Terns Pharmaceuticals, Inc. (NASDAQ:TERN) Shares Sold by State Street Corp

State Street Corp trimmed its holdings in Terns Pharmaceuticals, Inc. (NASDAQ:TERN) by 5.1% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,116,991 shares of the company’s stock after selling 59,842 shares during the period. State Street Corp owned 1.32% of Terns Pharmaceuticals worth $9,316,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in Terns Pharmaceuticals by 56.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 176,673 shares of the company’s stock valued at $1,203,000 after acquiring an additional 64,018 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Terns Pharmaceuticals by 50.3% in the second quarter. Rhumbline Advisers now owns 88,641 shares of the company’s stock valued at $604,000 after purchasing an additional 29,659 shares during the period. American Century Companies Inc. raised its stake in shares of Terns Pharmaceuticals by 17.7% during the second quarter. American Century Companies Inc. now owns 64,119 shares of the company’s stock worth $437,000 after purchasing an additional 9,635 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Terns Pharmaceuticals by 9.4% during the second quarter. Dimensional Fund Advisors LP now owns 371,892 shares of the company’s stock worth $2,534,000 after purchasing an additional 31,875 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in Terns Pharmaceuticals in the 2nd quarter valued at $596,000. Institutional investors and hedge funds own 98.26% of the company’s stock.

Terns Pharmaceuticals Price Performance

Shares of NASDAQ:TERN opened at $5.88 on Friday. Terns Pharmaceuticals, Inc. has a 12 month low of $4.32 and a 12 month high of $11.40. The firm has a market capitalization of $499.44 million, a price-to-earnings ratio of -4.98 and a beta of -0.36. The business’s 50 day simple moving average is $6.54 and its 200-day simple moving average is $7.50.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its 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. On average, equities analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

TERN has been the subject of several recent analyst reports. JMP Securities restated a “market outperform” rating and issued a $20.00 target price on shares of Terns Pharmaceuticals in a research note on Wednesday, December 4th. HC Wainwright reissued a “neutral” rating and issued a $7.50 price target on shares of Terns Pharmaceuticals in a report on Wednesday, December 4th. Oppenheimer upped their price objective on Terns Pharmaceuticals from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $26.00 target price (up previously from $19.00) on shares of Terns Pharmaceuticals in a report on Monday, September 16th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.30.

Insider Activity at Terns Pharmaceuticals

In related news, CEO Amy L. Burroughs acquired 15,450 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was purchased at an average cost of $7.15 per share, for a total transaction of $110,467.50. Following the transaction, the chief executive officer now directly owns 19,099 shares of the company’s stock, valued at approximately $136,557.85. This trade represents a 423.40 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 15.10% of the stock is owned by corporate insiders.

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.