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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
ASRS
201
Arizona State Retirement System
Arizona
$824K +$642K +15,624 New
Zurich Cantonal Bank
202
Zurich Cantonal Bank
Switzerland
$798K +$622K +15,146 New
VIA
203
Vanguard Investments Australia
Australia
$770K +$600K +14,604 New
BCI
204
Brinker Capital Investments
Pennsylvania
$762K +$594K +14,451 New
VA
205
Verdad Advisers
Massachusetts
$701K +$546K +13,301 New
Natixis Advisors
206
Natixis Advisors
Massachusetts
$684K +$533K +12,976 New
Jones Financial Companies
207
Jones Financial Companies
Missouri
$665K +$516K +12,567 New
KK
208
KLP Kapitalforvaltning
Norway
$659K +$513K +12,500 New
BCM
209
Bridgeway Capital Management
Texas
$633K -$780K -19,000 -61%
CC
210
Carlson Capital
Texas
$633K +$493K +12,000 New
TSS
211
Two Sigma Securities
New York
$628K +$489K +11,908 New
MSU
212
Mizuho Securities USA
New York
$584K +$455K +11,083 New
OGC
213
One68 Global Capital
New York
$580K +$452K +11,000 New
Massachusetts Financial Services
214
Massachusetts Financial Services
Massachusetts
$575K +$448K +10,902 New
DFCM
215
Dark Forest Capital Management
Puerto Rico
$548K +$1.27K +31 +0.3%
SCM
216
Sio Capital Management
New York
$532K – – –
VAM
217
Vazirani Asset Management
New York
$527K +$411K +10,000 New
EGM
218
Engineers Gate Manager
New York
$521K -$283K -6,885 -41%
CBU
219
CIBC Bancorp USA
Illinois
$518K +$403K +9,820 New
AC
220
AXQ Capital
New Jersey
$496K +$96.2K +2,342 +33%
CGIM
221
Cannon Global Investment Management
Florida
$474K +$370K +9,000 New
X
222
Xponance
Pennsylvania
$459K +$83.5K +2,032 +30%
AHL
223
Abel Hall LLC
Louisiana
$436K +$77.3K +1,883 +29%
FLC
224
Fifth Lane Capital
Texas
$422K +$329K +8,000 New
Los Angeles Capital Management
225
Los Angeles Capital Management
California
$421K +$328K +7,994 New
7 8
9
10 11

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.