Terns Pharmaceuticals (NASDAQ:TERN) Shares Gap Up Following Insider Buying Activity

Terns Pharmaceuticals, Inc. (NASDAQ:TERN)’s share price gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $6.58, but opened at $6.85. Terns Pharmaceuticals shares last traded at $7.02, with a volume of 610,471 shares changing hands.

Specifically, CEO Amy L. Burroughs purchased 15,450 shares of the company’s stock in a transaction on Thursday, December 5th. The stock was bought at an average cost of $7.15 per share, for a total transaction of $110,467.50. Following the completion of the purchase, the chief executive officer now directly owns 19,099 shares of the company’s stock, valued at $136,557.85. The trade was a 423.40 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on TERN shares. JMP Securities reiterated a “market outperform” rating and set a $20.00 target price on shares of Terns Pharmaceuticals in a report on Wednesday, December 4th. BMO Capital Markets reaffirmed an “outperform” rating and set a $26.00 price target (up from $19.00) on shares of Terns Pharmaceuticals in a report on Monday, September 16th. HC Wainwright restated a “neutral” rating and set a $7.50 target price on shares of Terns Pharmaceuticals in a research note on Wednesday, December 4th. Finally, Oppenheimer boosted their price target on Terns Pharmaceuticals from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.30.

Terns Pharmaceuticals Trading Up 5.2 %

The company’s 50-day moving average is $6.94 and its two-hundred day moving average is $7.53. The stock has a market capitalization of $587.78 million, a P/E ratio of -5.95 and a beta of -0.36.

Terns Pharmaceuticals (NASDAQ:TERN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.05. Sell-side analysts expect that Terns Pharmaceuticals, Inc. will post -1.19 EPS for the current fiscal year.

Institutional Trading of Terns Pharmaceuticals

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

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.