Vault-13

TERNS PHARMACEUTICALS INC

COM · Common Stock · CUSIP 880881107 · ISIN US8808811074

2 institutional holders -316 vs Q1 2026
12,50712.5k shares reported held*
$659.7kreported value*
0 new 0 added 0 reduced 305 sold out net sold ≈ $6.5bn (-122.4m 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 ≈ $52.75.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 45Q4 22: 66Q1 23: 80Q2 23: 104Q3 23: 95Q4 23: 104Q1 24: 113Q2 24: 127Q3 24: 157Q4 24: 158Q1 25: 140Q2 25: 131Q3 25: 142Q4 25: 249Q1 26: 318Q2 26: 22Q3 22Q3 23Q3 24Q3 25Q2 26
Numbers
QuarterHolders
Q3 202245
Q4 202266
Q1 202380
Q2 2023104
Q3 202395
Q4 2023104
Q1 2024113
Q2 2024127
Q3 2024157
Q4 2024158
Q1 2025140
Q2 2025131
Q3 2025142
Q4 2025249
Q1 2026318
Q2 20262

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q3 24: 101 bought or addedQ3 24: 59 cut or sold outQ4 24: 93 bought or addedQ4 24: 69 cut or sold outQ4 24Q1 25: 69 bought or addedQ1 25: 78 cut or sold outQ2 25: 69 bought or addedQ2 25: 63 cut or sold outQ2 25Q3 25: 71 bought or addedQ3 25: 56 cut or sold outQ4 25: 185 bought or addedQ4 25: 59 cut or sold outQ4 25Q1 26: 233 bought or addedQ1 26: 110 cut or sold outQ2 26: 0 bought or addedQ2 26: 305 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 202410159
Q4 20249369
Q1 20256978
Q2 20256963
Q3 20257156
Q4 202518559
Q1 2026233110
Q2 20260305

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ3 25 calls: $5.5mQ3 25 puts: $380.2kQ3 25P/C 0.07Q4 25 calls: $61.1mQ4 25 puts: $11.9mQ4 25P/C 0.20Q1 26 calls: $440.2mQ1 26 puts: $257.0mQ1 26P/C 0.58Q2 26 calls: $0Q2 26 puts: $0Q2 26P/C —
Numbers
QuarterCallsPutsP/C
Q3 2025$5.5m$380.2k0.07
Q4 2025$61.1m$11.9m0.20
Q1 2026$440.2m$257.0m0.58
Q2 2026$0$0—

Biggest buyers

None

Biggest sellers

BlackRock, Inc. Sold out -9,569,585-9.6m
MORGAN STANLEY Sold out -6,449,140-6.4m
Avoro Capital Advisors LLC Sold out -5,695,000-5.7m
VANGUARD CAPITAL MANAGEMENT LLC Sold out -4,355,482-4.4m
Holocene Advisors, LP Sold out -4,115,828-4.1m
CITADEL ADVISORS LLC Sold out -3,218,810-3.2m
MILLENNIUM MANAGEMENT LLC Sold out -3,011,558-3.0m
HBK INVESTMENTS L P Sold out -2,950,000-3.0m
JPMORGAN CHASE & CO Sold out -2,869,728-2.9m
LORD, ABBETT & CO. LLC Sold out -2,812,938-2.8m

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 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MIZUHO SECURITIES USA LLC 0.01% of their portfolio NEW YORK, NY 11,08311.1k $584.3k $584.3k 0.01% Unchanged
2 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 1,4241.4k $75.4k $75.4k 0.00% Unchanged