We are live on ! Find out more
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
Allianz Asset Management
151
Allianz Asset Management
Germany
$804K +$428K +18,500 New
ProShare Advisors
152
ProShare Advisors
Maryland
$794K +$96.4K +4,173 +27%
VPIM
153
Vanguard Personalized Indexing Management
California
$750K +$20.9K +906 +5%
Legal & General Group
154
Legal & General Group
United Kingdom
$730K +$273K +11,834 +190%
XT
155
XTX Topco
Cayman Islands
$688K +$394K +17,032 New
EGM
156
Engineers Gate Manager
New York
$677K +$387K +16,765 New
State Board of Administration of Florida Retirement System
157
State Board of Administration of Florida Retirement System
Florida
$675K +$386K +16,710 New
LPL Financial
158
LPL Financial
California
$671K +$384K +16,609 New
CUAMC
159
China Universal Asset Management Company
China
$601K -$10.7K -461 -3%
PR
160
PSP Research
Pennsylvania
$548K +$313K +13,560 New
GCP
161
GSA Capital Partners
United Kingdom
$536K +$307K +13,268 New
Verition Fund Management
162
Verition Fund Management
Connecticut
$516K +$295K +12,765 New
ET
163
Entropy Technologies
New York
$469K +$269K +11,620 New
GAM
164
Gotham Asset Management
New York
$464K +$265K +11,476 New
GCM
165
Graham Capital Management
Connecticut
$443K -$308K -13,336 -55%
NIM
166
NEOS Investment Management
Connecticut
$420K +$240K +10,394 New
DFCM
167
Dark Forest Capital Management
Puerto Rico
$419K +$240K +10,369 New
TE
168
Tema ETFs
New York
$414K +$237K +10,244 New
SCM
169
Sio Capital Management
New York
$408K
NA
170
NewEdge Advisors
Louisiana
$371K +$150K +6,475 +240%
FRM
171
Fox Run Management
Connecticut
$359K -$62.8K -2,719 -23%
Victory Capital Management
172
Victory Capital Management
Texas
$354K +$203K +8,764 New
Qube Research & Technologies (QRT)
173
Qube Research & Technologies (QRT)
United Kingdom
$310K -$1.6M -69,118 -90%
Envestnet Asset Management
174
Envestnet Asset Management
Illinois
$308K +$176K +7,617 New
Susquehanna International Group
175
Susquehanna International Group
Pennsylvania
$307K +$176K +7,597 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.