Vault-13

TERNS PHARMACEUTICALS INC

COM · Common Stock · CUSIP 880881107 · ISIN US8808811074

127 institutional holders +14 vs Q1 2024
65,738,19965.7m shares reported held*
$447.7mreported value*
37 new 45 added 24 reduced 25 sold out net bought ≈ $5.9m (+871.0k 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 ($13.7k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $6.81. Options: 8 managers hold calls ($3.7m notional), 5 hold puts ($809.4k).

Trends to Q2 2024

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 45Q4 22: 66Q1 23: 80Q2 23: 104Q3 23: 95Q4 23: 104Q1 24: 113Q2 24: 127127Q3 22Q1 23Q3 23Q1 24Q2 24
Numbers
QuarterHolders
Q3 202245
Q4 202266
Q1 202380
Q2 2023104
Q3 202395
Q4 2023104
Q1 2024113
Q2 2024127

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 outQ2 23: 68 bought or addedQ2 23: 39 cut or sold outQ2 23Q3 23: 42 bought or addedQ3 23: 58 cut or sold outQ4 23: 54 bought or addedQ4 23: 36 cut or sold outQ4 23Q1 24: 63 bought or addedQ1 24: 51 cut or sold outQ2 24: 82 bought or addedQ2 24: 49 cut or sold outQ2 24
Numbers
QuarterBought or addedCut or sold out
Q4 20224718
Q1 20235429
Q2 20236839
Q3 20234258
Q4 20235436
Q1 20246351
Q2 20248249

Calls vs puts

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

CallsPuts
$0$1m$2m$3m$4mQ3 23 calls: $2.2mQ3 23 puts: $84.0kQ3 23P/C 0.04Q4 23 calls: $1.6mQ4 23 puts: $248.9kQ4 23P/C 0.16Q1 24 calls: $1.2mQ1 24 puts: $362.0kQ1 24P/C 0.31Q2 24 calls: $3.7mQ2 24 puts: $809.4kQ2 24P/C 0.22
Numbers
QuarterCallsPutsP/C
Q3 2023$2.2m$84.0k0.04
Q4 2023$1.6m$248.9k0.16
Q1 2024$1.2m$362.0k0.31
Q2 2024$3.7m$809.4k0.22

Biggest buyers

Soleus Capital Management, L.P. New +4,947,738+4.9m
Schonfeld Strategic Advisors LLC Added +1,072,634+1.1m
SUPERSTRING CAPITAL MANAGEMENT LP New +956,542+956.5k
BlackRock Inc. Added +804,979+805.0k
Woodline Partners LP New +745,044+745.0k
Octagon Capital Advisors LP Added +739,400+739.4k
Nuveen Asset Management, LLC Added +587,870+587.9k
GOLDMAN SACHS GROUP INC Added +491,728+491.7k
Point72 Asset Management, L.P. Added +469,176+469.2k
Parkman Healthcare Partners LLC New +390,270+390.3k

Biggest sellers

MILLENNIUM MANAGEMENT LLC Reduced -2,292,400-2.3m
JANUS HENDERSON GROUP PLC Sold out -2,003,263-2.0m
CITADEL ADVISORS LLC Reduced -1,505,636-1.5m
MORGAN STANLEY Reduced -1,426,761-1.4m
MONTANOVA CAPITAL, LLC Sold out -1,363,675-1.4m
Fairmount Funds Management LLC Reduced -1,291,004-1.3m
FRANKLIN RESOURCES INC Reduced -1,259,054-1.3m
JPMORGAN CHASE & CO Reduced -537,114-537.1k
Vivo Capital, LLC Reduced -475,000-475.0k
Affinity Asset Advisors, LLC Sold out -450,000-450.0k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.8m258.9k shares
GROUP ONE TRADING LLC Added $606.8k89.1k shares
CITADEL ADVISORS LLC Added $435.2k63.9k shares
MILLENNIUM MANAGEMENT LLC Added $340.5k50.0k shares
MYDA Advisors LLC Added $272.4k40.0k shares
SIMPLEX TRADING, LLC Added $177.0k26.1k shares
JANE STREET GROUP, LLC New $121.9k17.9k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $549.6k80.7k shares
CITADEL ADVISORS LLC Added $173.0k25.4k shares
SIMPLEX TRADING, LLC Added $46.0k6.8k shares
GROUP ONE TRADING LLC Added $40.9k6.0k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $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 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ORBIMED ADVISORS LLC 1.03% of their portfolio New York, NY 7,619,1357.6m $51.9m $51.9m 1.03% Unchanged
2 Vivo Capital, LLC 3.89% of their portfolio Palo Alto, CA 6,182,9926.2m $42.1m $42.1m 3.89% Reduced -475.0k -475,000
3 Deep Track Capital, LP 1.24% of their portfolio GREENWICH, CT 6,100,0006.1m $41.5m $41.5m 1.24% Unchanged
4 Soleus Capital Management, L.P. 2.97% of their portfolio GREENWICH, CT 4,947,7384.9m $33.7m $33.7m 2.97% New
5 BlackRock Inc. 0.00% of their portfolio New York, NY 4,120,5084.1m $28.1m $28.1m 0.00% Added +805.0k +804,979
6 Venrock Adviser, LLC 1.48% of their portfolio NEW YORK, NY 3,410,0583.4m $23.2m $23.2m 1.48% Unchanged
7 FMR LLC 0.00% of their portfolio BOSTON, MA 2,767,0962.8m $18.8m $18.8m 0.00% Added +5.0k +4,970
8 Point72 Asset Management, L.P. 0.06% of their portfolio STAMFORD, CT 2,690,3762.7m $18.3m $18.3m 0.06% Added +469.2k +469,176
9 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 2,300,9422.3m $15.7m $15.7m 0.00% Added +101.9k +101,936
10 Schonfeld Strategic Advisors LLC 0.12% of their portfolio NEW YORK, NY 2,268,4282.3m $15.4m $15.4m 0.12% Added +1.1m +1,072,634
11 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 1,459,9501.5m $9.9m $9.9m 0.01% Reduced -1.5m -1,505,636
12 Octagon Capital Advisors LP 1.53% of their portfolio NEW YORK, NY 1,364,4001.4m $9.3m $9.3m 1.53% Added +739.4k +739,400
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 1,176,8331.2m $8.0m $8.0m 0.00% Added +271.3k +271,339
14 GREAT POINT PARTNERS LLC 1.50% of their portfolio Greenwich, CT 1,149,4061.1m $7.8m $7.8m 1.50% Reduced -160.6k -160,569
15 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 1,140,3921.1m $7.8m $7.8m 0.01% Reduced -2.3m -2,292,400
16 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 1,122,8421.1m $7.6m $7.6m 0.00% Reduced -1.3m -1,259,054
17 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 1,121,8621.1m $7.6m $7.6m 0.00% Added +255.9k +255,941
18 Driehaus Capital Management LLC 0.07% of their portfolio Chicago, IL 1,083,9051.1m $7.4m $7.4m 0.07% Unchanged
19 ADAGE CAPITAL PARTNERS GP, L.L.C. 0.01% of their portfolio Boston, MA 975,000975.0k $6.6m $6.6m 0.01% Added +125.0k +125,000
20 SUPERSTRING CAPITAL MANAGEMENT LP 8.21% of their portfolio NEW YORK, NY 956,542956.5k $6.5m $6.5m 8.21% New
21 Fairmount Funds Management LLC 0.58% of their portfolio WEST CONSHOHOCKEN, PA 748,996749.0k $5.1m $5.1m 0.58% Reduced -1.3m -1,291,004
22 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 747,442747.4k $5.1m $5.1m 0.00% Added +587.9k +587,870
23 Woodline Partners LP 0.05% of their portfolio San Francisco, CA 745,044745.0k $5.1m $5.1m 0.05% New
24 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 698,714698.7k $4.8m $4.8m 0.00% Added +491.7k +491,728
25 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 648,116648.1k $4.4m $4.4m 0.01% Added +15.2k +15,151
26 Ikarian Capital, LLC 0.97% of their portfolio DALLAS, TX 458,497458.5k $3.1m $3.1m 0.97% Added +370.0k +370,000
27 Parkman Healthcare Partners LLC 0.36% of their portfolio STAMFORD, CT 390,270390.3k $2.7m $2.7m 0.36% New
28 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 371,892371.9k $2.5m $2.5m 0.00% Added +31.9k +31,875
29 SALEM INVESTMENT COUNSELORS INC 0.08% of their portfolio WINSTON-SALEM, NC 371,600371.6k $2.5m $2.5m 0.08% New
30 ACUTA CAPITAL PARTNERS, LLC 2.12% of their portfolio REDWOOD CITY, CA 369,280369.3k $2.5m $2.5m 2.12% Reduced -95.8k -95,799
31 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 361,080361.1k $2.5m $2.5m 0.00% Added +203.5k +203,519
32 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 347,767347.8k $2.4m $2.4m 0.00% Reduced -8.0k -8,029
33 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 333,618333.6k $2.3m $2.3m 0.00% Reduced -1.4m -1,426,761
34 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 306,160306.2k $2.1m $2.1m 0.00% Reduced -537.1k -537,114
35 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 298,064298.1k $2.0m $2.0m 0.00% Added +278.9k +278,854
36 Eversept Partners, LP 0.15% of their portfolio NEW YORK, NY 286,266286.3k $1.9m $1.9m 0.15% Added +3.2k +3,232
37 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 276,737276.7k $1.9m $1.9m 0.00% Added +238.4k +238,373
38 SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio London, X0 254,684254.7k $1.7m $1.7m 0.00% New
39 BRIDGER MANAGEMENT, LLC 0.86% of their portfolio NEW YORK, NY 246,800246.8k $1.7m $1.7m 0.86% Unchanged
40 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 224,176224.2k $1.5m $1.5m 0.00% Added +51.6k +51,577
41 SAMSARA BIOCAPITAL, LLC 0.29% of their portfolio PALO ALTO, CA 202,348202.3k $1.4m $1.4m 0.29% Unchanged
42 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 195,442195.4k $1.3m $1.3m 0.00% Reduced -52.9k -52,862
43 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 176,673176.7k $1.2m $1.2m 0.00% Added +64.0k +64,018
44 BOOTHBAY FUND MANAGEMENT, LLC 0.03% of their portfolio NEW YORK, NY 166,640166.6k $1.1m $1.1m 0.03% Added +151.2k +151,208
45 NEOS Investment Management LLC 0.05% of their portfolio Westport, CT 165,221165.2k $1.1m $1.1m 0.05% New
46 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 152,720152.7k $1.0m $1.0m 0.00% Added +38.1k +38,111
47 HighVista Strategies LLC 0.37% of their portfolio BOSTON, MA 148,200148.2k $1.0m $1.0m 0.37% Unchanged
48 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 143,332143.3k $976.1k $976.1k 0.00% Added +95.7k +95,680
49 MYDA Advisors LLC 0.29% of their portfolio WOODMERE, NY 140,000140.0k $953.4k $953.4k 0.29% Unchanged
50 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 129,625129.6k $882.7k $882.7k 0.00% Added +115.3k +115,281
51 EXCHANGE TRADED CONCEPTS, LLC 0.02% of their portfolio Oklahoma City, OK 98,77298.8k $672.6k $672.6k 0.02% New
52 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 97,17897.2k $661.8k $661.8k 0.00% Added +73.5k +73,526
53 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 88,64188.6k $603.6k $603.6k 0.00% Added +29.7k +29,659
54 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 87,50087.5k $595.9k $595.9k 0.00% New
55 UBS Group AG 0.00% of their portfolio ZURICH, V8 87,33287.3k $594.7k $594.7k 0.00% Added +24.6k +24,563
56 DAFNA Capital Management LLC 0.14% of their portfolio LOS ANGELES, CA 86,00086.0k $585.7k $585.7k 0.14% New
57 PDT Partners, LLC 0.05% of their portfolio New York, NY 80,37080.4k $547.3k $547.3k 0.05% New
58 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 64,11964.1k $436.6k $436.6k 0.00% Added +9.6k +9,635
59 Y-Intercept (Hong Kong) Ltd 0.02% of their portfolio HONG KONG, K3 63,46363.5k $432.2k $432.2k 0.02% New
60 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 61,42361.4k $418.3k $418.3k 0.00% New
61 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 40,97141.0k $307.7k $307.7k 0.00% New
62 Engineers Gate Manager LP 0.01% of their portfolio NEW YORK, NY 39,54039.5k $269.3k $269.3k 0.01% Added +22.3k +22,274
63 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 35,83035.8k $244.0k $244.0k 0.00% Added +16.1k +16,087
64 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 34,26034.3k $233.3k $233.3k 0.00% Added +11.1k +11,148
65 Trexquant Investment LP 0.00% of their portfolio STAMFORD, CT 33,72333.7k $229.7k $229.7k 0.00% New
66 Graham Capital Management, L.P. 0.01% of their portfolio ROWAYTON, CT 32,10932.1k $218.7k $218.7k 0.01% Added +1.9k +1,878
67 PRELUDE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio NEW YORK, NY 32,08732.1k $218.5k $218.5k 0.02% Reduced -52.5k -52,532
68 Corebridge Financial, Inc. 0.00% of their portfolio HOUSTON, TX 30,97231.0k $210.9k $210.9k 0.00% First filing
69 Virtu Financial LLC 0.01% of their portfolio New York, NY 29,59229.6k $202.0k $202.0k 0.01% Reduced -14.7k -14,715
70 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 28,30028.3k $192.7k $192.7k 0.00% New
71 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 26,96527.0k $183.6k $183.6k 0.00% Added +9.2k +9,175
72 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 26,68326.7k $182.0k $182.0k 0.00% Added +6.0k +5,989
73 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 25,98526.0k $177.0k $177.0k 0.00% Reduced -160.0k -160,024
74 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 25,08125.1k $170.8k $170.8k 0.00% Added +11.0k +11,024
75 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 22,77822.8k $155.1k $155.1k 0.00% First filing
76 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 22,64522.6k $154.2k $154.2k 0.00% Added +5.0k +5,049
77 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 21,30121.3k $145.1k $145.1k 0.00% Reduced -862 -862
78 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 21,24321.2k $144.0k $144.0k 0.00% New
79 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 19,90119.9k $135.5k $135.5k 0.00% New
80 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 19,62319.6k $133.6k $133.6k 0.00% Added +5.4k +5,370
81 Balyasny Asset Management L.P. 0.00% of their portfolio Chicago, IL 19,16119.2k $130.5k $130.5k 0.00% New
82 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 17,57117.6k $119.7k $119.7k 0.00% Unchanged
83 Worth Venture Partners, LLC 0.93% of their portfolio FORT LEE, NJ 17,47017.5k $119.0k $119.0k 0.93% New
84 FOX RUN MANAGEMENT, L.L.C. 0.02% of their portfolio GREENWICH, CT 16,50316.5k $112.4k $112.4k 0.02% New
85 Alpine Global Management, LLC 0.02% of their portfolio NEW YORK, NY 16,07816.1k $109.5k $109.5k 0.02% New
86 TUDOR INVESTMENT CORP ET AL 0.00% of their portfolio STAMFORD, CT 15,75315.8k $107.3k $107.3k 0.00% New
87 Walleye Trading LLC 0.00% of their portfolio NEW YORK, NY 15,00015.0k $102.2k $102.2k 0.00% Unchanged
88 ADAR1 Capital Management, LLC 0.02% of their portfolio AUSTIN, TX 15,00015.0k $102.2k $102.2k 0.02% Added +10.0k +10,000
89 OXFORD ASSET MANAGEMENT LLP 0.10% of their portfolio OXFORD, X0 14,68914.7k $100.0k $100.0k 0.10% Not comparable
90 Zimmer Partners, LP 0.00% of their portfolio NEW YORK, NY 14,04214.0k $95.6k $95.6k 0.00% New
91 STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.00% of their portfolio TALLAHASSEE, FL 12,44012.4k $84.7k $84.7k 0.00% New
92 VIRTUS ADVISERS, LLC 0.04% of their portfolio HARTFORD, CT 11,34411.3k $77.3k $77.3k 0.04% Reduced -2.0k -2,028
93 Simplicity Wealth,LLC 0.00% of their portfolio SUMMIT, NJ 10,56110.6k $71.9k $71.9k 0.00% New
94 Bleakley Financial Group, LLC 0.00% of their portfolio PARSIPPANY, NJ 10,56110.6k $71.9k $71.9k 0.00% New
95 Alera Investment Advisors, LLC 0.01% of their portfolio DEERFIELD, IL 10,19210.2k $69.4k $69.4k 0.01% New
96 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 10,15710.2k $70.8k $70.8k 0.00% Reduced -3.8k -3,815
97 EntryPoint Capital, LLC 0.03% of their portfolio NEW YORK, NY 9,0699.1k $61.8k $61.8k 0.03% Reduced -4.3k -4,301
98 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 8,7258.7k $59.4k $59.4k 0.00% Added +8.1k +8,106
99 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 7,8617.9k $54.0k $54.0k 0.00% Added +4.3k +4,279
100 China Universal Asset Management Co., Ltd. 0.01% of their portfolio SHANGHAI, F4 7,6007.6k $51.8k $51.8k 0.01% Reduced -4.3k -4,289