Terns Pharmaceuticals
TERN
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.
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: 5 → 19 (+14)
76% more funds holding
Funds holding: 141 → 248 (+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%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
VPC
Vestal Point Capital
New York
|
+$104M |
| 2 |
ACA
Avoro Capital Advisors
New York
|
+$101M |
| 3 |
Janus Henderson Group
London,
United Kingdom
|
+$78.1M |
| 4 |
CLGM
Capitolis Liquid Global Markets
New York
|
+$70.4M |
| 5 |
Holocene Advisors
New York
|
+$64.1M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SCM
Soleus Capital Management
Greenwich,
Connecticut
|
-$183M |
| 2 |
DTC
Deep Track Capital
Greenwich,
Connecticut
|
-$155M |
| 3 |
O
OrbiMed
New York
|
-$125M |
| 4 |
CC
Commodore Capital
New York
|
-$97.6M |
| 5 |
VC
Vivo Capital
Palo Alto,
California
|
-$35.8M |
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.