Terns Pharmaceuticals (NASDAQ:TERN) Stock Price Up 8.4%

Terns Pharmaceuticals, Inc. (NASDAQ:TERN)’s share price rose 8.4% during mid-day trading on Monday . The stock traded as high as $8.00 and last traded at $7.84. Approximately 803,310 shares traded hands during trading, a decline of 12% from the average daily volume of 911,513 shares. The stock had previously closed at $7.23.

Wall Street Analysts Forecast Growth

TERN has been the subject of several research analyst reports. BMO Capital Markets increased their target price on shares of Terns Pharmaceuticals from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, March 15th. JMP Securities reaffirmed a “market outperform” rating and set a $15.00 target price on shares of Terns Pharmaceuticals in a research note on Tuesday, April 30th. UBS Group lowered their target price on shares of Terns Pharmaceuticals from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, March 27th. Finally, HC Wainwright reaffirmed a “neutral” rating and set a $5.50 target price on shares of Terns Pharmaceuticals in a research note on Tuesday, May 14th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $14.50.

Terns Pharmaceuticals Price Performance

The company’s 50 day moving average price is $6.15 and its 200 day moving average price is $6.32. The firm has a market cap of $431.42 million, a PE ratio of -5.36 and a beta of -0.40.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its quarterly earnings data on Monday, May 13th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.36) by $0.06. Sell-side analysts expect that Terns Pharmaceuticals, Inc. will post -1.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Terns Pharmaceuticals news, major shareholder Vivo Opportunity, Llc sold 138,066 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $6.20, for a total transaction of $856,009.20. Following the completion of the transaction, the insider now owns 268,573 shares in the company, valued at approximately $1,665,152.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 15.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC acquired a new position in Terns Pharmaceuticals during the 1st quarter worth approximately $291,000. Walleye Trading LLC purchased a new stake in shares of Terns Pharmaceuticals during the 1st quarter worth approximately $98,000. Janus Henderson Group PLC lifted its position in shares of Terns Pharmaceuticals by 40.6% during the 1st quarter. Janus Henderson Group PLC now owns 2,003,263 shares of the company’s stock worth $13,131,000 after buying an additional 578,500 shares during the last quarter. Kennedy Capital Management LLC purchased a new stake in shares of Terns Pharmaceuticals during the 1st quarter worth approximately $101,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Terns Pharmaceuticals by 12.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,694 shares of the company’s stock worth $136,000 after buying an additional 2,261 shares during the last quarter. Institutional investors and hedge funds own 98.26% of the company’s stock.

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.