Ranked by reported Q1 2026 13F market value
Share of total reported institutional value in TERN held by the largest 10 / 25 filers.
| # | Institution | Shares Held | Market Value | QoQ Change | Ownership % | % of Fund |
|---|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 9.6M | $504.5M | +16.8% | 10.624% | 0.01% |
| 2 | MORGAN STANLEY | 6.4M | $340.0M | -18.8% | 7.160% | 0.02% |
| 3 | Avoro Capital Advisors LLC | 5.7M | $300.2M | β | 6.322% | 3.07% |
| 4 | VANGUARD CAPITAL MANAGEMENT LLC | 4.4M | $229.6M | β | 4.835% | 0.01% |
| 5 | Holocene Advisors, LP | 4.1M | $217.0M | +48.3% | 4.569% | 0.52% |
| 6 | CITADEL ADVISORS LLC | 3.7M | $197.6M | +10.2% | 4.160% | 0.09% |
| 7 | HBK INVESTMENTS L P | 3.0M | $155.5M | β | 3.275% | 2.02% |
| 8 | Ikarian Capital, LLC | 2.7M | $140.0M | +66.4% | 2.949% | 14.90% |
| 9 | FRANKLIN RESOURCES INC | 2.4M | $127.0M | -11.8% | 2.674% | 0.03% |
| 10 | GEODE CAPITAL MANAGEMENT, LLC | 2.3M | $122.2M | +10.5% | 2.572% | 0.01% |
| 11 | Paradigm Biocapital Advisors LP | 2.2M | $116.9M | +173.6% | 2.461% | 2.39% |
| 12 | Nearwater Capital Markets, Ltd | 2.2M | $113.4M | +26.1% | 2.387% | 2.67% |
| 13 | STATE STREET CORP | 2.1M | $112.8M | +20.5% | 2.375% | 0.00% |
| 14 | SUSQUEHANNA INTERNATIONAL GROUP, LLP | 2.1M | $112.6M | +292.9% | 2.370% | 0.01% |
| 15 | ADAGE CAPITAL PARTNERS GP, L.L.C. | 2.1M | $112.0M | -61.7% | 2.359% | 0.17% |
| 16 | Logos Global Management LP | 2.0M | $105.4M | +166.7% | 2.220% | 5.26% |
| 17 | CAPITOLIS LIQUID GLOBAL MARKETS LLC | 2.0M | $104.2M | -35.1% | 2.193% | 0.66% |
| 18 | ACORN CAPITAL ADVISORS, LLC | 1.7M | $92.1M | 0.0% | 1.939% | 26.17% |
| 19 | Pictet Asset Management Holding SA | 1.7M | $87.3M | +5.0% | 1.838% | 0.09% |
| 20 | Verition Fund Management LLC | 1.6M | $81.8M | +12060.5% | 1.723% | 0.57% |
| 21 | JANUS HENDERSON GROUP PLC | 1.5M | $77.5M | -56.5% | 1.632% | 0.04% |
| 22 | Capital International Investors | 1.4M | $75.1M | +34.4% | 1.581% | 0.02% |
| 23 | Vivo Capital, LLC | 1.3M | $70.4M | -75.0% | 1.481% | 5.87% |
| 24 | DIMENSIONAL FUND ADVISORS LP | 1.2M | $65.8M | +0.0% | 1.385% | 0.01% |
| 25 | UBS Group AG | 1.2M | $64.8M | +276.9% | 1.364% | 0.01% |
denotes a marquee investor (Buffett, Burry, ARK, Tiger Global, Pershing Square, Baupost and other widely-followed managers). β% of Fundβ shows how much of that investorβs total 13F portfolio is invested in TERN β a direct measure of their conviction.
Filings activity in TERN during Q1 2026, grouped by how each filer changed its position.
Institutions that opened a new TERN position in Q1 2026
Institutions that fully closed their TERN position in Q1 2026
8 quarters of 13F filings Β· Ξ columns show change vs prior quarter
| Quarter | Inst. Holders | Ξ Holders | Ownership % | Ξ Ownership | Total 13F Value | Ξ Value |
|---|---|---|---|---|---|---|
| Q1 2026 | 304 | +24% | 125.93% | +28.52 pp | $6.01B | +29% |
| Q4 2025 | 245 | +75% | 97.41% | +83.40 pp | $4.65B | +595% |
| Q3 2025 | 140 | +7.7% | 14.01% | +7.52 pp | $668M | +116% |
| Q2 2025 | 130 | 6.5% | 6.49% | +1.97 pp | $310M | +44% |
| Q1 2025 | 139 | 11% | 4.52% | 4.87 pp | $215M | 52% |
| Q4 2024 | 156 | +1.3% | 9.39% | 3.37 pp | $448M | 26% |
| Q3 2024 | 154 | +22% | 12.76% | +3.58 pp | $609M | +39% |
| Q2 2024 | 126 | β | 9.18% | β | $438M | β |
Source: SEC 13F institutional filings. Ownership % requires market cap data and will show once linked. Ξ columns compare to the immediately prior filed quarter.
Quick answers to the most common questions about buying TERN stock.
Based on Q1 2026 13F filings, institutional ownership of Terns Pharmaceuticals, Inc. stands at 125.9%, held across 304 reporting institutions.
BlackRock, Inc. is the largest reported institutional holder of TERN, with approximately 9,569,585 shares worth $0.50B as of Q1 2026.
Yes β 2 widely-followed marquee investors appear among the top 25 institutional holders of TERN, including CITADEL ADVISORS LLC, SUSQUEHANNA INTERNATIONAL GROUP, LLP.
Our composite Smart Money Score for TERN is 74 out of 100 (Bullish). It combines net institutional buying activity, ownership shift, marquee investor presence, and holder-count growth.
127 institutions opened new positions in TERN during Q1 2026, while 68 fully exited. 131 added to existing positions and 44 trimmed.
TERN institutional ownership rose by 28.52 percentage points quarter-over-quarter, with a net change of +59 holders.
The top 10 institutions account for 38.9% of all reported 13F value in TERN, and the top 25 account for 62.0%.
All data is sourced from SEC Form 13F filings, which institutional investment managers with at least $100M in assets are required to file each quarter. We process every 13F filing from EDGAR and recompute the aggregates after each cycle. Insider transactions are sourced from Form 4 filings.
Terns Pharmaceuticals, Inc. (TERN) Institutional Ownership