Terns Pharmaceuticals (NASDAQ:TERN) Trading Up 6.1%

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on TERN shares. JMP Securities boosted their target price on Terns Pharmaceuticals from $15.00 to $20.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 10th. BMO Capital Markets reiterated an “outperform” rating and issued a $26.00 target price (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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $15.90.

Terns Pharmaceuticals Stock Up 5.2 %

The business has a 50-day simple moving average of $8.10 and a 200-day simple moving average of $6.95. The stock has a market cap of $640.30 million, a P/E ratio of -7.92 and a beta of -0.37.

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

Insider Buying and Selling at Terns Pharmaceuticals

In other news, Director Carl L. Gordon sold 50,976 shares of Terns Pharmaceuticals stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $10.00, for a total transaction of $509,760.00. Following the sale, the director now owns 756,258 shares of the company’s stock, valued at approximately $7,562,580. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Carl L. Gordon sold 50,976 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $10.00, for a total value of $509,760.00. Following the completion of the transaction, the director now owns 756,258 shares in the company, valued at approximately $7,562,580. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Jill M. Quigley sold 17,235 shares of Terns Pharmaceuticals stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $10.00, for a total transaction of $172,350.00. Following the sale, the director now owns 15,000 shares in the company, valued at $150,000. The disclosure for this sale can be found here. Insiders sold a total of 84,354 shares of company stock valued at $839,288 in the last ninety days. Company insiders own 15.10% of the company’s stock.

Hedge Funds Weigh In On Terns Pharmaceuticals

A number of hedge funds have recently modified their holdings of TERN. Simplicity Wealth LLC acquired a new stake in shares of Terns Pharmaceuticals in the 2nd quarter valued at $72,000. China Universal Asset Management Co. Ltd. grew its stake in Terns Pharmaceuticals by 66.3% during the first quarter. China Universal Asset Management Co. Ltd. now owns 11,889 shares of the company’s stock worth $78,000 after buying an additional 4,742 shares during the last quarter. Walleye Trading LLC acquired a new stake in shares of Terns Pharmaceuticals during the first quarter worth approximately $98,000. Kennedy Capital Management LLC bought a new position in shares of Terns Pharmaceuticals in the first quarter valued at approximately $101,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Terns Pharmaceuticals in the 4th quarter worth approximately $106,000. 98.26% of the stock is owned by institutional investors and hedge funds.

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.