Terns Pharmaceuticals (NASDAQ:TERN) Price Target Raised to $20.00

Terns Pharmaceuticals (NASDAQ:TERN) had its price objective raised by Oppenheimer from $17.00 to $20.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

TERN has been the topic of several other research reports. HC Wainwright restated a “neutral” rating and set a $7.50 target price on shares of Terns Pharmaceuticals in a research report on Wednesday. BMO Capital Markets reissued an “outperform” rating and issued a $26.00 price objective (up from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday, September 16th. Finally, JMP Securities increased their price target on Terns Pharmaceuticals from $15.00 to $20.00 and gave the company a “market outperform” rating in a research report 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 company. According to MarketBeat.com, Terns Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $18.30.

Terns Pharmaceuticals Trading Up 1.7 %

Shares of TERN stock opened at $6.55 on Wednesday. The stock has a market cap of $556.35 million, a price-to-earnings ratio of -5.41 and a beta of -0.36. The stock has a 50-day moving average of $7.01 and a 200-day moving average of $7.50. Terns Pharmaceuticals has a 1-year low of $4.32 and a 1-year high of $11.40.

Terns Pharmaceuticals (NASDAQ:TERN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.05. Sell-side analysts forecast that Terns Pharmaceuticals will post -1.22 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Hongbo Lu purchased 476,190 shares of the stock in a transaction dated Thursday, September 12th. The shares were purchased at an average cost of $10.50 per share, with a total value of $4,999,995.00. Following the completion of the acquisition, the director now owns 476,190 shares in the company, valued at $4,999,995. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Mark J. Vignola sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $11.00, for a total transaction of $110,000.00. Following the completion of the transaction, the chief financial officer now directly owns 91,940 shares of the company’s stock, valued at approximately $1,011,340. The trade was a 9.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 15.10% of the company’s stock.

Hedge Funds Weigh In On Terns Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of TERN. nVerses Capital LLC bought a new stake in Terns Pharmaceuticals in the 3rd quarter worth approximately $48,000. Simplicity Wealth LLC purchased a new position in shares of Terns Pharmaceuticals during the second quarter valued at about $72,000. Sio Capital Management LLC purchased a new position in shares of Terns Pharmaceuticals during the third quarter valued at about $83,000. Walleye Trading LLC purchased a new position in shares of Terns Pharmaceuticals during the first quarter valued at about $98,000. Finally, Entropy Technologies LP purchased a new position in shares of Terns Pharmaceuticals during the third quarter valued at about $106,000. Hedge funds and other institutional investors own 98.26% of the company’s stock.

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.