Terns Pharmaceuticals (NASDAQ:TERN) Trading 6.1% Higher on Insider Buying Activity

Shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN) traded up 6.1% during trading on Tuesday after an insider bought additional shares in the company. The company traded as high as $10.04 and last traded at $9.98. 295,773 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 1,247,554 shares. The stock had previously closed at $9.41.

Specifically, Director Hongbo Lu acquired 476,190 shares of the stock in a transaction on Thursday, September 12th. The shares were purchased at an average price of $10.50 per share, for a total transaction of $4,999,995.00. Following the transaction, the director now directly owns 476,190 shares of the company’s stock, valued at $4,999,995. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

Wall Street Analysts Forecast Growth

TERN has been the topic of several recent research reports. JMP Securities raised their target price on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 10th. BMO Capital Markets reiterated an “outperform” rating and set a $26.00 price objective (up from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Terns Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $15.90.

Terns Pharmaceuticals Price Performance

The business has a fifty day simple moving average of $8.21 and a 200-day simple moving average of $6.99.

Terns Pharmaceuticals (NASDAQ:TERN) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.04. Equities analysts forecast that Terns Pharmaceuticals, Inc. will post -1.3 earnings per share for the current year.

Institutional Investors Weigh In On Terns Pharmaceuticals

Large investors have recently modified their holdings of the company. Dynamic Technology Lab Private Ltd bought a new position in shares of Terns Pharmaceuticals in the 4th quarter worth about $106,000. Franklin Resources Inc. increased its holdings in Terns Pharmaceuticals by 7.4% in the fourth quarter. Franklin Resources Inc. now owns 2,307,834 shares of the company’s stock worth $14,978,000 after purchasing an additional 159,013 shares in the last quarter. Decheng Capital LLC acquired a new position in Terns Pharmaceuticals in the fourth quarter valued at approximately $4,636,000. Pale Fire Capital SE boosted its holdings in shares of Terns Pharmaceuticals by 222.4% during the 4th quarter. Pale Fire Capital SE now owns 49,014 shares of the company’s stock worth $318,000 after buying an additional 33,812 shares in the last quarter. Finally, Great Point Partners LLC grew its position in shares of Terns Pharmaceuticals by 102.8% during the 4th quarter. Great Point Partners LLC now owns 1,309,975 shares of the company’s stock worth $8,502,000 after buying an additional 664,076 shares during the period. 98.26% of the stock is currently owned by institutional investors and hedge funds.

Terns Pharmaceuticals Company Profile

Terns Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops small-molecule product candidates for the treatment of oncology, metabolic dysfunction-associated steatohepatitis (MASH), and obesity. The company develops TERN-701, an allosteric BCR-ABL tyrosine kinase inhibitor (TKI) that is in phase 1 clinical trial for chronic myeloid leukemia (CML), a form of cancer that starts in bone marrow.