Terns Pharmaceuticals

TERN • NASDAQ

Terns Pharmaceuticals is a biotechnology company in the healthcare sector on NASDAQ, led by Amy Burroughs, with a market cap of $2.4B. As of Q3 2025, 101% of shares are held by 140 institutional investors, with Soleus Capital Management, L.P. as the largest holder at 9.29%.

Chief Executive Officer and DirectorAmy Burroughs

Market Cap$2.4B

Biotechnology

Healthcare

Employees66.0

Websiteternspharma.com

Country

United States of America

Overview

Overview of institutional ownership in TERN as of Q3 2025 with a market cap of $657.2M

All Institutions

Institutions: 140
Value Held: $665.7M
Shares Held: 88.6M
Avg Position: $4.8M
Median Position: $263.3K

Hedge Funds

Hedge Funds: 30
Value Held: $285.8M
Shares Held: 38.1M
Avg Position: $9.5M
Median Position: $855.6K

Ownership Breakdown

Institutional (non-HF)

57.8%

$379.9M

Hedge Funds

43.49%

$285.8M

Retail & Other

Based on market cap of $657.2M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in TERN as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Soleus Capital Management, L.P. Hedge Fund•Long/Short	Guy Bezalel Levy CIO	$61.0M 3.33% of portfolio	9.29% 8.1M shares	Q2 2024 Held for 1y 5m	$1.8B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$57.0M 0.00% of portfolio	8.67% 7.6M shares	Q2 2021 Held for 4y 5m	$1.65T
ORBIMED ADVISORS LLC Hedge Fund•Sector	Sam Block Iii CFO	$56.8M 1.38% of portfolio	8.64% 7.6M shares	Q1 2021 Held for 4y 8m	$4.1B
Deep Track Capital, LP Hedge Fund•Long/Short	David Eric Kroin CIO	$56.3M 1.60% of portfolio	8.56% 7.5M shares	Q2 2023 Held for 2y 5m	$3.5B
Vivo Capital, LLC Venture Capital	Frank Fang-Chien Kung Managing Partner	$51.8M 4.17% of portfolio	7.88% 6.9M shares	Q1 2021 Held for 4y 8m	$1.2B
COMMODORE CAPITAL LP Hedge Fund•Long/Short	Michael Jonathan Kramarz Managing Partner	$42.8M 2.09% of portfolio	6.51% 5.7M shares	Q3 2025 Held for 2 months	$2.0B
B BlackRock, Inc. Institution	-	$41.7M 0.00% of portfolio	6.34% 5.6M shares	Q1 2021 Held for 4y 8m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$34.2M 0.00% of portfolio	5.21% 4.6M shares	Q1 2021 Held for 4y 8m	$6.69T
A ADAGE CAPITAL PARTNERS GP LLC Institution	-	$29.6M 0.05% of portfolio	4.50% 3.9M shares	Q2 2025 Held for 5 months	$63.0B
Candriam Luxembourg S.C.A. Long Only Manager	Vincent Leopold Hamelink CEO	$17.8M 0.09% of portfolio	2.71% 2.4M shares	Q4 2024 Held for 11 months	$19.0B

Net Capital Flow

Institutional buying and selling activity for TERN in Q3 2025

Net Flow: −$7.6M
Buyers: 47
Sellers: 57
Total Bought: +$48.9M
Total Sold: −$56.5M
Avg Position: $4.6M

Biggest Buyers

Institution	Net Bought	Current Position
A ADAGE CAPITAL PARTNERS GP LLC Institution	+$20.0M +2.7M shares	$29.6M 3.9M shares
Invesco Ltd. ETF Provider	+$2.9M +383.1K shares	$3.6M 477.7K shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	+$2.7M +359.0K shares	$4.4M 583.3K shares
MORGAN STANLEY RIA/Wealth	+$2.5M +335.6K shares	$57.0M 7.6M shares
JPMORGAN CHASE & CO Institution	+$2.4M +324.5K shares	$5.1M 682.7K shares
N Nuveen, LLC Institution	+$2.2M +292.8K shares	$11.1M 1.5M shares
VANGUARD GROUP INC Institution	+$1.9M +253.8K shares	$34.2M 4.6M shares
Integral Health Asset Management, LLC Hedge Fund•Sector	+$1.9M +250.0K shares	$7.1M 950.0K shares
STATE STREET CORP Institution	+$1.7M +232.3K shares	$12.1M 1.6M shares
GOLDMAN SACHS GROUP INC Institution	+$1.7M +220.6K shares	$4.1M 546.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$17.3M −2.3M shares	$11.9M 1.6M shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	−$8.7M −1.2M shares	$14.2M 1.9M shares
S SUPERSTRING CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	−$3.7M −497.0K shares	$5.9M 789.6K shares
B BNP PARIBAS ARBITRAGE, SA Institution	−$3.2M −420.5K shares	$648.2K 86.3K shares
Q Qube Research & Technologies Ltd Institution	−$2.0M −259.9K shares	$576.6K 76.8K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$1.8M −245.7K shares	$5.1M 676.8K shares
UBS Group AG Institution	−$1.5M −198.8K shares	$7.3M 972.8K shares
DIMENSIONAL FUND ADVISORS LP Long Only Manager	−$1.5M −194.5K shares	$10.9M 1.5M shares
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	−$1.4M −376.6K shares	Sold Off 0 shares
R ROYAL BANK OF CANADA Institution	−$1.3M −178.6K shares	$118.0K 15.7K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited TERN in Q3 2025

New Positions: 15
New Value: $10.9M
Exited Positions: 15
Exited Value: $5.9M

New Positions

Institution	Position Value
Pictet Asset Management Holding SA Long Only Manager	$8.3M 1.1M shares
PLATINUM INVESTMENT MANAGEMENT LTD Long Only Manager	$939.9K 125.2K shares
PRUDENTIAL FINANCIAL INC Institution	$519.1K 69.1K shares
W Winton Capital Group Ltd Institution	$493.3K 65.7K shares
G GROUP ONE TRADING, L.P. Institution	$230.3K 30.7K shares
C CAXTON ASSOCIATES LLP Institution	$113.9K 15.2K shares
P PROFUND ADVISORS LLC Institution	$95.8K 12.8K shares
OPPENHEIMER & CO INC RIA/Wealth	$93.6K 12.5K shares
P Polymer Capital Management LLC Hedge Fund•Multi-Strategy	$76.2K 10.1K shares
O Optiver Holding B.V. Institution	$3.4K 456.0 shares

Exited Positions

Institution	Previous Position
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$1.4M 376.6K shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	$1.2M 316.8K shares
UBS OCONNOR LLC Long Only Manager	$1.0M 273.6K shares
L LPL Financial LLC Institution	$902.0K 241.8K shares
I INFINITUM ASSET MANAGEMENT, LLC Hedge Fund•Long/Short	$746.0K 200.0K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$326.8K 87.6K shares
X XTX Topco Ltd Institution	$110.1K 29.5K shares
S SIMPLEX TRADING, LLC Institution	$54.6K 14.7K shares
LeConte Wealth Management, LLC RIA/Wealth	$47.2K 12.6K shares
S STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM Institution	$46.4K 12.4K shares

Options Activity

Institutions with the largest Call and Put options positions in TERN as of Q3 2025

Call Positions: 4
Call Value: $4.3M
Put Positions: 3
Put Value: $312.4K

Call Positions

Institution	Position Value
DIADEMA PARTNERS LP Hedge Fund•Long/Short	$1.7M 2.3K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.3M 1.7K contracts
J JANE STREET GROUP, LLC Institution	$920.0K 1.2K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$419.1K 558.0 contracts

Put Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$107.4K 143.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$106.6K 142.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$98.4K 131.0 contracts

Most Committed Institutions

Institutions with TERN as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
A ACORN CAPITAL ADVISORS, LLC Venture Capital	Anthony Michael Gallo CCO	7.52% $14.8M	2.25% 2.0M shares	Q4 2024 Held for 11 months	$197.0M
S SUPERSTRING CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	Guo Ting Managing Partner	5.84% $5.9M	0.90% 789.6K shares	Q2 2024 Held for 1y 5m	$101.5M
Vivo Capital, LLC Venture Capital	Frank Fang-Chien Kung Managing Partner	4.17% $51.8M	7.88% 6.9M shares	Q1 2021 Held for 4y 8m	$1.2B
L Longwood Capital Partners LLC Institution	-	3.90% $3.8M	0.57% 502.8K shares	Q3 2022 Held for 3y 2m	$96.8M
Soleus Capital Management, L.P. Hedge Fund•Long/Short	Guy Bezalel Levy CIO	3.33% $61.0M	9.29% 8.1M shares	Q2 2024 Held for 1y 5m	$1.8B
COMMODORE CAPITAL LP Hedge Fund•Long/Short	Michael Jonathan Kramarz Managing Partner	2.09% $42.8M	6.51% 5.7M shares	Q3 2025 Held for 2 months	$2.0B
DIADEMA PARTNERS LP Hedge Fund•Long/Short	Timothy Beau Bassett CIO	1.69% $2.4M	0.37% 323.2K shares	Q4 2024 Held for 11 months	$143.3M
Deep Track Capital, LP Hedge Fund•Long/Short	David Eric Kroin CIO	1.60% $56.3M	8.56% 7.5M shares	Q2 2023 Held for 2y 5m	$3.5B
ORBIMED ADVISORS LLC Hedge Fund•Sector	Sam Block Iii CFO	1.38% $56.8M	8.64% 7.6M shares	Q1 2021 Held for 4y 8m	$4.1B
Parkman Healthcare Partners LLC Hedge Fund•Long/Short	Gregory Arthur Martinez CIO	0.77% $7.0M	1.07% 934.8K shares	Q2 2024 Held for 1y 5m	$910.1M

Hedge Fund Spotlight

Discover hedge funds investing in TERN

StemPoint Capital LP

Hedge Fund • Long/Short

Portfolio ManagerSean Chua Tan

Portfolio Value: $495.9M
Positions: 76
Last Reported: Q3 2025

Sector Allocation

Position in Terns Pharmaceuticals

Market Value: $673.0K
Shares Held: 89.6K
Portfolio Weight: 0.14%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Roivant Sciences ROIV	Biotechnology Healthcare	$63.5M	12.81%
2 uniQure QURE	Biotechnology Healthcare	$30.5M	6.15%
3 Scholar Rock SRRK	Biotechnology Healthcare	$27.0M	5.45%