Terns Pharmaceuticals
TERN
TERN was delisted on the 4th of May, 2026.
137 hedge funds and large institutions have $229M invested in Terns Pharmaceuticals in 2025 Q1 according to their latest regulatory filings, with 23 funds opening new positions, 47 increasing their positions, 40 reducing their positions, and 43 closing their positions.
141% more call options, than puts
Call options by funds: $989K | Put options by funds: $410K
18% more repeat investments, than reductions
Existing positions increased: 47 | Existing positions reduced: 40
6.24% less ownership
Funds ownership: 101.42% → 95.18% (-6.2%)
13% less funds holding
Funds holding: 157 → 137 (-20)
25% less funds holding in top 10
Funds holding in top 10: 4 → 3 (-1)
47% less first-time investments, than exits
New positions opened: 23 | Existing positions closed: 43
52% less capital invested
Capital invested by funds: $477M → $229M (-$248M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
+$15.4M |
| 2 |
Renaissance Technologies
New York
|
+$3.31M |
| 3 |
Citadel Advisors
Miami,
Florida
|
+$2.61M |
| 4 |
Bank of America
Charlotte,
North Carolina
|
+$2.51M |
| 5 |
UBS Group
Zurich,
Switzerland
|
+$2.17M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
VA
VR Adviser
New York
|
-$5.97M |
| 2 |
BG
Bellevue Group
Kuesnacht,
Switzerland
|
-$5.88M |
| 3 |
T. Rowe Price Associates
Baltimore,
Maryland
|
-$5.83M |
| 4 |
N
Nuveen
Charlotte,
North Carolina
|
-$5.01M |
| 5 |
Norges Bank
Oslo,
Norway
|
-$4.71M |
TERN Hedge Fund Activity: Q1 2025 in Review
137 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in Terns Pharmaceuticals (TERN) for Q1 2025, worth a combined $229M — down 52% from $477M a quarter earlier.
Sellers outnumbered buyers: 43 funds closed out of TERN and 23 opened new positions — a net loss of 20 holders — while 40 trimmed existing stakes and 47 added.
The largest buyer was Morgan Stanley, adding an estimated $15.4M. The largest seller was VR Adviser, exiting entirely with an estimated $5.97M sold.
- 137 institutional investors held Terns Pharmaceuticals (TERN) as of Q1 2025, down from 157 in Q4 2024.
- Funds reported $229M of Terns Pharmaceuticals stock for Q1 2025, down 52% quarter-over-quarter.
- 23 funds opened new Terns Pharmaceuticals positions in Q1 2025 and 43 closed out, a net change of -20 holders.
- The largest Terns Pharmaceuticals buyer in Q1 2025 was Morgan Stanley, an estimated $15.4M added.
- The largest Terns Pharmaceuticals seller in Q1 2025 was VR Adviser, an estimated $5.97M sold.
Based on aggregated 13F filings for Q1 2025.