Avoro Capital Advisors Adds $71M in Terns Pharmaceuticals, Inc. ($TERN)

Avoro Capital Advisors has increased its investment in Terns Pharmaceuticals, Inc. (NMS:TERN), according to a recent filing with the SEC. The fund added 1,345,000 shares, boosting its stake by 30.9% to a total of 5,695,000 shares. This position is valued at approximately $301.6 million as of the reporting period.

What Changed in Avoro Capital Advisors' Terns Pharmaceuticals Position

Avoro Capital Advisors significantly increased its holdings in Terns Pharmaceuticals during the latest reporting period. The fund previously held 4,350,000 shares and added 1,345,000 more, resulting in a 30.9% increase. The total value of the shares held by Avoro Capital now stands at $301.6 million.

Other Institutional Activity in Terns Pharmaceuticals

BlackRock, Inc. also raised its stake in Terns Pharmaceuticals, adding 1,375,367 shares to hold 9,569,585 shares valued at about $504.5 million. On the other hand, Morgan Stanley reduced its position by 1,496,468 shares, leaving it with 6,449,140 shares worth $340 million. Vanguard Capital Management LLC now holds 4,355,482 shares valued at $229.6 million, and Holocene Advisors, LP increased its stake by 1,340,335 shares to 4,115,828 shares, valued at $217 million.

Terns Pharmaceuticals Stock Snapshot

Shares of Terns Pharmaceuticals (NMS:TERN) are trading near $52.95. The company, which has a market capitalization of $6.12 billion, does not have a meaningful P/E ratio due to its lack of profitability, as reflected by a negative EPS of -1.03. The stock's 52-week range is between $2.65 and $53.19, with a 50-day moving average of $50.15 and a 200-day moving average of $29.48. Terns boasts a strong liquidity position with a current ratio of 62.41 and a quick ratio of 62.09.

Insider Buying and Selling at Terns Pharmaceuticals, Inc.

Several insiders at Terns Pharmaceuticals recently sold shares. On May 5, 2026, Chief Medical Officer Kuriakose Emil sold 24,562 shares at an average price of $53. CEO Amy Burroughs also sold 154,933 shares at the same price. Additionally, CFO Andrew Gengos sold 887,500 shares, and Jeffrey Kindler sold 144,505 shares on the same day.

Analysts Set New Price Targets

Analyst activity around Terns Pharmaceuticals has been mixed. On April 14, 2026, JP Morgan maintained a 'buy' rating with a price target of $44.50. However, several firms, including Truist Securities, Barclays, and TD Cowen, downgraded the stock to 'hold' with a consistent target of $53. The consensus among analysts is a 'hold', with a target mean price of $53 based on four analyst opinions.

About Terns Pharmaceuticals

Terns Pharmaceuticals, Inc. is a biotechnology company focused on developing small-molecule therapies for cancer and obesity. Headquartered in Foster City, California, and led by CEO Amy L. Burroughs, the company is working on TERN-701 for chronic myeloid leukemia and TERN-501 for metabolic dysfunction-associated steatohepatitis. Founded in 2016, Terns operates as a subsidiary of Merck Sharp & Dohme LLC and employs 59 people.

Bottom Line

Avoro Capital Advisors' decision to boost its stake in Terns Pharmaceuticals is a notable development, reflecting confidence in the company's potential. Investors keep a close watch on 13F filings like this one to gauge institutional sentiment, though it's important to remember these filings are backward-looking and may not reflect current positions. With Terns Pharmaceuticals trading near its 52-week high, the company's progress in its clinical trials will be key to watch.