The complete exit by all 52 tracked institutions — including mega-passive funds that rarely make active sell decisions — suggests a fundamental thesis break or a known catalyst that rendered the stock uninvestable for these holders. Monitor for any clinical data readout, regulatory action, or corporate event that could explain the unanimous liquidation. The absence of any institutional buyer is a strong negative signal.
Executive Summary
52 institutional holders completely exited their positions in Terns Pharmaceuticals during Q2 2026, liquidating approximately $975.7M in aggregate holdings. The selling was dominated by mega-passive funds (Geode, JPMorgan, Morgan Stanley, BofA, Goldman Sachs, Schwab, UBS) and asset managers (Dimensional, Capital International, Fidelity), suggesting a coordinated thesis abandonment rather than routine rebalancing.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$975.7M
▼ Sellers (52)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Morgan Stanley | EXIT | -100% | — | -$340.0M |
| JPMorgan | EXIT | -100% | — | -$151.8M |
| Geode | EXIT | -100% | — | -$122.2M |
| Capital International Investors | EXIT | -100% | — | -$75.1M |
| Dimensional Fund Advisors | EXIT | -100% | — | -$65.8M |
| UBS | EXIT | -100% | — | -$64.8M |
| Goldman Sachs | EXIT | -100% | — | -$58.4M |
| BofA | EXIT | -100% | — | -$42.8M |
| Schwab | EXIT | -100% | — | -$39.4M |
| Fidelity | EXIT | -100% | — | -$15.6M |
Key Facts
- 52 institutions fully exited TERN positions in Q2 2026, with zero new buyers
- Aggregate liquidation value: $975.7M
- Largest sellers: Morgan Stanley ($340M), JPMorgan ($151.8M), Geode ($122.2M)
- All sellers executed full exits (EXIT), no partial trims
- No institutional buyers reported in the cluster
Financial Impact
52 institutions liquidated $975.7M in TERN holdings during Q2 2026, with zero new institutional accumulation. The selling was concentrated among mega-passive funds ($340M from Morgan Stanley, $151.8M from JPMorgan, $122.2M from Geode) and asset managers ($75.1M from Capital International, $65.8M from Dimensional).
Risk Factors
- 13F data is 45+ days stale; positions may have been re-established after quarter-end
- Mega-passive exits could reflect index reconstitution or fund closure rather than stock-specific thesis abandonment
- Zero institutional buyers may create a liquidity vacuum, amplifying downside moves
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-TERN-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 12, 2026 14d ago | Institutional Cluster | — | awaiting T+1 | — | — |
May 15, 2026 23w ago | 15-12G | $52.97 | awaiting T+1 | — | — |
May 8, 2026 24w ago | EFFECT | $52.95 $52.95 | · 0.00% | ▼ −0.23% | — |
May 5, 2026 24w ago | 8-K | $52.95 $52.95 | · 0.00% | ▼ −1.38% | — |
May 5, 2026 24w ago | 25-NSE | $52.95 $52.95 | · 0.00% | ▲ +1.38% | — |
Apr 27, 2026 26w ago | 8-K | $52.95 $52.94 | ▼ −0.02% | ▲ +0.47% | — |
Apr 27, 2026 26w ago | Press Release | $52.95 $52.94 | ▼ −0.02% | ▲ +0.47% | — |
Mar 25, 2026 30w ago | Press Release | $52.86 $53.17 | ▲ +0.59% | ▲ +2.36% | — |
Feb 28, 2026 34w ago | Institutional Cluster | $42.03 $41.51 | ▼ −1.24% | ▼ −0.32% | — |
US Market Status
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