Vault-13

TERNS PHARMACEUTICALS INC

COM · Common Stock · CUSIP 880881107 · ISIN US8808811074

104 institutional holders +24 vs Q1 2023
57,726,72357.7m shares reported held*
$505.1mreported value*
39 new 29 added 22 reduced 17 sold out net sold ≈ $28.9m (-3.3m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $8.75. Options: 8 managers hold calls ($3.4m notional), 7 hold puts ($10.7m).

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 45Q4 22: 66Q1 23: 80Q2 23: 104104Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202245
Q4 202266
Q1 202380
Q2 2023104

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q4 22: 47 bought or addedQ4 22: 18 cut or sold outQ4 22Q1 23: 54 bought or addedQ1 23: 29 cut or sold outQ1 23Q2 23: 68 bought or addedQ2 23: 39 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20224718
Q1 20235429
Q2 20236839

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$5m$10m$15mQ3 22 calls: $0Q3 22 puts: $0Q3 22P/C —Q4 22 calls: $0Q4 22 puts: $0Q4 22P/C —Q1 23 calls: $0Q1 23 puts: $0Q1 23P/C —Q2 23 calls: $3.4mQ2 23 puts: $10.7mQ2 23P/C 3.20
Numbers
QuarterCallsPutsP/C
Q3 2022$0$0—
Q4 2022$0$0—
Q1 2023$0$0—
Q2 2023$3.4m$10.7m3.20

Biggest buyers

BlackRock Inc. Added +2,437,862+2.4m
MONTANOVA CAPITAL, LLC Added +2,113,560+2.1m
MILLENNIUM MANAGEMENT LLC Added +1,199,859+1.2m
Deep Track Capital, LP New +1,099,192+1.1m
VANGUARD GROUP INC Added +934,022+934.0k
STATE STREET CORP Added +701,683+701.7k
GEODE CAPITAL MANAGEMENT, LLC Added +482,795+482.8k
Walleye Capital LLC New +345,499+345.5k
NORTHERN TRUST CORP Added +306,536+306.5k
Balyasny Asset Management L.P. Added +215,980+216.0k

Biggest sellers

FMR LLC Reduced -8,235,170-8.2m
PERCEPTIVE ADVISORS LLC Sold out -1,350,000-1.4m
Driehaus Capital Management LLC Reduced -847,733-847.7k
Venrock Adviser, LLC Reduced -646,653-646.7k
Point72 Asset Management, L.P. Sold out -629,098-629.1k
Invesco Ltd. Reduced -552,182-552.2k
Ikarian Capital, LLC Reduced -405,861-405.9k
CITADEL ADVISORS LLC Reduced -390,609-390.6k
BARCLAYS PLC Reduced -271,842-271.8k
JPMORGAN CHASE & CO Reduced -250,131-250.1k

Biggest calls

Ikarian Capital, LLC New $1.8m200.0k shares
GROUP ONE TRADING LLC New $502.2k57.4k shares
JANE STREET GROUP, LLC New $357.9k40.9k shares
BOOTHBAY FUND MANAGEMENT, LLC New $352.6k40.3k shares
CITADEL ADVISORS LLC New $168.0k19.2k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $133.9k15.3k shares
SIMPLEX TRADING, LLC New $88.0k10.1k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. New $00 shares

Biggest puts

PERCEPTIVE ADVISORS LLC New $9.4m1.1m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $805.0k92.0k shares
CITADEL ADVISORS LLC New $227.5k26.0k shares
GROUP ONE TRADING LLC New $203.9k23.3k shares
SIMPLEX TRADING, LLC New $75.0k8.6k shares
Belvedere Trading LLC New $13.1k1.5k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. New $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
BlackRock, Inc. 13G · institution filed 2025-02-05 6.8% 5.7m 2025-02-05

Fell to 5% or below in the last year: MORGAN STANLEY (0.0%, 2026-06-05), Adage Capital Management, L.P. (1.8%, 2026-05-13), VANGUARD GROUP INC (0.0%, 2026-03-27), Commodore Capital LP (1.4%, 2026-02-17), Vivo Opportunity Fund Holdings, L.P. (2.5%, 2026-02-13), Deep Track Capital, LP (3.0%, 2026-02-13), Soleus Capital Master Fund, L.P. (0.2%, 2026-02-12)

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ORBIMED ADVISORS LLC 1.22% of their portfolio New York, NY 7,619,1357.6m $66.7m $66.7m 1.22% Unchanged
2 FMR LLC 0.01% of their portfolio BOSTON, MA 7,050,3467.1m $61.7m $61.7m 0.01% Reduced -8.2m -8,235,170
3 Vivo Capital, LLC 4.02% of their portfolio Palo Alto, CA 6,657,9926.7m $58.3m $58.3m 4.02% Unchanged
4 MONTANOVA CAPITAL, LLC 2.60% of their portfolio New York, NY 5,561,8355.6m $48.7m $48.7m 2.60% Added +2.1m +2,113,560
5 BlackRock Inc. 0.00% of their portfolio New York, NY 3,138,5293.1m $27.5m $27.5m 0.00% Added +2.4m +2,437,862
6 Venrock Adviser, LLC 4.16% of their portfolio NEW YORK, NY 2,972,8693.0m $26.0m $26.0m 4.16% Reduced -646.7k -646,653
7 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 2,282,2422.3m $20.0m $20.0m 0.02% Added +1.2m +1,199,859
8 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 2,225,2712.2m $19.5m $19.5m 0.00% Added +934.0k +934,022
9 Fairmount Funds Management LLC 2.52% of their portfolio WEST CONSHOHOCKEN, PA 2,040,0002.0m $17.9m $17.9m 2.52% Unchanged
10 DEERFIELD MANAGEMENT COMPANY, L.P. 0.35% of their portfolio New York, NY 1,898,7431.9m $16.6m $16.6m 0.35% Reduced -160.7k -160,678
11 BRAIDWELL LP 0.53% of their portfolio STAMFORD, CT 1,842,3521.8m $16.1m $16.1m 0.53% Reduced -154.7k -154,703
12 Driehaus Capital Management LLC 0.18% of their portfolio Chicago, IL 1,621,7791.6m $14.2m $14.2m 0.18% Reduced -847.7k -847,733
13 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 1,484,6541.5m $13.0m $13.0m 0.01% Added +27.2k +27,200
14 Deep Track Capital, LP 0.45% of their portfolio GREENWICH, CT 1,099,1921.1m $9.6m $9.6m 0.45% New
15 ACUTA CAPITAL PARTNERS, LLC 5.75% of their portfolio REDWOOD CITY, CA 970,000970.0k $8.5m $8.5m 5.75% Reduced -129.3k -129,309
16 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 820,722820.7k $7.2m $7.2m 0.00% Added +701.7k +701,683
17 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 787,511787.5k $6.9m $6.9m 0.00% Added +482.8k +482,795
18 Decheng Capital Management III (Cayman), LLC 1.96% of their portfolio Grand Cayman, E9 714,285714.3k $6.2m $6.2m 1.96% Unchanged
19 SILVERARC CAPITAL MANAGEMENT, LLC 1.77% of their portfolio BOSTON, MA 599,668599.7k $5.2m $5.2m 1.77% Reduced -68.3k -68,254
20 Balyasny Asset Management L.P. 0.01% of their portfolio Chicago, IL 583,651583.7k $5.1m $5.1m 0.01% Added +216.0k +215,980
21 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 381,615381.6k $3.3m $3.3m 0.00% Reduced -250.1k -250,131
22 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 361,615361.6k $3.2m $3.2m 0.00% Added +306.5k +306,536
23 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 356,726356.7k $3.1m $3.1m 0.01% Added +171.7k +171,698
24 Walleye Capital LLC 0.05% of their portfolio NEW YORK, NY 345,499345.5k $3.0m $3.0m 0.05% New
25 Ikarian Capital, LLC 0.93% of their portfolio DALLAS, TX 315,480315.5k $2.8m $2.8m 0.93% Reduced -405.9k -405,861
26 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 262,918262.9k $2.3m $2.3m 0.00% Reduced -271.8k -271,842
27 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 238,364238.4k $2.1m $2.1m 0.00% Added +1.3k +1,253
28 SAMSARA BIOCAPITAL, LLC 0.31% of their portfolio PALO ALTO, CA 202,348202.3k $1.8m $1.8m 0.31% Unchanged
29 Integral Health Asset Management, LLC 0.21% of their portfolio New York, NY 180,000180.0k $1.6m $1.6m 0.21% Added +80.0k +80,000
30 HighVista Strategies LLC 0.72% of their portfolio BOSTON, MA 179,670179.7k $1.6m $1.6m 0.72% Added +32.8k +32,816
31 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 176,138176.1k $1.5m $1.5m 0.00% New
32 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 164,851164.9k $1.4m $1.4m 0.00% Reduced -163.2k -163,177
33 NORGES BANK 0.00% of their portfolio OSLO, Q8 163,900163.9k $1.4m $1.4m 0.00% Not comparable
34 ADAGE CAPITAL PARTNERS GP, L.L.C. 0.00% of their portfolio Boston, MA 150,000150.0k $1.3m $1.3m 0.00% New
35 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 139,590139.6k $1.2m $1.2m 0.00% Reduced -2.3k -2,346
36 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 128,378128.4k $1.1m $1.1m 0.00% Added +108.0k +107,990
37 Schonfeld Strategic Advisors LLC 0.01% of their portfolio NEW YORK, NY 118,936118.9k $1.0m $1.0m 0.01% Added +3.7k +3,684
38 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 114,609114.6k $1.0m $1.0m 0.00% Added +100.9k +100,898
39 Parkman Healthcare Partners LLC 0.16% of their portfolio STAMFORD, CT 102,425102.4k $896.2k $896.2k 0.16% Added +27.4k +27,425
40 Polar Asset Management Partners Inc. 0.02% of their portfolio TORONTO, A6 100,000100.0k $875.0k $875.0k 0.02% Unchanged
41 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 84,97985.0k $744.0k $744.0k 0.00% Added +35.0k +34,975
42 VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio San Antonio, TX 73,93073.9k $646.9k $646.9k 0.00% New
43 Connor, Clark & Lunn Investment Management Ltd. 0.00% of their portfolio VANCOUVER, A1 72,18772.2k $631.6k $631.6k 0.00% Added +60.2k +60,224
44 Swiss National Bank 0.00% of their portfolio ZURICH, V8 67,90067.9k $594.1k $594.1k 0.00% New
45 Atom Investors LP 0.20% of their portfolio AUSTIN, TX 61,64861.6k $539.4k $539.4k 0.20% Added +9.7k +9,697
46 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 57,95058.0k $507.1k $507.1k 0.00% New
47 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 57,78257.8k $505.6k $505.6k 0.00% Reduced -31.5k -31,522
48 Trexquant Investment LP 0.01% of their portfolio STAMFORD, CT 53,90153.9k $471.6k $471.6k 0.01% New
49 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 53,20053.2k $466.0k $466.0k 0.00% Reduced -52.0k -52,000
50 UBS Group AG 0.00% of their portfolio ZURICH, V8 53,07553.1k $464.4k $464.4k 0.00% Added +47.4k +47,403
51 BOOTHBAY FUND MANAGEMENT, LLC 0.01% of their portfolio NEW YORK, NY 50,74050.7k $444.0k $444.0k 0.01% Reduced -76.8k -76,812
52 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.01% of their portfolio HOUSTON, TX 50,70050.7k $443.6k $443.6k 0.01% Unchanged
53 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 43,66643.7k $382.1k $382.1k 0.00% Reduced -4.3k -4,285
54 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 41,67141.7k $364.6k $364.6k 0.00% New
55 ALPS ADVISORS INC 0.00% of their portfolio Denver, CO 41,66541.7k $364.6k $364.6k 0.00% Added +10.1k +10,062
56 XTX Topco Ltd 0.07% of their portfolio LONDON, X0 41,48141.5k $363.0k $363.0k 0.07% New
57 SIMPLEX TRADING, LLC 0.02% of their portfolio CHICAGO, IL 40,88540.9k $357.0k $357.0k 0.02% New
58 Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio SEOUL, M5 40,41740.4k $353.6k $353.6k 0.00% New
59 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 36,46436.5k $319.1k $319.1k 0.00% New
60 Belvedere Trading LLC 0.10% of their portfolio CHICAGO, IL 35,32835.3k $309.1k $309.1k 0.10% New
61 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 33,78733.8k $295.6k $295.6k 0.00% New
62 Graham Capital Management, L.P. 0.01% of their portfolio ROWAYTON, CT 28,98029.0k $253.6k $253.6k 0.01% New
63 Legal & General Group Plc 0.00% of their portfolio London, X0 25,60125.6k $224.0k $224.0k 0.00% New
64 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 24,17824.2k $211.6k $211.6k 0.00% Reduced -125.2k -125,183
65 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 23,11223.1k $202.2k $202.2k 0.00% New
66 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 21,99522.0k $192.5k $192.5k 0.00% Reduced -552.2k -552,182
67 Alpine Global Management, LLC 0.03% of their portfolio NEW YORK, NY 21,31021.3k $186.5k $186.5k 0.03% New
68 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 20,85420.9k $182.5k $182.5k 0.00% New
69 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 20,72020.7k $181.3k $181.3k 0.00% New
70 AMERICAN INTERNATIONAL GROUP, INC. 0.00% of their portfolio New York, NY 20,62720.6k $180.5k $180.5k 0.00% New
71 Verition Fund Management LLC 0.00% of their portfolio GREENWICH, CT 20,50020.5k $179.4k $179.4k 0.00% Reduced -5.1k -5,090
72 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 18,32818.3k $160.4k $160.4k 0.00% New
73 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 18,06318.1k $158.1k $158.1k 0.00% New
74 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 17,31317.3k $151.5k $151.5k 0.00% Added +17.1k +17,104
75 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 17,20017.2k $150.5k $150.5k 0.00% New
76 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 17,09617.1k $149.6k $149.6k 0.00% New
77 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 16,98617.0k $149.0k $149.0k 0.00% New
78 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 16,83616.8k $147.3k $147.3k 0.00% New
79 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 15,87115.9k $138.9k $138.9k 0.00% Added +2.9k +2,946
80 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 14,50914.5k $127.0k $127.0k 0.00% Reduced -30.9k -30,884
81 PEAK6 Investments LLC 0.01% of their portfolio CHICAGO, IL 14,09714.1k $123.3k $123.3k 0.01% New
82 STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.00% of their portfolio TALLAHASSEE, FL 12,17012.2k $106.5k $106.5k 0.00% New
83 Dynamic Technology Lab Private Ltd 0.01% of their portfolio SINGAPORE, U0 12,10112.1k $106.0k $106.0k 0.01% New
84 CROSSPOINT FINANCIAL, LLC 1.07% of their portfolio TUSTIN, CA 12,05412.1k $105.5k $105.5k 1.07% Unchanged
85 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 11,45511.5k $100.2k $100.2k 0.00% Added +9.0k +8,973
86 VIRTUS ADVISERS, LLC 0.05% of their portfolio HARTFORD, CT 9,2399.2k $80.8k $80.8k 0.05% New
87 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 8,0118.0k $70.1k $70.1k 0.00% Added +4.4k +4,361
88 AMALGAMATED BANK 0.00% of their portfolio NEW YORK, NY 5,7055.7k $50.0k $50.0k 0.00% New
89 Ameritas Investment Partners, Inc. 0.00% of their portfolio LINCOLN, NE 3,5393.5k $31.0k $31.0k 0.00% New
90 TUCKER ASSET MANAGEMENT LLC 0.01% of their portfolio LITTLETON, CO 2,8242.8k $24.7k $24.7k 0.01% New
91 Aquatic Capital Management LLC 0.00% of their portfolio CHICAGO, IL 2,4002.4k $21.0k $21.0k 0.00% Added +2.3k +2,300
92 Metropolitan Life Insurance Co/NY 0.00% of their portfolio New York, NY 2,3952.4k $21.0k $21.0k 0.00% New
93 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 1,4561.5k $12.7k $12.7k 0.00% Reduced -390.6k -390,609
94 China Universal Asset Management Co., Ltd. 0.00% of their portfolio SHANGHAI, F4 743743 $6.5k $6.5k 0.00% Added +72 +72
95 SIGNATUREFD, LLC 0.00% of their portfolio ATLANTA, GA 257257 $2.2k $2.2k 0.00% Added +154 +154
96 Impact Partnership Wealth, LLC 0.00% of their portfolio MARIETTA, GA 227227 $2.0k $2.0k 0.00% First filing
97 Capital Advisors, Ltd. LLC 0.00% of their portfolio SHAKER HEIGHTS, OH 188188 $2.0k $2.0k 0.00% Unchanged
98 FEDERATED HERMES, INC. 0.00% of their portfolio PITTSBURGH, PA 168168 $1.5k $1.5k 0.00% New
99 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 161161 $1.4k $1.4k 0.00% Unchanged
100 Daiwa Securities Group Inc. 0.00% of their portfolio CHIYODA-KU,TOKYO, M0 151151 $1.0k $1.0k 0.00% Unchanged