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TERN

Terns Pharmaceuticals
TERN

Delisted

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

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78 hedge funds and large institutions have $630M invested in Terns Pharmaceuticals in 2023 Q1 according to their latest regulatory filings, with 27 funds opening new positions, 26 increasing their positions, 15 reducing their positions, and 14 closing their positions.

New
Increased
Maintained
Reduced
Closed

93% more first-time investments, than exits

New positions opened: 27 | Existing positions closed: 14

73% more repeat investments, than reductions

Existing positions increased: 26 | Existing positions reduced: 15

40% more funds holding in top 10

Funds holding in top 10: 5 → 7 (+2)

25% more capital invested

Capital invested by funds: $505M → $630M (+$125M)

20% more funds holding

Funds holding: 65 → 78 (+13)

9.78% less ownership

Funds ownership: 103.68% → 93.9% (-9.8%)

Holders
78
Holders Change
+13
Holders Change %
+20%
% of All Funds
1.24%
Holding in Top 10
7
Holding in Top 10 Change
+2
Holding in Top 10 Change %
+40%
% of All Funds
0.11%
New
27
Increased
26
Reduced
15
Closed
14
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
B
Braidwell
Connecticut
+$19.1M
2
PA
Perceptive Advisors
New York
+$12.9M
3
Franklin Resources
Franklin Resources
California
+$6.76M
4
Invesco
Invesco
Georgia
+$5.49M
5
BlackRock
BlackRock
New York
+$3.83M

Top Sellers

Rank Fund Capital Flow
1
RI
RTW Investments
New York
-$10.2M
2
DM
Deerfield Management
New York
-$7.57M
3
PVI
Pura Vida Investments
New York
-$6.16M
4
AC
Armistice Capital
New York
-$5.7M
5
JP Morgan Chase
JP Morgan Chase
New York
-$5.5M
Name Holding Trade Value Shares
Change 		Change in
Stake
Fidelity Investments
1
Fidelity Investments
Massachusetts
$90.5M +$2.52M +264,117 +4%
O
2
OrbiMed
New York
$90.2M – – –
VC
3
Vivo Capital
California
$78.8M – – –
VA
4
VR Adviser
New York
$42.9M -$844K -88,369 -2%
SCM
5
Suvretta Capital Management
New York
$40.8M – – –
DCM
6
Driehaus Capital Management
Illinois
$29.2M +$1.67M +175,136 +8%
DM
7
Deerfield Management
New York
$24.4M -$7.57M -791,866 -28%
FFM
8
Fairmount Funds Management
Pennsylvania
$24.2M – – –
B
9
Braidwell
Connecticut
$23.6M +$19.1M +1,997,055 New
Franklin Resources
10
Franklin Resources
California
$17.3M +$6.76M +707,430 +94%
PA
11
Perceptive Advisors
New York
$16M +$12.9M +1,350,000 New
Vanguard Group
12
Vanguard Group
Pennsylvania
$15.3M +$1.58M +165,213 +15%
ACP
13
Acuta Capital Partners
California
$13M -$6.6K -691 -0.1%
Millennium Management
14
Millennium Management
New York
$12.8M -$3.58M -374,822 -26%
IC
15
Ikarian Capital
Texas
$8.54M -$153K -15,978 -2%
DCMIC
16
Decheng Capital Management III (Cayman)
Cayman Islands
$8.46M – – –
BlackRock
17
BlackRock
New York
$8.3M +$3.83M +401,229 +134%
SCM
18
Silverarc Capital Management
Massachusetts
$7.91M -$307K -32,078 -5%
JP Morgan Chase
19
JP Morgan Chase
New York
$7.48M -$5.5M -575,405 -48%
Point72 Asset Management
20
Point72 Asset Management
Connecticut
$7.45M +$3.78M +395,598 +169%
Invesco
21
Invesco
Georgia
$6.8M +$5.49M +574,177 New
Barclays
22
Barclays
United Kingdom
$6.33M +$172K +18,021 +3%
Citadel Advisors
23
Citadel Advisors
Florida
$4.64M -$1.18M -123,732 -24%
Balyasny Asset Management
24
Balyasny Asset Management
Illinois
$4.35M +$3.51M +367,671 New
Susquehanna International Group
25
Susquehanna International Group
Pennsylvania
$3.88M +$2.77M +289,926 +761%
1
2 3 4

TERN Hedge Fund Activity: Q1 2023 in Review

78 of the 6,276 institutional investors tracked by Wall St. Rank reported a position in Terns Pharmaceuticals (TERN) for Q1 2023, worth a combined $630M — up 25% from $505M a quarter earlier.

Buyers outnumbered sellers: 27 funds opened new TERN positions and 14 closed out — a net gain of 13 holders — while 26 added to existing stakes and 15 trimmed.

The largest buyer was Braidwell, opening a new position worth an estimated $19.1M. The largest seller was RTW Investments, exiting entirely with an estimated $10.2M sold.

  • 78 institutional investors held Terns Pharmaceuticals (TERN) as of Q1 2023, up from 65 in Q4 2022.
  • Funds reported $630M of Terns Pharmaceuticals stock for Q1 2023, up 25% quarter-over-quarter.
  • 27 funds opened new Terns Pharmaceuticals positions in Q1 2023 and 14 closed out, a net change of +13 holders.
  • The largest Terns Pharmaceuticals buyer in Q1 2023 was Braidwell, an estimated $19.1M added.
  • The largest Terns Pharmaceuticals seller in Q1 2023 was RTW Investments, an estimated $10.2M sold.

Based on aggregated 13F filings for Q1 2023.