Terns Pharmaceuticals (NASDAQ:TERN) Stock Price Down 4.7% – What’s Next?

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) shares dropped 4.7% during mid-day trading on Wednesday . The stock traded as low as $6.44 and last traded at $6.48. Approximately 460,331 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 1,323,448 shares. The stock had previously closed at $6.80.

Wall Street Analyst Weigh In

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

Terns Pharmaceuticals Trading Up 5.0 %

The business’s 50-day moving average is $6.71 and its two-hundred day moving average is $7.53. The firm has a market cap of $513.88 million, a P/E ratio of -5.13 and a beta of -0.36.

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

Insider Buying and Selling at Terns Pharmaceuticals

In other Terns Pharmaceuticals news, CEO Amy L. Burroughs purchased 15,450 shares of the business’s stock in a transaction dated Thursday, December 5th. The shares were bought at an average price of $7.15 per share, with a total value of $110,467.50. Following the completion of the acquisition, the chief executive officer now owns 19,099 shares in the company, valued at approximately $136,557.85. This represents a 423.40 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 15.10% of the stock is currently owned by company insiders.

Institutional Trading of Terns Pharmaceuticals

Several large investors have recently added to or reduced their stakes in TERN. Charles Schwab Investment Management Inc. grew its stake in shares of Terns Pharmaceuticals by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 154,714 shares of the company’s stock worth $1,290,000 after purchasing an additional 1,994 shares in the last quarter. Bleakley Financial Group LLC grew its position in Terns Pharmaceuticals by 26.0% in the 3rd quarter. Bleakley Financial Group LLC now owns 13,312 shares of the company’s stock valued at $111,000 after buying an additional 2,751 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Terns Pharmaceuticals by 28.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,645 shares of the company’s stock valued at $154,000 after buying an additional 5,049 shares during the period. Creative Planning raised its position in shares of Terns Pharmaceuticals by 27.2% during the 3rd quarter. Creative Planning now owns 25,310 shares of the company’s stock worth $211,000 after buying an additional 5,409 shares in the last quarter. Finally, nVerses Capital LLC acquired a new stake in shares of Terns Pharmaceuticals in the 3rd quarter worth approximately $48,000. 98.26% of the stock is currently owned by institutional investors and hedge funds.

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.