Terns Pharmaceuticals
TERN
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.
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: 3 → 5 (+2)
9% more funds holding
Funds holding: 129 → 141 (+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
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
CC
Commodore Capital
New York
|
+$36.4M |
| 2 |
Adage Capital Partners
Boston,
Massachusetts
|
+$17M |
| 3 |
Pictet Asset Management
Carouge,
Switzerland
|
+$7.05M |
| 4 |
Invesco
Atlanta,
Georgia
|
+$2.45M |
| 5 |
Charles Schwab
San Francisco,
California
|
+$2.29M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Citadel Advisors
Miami,
Florida
|
-$14.7M |
| 2 |
SSA
Schonfeld Strategic Advisors
New York
|
-$7.39M |
| 3 |
SCM
Superstring Capital Management
New York
|
-$3.17M |
| 4 |
BNP Paribas Financial Markets
Paris,
France
|
-$2.68M |
| 5 |
Qube Research & Technologies (QRT)
London,
United Kingdom
|
-$1.66M |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
151
State Board of Administration of Florida Retirement System
Tallahassee,
Florida
| – | -$46.4K | -12,440 | Closed |
|
|
EGM
152
Engineers Gate Manager
New York
| – | -$41.2K | -11,056 | Closed |
|
153
Vontobel Holding
Zurich,
Switzerland
| – | -$37.3K | -10,000 | Closed |
|
|
MAWAG
154
Mid-American Wealth Advisory Group
Kansas City,
Missouri
| – | -$1.12K | -301 | Closed |
|
|
BIG
155
Brooklyn Investment Group
Brooklyn,
New York
| – | -$541 | -145 | Closed |
|
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.