Terns Pharmaceuticals (NASDAQ:TERN) Trading 11% Higher on Analyst Upgrade

Shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN) shot up 11% on Wednesday after Oppenheimer raised their price target on the stock from $17.00 to $20.00. Oppenheimer currently has an outperform rating on the stock. Terns Pharmaceuticals traded as high as $7.07 and last traded at $7.06. 1,025,219 shares changed hands during trading, a decline of 21% from the average session volume of 1,298,141 shares. The stock had previously closed at $6.36.

A number of other analysts have also weighed in on the stock. JMP Securities increased their price objective on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the stock a “market outperform” rating in a research report on Tuesday, September 10th. HC Wainwright reiterated a “neutral” rating and set a $7.50 target price on shares of Terns Pharmaceuticals in a research report on Wednesday. Finally, BMO Capital Markets restated an “outperform” rating and issued a $26.00 price target (up from $19.00) on shares of Terns Pharmaceuticals in a report on Monday, September 16th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.30.

Insider Buying and Selling at Terns Pharmaceuticals

In other Terns Pharmaceuticals news, Director Hongbo Lu acquired 476,190 shares of Terns Pharmaceuticals stock in a transaction that occurred on Thursday, September 12th. The stock was bought at an average price of $10.50 per share, with a total value of $4,999,995.00. Following the completion of the purchase, the director now directly owns 476,190 shares of the company’s stock, valued at approximately $4,999,995. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jill M. Quigley sold 17,235 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $10.00, for a total value of $172,350.00. Following the sale, the director now directly owns 15,000 shares in the company, valued at $150,000. This trade represents a 53.47 % decrease in their position. The disclosure for this sale can be found here. 15.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Terns Pharmaceuticals

Hedge funds have recently made changes to their positions in the stock. Bellevue Group AG purchased a new position in Terns Pharmaceuticals in the third quarter valued at about $8,691,000. Point72 Asset Management L.P. grew its position in shares of Terns Pharmaceuticals by 21.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 2,690,376 shares of the company’s stock worth $18,321,000 after buying an additional 469,176 shares during the last quarter. Salem Investment Counselors Inc. purchased a new stake in Terns Pharmaceuticals during the second quarter valued at approximately $2,531,000. Telemark Asset Management LLC acquired a new stake in Terns Pharmaceuticals in the third quarter valued at approximately $2,502,000. Finally, Walleye Capital LLC purchased a new position in Terns Pharmaceuticals in the third quarter worth $1,550,000. 98.26% of the stock is currently owned by hedge funds and other institutional investors.

Terns Pharmaceuticals Stock Up 11.0 %

The business has a 50-day moving average price of $7.10 and a 200-day moving average price of $7.51. The firm has a market capitalization of $599.68 million, a price-to-earnings ratio of -5.80 and a beta of -0.36.

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

Terns Pharmaceuticals Company Profile

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.