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
PA
176
Profund Advisors
Maryland
$293K -$127K -5,498 -43%
AC
177
AXQ Capital
New Jersey
$286K +$163K +7,068 New
AIP
178
Ameritas Investment Partners
Nebraska
$281K +$30.5K +1,321 +23%
X
179
Xponance
Pennsylvania
$270K +$154K +6,677 New
AHL
180
Abel Hall LLC
Louisiana
$258K +$148K +6,395 New
William Blair & Company
181
William Blair & Company
Illinois
$244K +$140K +6,050 New
Commonwealth Equity Services
182
Commonwealth Equity Services
Massachusetts
$242K +$138K +5,984 New
AIP
183
Arrowpoint Investment Partners
Singapore
$240K +$137K +5,931 New
VIA
184
Virtus Investment Advisers
Connecticut
$239K -$532K -23,041 -80%
SRL
185
Scientech Research LLC
New Jersey
$238K +$136K +5,901 New
QCM
186
Quantinno Capital Management
New York
$236K +$135K +5,846 New
CWM
187
CIBC World Markets
New York
$229K +$131K +5,674 New
WG
188
Winton Group
United Kingdom
$226K -$1.39M -60,081 -91%
Mackenzie Financial
189
Mackenzie Financial
Ontario, Canada
$215K +$122K +5,295 New
California State Teachers Retirement System (CalSTRS)
190
California State Teachers Retirement System (CalSTRS)
California
$213K +$2.43K +105 +2%
Rafferty Asset Management
191
Rafferty Asset Management
New York
$212K +$121K +5,241 New
EC
192
EntryPoint Capital
New York
$206K +$118K +5,096 New
DAM
193
DLD Asset Management
New York
$202K -$116K -5,000 -50%
CIBC Private Wealth Group
194
CIBC Private Wealth Group
Georgia
$202K
SCM
195
Sterling Capital Management
North Carolina
$200K -$1.06K -46 -0.9%
US Bancorp
196
US Bancorp
Minnesota
$186K +$94K +4,066 +752%
Mirae Asset Global Investments
197
Mirae Asset Global Investments
South Korea
$177K +$23K +994 +29%
Nisa Investment Advisors
198
Nisa Investment Advisors
Missouri
$137K -$22K -953 -22%
Royal Bank of Canada
199
Royal Bank of Canada
Ontario, Canada
$123K -$292K -12,643 -80%
Carson Wealth (CWM LLC)
200
Carson Wealth (CWM LLC)
Nebraska
$113K +$300 +13 +0.5%

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.