Ikarian Capital LLC Decreases Stock Position in Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Ikarian Capital LLC cut its holdings in Terns Pharmaceuticals, Inc. (NASDAQ:TERN) by 32.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 308,497 shares of the company’s stock after selling 150,000 shares during the quarter. Ikarian Capital LLC owned about 0.36% of Terns Pharmaceuticals worth $2,573,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Cinctive Capital Management LP purchased a new position in shares of Terns Pharmaceuticals in the third quarter worth about $1,406,000. Bellevue Group AG purchased a new position in shares of Terns Pharmaceuticals in the third quarter worth about $8,691,000. Sio Capital Management LLC purchased a new position in shares of Terns Pharmaceuticals in the third quarter worth about $83,000. Walleye Capital LLC purchased a new position in shares of Terns Pharmaceuticals in the third quarter worth about $1,550,000. Finally, Martingale Asset Management L P purchased a new position in shares of Terns Pharmaceuticals in the third quarter worth about $618,000. 98.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TERN has been the subject of several research analyst reports. Oppenheimer initiated coverage on Terns Pharmaceuticals in a research note on Thursday, October 31st. They issued an “outperform” rating and a $82.00 price objective for the company. JMP Securities lifted their price target on Terns Pharmaceuticals from $15.00 to $20.00 and gave the company a “market outperform” rating in a research report on Tuesday, September 10th. HC Wainwright lifted their price target on Terns Pharmaceuticals from $5.50 to $7.50 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $26.00 price target (up from $19.00) on shares of Terns Pharmaceuticals in a research report on Monday, September 16th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.70.

Terns Pharmaceuticals Stock Up 5.2 %

TERN traded up $0.32 during trading on Tuesday, hitting $6.47. The company’s stock had a trading volume of 240,685 shares, compared to its average volume of 1,290,296. Terns Pharmaceuticals, Inc. has a twelve month low of $4.32 and a twelve month high of $11.40. The business’s fifty day simple moving average is $7.24 and its 200 day simple moving average is $7.51.

Terns Pharmaceuticals (NASDAQ:TERN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.05. Analysts predict that Terns Pharmaceuticals, Inc. will post -1.22 earnings per share for the current fiscal year.

Insider Transactions at Terns Pharmaceuticals

In other news, Director Hongbo Lu purchased 476,190 shares of the stock in a transaction dated Thursday, September 12th. The shares were purchased at an average cost 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. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Mark J. Vignola sold 10,000 shares of Terns Pharmaceuticals stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $11.00, for a total value of $110,000.00. Following the completion of the sale, the chief financial officer now directly owns 91,940 shares in the company, valued at $1,011,340. This represents a 9.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 15.10% 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.