Ikarian Capital LLC Sells 76,983 Shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Ikarian Capital LLC cut its stake in Terns Pharmaceuticals, Inc. (NASDAQ:TERN) by 46.5% in the first quarter, HoldingsChannel.com reports. The fund owned 88,497 shares of the company’s stock after selling 76,983 shares during the period. Ikarian Capital LLC’s holdings in Terns Pharmaceuticals were worth $581,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Franklin Resources Inc. grew its stake in shares of Terns Pharmaceuticals by 7.4% in the fourth quarter. Franklin Resources Inc. now owns 2,307,834 shares of the company’s stock worth $14,978,000 after acquiring an additional 159,013 shares during the period. Great Point Partners LLC grew its position in Terns Pharmaceuticals by 102.8% during the fourth quarter. Great Point Partners LLC now owns 1,309,975 shares of the company’s stock valued at $8,502,000 after buying an additional 664,076 shares during the period. Decheng Capital LLC bought a new stake in Terns Pharmaceuticals during the fourth quarter valued at approximately $4,636,000. Russell Investments Group Ltd. grew its position in Terns Pharmaceuticals by 127.9% during the first quarter. Russell Investments Group Ltd. now owns 632,965 shares of the company’s stock valued at $4,152,000 after buying an additional 355,224 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its position in Terns Pharmaceuticals by 358.1% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 7,147 shares of the company’s stock valued at $46,000 after buying an additional 5,587 shares during the period. 98.26% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Carl L. Gordon sold 50,976 shares of the business’s 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 transaction, the director now owns 756,258 shares of the company’s stock, valued at $7,562,580. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 15.10% of the company’s stock.

Terns Pharmaceuticals Stock Performance

Shares of TERN traded up $0.02 during mid-day trading on Thursday, reaching $7.77. The stock had a trading volume of 783,525 shares, compared to its average volume of 1,001,293. The firm has a market cap of $502.56 million, a price-to-earnings ratio of -6.17 and a beta of -0.37. Terns Pharmaceuticals, Inc. has a 12 month low of $3.26 and a 12 month high of $10.03. The business has a fifty day moving average of $7.55 and a 200 day moving average of $6.61.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its quarterly 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. On average, research analysts forecast that Terns Pharmaceuticals, Inc. will post -1.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TERN. HC Wainwright restated a “neutral” rating and set a $5.50 target price on shares of Terns Pharmaceuticals in a research report on Tuesday, May 14th. JMP Securities restated a “market outperform” rating and set a $15.00 target price on shares of Terns Pharmaceuticals in a research report on Tuesday, April 30th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.