Terns Pharmaceuticals, Inc. (NASDAQ:TERN) Sees Significant Increase in Short Interest

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) was the recipient of a large increase in short interest in the month of September. As of September 30th, there was short interest totalling 4,910,000 shares, an increase of 30.6% from the September 15th total of 3,760,000 shares. Based on an average daily volume of 1,930,000 shares, the days-to-cover ratio is currently 2.5 days. Approximately 8.3% of the company’s shares are sold short.

Terns Pharmaceuticals Stock Down 0.3 %

Shares of NASDAQ:TERN traded down $0.02 during midday trading on Tuesday, reaching $7.60. The company’s stock had a trading volume of 910,186 shares, compared to its average volume of 1,282,820. The firm has a market capitalization of $491.55 million, a PE ratio of -6.05 and a beta of -0.36. The stock has a fifty day moving average of $8.18 and a 200 day moving average of $7.19. Terns Pharmaceuticals has a twelve month low of $3.26 and a twelve month high of $11.40.

Terns Pharmaceuticals (NASDAQ:TERN) last released 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. Sell-side analysts anticipate that Terns Pharmaceuticals will post -1.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. BMO Capital Markets reiterated an “outperform” rating and set a $26.00 target price (up from $19.00) on shares of Terns Pharmaceuticals in a report on Monday, September 16th. JMP Securities increased their price objective on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the company 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 given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $15.90.

Insider Transactions at Terns Pharmaceuticals

In other Terns Pharmaceuticals news, Director Jill M. Quigley sold 6,143 shares of the business’s stock in a transaction on 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 $183,221.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Hongbo Lu purchased 476,190 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were purchased at an average cost of $10.50 per share, for a total transaction of $4,999,995.00. Following the completion of the acquisition, the director now owns 476,190 shares in the company, valued at approximately $4,999,995. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Jill M. Quigley sold 6,143 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $7.68, for a total transaction of $47,178.24. Following the completion of the transaction, the director now directly owns 23,857 shares in the company, valued at $183,221.76. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,378 shares of company stock worth $329,528. 15.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of TERN. Price T Rowe Associates Inc. MD increased its holdings in shares of Terns Pharmaceuticals by 12.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,694 shares of the company’s stock valued at $136,000 after purchasing an additional 2,261 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its position 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 valued at $78,000 after buying an additional 4,742 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Terns Pharmaceuticals by 28.7% in the second quarter. The Manufacturers Life Insurance Company now owns 22,645 shares of the company’s stock valued at $154,000 after buying an additional 5,049 shares in the last quarter. Creative Planning raised its position in shares of Terns Pharmaceuticals by 27.2% in the third quarter. Creative Planning now owns 25,310 shares of the company’s stock worth $211,000 after acquiring an additional 5,409 shares during the period. Finally, Exchange Traded Concepts LLC raised its position in shares of Terns Pharmaceuticals by 7.9% in the third quarter. Exchange Traded Concepts LLC now owns 106,556 shares of the company’s stock worth $889,000 after acquiring an additional 7,784 shares during the period. 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.