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TERN

Terns Pharmaceuticals
TERN

Delisted

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

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137 hedge funds and large institutions have $229M invested in Terns Pharmaceuticals in 2025 Q1 according to their latest regulatory filings, with 23 funds opening new positions, 47 increasing their positions, 40 reducing their positions, and 43 closing their positions.

New
Increased
Maintained
Reduced
Closed

141% more call options, than puts

Call options by funds: $989K | Put options by funds: $410K

18% more repeat investments, than reductions

Existing positions increased: 47 | Existing positions reduced: 40

6.24% less ownership

Funds ownership: 101.42% → 95.18% (-6.2%)

13% less funds holding

Funds holding: 157 → 137 (-20)

25% less funds holding in top 10

Funds holding in top 10: 4 → 3 (-1)

47% less first-time investments, than exits

New positions opened: 23 | Existing positions closed: 43

52% less capital invested

Capital invested by funds: $477M → $229M (-$248M)

Holders
137
Holders Change
-20
Holders Change %
-12.74%
% of All Funds
1.84%
Holding in Top 10
3
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-25%
% of All Funds
0.04%
New
23
Increased
47
Reduced
40
Closed
43
Calls
$989K
Puts
$410K
Net Calls
+$579K
Net Calls Change
-$2.25M

Top Buyers

Rank Fund Capital Flow
1
Morgan Stanley
Morgan Stanley
New York
+$15.4M
2
Renaissance Technologies
Renaissance Technologies
New York
+$3.31M
3
Citadel Advisors
Citadel Advisors
Florida
+$2.61M
4
Bank of America
Bank of America
North Carolina
+$2.51M
5
UBS Group
UBS Group
Switzerland
+$2.17M

Top Sellers

Rank Fund Capital Flow
1
VA
VR Adviser
New York
-$5.97M
2
BG
Bellevue Group
Switzerland
-$5.88M
3
T. Rowe Price Associates
T. Rowe Price Associates
Maryland
-$5.83M
4
N
Nuveen
North Carolina
-$5.01M
5
Norges Bank
Norges Bank
Norway
-$4.71M
Name Holding Trade Value Shares
Change 		Change in
Stake
SCM
1
Soleus Capital Management
Connecticut
$22.5M +$100K +24,600 +0.3%
O
2
OrbiMed
New York
$20.9M – – –
Morgan Stanley
3
Morgan Stanley
New York
$19.6M +$15.4M +3,762,298 +112%
VC
4
Vivo Capital
California
$19M – – –
BlackRock
5
BlackRock
New York
$15.8M -$150K -36,850 -0.6%
DTC
6
Deep Track Capital
Connecticut
$15.4M – – –
Vanguard Group
7
Vanguard Group
Pennsylvania
$11.5M +$1.15M +282,574 +7%
Citadel Advisors
8
Citadel Advisors
Florida
$10.8M +$2.61M +640,108 +20%
SSA
9
Schonfeld Strategic Advisors
New York
$10.6M -$3.7M -906,639 -19%
CS
10
Candriam SCA
Luxembourg
$5.95M – – –
ACA
11
Acorn Capital Advisors
New York
$5.44M – – –
Dimensional Fund Advisors
12
Dimensional Fund Advisors
Texas
$4.71M +$1.65M +403,269 +31%
Geode Capital Management
13
Geode Capital Management
Massachusetts
$4.35M +$236K +57,726 +4%
Renaissance Technologies
14
Renaissance Technologies
New York
$3.96M +$3.31M +810,700 +130%
N
15
Nuveen
North Carolina
$3.88M -$5.01M -1,228,017 -47%
SCM
16
Superstring Capital Management
New York
$3.75M -$2.71M -663,409 -33%
State Street
17
State Street
Massachusetts
$3.66M +$153K +37,474 +3%
Millennium Management
18
Millennium Management
New York
$3.08M -$2.01M -492,773 -31%
PHP
19
Parkman Healthcare Partners
Connecticut
$2.65M +$533K +130,598 +16%
UBS Group
20
UBS Group
Switzerland
$2.58M +$2.17M +531,448 +132%
Bank of America
21
Bank of America
North Carolina
$2.24M +$2.51M +614,816 +312%
DCM
22
Driehaus Capital Management
Illinois
$2.11M -$3.67M -898,360 -54%
IHAM
23
Integral Health Asset Management
New York
$1.93M +$1.02M +250,000 +56%
Qube Research & Technologies (QRT)
24
Qube Research & Technologies (QRT)
United Kingdom
$1.92M +$1.55M +380,770 +121%
Barclays
25
Barclays
United Kingdom
$1.8M -$210K -51,334 -7%
1
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TERN Hedge Fund Activity: Q1 2025 in Review

137 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in Terns Pharmaceuticals (TERN) for Q1 2025, worth a combined $229M — down 52% from $477M a quarter earlier.

Sellers outnumbered buyers: 43 funds closed out of TERN and 23 opened new positions — a net loss of 20 holders — while 40 trimmed existing stakes and 47 added.

The largest buyer was Morgan Stanley, adding an estimated $15.4M. The largest seller was VR Adviser, exiting entirely with an estimated $5.97M sold.

  • 137 institutional investors held Terns Pharmaceuticals (TERN) as of Q1 2025, down from 157 in Q4 2024.
  • Funds reported $229M of Terns Pharmaceuticals stock for Q1 2025, down 52% quarter-over-quarter.
  • 23 funds opened new Terns Pharmaceuticals positions in Q1 2025 and 43 closed out, a net change of -20 holders.
  • The largest Terns Pharmaceuticals buyer in Q1 2025 was Morgan Stanley, an estimated $15.4M added.
  • The largest Terns Pharmaceuticals seller in Q1 2025 was VR Adviser, an estimated $5.97M sold.

Based on aggregated 13F filings for Q1 2025.