Just spotted something interesting - OrbiMed Advisors trimmed their Terns Pharmaceuticals position pretty significantly in Q4. They sold off about 5.4 million shares for roughly $125 million, keeping a smaller stake at around 2.15 million shares. The stock had an absolute breakout year, up 858% or so, so maybe they're taking some profits while the momentum is still there.

Terns is a clinical-stage biotech focused on metabolic diseases and NASH, with different types of tern candidates in their pipeline like TERN-101, TERN-201, TERN-501, and TERN-601 at various trial stages. When a stock moves that hard that fast, there's usually a lot of hype baked in. The real question now is whether their pipeline data can actually justify the valuation.

For a development-stage biotech like this, upcoming trial results are everything. If the data disappoints, this could unwind just as fast as it rallied. Worth keeping an eye on their next clinical updates before making any moves.