Terns Pharmaceuticals (NASDAQ:TERN) Trading Up 11% After Analyst Upgrade

Shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN) shot up 11% during mid-day trading on Wednesday after Oppenheimer raised their price target on the stock from $17.00 to $20.00. Oppenheimer currently has an outperform rating on the stock. Terns Pharmaceuticals traded as high as $7.07 and last traded at $7.06. 1,025,219 shares changed hands during mid-day trading, a decline of 21% from the average session volume of 1,298,141 shares. The stock had previously closed at $6.36.

A number of other analysts have also commented on the company. JMP Securities lifted their price target on Terns Pharmaceuticals from $15.00 to $20.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 10th. HC Wainwright reaffirmed a “neutral” rating and issued a $7.50 price objective on shares of Terns Pharmaceuticals in a research report on Wednesday. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $26.00 target price (up from $19.00) on shares of Terns Pharmaceuticals in a research report on Monday, September 16th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.30.

Insider Transactions at Terns Pharmaceuticals

In other Terns Pharmaceuticals news, CFO Mark J. Vignola sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $11.00, for a total value of $110,000.00. Following the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Hongbo Lu purchased 476,190 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were acquired at an average price of $10.50 per share, with a total value of $4,999,995.00. Following the transaction, the director now owns 476,190 shares in the company, valued at approximately $4,999,995. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 15.10% of the company’s stock.

Hedge Funds Weigh In On Terns Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Terns Pharmaceuticals by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 2,199,006 shares of the company’s stock worth $14,425,000 after acquiring an additional 11,535 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Terns Pharmaceuticals by 12.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 20,694 shares of the company’s stock valued at $136,000 after acquiring an additional 2,261 shares during the last quarter. Simplicity Wealth LLC bought a new position in Terns Pharmaceuticals during the second quarter valued at approximately $72,000. Bank of New York Mellon Corp raised its stake in shares of Terns Pharmaceuticals by 56.8% during the second quarter. Bank of New York Mellon Corp now owns 176,673 shares of the company’s stock worth $1,203,000 after acquiring an additional 64,018 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Terns Pharmaceuticals by 50.3% in the 2nd quarter. Rhumbline Advisers now owns 88,641 shares of the company’s stock valued at $604,000 after purchasing an additional 29,659 shares in the last quarter. Hedge funds and other institutional investors own 98.26% of the company’s stock.

Terns Pharmaceuticals Stock Performance

The company has a market cap of $547.01 million, a PE ratio of -5.46 and a beta of -0.36. The stock’s 50 day moving average price is $7.06 and its 200-day moving average price is $7.51.

Terns Pharmaceuticals (NASDAQ:TERN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.05. On average, analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.22 EPS for the current year.

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.