
137
Raymond James Financial
Florida
$1.3M +$745K +32,226 New
BCM
138
Bridgeway Capital Management
Texas
$1.25M -$1.48M -64,000 -67%
LIP
139
Lighthouse Investment Partners
Florida
$1.21M +$693K +30,000 New
MS
140
Maven Securities
Jersey
$1.21M +$693K +30,000 New
Creative Planning
141
Creative Planning
Kansas
$1.21M +$321K +13,893 +87%
Walleye Capital
142
Walleye Capital
New York
$1.13M +$648K +28,057 New
State of Wisconsin Investment Board
143
State of Wisconsin Investment Board
Wisconsin
$1.05M -$453K -19,608 -43%
Squarepoint
144
Squarepoint
New York
$1.02M +$287K +12,433 +98%
LCM
145
Legato Capital Management
California
$968K +$554K +23,961 New
PFSRSONJ
146
Police & Firemen's Retirement System of New Jersey
New Jersey
$939K +$27.6K +1,194 +5%
SO
147
STRS Ohio
Ohio
$881K +$504K +21,800 New
EOJOAM
148
E. Ohman J:or Asset Management
Sweden
$857K -$1.88M -81,208 -79%
BNP Paribas Financial Markets
149
BNP Paribas Financial Markets
France
$822K -$1.52M -65,956 -76%
SGM
150
Seven Grand Managers
New York
$808K +$462K +20,000 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.