Terns Pharmaceuticals (NASDAQ:TERN) Trading Up 11% on Analyst Upgrade

Terns Pharmaceuticals, Inc. (NASDAQ:TERN)’s share price rose 11% during trading on Wednesday after Oppenheimer raised their price target on the stock from $17.00 to $20.00. Oppenheimer currently has an outperform rating on the stock. Terns Pharmaceuticals traded as high as $7.07 and last traded at $7.06. Approximately 1,025,219 shares were traded during trading, a decline of 21% from the average daily volume of 1,298,141 shares. The stock had previously closed at $6.36.

Other equities research analysts also recently issued reports about the stock. BMO Capital Markets reiterated an “outperform” rating and issued a $26.00 price target (up from $19.00) on shares of Terns Pharmaceuticals in a research report on Monday, September 16th. HC Wainwright restated a “neutral” rating and set a $7.50 price objective on shares of Terns Pharmaceuticals in a research report on Wednesday. Finally, JMP Securities boosted their target price on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the stock a “market outperform” rating in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.30.

Insider Activity

In related news, Director Hongbo Lu bought 476,190 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were purchased at an average cost of $10.50 per share, with a total value of $4,999,995.00. Following the acquisition, the director now owns 476,190 shares of the company’s stock, valued at $4,999,995. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jill M. Quigley sold 17,235 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $10.00, for a total value of $172,350.00. Following the completion of the sale, the director now owns 15,000 shares in the company, valued at $150,000. This trade represents a 53.47 % decrease in their position. The disclosure for this sale can be found here. 15.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Terns Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. nVerses Capital LLC acquired a new stake in Terns Pharmaceuticals during the 3rd quarter valued at approximately $48,000. Sio Capital Management LLC acquired a new stake in Terns Pharmaceuticals during the 3rd quarter valued at approximately $83,000. Simplicity Wealth LLC acquired a new stake in Terns Pharmaceuticals during the 2nd quarter valued at approximately $72,000. Entropy Technologies LP acquired a new stake in Terns Pharmaceuticals during the 3rd quarter valued at approximately $106,000. Finally, Bleakley Financial Group LLC increased its position in Terns Pharmaceuticals by 26.0% during the 3rd quarter. Bleakley Financial Group LLC now owns 13,312 shares of the company’s stock valued at $111,000 after purchasing an additional 2,751 shares during the period. 98.26% of the stock is owned by institutional investors and hedge funds.

Terns Pharmaceuticals Trading Up 11.3 %

The company has a market cap of $601.38 million, a price-to-earnings ratio of -6.00 and a beta of -0.36. The firm’s 50-day moving average price is $7.06 and its 200 day moving average price is $7.51.

Terns Pharmaceuticals (NASDAQ:TERN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.05. Analysts forecast that Terns Pharmaceuticals, Inc. will post -1.22 earnings per share for the current fiscal year.

About Terns Pharmaceuticals

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.