Terns Pharmaceuticals, Inc. (NASDAQ:TERN) Short Interest Update

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 2,660,000 shares, an increase of 47.8% from the August 15th total of 1,800,000 shares. Based on an average trading volume of 1,780,000 shares, the days-to-cover ratio is currently 1.5 days. Currently, 5.6% of the company’s shares are sold short.

Insider Transactions at Terns Pharmaceuticals

In related news, Director Jill M. Quigley sold 6,143 shares of Terns Pharmaceuticals stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $7.68, for a total value of $47,178.24. Following the transaction, the director now directly owns 23,857 shares of the company’s stock, valued at $183,221.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Carl L. Gordon sold 50,976 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $10.00, for a total value of $509,760.00. Following the transaction, the director now owns 756,258 shares in the company, valued at approximately $7,562,580. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jill M. Quigley sold 6,143 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $7.68, for a total transaction of $47,178.24. Following the transaction, the director now owns 23,857 shares in the company, valued at approximately $183,221.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 84,354 shares of company stock worth $839,288. 15.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Terns Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in TERN. Simplicity Wealth LLC purchased a new position in Terns Pharmaceuticals during the second quarter worth about $72,000. China Universal Asset Management Co. Ltd. lifted its position in shares of Terns Pharmaceuticals by 66.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 11,889 shares of the company’s stock worth $78,000 after purchasing an additional 4,742 shares during the last quarter. Walleye Trading LLC acquired a new stake in shares of Terns Pharmaceuticals during the 1st quarter worth about $98,000. Kennedy Capital Management LLC purchased a new stake in shares of Terns Pharmaceuticals during the 1st quarter worth approximately $101,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Terns Pharmaceuticals in the fourth quarter valued at $106,000. Hedge funds and other institutional investors own 98.26% of the company’s stock.

Terns Pharmaceuticals Stock Down 5.8 %

Shares of NASDAQ TERN traded down $0.55 during mid-day trading on Friday, reaching $8.96. 4,498,740 shares of the company were exchanged, compared to its average volume of 2,983,223. The firm has a 50-day moving average of $8.07 and a 200 day moving average of $6.94. Terns Pharmaceuticals has a 1 year low of $3.26 and a 1 year high of $11.40. The stock has a market cap of $579.18 million, a price-to-earnings ratio of -7.11 and a beta of -0.37.

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TERN. JMP Securities lifted their price target on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the company a “market outperform” rating in a report on Tuesday, September 10th. BMO Capital Markets reaffirmed an “outperform” rating and set a $19.00 price objective on shares of Terns Pharmaceuticals in a report on Tuesday, August 6th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Terns Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $14.50.

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.