Rock Springs Capital TERN Position
Active10-Fund ConvergenceRock Springs Capital initiated a new position in Terns Pharmaceuticals Inc. (TERN) in Q4 2025, holding $4.4M worth of shares across 108,481 shares.
TERN is a convergence signal: 10 specialist biotech funds hold this stock, suggesting high institutional conviction.
There is an upcoming Phase 2 readout for TERN-701 in 1324 days (Nov 30, 2029), making the timing of Rock Springs's position particularly relevant.
Short interest stands at 16.2% of float with 9.1 days to cover, indicating significant bearish positioning against Rock Springs's long thesis.
About Terns Pharmaceuticals Inc.
Terns Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, develops small-molecule single-agent and combination therapy candidates for the treatment of non-alcoholic steatohepatitis (NASH) and obesity. The company develops TERN-101, a liver-distributed and non-bile acid farnesoid X receptor agonist, which is in Phase IIa clinical trial for the treatment of NASH; and TERN-201, a vascular adhesion protein-1 inhibitor that is in Phase Ib clinical trial for the treatment of NASH. It also develops TERN-501, a thyroid hormone receptor beta agonist with enhanced liver distribution and metabolic stability that is in Phase I clinical trial for the treatment of NASH; and TERN-601, a small-molecule Glucagon-Like Peptide-1 receptor agonist program that is intended to orally be administered for NASH and metabolic diseases, such as obesity. The company was incorporated in 2016 and is headquartered in Foster City, California.
Full company profile →Short Interest
16.2%
9.1 days to cover
Frequently Asked Questions
Does Rock Springs Capital own TERN?
Yes. As of Q4 2025, Rock Springs Capital holds 108,481 shares of Terns Pharmaceuticals Inc. (TERN) valued at $4.4M. This data comes from their SEC 13F filing.
How many hedge funds own TERN?
10 specialist biotech hedge funds currently hold TERN, including Avoro Capital Advisors, OrbiMed Advisors, Commodore Capital and 6 more. When 3 or more specialist funds hold the same stock, BiotechEdge flags it as a convergence signal.
When did Rock Springs Capital first buy TERN?
Rock Springs Capital's position in TERN was first reported in Q4 2025. 13F filings are reported with a 45-day delay, so the actual purchase may have occurred earlier in the quarter.
Is Rock Springs Capital's TERN position increasing or decreasing?
Rock Springs Capital initiated a new position in TERN in the most recent quarter. This is their first reported holding.
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