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TERN

Terns Pharmaceuticals
TERN

Delisted

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

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317 hedge funds and large institutions have $6.56B invested in Terns Pharmaceuticals in 2026 Q1 according to their latest regulatory filings, with 130 funds opening new positions, 115 increasing their positions, 56 reducing their positions, and 56 closing their positions.

New
Increased
Maintained
Reduced
Closed

132% more first-time investments, than exits

New positions opened: 130 | Existing positions closed: 56

105% more repeat investments, than reductions

Existing positions increased: 115 | Existing positions reduced: 56

71% more call options, than puts

Call options by funds: $440M | Put options by funds: $257M

33% more capital invested

Capital invested by funds: $4.95B → $6.56B (+$1.61B)

32% more funds holding in top 10

Funds holding in top 10: 19 → 25 (+6)

28% more funds holding

Funds holding: 248 → 317 (+69)

2.42% more ownership

Funds ownership: 136.1% → 138.51% (+2.4%)

Holders
317
Holders Change
+69
Holders Change %
+27.82%
% of All Funds
3.89%
Holding in Top 10
25
Holding in Top 10 Change
+6
Holding in Top 10 Change %
+31.58%
% of All Funds
0.31%
New
130
Increased
115
Reduced
56
Closed
56
Calls
$440M
Puts
$257M
Net Calls
+$183M
Net Calls Change
+$134M

Top Buyers

Rank Fund Capital Flow
1
HI
HBK Investments
Texas
+$121M
2
GCL
Glazer Capital LLC
New York
+$94.3M
3
Millennium Management
Millennium Management
New York
+$83.1M
4
Balyasny Asset Management
Balyasny Asset Management
Illinois
+$77.5M
5
PBA
Paradigm Biocapital Advisors
New York
+$57.8M

Top Sellers

Rank Fund Capital Flow
1
VC
Vivo Capital
California
-$165M
2
VPC
Vestal Point Capital
New York
-$144M
3
Adage Capital Partners
Adage Capital Partners
Massachusetts
-$141M
4
O
OrbiMed
New York
-$87M
5
Janus Henderson Group
Janus Henderson Group
United Kingdom
-$78.4M
Name Holding Trade Value Shares
Change 		Change in
Stake
SEI Investments
151
SEI Investments
Pennsylvania
$2.96M +$367K +8,946 +19%
PCM
152
Prelude Capital Management
New York
$2.89M +$2.25M +54,825 New
Two Sigma Investments
153
Two Sigma Investments
New York
$2.87M +$431K +10,500 +24%
CG
154
Carmignac Gestion
France
$2.82M +$2.2M +53,541 New
MIM
155
MetLife Investment Management
New Jersey
$2.75M +$176K +4,277 +9%
HIS
156
Harvest Investment Services
Illinois
$2.74M +$764K +18,601 +56%
Creative Planning
157
Creative Planning
Kansas
$2.73M +$897K +21,835 +73%
Citigroup
158
Citigroup
New York
$2.72M -$736K -17,917 -26%
State of Wisconsin Investment Board
159
State of Wisconsin Investment Board
Wisconsin
$2.69M +$1.03M +25,072 +97%
GLAM
160
Gardner Lewis Asset Management
Pennsylvania
$2.64M +$2.05M +50,000 New
Nomura Holdings
161
Nomura Holdings
Japan
$2.64M +$2.05M +50,000 New
FAM
162
Fred Alger Management
New York
$2.49M -$1.75M -42,721 -48%
QT
163
Quantbot Technologies
New York
$2.48M +$1.93M +47,043 New
DAM
164
DLD Asset Management
New York
$2.48M +$1.73M +42,025 +841%
Manulife (Manufacturers Life Insurance)
165
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$2.47M -$1.36M -32,991 -41%
Legal & General Group
166
Legal & General Group
United Kingdom
$2.46M +$1.18M +28,633 +159%
PAP
167
Persistent Asset Partners
Hong Kong
$2.42M -$2.78M -67,602 -60%
Mirae Asset Global ETFs Holdings
168
Mirae Asset Global ETFs Holdings
Hong Kong
$2.37M +$212K +5,170 +13%
Envestnet Asset Management
169
Envestnet Asset Management
Illinois
$2.16M +$1.37M +33,381 +438%
BGM
170
Burkehill Global Management
New York
$2.11M – – –
MA
171
MYDA Advisors
New York
$2.11M +$1.64M +40,000 New
OAM
172
Oxford Asset Management
United Kingdom
$2.06M +$1.61M +39,090 New
JG
173
Jain Global
New York
$1.97M -$2.37M -57,758 -61%
VAM
174
Vanguard Asset Management
$1.96M +$1.53M +37,267 New
EAM
175
Erste Asset Management
Austria
$1.96M – – –
5 6
7
8 9

TERN Hedge Fund Activity: Q1 2026 in Review

317 of the 8,143 institutional investors tracked by Wall St. Rank reported a position in Terns Pharmaceuticals (TERN) for Q1 2026, worth a combined $6.56B — up 33% from $4.95B a quarter earlier.

Buyers outnumbered sellers: 130 funds opened new TERN positions and 56 closed out — a net gain of 74 holders — while 115 added to existing stakes and 56 trimmed.

The largest buyer was HBK Investments, opening a new position worth an estimated $121M. The largest seller was Vivo Capital, cutting an estimated $165M.

  • 317 institutional investors held Terns Pharmaceuticals (TERN) as of Q1 2026, up from 248 in Q4 2025.
  • Funds reported $6.56B of Terns Pharmaceuticals stock for Q1 2026, up 33% quarter-over-quarter.
  • 130 funds opened new Terns Pharmaceuticals positions in Q1 2026 and 56 closed out, a net change of +74 holders.
  • The largest Terns Pharmaceuticals buyer in Q1 2026 was HBK Investments, an estimated $121M added.
  • The largest Terns Pharmaceuticals seller in Q1 2026 was Vivo Capital, an estimated $165M sold.

Based on aggregated 13F filings for Q1 2026.