This Biotech Fund Sold $8 Million of Terns Stock Last Quarter, but Here's Why It Still Seems Very Bullish

2 hours ago 1

Jonathan Ponciano, The Motley Fool

Wed, March 18, 2026 astatine 10:04 AM CDT 3 min read

On February 17, 2026, Superstring Capital Management reported selling 345,869 shares of Terns Pharmaceuticals (NASDAQ:TERN) successful the 4th quarter, an estimated $7.99 cardinal commercialized based connected quarterly mean pricing.

According to a February 17, 2026, SEC filing, Superstring Capital Management reduced its presumption successful Terns Pharmaceuticals by 345,869 shares during the 4th fourth of 2025. The estimated worth of the trade, derived from the mean closing terms for the quarter, was $7.99 million. The fund’s quarter-end presumption successful Terns Pharmaceuticals decreased successful worth by astir $12.00 million, reflecting some stock income and banal terms moves.

Top holdings aft the filing:
- NASDAQ:CDTX: $18.80 cardinal (10.1% of AUM)
- NASDAQ:TERN: $17.93 cardinal (9.6% of AUM)
- NASDAQ:URGN: $16.82 cardinal (9.0% of AUM)
- NASDAQ:COGT: $13.01 cardinal (7.0% of AUM)
- NASDAQ:DVAX: $8.08 cardinal (4.3% of AUM)
As of Wednesday, Terns shares were priced astatine $45.56, up a staggering 1,300% implicit the past twelvemonth and vastly outperforming the S&P 500’s astir 19% summation successful the aforesaid period.

Metric

Value

Price (as of Wednesday)	$45.56
Market capitalization	$4.9 billion
Net income (TTM)	($94.44 million)

Terns develops small-molecule therapies targeting chronic myeloid leukemia (CML), non-alcoholic steatohepatitis (NASH) and obesity, with pb candidates including TERN-101, TERN-201, TERN-501, and TERN-601 successful assorted stages of objective development.
The steadfast operates a clinical-stage biopharmaceutical concern exemplary focused connected advancing proprietary cause candidates done early- and mid-stage trials, aiming for eventual regulatory support and commercialization oregon strategical partnerships.
It has targeted patients with NASH and metabolic diseases, addressing unmet needs successful the planetary healthcare and biotechnology markets.

Even aft trimming Terns, the banal remains 1 of the largest holdings successful Superstring’s portfolio, which tells you this is not a nonaccomplishment of condemnation but a recalibration aft an bonzer move.

A 1,300% summation successful a azygous twelvemonth is staggering, and it surely creates immoderate expectations, which substance successful biotech, wherever outcomes hinge connected proceedings execution and regulatory milestones alternatively than dependable gross growth.

The underlying story, however, is inactive compelling. Terns has repositioned astir oncology, with its pb programme for chronic myeloid leukemia showing beardown aboriginal efficacy and a slate of catalysts expected this year, including dose enactment and pivotal proceedings progress. Meanwhile, astir $1 cardinal successful currency provides runway into 2031, reducing the firm’s near-term financing hazard acknowledgment mostly to a monolithic $747.5 cardinal offering successful December. If catalysts present affirmative results and Terns tin motorboat its inhibitor by 2031, the caller stock surge mightiness beryllium to person legs.

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