Terns Pharmaceuticals
TERN
TERN was delisted on the 4th of May, 2026.
129 hedge funds and large institutions have $310M invested in Terns Pharmaceuticals in 2025 Q2 according to their latest regulatory filings, with 24 funds opening new positions, 48 increasing their positions, 30 reducing their positions, and 32 closing their positions.
128% more call options, than puts
Call options by funds: $910K | Put options by funds: $399K
60% more repeat investments, than reductions
Existing positions increased: 48 | Existing positions reduced: 30
35% more capital invested
Capital invested by funds: $229M → $310M (+$80.6M)
0% more funds holding in top 10
Funds holding in top 10: 3 → 3 (0)
0.02% less ownership
Funds ownership: 95.18% → 95.16% (-0.02%)
6% less funds holding
Funds holding: 137 → 129 (-8)
25% less first-time investments, than exits
New positions opened: 24 | Existing positions closed: 32
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
DTC
Deep Track Capital
Greenwich,
Connecticut
|
+$5.99M |
| 2 |
Adage Capital Partners
Boston,
Massachusetts
|
+$4M |
| 3 |
Franklin Resources
San Mateo,
California
|
+$3.99M |
| 4 |
UBS Group
Zurich,
Switzerland
|
+$745K |
| 5 |
CS
Candriam SCA
Strassen, Luxembourg,
Luxembourg
|
+$669K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SSA
Schonfeld Strategic Advisors
New York
|
-$2.48M |
| 2 |
DCM
Driehaus Capital Management
Chicago,
Illinois
|
-$2.11M |
| 3 |
Renaissance Technologies
New York
|
-$1.6M |
| 4 |
Barclays
London,
United Kingdom
|
-$1.28M |
| 5 |
SG Americas Securities
New York
|
-$1.14M |
TERN Hedge Fund Activity: Q2 2025 in Review
129 of the 7,596 institutional investors tracked by Wall St. Rank reported a position in Terns Pharmaceuticals (TERN) for Q2 2025, worth a combined $310M — up 35% from $229M a quarter earlier.
Sellers outnumbered buyers: 32 funds closed out of TERN and 24 opened new positions — a net loss of 8 holders — while 30 trimmed existing stakes and 48 added.
The largest buyer was Deep Track Capital, adding an estimated $5.99M. The largest seller was Schonfeld Strategic Advisors, cutting an estimated $2.48M.
- 129 institutional investors held Terns Pharmaceuticals (TERN) as of Q2 2025, down from 137 in Q1 2025.
- Funds reported $310M of Terns Pharmaceuticals stock for Q2 2025, up 35% quarter-over-quarter.
- 24 funds opened new Terns Pharmaceuticals positions in Q2 2025 and 32 closed out, a net change of -8 holders.
- The largest Terns Pharmaceuticals buyer in Q2 2025 was Deep Track Capital, an estimated $5.99M added.
- The largest Terns Pharmaceuticals seller in Q2 2025 was Schonfeld Strategic Advisors, an estimated $2.48M sold.
Based on aggregated 13F filings for Q2 2025.