Avoro Capital Advisors 13F: Adds $71M to TERN Stake

Avoro Capital Expands Holdings in Terns Pharmaceuticals

Avoro Capital Advisors added to its healthcare investments by boosting its stake in Terns Pharmaceuticals, Inc. (NMS: TERN), according to a recent Form 13F filing with the SEC. The filing reflects holdings as of the reporting period ending May 15, 2026, and may not represent the investor's current position today. The fund is known for taking focused bets in the biotech sector, often rotating its capital through various clinical-stage drug makers.

Raising the Stake by 30.9 Percent

During the period, Avoro Capital purchased an additional 1,345,000 shares of Terns Pharmaceuticals, marking a 30.9% increase over its prior count of 4,350,000 shares. This purchase brought the fund's total holding to 5,695,000 shares. The reported value of the position at the time of the filing stood at approximately $301.55 million.

Stock Trades Near Highs

Terns Pharmaceuticals shares trade at a spot price of $52.95, sitting close to the company's 52-week high of $53.19. The stock has experienced strong upward momentum, trading well above its 200-day moving average of $29.48. Because 13F filings are backward-looking and only capture a snapshot of past portfolio choices, investors should look to subsequent disclosures to see if the fund maintains or adjusts this sizable holding.

Focus on Oncology and Obesity Pipeline

Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company based in Foster City, California, that develops small-molecule product candidates for oncology and obesity. Its pipeline includes treatments for chronic myeloid leukemia and metabolic disorders. Readers should remember that regulatory filings offer a look backward at past quarters rather than an active trading signal.

What to Watch at TERN

As Avoro Capital continues shaping its portfolio, market watchers will track future SEC filings to monitor the fund's strategy. Because these reports lag behind real-time trading, keeping an eye on upcoming corporate announcements and periodic reports will provide a clearer picture of how the fund manages its healthcare bets.