Terns Pharmaceuticals (NASDAQ:TERN) Earns Outperform Rating from Analysts at Oppenheimer

Oppenheimer initiated coverage on shares of Terns Pharmaceuticals (NASDAQ:TERN) in a report published on Thursday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $82.00 price target on the stock.

Several other analysts have also weighed in on the company. JMP Securities increased their price target on Terns Pharmaceuticals from $15.00 to $20.00 and gave the company a “market outperform” rating in a report on Tuesday, September 10th. BMO Capital Markets restated an “outperform” rating and issued a $26.00 target price (up previously from $19.00) on shares of Terns Pharmaceuticals in a report on Monday, September 16th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.92.

Terns Pharmaceuticals Stock Performance

Terns Pharmaceuticals stock opened at $7.10 on Thursday. The company’s 50-day moving average price is $8.19 and its 200-day moving average price is $7.29. Terns Pharmaceuticals has a twelve month low of $3.26 and a twelve month high of $11.40.

Terns Pharmaceuticals (NASDAQ:TERN) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.04. As a group, equities analysts forecast that Terns Pharmaceuticals will post -1.31 EPS for the current year.

Insider Buying and Selling at Terns Pharmaceuticals

In other news, CFO Mark J. Vignola sold 10,000 shares of Terns Pharmaceuticals stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $11.00, for a total transaction 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 approximately $1,011,340. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Mark J. Vignola sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $11.00, for a total transaction of $110,000.00. Following the transaction, the chief financial officer now directly owns 91,940 shares of the company’s stock, valued at approximately $1,011,340. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jill M. Quigley sold 17,235 shares of Terns Pharmaceuticals stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $10.00, for a total transaction of $172,350.00. Following the sale, the director now directly owns 15,000 shares of the company’s stock, valued at $150,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 15.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Terns Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC lifted its stake in Terns Pharmaceuticals by 40.6% in the first quarter. Janus Henderson Group PLC now owns 2,003,263 shares of the company’s stock worth $13,131,000 after acquiring an additional 578,500 shares during the period. Point72 Asset Management L.P. boosted its stake in shares of Terns Pharmaceuticals by 21.1% during the second quarter. Point72 Asset Management L.P. now owns 2,690,376 shares of the company’s stock valued at $18,321,000 after purchasing an additional 469,176 shares in the last quarter. Affinity Asset Advisors LLC increased its holdings in Terns Pharmaceuticals by 581.8% during the first quarter. Affinity Asset Advisors LLC now owns 450,000 shares of the company’s stock valued at $2,952,000 after buying an additional 384,000 shares during the period. Salem Investment Counselors Inc. bought a new position in Terns Pharmaceuticals in the second quarter worth approximately $2,531,000. Finally, Russell Investments Group Ltd. lifted its holdings in Terns Pharmaceuticals by 127.9% during the first quarter. Russell Investments Group Ltd. now owns 632,965 shares of the company’s stock worth $4,152,000 after buying an additional 355,224 shares during the period. Institutional investors own 98.26% of the company’s stock.

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.