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

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) saw a significant drop in short interest during the month of July. As of July 15th, there was short interest totalling 1,990,000 shares, a drop of 26.0% from the June 30th total of 2,690,000 shares. Based on an average daily trading volume, of 1,150,000 shares, the days-to-cover ratio is presently 1.7 days. Approximately 4.6% of the company’s stock are short sold.

Terns Pharmaceuticals Stock Up 2.5 %

Shares of Terns Pharmaceuticals stock traded up $0.22 during trading hours on Friday, reaching $9.01. 572,692 shares of the company’s stock were exchanged, compared to its average volume of 1,421,376. The business has a fifty day moving average of $7.40 and a two-hundred day moving average of $6.56. The company has a market capitalization of $582.77 million, a P/E ratio of -7.15 and a beta of -0.37. Terns Pharmaceuticals has a 1 year low of $3.26 and a 1 year high of $10.03.

Terns Pharmaceuticals (NASDAQ:TERN) last released its earnings results on Monday, May 13th. The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.06. As a group, research analysts predict that Terns Pharmaceuticals will post -1.41 EPS for the current year.

Insider Buying and Selling at Terns Pharmaceuticals

In other 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 transaction of $509,760.00. Following the transaction, the director now owns 756,258 shares in the company, valued at $7,562,580. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 15.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Terns Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. boosted its position in shares of Terns Pharmaceuticals by 358.1% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 7,147 shares of the company’s stock valued at $46,000 after acquiring an additional 5,587 shares during the last quarter. Bleakley Financial Group LLC purchased a new stake in shares of Terns Pharmaceuticals during the 4th quarter valued at approximately $68,000. Simplicity Solutions LLC acquired a new position in Terns Pharmaceuticals in the fourth quarter valued at approximately $68,000. Russell Investments Group Ltd. acquired a new position in Terns Pharmaceuticals in the fourth quarter valued at approximately $1,803,000. Finally, AJOVista LLC purchased a new position in Terns Pharmaceuticals in the fourth quarter worth approximately $58,000. Institutional investors and hedge funds own 98.26% of the company’s stock.

Wall Street Analyst Weigh In

TERN has been the topic of a number of recent research reports. HC Wainwright restated a “neutral” rating and issued a $5.50 target price on shares of Terns Pharmaceuticals in a research note on Tuesday, May 14th. JMP Securities reaffirmed a “market outperform” rating and set a $15.00 price objective on shares of Terns Pharmaceuticals in a research note on Tuesday, April 30th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average 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.