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

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) saw a significant growth in short interest during the month of November. As of November 30th, there was short interest totalling 5,390,000 shares, a growth of 35.4% from the November 15th total of 3,980,000 shares. Based on an average daily trading volume, of 1,840,000 shares, the short-interest ratio is presently 2.9 days. Approximately 8.7% of the company’s stock are short sold.

Terns Pharmaceuticals Stock Up 2.1 %

TERN traded up $0.14 during trading on Friday, reaching $6.73. 2,110,012 shares of the company’s stock were exchanged, compared to its average volume of 1,727,995. The business has a 50 day moving average price of $6.82 and a 200 day moving average price of $7.54. Terns Pharmaceuticals has a fifty-two week low of $4.32 and a fifty-two week high of $11.40.

Terns Pharmaceuticals (NASDAQ:TERN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.05. On average, analysts anticipate that Terns Pharmaceuticals will post -1.19 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on TERN shares. Oppenheimer raised their price objective on shares of Terns Pharmaceuticals from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. JMP Securities reissued a “market outperform” rating and issued a $20.00 price target on shares of Terns Pharmaceuticals in a report on Wednesday, December 4th. HC Wainwright restated a “neutral” rating and set a $7.50 price objective on shares of Terns Pharmaceuticals in a report on Wednesday, December 4th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $26.00 target price (up previously from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday, September 16th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.30.

Insiders Place Their Bets

In other news, CEO Amy L. Burroughs bought 15,450 shares of the business’s stock in a transaction on Thursday, December 5th. The stock was purchased at an average price of $7.15 per share, with a total value of $110,467.50. Following the transaction, the chief executive officer now directly owns 19,099 shares in the company, valued at approximately $136,557.85. The trade was a 423.40 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 15.10% of the company’s stock.

Institutional Investors Weigh In On Terns Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. raised its holdings in shares of Terns Pharmaceuticals by 0.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,707,515 shares of the company’s stock worth $22,581,000 after buying an additional 17,139 shares in the last quarter. Geode Capital Management LLC grew its position in Terns Pharmaceuticals by 7.6% in the third quarter. Geode Capital Management LLC now owns 1,207,479 shares of the company’s stock valued at $10,072,000 after acquiring an additional 85,617 shares during the period. Bellevue Group AG acquired a new position in Terns Pharmaceuticals during the third quarter worth $8,691,000. Parkman Healthcare Partners LLC lifted its holdings in shares of Terns Pharmaceuticals by 39.8% during the third quarter. Parkman Healthcare Partners LLC now owns 545,751 shares of the company’s stock valued at $4,552,000 after acquiring an additional 155,481 shares during the period. Finally, Acuta Capital Partners LLC boosted its stake in shares of Terns Pharmaceuticals by 31.9% in the 3rd quarter. Acuta Capital Partners LLC now owns 487,000 shares of the company’s stock valued at $4,062,000 after purchasing an additional 117,720 shares in the last quarter. 98.26% of the stock is owned by institutional investors and hedge funds.

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.