Just noticed something interesting about Terns Pharma. Back in February they brought on Andrew Gengos as their new CFO, and looking at the trading activity around that time, there's been quite a bit of movement. Gengos has a solid background - 25 years in life sciences, previously ran CFO duties at Athira Pharma and had roles at Cyteir and even Amgen, so it's not like they grabbed someone random.

What caught my eye though is the insider and institutional activity. Over the past year or so, Morgan Stanley loaded up on shares pretty heavily in Q4 2024, adding over 2.5 million shares. Meanwhile, some other funds like VR Adviser completely exited their positions. The CEO Amy Burroughs herself was buying shares back then, which is usually a decent signal. But the outgoing CFO Mark Vignola was selling, so mixed messages there.

The company's focused on oncology and obesity treatments, which are both huge markets right now. They've got clinical-stage programs in the pipeline including a GLP-1 receptor agonist and some other candidates. Gengos coming in as CFO suggests they're trying to tighten things up financially while they push these programs forward. Whether this was a strategic upgrade or a sign they needed better financial management is hard to say from the outside, but Gengos' track record is legit. Worth keeping an eye on how their clinical readouts go this year.